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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number: 001-31775

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland
 
86-1062192
(State or other jurisdiction of incorporation or organization)
 
(IRS employer identification number)
 
 
 
14185 Dallas Parkway
 
 
Suite 1100
 
 
Dallas
 
 
Texas
 
75254
(Address of principal executive offices)
 
(Zip code)

(972) 490-9600
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No
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
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share
 
105,261,331
(Class)
 
Outstanding at May 22, 2020




ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2020
TABLE OF CONTENTS


 
 
2
3
4
5
7
9
32
50
50
 
51
51
56
56
56
56
57
58




PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS (unaudited)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
 
March 31, 2020
 
December 31, 2019
ASSETS
 
 
 
Investments in hotel properties, net
$
4,024,176

 
$
4,108,443

Cash and cash equivalents
240,316

 
262,636

Restricted cash
126,649

 
135,571

Marketable securities
437

 
14,591

Accounts receivable, net of allowance of $794 and $698, respectively
29,129

 
39,638

Inventories
4,288

 
4,346

Notes receivable, net
7,844

 
7,709

Investment in unconsolidated entity
2,801

 
2,829

Deferred costs, net
2,786

 
2,897

Prepaid expenses
28,329

 
21,886

Derivative assets, net
1,629

 
1,691

Operating lease right-of-use assets
45,576

 
49,995

Other assets
27,783

 
17,932

Intangible assets
797

 
797

Due from related parties, net
4,399

 
3,019

Due from third-party hotel managers
19,183

 
17,368

Total assets
$
4,566,122

 
$
4,691,348

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Indebtedness, net
$
4,103,658

 
$
4,106,518

Accounts payable and accrued expenses
135,993

 
134,341

Dividends and distributions payable
11,740

 
20,849

Due to Ashford Inc., net
5,229

 
6,570

Due to third-party hotel managers
3,021

 
2,509

Intangible liabilities, net
2,317

 
2,337

Operating lease liabilities
45,747

 
53,270

Derivative liabilities, net
350

 
42

Other liabilities
25,168

 
25,776

Total liabilities
4,333,223

 
4,352,212

Commitments and contingencies (note 16)


 


Redeemable noncontrolling interests in operating partnership
35,229

 
69,870

Equity:
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
 
 
 
Series D Cumulative Preferred Stock, 2,389,393 shares issued and outstanding at March 31, 2020 and December 31, 2019
24

 
24

Series F Cumulative Preferred Stock, 4,800,000 shares issued and outstanding at March 31, 2020 and December 31, 2019
48

 
48

Series G Cumulative Preferred Stock, 6,200,000 shares issued and outstanding at March31, 2020 and December 31, 2019
62

 
62

Series H Cumulative Preferred Stock, 3,800,000 shares issued and outstanding at March 31, 2020 and December 31, 2019
38

 
38

Series I Cumulative Preferred Stock, 5,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019
54

 
54

Common stock, $0.01 par value, 400,000,000 shares authorized, 105,115,965 and 102,103,602 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
1,051

 
1,021

Additional paid-in capital
1,829,396

 
1,825,553

Accumulated deficit
(1,633,459
)
 
(1,558,038
)
Total stockholders’ equity of the Company
197,214

 
268,762

Noncontrolling interest in consolidated entities
456

 
504

Total equity
197,670

 
269,266

Total liabilities and equity
$
4,566,122

 
$
4,691,348

See Notes to Consolidated Financial Statements.

2


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
 
Three Months Ended March 31,
 
2020
 
2019
REVENUE
 
 
 
Rooms
$
215,807

 
$
280,381

Food and beverage
47,950

 
61,061

Other hotel revenue
17,348

 
16,204

Total hotel revenue
281,105

 
357,646

Other
772

 
1,072

Total revenue
281,877

 
358,718

EXPENSES
 
 
 
Hotel operating expenses:
 
 
 
Rooms
52,466

 
60,647

Food and beverage
34,901

 
41,323

Other expenses
103,794

 
113,527

Management fees
10,549

 
12,989

Total hotel expenses
201,710

 
228,486

Property taxes, insurance and other
20,472

 
20,397

Depreciation and amortization
66,350

 
67,178

Impairment charges
27,613

 

