0001232582truePursuant to Item 9.01 of Form 8-K, this Current Report on Form 8-K/A amends the Registrant’s Current Report on Form 8-K filed on January 14, 2025, for the event dated January 10, 2025, to include the pro forma financial information required by Item 9.01 (b) of Form 8-K.00012325822025-01-102025-01-100001232582us-gaap:CommonStockMember2025-01-102025-01-100001232582us-gaap:SeriesDPreferredStockMember2025-01-102025-01-100001232582us-gaap:SeriesFPreferredStockMember2025-01-102025-01-100001232582us-gaap:SeriesGPreferredStockMember2025-01-102025-01-100001232582us-gaap:SeriesHPreferredStockMember2025-01-102025-01-100001232582aht:SeriesIPreferredStockMember2025-01-102025-01-10

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

FORM 8-K/A
(Amendment No. 1)

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): January 10, 2025

ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)

Maryland001-3177586-1062192
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
14185 Dallas Parkway, Suite 1200
Dallas
Texas75254
(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 classTrading Symbol(s)Name of each exchange on which registered
Common StockAHTNew York Stock Exchange
Preferred Stock, Series DAHT-PDNew York Stock Exchange
Preferred Stock, Series FAHT-PFNew York Stock Exchange
Preferred Stock, Series GAHT-PGNew York Stock Exchange
Preferred Stock, Series HAHT-PHNew York Stock Exchange
Preferred Stock, Series IAHT-PINew York Stock Exchange


EXPLANATORY NOTE: Pursuant to Item 9.01 of Form 8-K, this Current Report on Form 8-K/A amends the Registrant’s Current Report on Form 8-K filed on January 14, 2025, for the event dated January 10, 2025, to include the pro forma financial information required by Item 9.01 (b) of Form 8-K.
ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(b) Pro Forma Financial Information.
The unaudited pro forma financial information for the Company as of and for the nine months ended September 30, 2024 and the year ended December 31, 2023, is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