Advisory services fee
15,299

 
16,304

Corporate, general and administrative
3,492

 
2,601

Total expenses
334,936

 
334,966

Gain (loss) on sale of assets and hotel properties
3,623

 
233

OPERATING INCOME (LOSS)
(49,436
)
 
23,985

Equity in earnings (loss) of unconsolidated entities
(79
)
 
(1,063
)
Interest income
611

 
781

Other income (expense)
1,522

 
(316
)
Interest expense and amortization of premiums and loan costs
(57,085
)
 
(66,166
)
Write-off of premiums, loan costs and exit fees
(95
)
 
(2,062
)
Unrealized gain (loss) on marketable securities
(1,477
)
 
808

Unrealized gain (loss) on derivatives
4,422

 
(2,994
)
INCOME (LOSS) BEFORE INCOME TAXES
(101,617
)
 
(47,027
)
Income tax (expense) benefit
(303
)
 
405

NET INCOME (LOSS)
(101,920
)
 
(46,622
)
(Income) loss attributable to noncontrolling interest in consolidated entities
48

 
26

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
17,671

 
8,579

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(84,201
)
 
(38,017
)
Preferred dividends
(10,644
)
 
(10,644
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(94,845
)
 
$
(48,661
)
 
 
 
 
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
 
 
 
Basic:
 
 
 
Net income (loss) attributable to common stockholders
$
(0.94
)
 
$
(0.49
)
Weighted average common shares outstanding – basic
100,470

 
99,407

Diluted:
 
 
 
Net income (loss) attributable to common stockholders
$
(0.94
)
 
$
(0.49
)
Weighted average common shares outstanding – diluted
100,470

 
99,407

See Notes to Consolidated Financial Statements.

3


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
 
Three Months Ended March 31,
 
2020
 
2019
Net income (loss)
$
(101,920
)
 
$
(46,622
)
Other comprehensive income (loss), net of tax:
 
 
 
Total other comprehensive income (loss)

 

Comprehensive income (loss)
(101,920
)
 
(46,622
)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities
48

 
26

Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
17,671

 
8,579

Comprehensive income (loss) attributable to the Company
$
(84,201
)
 
$
(38,017
)
See Notes to Consolidated Financial Statements.

4


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited, in thousands except per share amounts)
 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at December 31, 2019
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
102,104

 
$
1,021

 
$
1,825,553

 
$
(1,558,038
)
 
$
504

 
$
269,266

 
$
69,870

Purchases of common stock

 

 

 

 

 

 

 

 

 

 
(246
)
 
(3
)
 
(355
)
 

 

 
(358
)
 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 
3,272

 

 

 
3,272

 
1,634

Forfeitures of restricted shares

 

 

 

 

 

 

 

 

 

 
(30
)
 

 

 

 

 

 

Issuance of restricted shares/units

 

 

 

 

 

 

 

 

 

 
1,333

 
13

 
(13
)
 

 

 

 

PSU dividend claw back upon cancellation

 

 

 

 

 

 

 

 

 

 

 

 

 
378

 

 
378

 

Dividends declared – preferred stock - Series D
($.53/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,262
)
 

 
(1,262
)
 

Dividends declared – preferred stock - Series F
($.46/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,212
)
 

 
(2,212
)
 

Dividends declared – preferred stock - Series G
($.46/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,858
)
 

 
(2,858
)
 

Dividends declared – preferred stock - Series H
($.47/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,781
)
 

 
(1,781
)
 

Dividends declared – preferred stock - Series I
($.47/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,531
)
 

 
(2,531
)
 

Conversion of operating partnership units

 

 

 

 

 

 

 

 

 

 
1,955

 
20

 
939

 

 

 
959

 
(959
)
Performance LTIP dividend claw back upon cancellation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1,401

Redemption value adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 
19,046

 

 
19,046

 
(19,046
)
Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 
(84,201
)
 
(48
)
 
(84,249
)
 
(17,671
)
Balance at March 31, 2020
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
105,116

 
$
1,051

 
$
1,829,396

 
$
(1,633,459
)
 
$
456

 
$
197,670

 
$
35,229

 




5


 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at December 31, 2018
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
101,036

 
$
1,010

 
$
1,814,273

 
$
(1,363,020
)
 
$
616

 
$
453,105

 
$
80,743

Impact of adoption of new accounting standard

 

 

 

 

 

 

 

 

 

 

 

 

 
1,755

 

 
1,755

 

Purchases of common stock

 

 

 

 

 

 

 

 

 

 
(187
)
 
(1
)
 
(902
)
 

 

 
(903
)
 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 
2,788

 

 

 
2,788

 
1,802

Forfeitures of restricted shares

 

 

 

 

 

 

 

 

 

 
(6
)
 

 

 

 

 

 

Issuance of restricted shares/units

 

 

 

 

 

 

 

 

 

 
1,323

 
13

 
(13
)
 

 

 

 
23

Common stock issuance costs

 

 

 

 

 

 

 

 

 

 

 

 
(200
)
 

 

 
(200
)
 

Issuance of common units for hotel acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
7,854

Dividends declared – common stock ($.12/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(12,450
)
 

 
(12,450
)
 

Dividends declared – preferred stock - Series D
($.53/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,262
)
 

 
(1,262
)
 

Dividends declared – preferred stock - Series F
($.46/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,212
)
 

 
(2,212
)
 

Dividends declared – preferred stock - Series G
($.46/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,858
)
 

 
(2,858
)
 

Dividends declared – preferred stock - Series H
($.47/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,781
)
 

 
(1,781
)
 

Dividends declared – preferred stock - Series I
($.47/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,531
)
 

 
(2,531
)
 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,623
)
Redemption value adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 
(22,760
)
 

 
(22,760
)
 
22,760

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 
(38,017
)
 
(26
)
 
(38,043
)
 
(8,579
)
Balance at March 31, 2019
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
102,166

 
$
1,022

 
$
1,815,946

 
$
(1,445,136
)
 
$
590

 
$
372,648

 
$
101,980

See Notes to Consolidated Financial Statements
 

6


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 
Three Months Ended March 31,
 
2020
 
2019
Cash Flows from Operating Activities
 
 
 
Net income (loss)
$
(101,920
)
 
$
(46,622
)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
 
 
 
Depreciation and amortization
66,350

 
67,178

Impairment charges
27,613

 

Amortization of intangibles
(69
)
 
(59
)
Recognition of deferred income
(237
)
 
(222
)
Bad debt expense
682

 
567

Deferred income tax expense (benefit)
(321
)
 
(697
)
Equity in (earnings) loss of unconsolidated entities
79

 
1,063

(Gain) loss on sale of assets and hotel properties
(3,623
)
 
(233
)
Realized and unrealized (gain) loss on marketable securities
(627
)
 
(804
)
Purchases of marketable securities
(452
)
 
(1,325
)
Sales of marketable securities
15,233

 
12,395

Net settlement of trading derivatives
4,630

 
(2,675
)
Realized and unrealized (gain) loss on derivatives
(4,197
)
 
3,157

Amortization of loan costs and premiums and write-off of premiums, loan costs and exit fees
6,603

 
9,255

Equity-based compensation
4,906

 
4,590

Amortization of parking asset
117

 

Non-cash interest income
(208
)
 

Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
 
 
 
Accounts receivable and inventories
9,738

 
(29,314
)
Prepaid expenses and other assets
(11,344
)
 
(5,162
)
Operating lease right-of-use asset
265

 
(1,863
)
Operating lease liability
(162
)
 
514

Accounts payable and accrued expenses
1,440

 
21,195

Due to/from related parties
(1,380
)
 
(2,327
)
Due to/from third-party hotel managers
(1,303
)
 
(3,470
)
Due to/from Ashford Inc., net
(632
)
 
861

Other liabilities
692

 
777

Net cash provided by (used in) operating activities
11,873

 
26,779

Cash Flows from Investing Activities
 
 
 
Investment in unconsolidated entity
(51
)
 
(299
)
Proceeds from franchise agreement

 
4,000

Acquisition of hotel properties and assets, net of cash and restricted cash acquired

 
(212,791
)
Improvements and additions to hotel properties
(20,365
)
 
(37,982
)
Net proceeds from sales of assets and hotel properties
4,654

 
5,000

Payments for initial franchise fees

 
(200
)
Proceeds from property insurance
147

 
198

Net cash provided by (used in) investing activities
(15,615
)
 
(242,074
)
Cash Flows from Financing Activities
 
 
 
Borrowings on indebtedness
37,000

 
385,000

Repayments of indebtedness
(45,287
)
 
(179,554
)
Payments for loan costs and exit fees
(1,176
)
 
(8,916
)
Payments for dividends and distributions
(17,974
)
 
(24,959
)
Purchases of common stock

 
(903
)
Payments for derivatives
(63
)
 
(296
)
Common stock offering costs

 
(200
)
Other

 
23

Net cash provided by (used in) financing activities
(27,500
)
 
170,195

Net increase (decrease) in cash, cash equivalents and restricted cash
(31,242
)
 
(45,100
)
Cash, cash equivalents and restricted cash at beginning of period
398,207

 
439,812

Cash, cash equivalents and restricted cash and at end of period
$
366,965


$
394,712

 
 
 
 

7


 
Three Months Ended March 31,
 
2020
 
2019
Supplemental Cash Flow Information
 
 
 
Interest paid
$
51,272

 
$
57,457

Income taxes paid (refunded)
(87
)
 
46

Supplemental Disclosure of Non-Cash Investing and Financing Activity
 
 
 
Accrued but unpaid capital expenditures
$
18,714

 
$
27,390

Common stock purchases accrued but not paid
358

 

Issuance of units for hotel acquisition

 
7,854

Assumption of debt in hotel acquisition

 
24,922

Dividends and distributions declared but not paid
11,740

 
27,552

Accrued but unpaid financing costs
4,994

 

Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
 
 
 
Cash and cash equivalents at beginning of period
$
262,636

 
$
319,210

Restricted cash at beginning of period
135,571

 
120,602

Cash, cash equivalents and restricted cash at beginning of period
$
398,207

 
$
439,812

 
 
 
 
Cash and cash equivalents at end of period
$
240,316

 
$
242,561

Restricted cash at end of period
126,649

 
152,151

Cash, cash equivalents and restricted cash at end of period
$
366,965

 
$
394,712

See Notes to Consolidated Financial Statements.

8

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)



1. Organization and Description of Business
Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford Trust”), is a real estate investment trust (“REIT”). While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity, and debt. Future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. In this report, terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements.
Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of March 31, 2020, we owned interests in the following assets:
116 consolidated hotel properties, including 114 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 24,746 total rooms (or 24,719 net rooms excluding those attributable to our partner);
90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); and
17.1% ownership in OpenKey with a carrying value of $2.8 million.
For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of March 31, 2020, our 116 hotel properties were leased or owned by our wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries for U.S. federal income tax purposes (collectively, these subsidiaries are referred to as “Ashford TRS”). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations.
We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.
We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. Remington Hotels, a subsidiary of Ashford Inc., manages 79 of our 116 hotel properties and WorldQuest. Third-party management companies manage the remaining hotel properties.
Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to project management services, debt placement services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, investment management services and mobile key technology.
COVID-19, Management’s Plans and Liquidity
In December 2019, a novel strain of coronavirus (COVID-19) was identified in Wuhan, China, which subsequently spread to other regions of the world, and has resulted in significant travel restrictions and extended shutdown of numerous businesses in every state in the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Since late February, we have experienced a significant decline in occupancy and RevPAR and we expect the significant occupancy and RevPAR reduction associated with COVID-19 to continue as we are experiencing significant reservation cancellations as well as a significant reduction in new reservations relative to prior expectations. The prolonged presence of the virus has resulted in health or other government authorities imposing widespread restrictions on travel and other businesses. The hotel industry and our portfolio have experienced the postponement or cancellation of a significant number of business conferences and similar events. Following the government mandates and health official orders, the Company temporarily suspended operations at 23 of its 116 hotels and dramatically reduced staffing and expenses at its hotels that remain operational. Operations will remain suspended until state and local government restrictions and requirements are lifted and the Company can be confident that reopening the hotels will not jeopardize the health and safety of guests, hotel employees and local communities. COVID-19 has had a significant negative impact on the Company’s operations and financial results to date. The full financial impact of the reduction in hotel demand caused by the pandemic and suspension of operations at the Company’s hotels cannot be reasonably estimated at this time due to uncertainty as to its severity and duration. The Company expects that the COVID-19 pandemic will have a significant negative impact on the

9

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Company’s results of operations, financial position and cash flow in 2020. As a result, in March 2020, the Company suspended the quarterly cash dividend on its common shares for the first quarter of 2020 and likely the remainder of 2020, reduced planned capital expenditures and reduced the compensation of its board of directors, and, working closely with its hotel managers, significantly reduced its hotels’ operating expenses. The Company’s advisor adopted a remote-work policy at its corporate office in an effort to protect the health and safety of its employees and does not anticipate these policies to have any adverse impact on its ability to continue to operate its business.
Although the Company was in compliance with all its debt covenants as of March 31, 2020, subsequent to March 31, 2020 the Company did not make principal or interest payments under nearly all of its mortgage loans, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Pursuant to the terms of the applicable mortgage loan, such an Event of Default caused an automatic increase in the interest rate on our outstanding loan balance for the period such Event of Default remains outstanding. Following an Event of Default, the Company’s lenders can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable mortgage loan and foreclose on the applicable hotel properties that are security for such loans. The lenders who hold the notes that are secured by the Embassy Suites New York Manhattan Times Square and Hilton Scotts Valley hotel in Santa Cruz, California have each sent us an acceleration notice which accelerated all payments due under the applicable loan agreement. The Company is actively negotiating the terms for forbearance agreements or waivers with its lenders. Additionally, certain of the Company's hotel properties are subject to ground leases rather than a fee simple interest, with respect to all or a portion of the real property at those hotels. It is possible the Company will default on some or all of the ground leases within the next twelve months. Based on these factors, the Company has determined that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. U.S. generally accepted accounting principles requires that in making this determination, the Company cannot consider any remedies that are outside of the Company’s control and have not been fully implemented. As a result, the Company could not consider future potential fundraising activities, whether through equity or debt offerings, dispositions of hotel properties or the likelihood of obtaining forbearance agreements as we could not conclude they were probable of being effectively implemented. Any forbearance agreement will most likely lead to increased costs, increased interest rates, additional restrictive covenants and other possible lender protections. In addition to or in lieu of obtaining forbearance agreements as described above, the Company could turn over the hotels securing the mortgage loans to the respective lenders.
The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.
2. Significant Accounting Policies
Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2019 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 12, 2020.
Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP.

10

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements:
Hotel Property 
 
Location 
 
Type
 
Date
Embassy Suites New York Manhattan Times Square
 
New York, NY
 
Acquisition
 
January 22, 2019
Hilton Santa Cruz/Scotts Valley
 
Santa Cruz, CA
 
Acquisition
 
February 26, 2019
San Antonio Marriott
 
San Antonio, TX
 
Disposition
 
August 2, 2019
Hilton Garden Inn Wisconsin Dells
 
Wisconsin Dells, WI
 
Disposition
 
August 6, 2019
Courtyard Savannah
 
Savannah, GA
 
Disposition
 
August 14, 2019
SpringHill Suites Jacksonville
 
Jacksonville, FL
 
Disposition
 
December 3, 2019
Crowne Plaza Annapolis
 
Annapolis, MD
 
Disposition
 
March 9, 2020

Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes—On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which is the period ended March 31, 2020. For the period ended March 31, 2020, the CARES Act did not have a material impact on the Company’s consolidated financial statements. At this time, the Company does not expect the impact of the CARES Act to have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020.
Recently Adopted Accounting Standards—In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2019-11”). ASU 2019-11, clarifies specific issues within the amendments of ASU 2016-13. We adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Standards—In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments-Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 may have on our consolidated financial statements and related disclosures.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance

11

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.
3. Revenue
The following tables present our revenue disaggregated by geographical areas (in thousands):
 
 
Three Months Ended March 31, 2020
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
14,058

 
$
4,059

 
$
1,153

 
$

 
$
19,270

Boston, MA Area
 
3

 
6,788

 
995

 
1,233

 

 
9,016

Dallas / Ft. Worth Area
 
7

 
13,128

 
3,921

 
959

 

 
18,008

Houston, TX Area
 
3

 
5,106

 
2,291

 
188

 

 
7,585

Los Angeles, CA Metro Area
 
6

 
16,212

 
3,357

 
1,085

 

 
20,654

Miami, FL Metro Area
 
3

 
8,142

 
2,441

 
207

 

 
10,790

Minneapolis - St. Paul, MN - WI Area
 
4

 
4,570

 
1,259

 
590

 

 
6,419

Nashville, TN Area
 
1

 
9,538

 
5,100

 
888

 

 
15,526

New York / New Jersey Metro Area
 
7

 
14,335

 
3,403

 
1,100

 

 
18,838

Orlando, FL Area
 
3

 
6,913

 
427

 
678

 

 
8,018

Philadelphia, PA Area
 
3

 
3,687

 
688

 
161

 

 
4,536

San Diego, CA Area
 
2

 
3,344

 
247

 
238

 

 
3,829

San Francisco - Oakland, CA Metro Area
 
7

 
16,092

 
2,068

 
648

 

 
18,808

Tampa, FL Area
 
2

 
6,609

 
2,141

 
351

 

 
9,101

Washington D.C. - MD - VA Area
 
9

 
20,446

 
4,388

 
1,977

 

 
26,811

Other Areas
 
47

 
65,318

 
10,996

 
5,530

 

 
81,844

Orlando WorldQuest
 

 
1,031

 
25

 
347

 

 
1,403

Sold properties
 
1

 
490

 
144

 
15

 

 
649

Corporate
 

 

 

 

 
772

 
772

Total
 
117

 
$
215,807

 
$
47,950

 
$
17,348

 
$
772

 
$
281,877

 
 
Three Months Ended March 31, 2019
Primary Geographical Market
 
Number of Hotels
 
Rooms
 
Food and Beverage
 
Other Hotel
 
Other
 
Total
Atlanta, GA Area
 
9

 
$
20,276

 
$
5,043

 
$
1,195

 
$

 
$
26,514

Boston, MA Area
 
3

 
9,470

 
1,601

 
812

 

 
11,883

Dallas / Ft. Worth Area
 
7

 
15,904

 
4,776

 
885

 

 
21,565

Houston, TX Area
 
3

 
6,641

 
2,561

 
199

 

 
9,401

Los Angeles, CA Metro Area
 
6

 
20,544

 
4,593

 
1,166

 

 
26,303

Miami, FL Metro Area
 
3

 
8,910

 
2,788

 
225

 

 
11,923

Minneapolis - St. Paul, MN - WI Area
 
4

 
6,369

 
1,622

 
793

 

 
8,784

Nashville, TN Area
 
1

 
12,082

 
5,198

 
697

 

 
17,977

New York / New Jersey Metro Area
 
7

 
18,877

 
4,706

 
766

 

 
24,349

Orlando, FL Area
 
3

 
8,986

 
536

 
460

 

 
9,982

Philadelphia, PA Area
 
3

 
4,667

 
793

 
156

 

 
5,616

San Diego, CA Area
 
2

 
4,329

 
402

 
219

 

 
4,950

San Francisco - Oakland, CA Metro Area
 
7

 
21,625

 
2,338

 
567

 

 
24,530

Tampa, FL Area
 
2

 
8,134

 
2,713