(d)    Exhibits
Exhibit Number        Description

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: January 14, 2025By:/s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EXHIBIT 99.2
On January 10, 2025, Ashford Hospitality Trust, Inc. (“Ashford Trust” or the “Company”) completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts (“CY Boston”) for $121.5 million in cash, net of selling expenses, respectively. Additionally, the Company repaid approximately $118.4 million on the mortgage loan, of which CY Boston was one of 19 hotels securing the mortgage loan.
The following unaudited pro forma financial information of the Company, as of and for the nine months ended September 30, 2024 and for the year ended December 31, 2023 has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the disposition occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the disposition closed on September 30, 2024. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2023, and the nine months ended September 30, 2024, assumes the disposition closed on January 1, 2023. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of CY Boston and its results of operations, which contains a non-recurring gain associated with the disposition of the hotel property. The pro forma gain and the related tax effects resulting from the disposition of CY Boston are preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements. There are no other non-recurring items associated with the transaction.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
September 30, 2024
(in thousands, except share and per share amounts) 
Ashford Trust Consolidated
Historical (A)		CY Boston (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
ASSETS
Investments in hotel properties, gross ($159,495 attributable to VIEs)$3,603,062 $110,405 $— $3,492,657 
Accumulated depreciation ($28,269 attributable to VIEs)(1,118,574)(22,951)— (1,095,623)
Investments in hotel properties, net ($131,226 attributable to VIEs).2,484,488 87,454 — 2,397,034 
Contract asset365,647 — — 365,647 
Cash and cash equivalents ($3,845 attributable to VIEs)119,659 15 121,541 (C) (i)131,994 
9,212 (C) (i)
(118,403)(C) (ii)
Restricted cash ($4,571 attributable to VIEs)114,282 8,648 — 105,634 
Accounts receivable, net of allowance ($540 attributable to VIEs)49,874 1,517 — 48,357 
Inventories ($47 attributable to VIEs)3,678 — — 3,678 
Notes receivable, net10,164 — — 10,164 
Investments in unconsolidated entities9,132 — — 9,132 
Deferred costs, net ($185 attributable to VIEs)1,824 — — 1,824 
Prepaid expenses ($863 attributable to VIEs)14,250 360 — 13,890 
Derivative assets4,074 — — 4,074 
Operating lease right-of-use assets43,835 — — 43,835 
Other assets ($2,384 attributable to VIEs)18,941 287 — 18,654 
Intangible assets797 — — 797 
Due from related parties, net ($243 attributable to VIEs)2,078 — — 2,078 
Due from third-party hotel managers26,684 193 — 26,491 
Total assets$3,269,407 $98,474 $12,350 $3,183,283 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net ($65,889 attributable to VIEs)$2,734,537 $97,368 $(21,035)(C) (ii)$2,616,134 
Debt associated with hotels in receivership322,800 — — 322,800 
Finance lease liability17,998 — — 17,998 
Other finance liability ($27,015 attributable to VIEs)27,015 — — 27,015 
Accounts payable and accrued expenses ($20,041 attributable to VIEs)146,402 1,808 — 144,594 
Accrued interest payable ($214 attributable to VIEs)10,714 373 — 10,341 
Accrued interest associated with hotels in receivership42,847 — — 42,847 
Dividends and distributions payable3,833 — — 3,833 
Due to Ashford Inc., net ($4,816 attributable to VIEs)6,407 — — 6,407 
Due to third-party hotel managers ($25 attributable to VIEs)1,149 — — 1,149 
Intangible liabilities, net1,989 — — 1,989 
Operating lease liabilities44,457 — — 44,457 
Other liabilities3,301 — — 3,301 
Total liabilities3,363,449 99,549 (21,035)3,242,865 
Commitments and contingencies
Redeemable noncontrolling interests in operating partnership22,675 — — 22,675 
Series J Redeemable Preferred Stock, $0.01 par value, 6,158,835 shares issued and outstanding at September 30, 2024141,809 — — 141,809 
Series K Redeemable Preferred Stock, $0.01 par value, 526,708 shares issued and outstanding at September 30, 202413,024 — — 13,024 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at September 30, 202411 — — 11 
Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at September 30, 202410 — — 10 
Series G Cumulative Preferred Stock, 1,472,948 shares issued and outstanding at September 30, 202415 — — 15 
Series H Cumulative Preferred Stock, 1,040,956 shares issued and outstanding at September 30, 202410 — — 10 
Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at September 30, 202411 — — 11 
Common stock, $0.01 par value, 400,000,000 shares authorized, 5,443,905 shares issued and outstanding at September 30, 202454 — — 54 
Additional paid-in capital2,391,320 (1,075)87,454 (C) (i)2,391,693 
9,212 (C) (i)
(97,368)(C) (ii)
Accumulated deficit(2,679,798)— 34,087 (C) (i)(2,645,711)
Total stockholders’ equity (deficit) of the Company(288,367)(1,075)33,385 (253,907)
Noncontrolling interest in consolidated entities16,817 — — 16,817 
Total equity (deficit)(271,550)(1,075)33,385 (237,090)
Total liabilities and equity/deficit$3,269,407 $98,474 $12,350 $3,183,283 
See accompanying notes.
2

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(A)Represents the historical consolidated balance sheet of Ashford Trust as of September 30, 2024, as reported in its Quarterly Report on Form 10-Q, filed on November 12, 2024.
(B)Represents the removal of the historical balance sheet of CY Boston as of September 30, 2024.
(C)Represents adjustments for Ashford Trust’s disposition of CY Boston as of September 30, 2024, which includes: (i) an adjustment for the cash consideration received of $121.5 million, net of selling expenses and cash received for hotel net working capital; and (ii) the cash paid to repay the mortgage loan partially secured by CY Boston.
3

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2023
(in thousands, except share and per share amounts)
Ashford Trust Consolidated
Historical (A)		CY Boston (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
REVENUE
Rooms$1,059,155 $24,147 $— $1,035,008 
Food and beverage232,829 2,153 — 230,676 
Other hotel revenue72,748 1,744 — 71,004 
Total hotel revenue1,364,732 28,044 — 1,336,688 
Other2,801 — — 2,801 
Total revenue1,367,533 28,044 — 1,339,489 
EXPENSES
Hotel operating expenses:
Rooms249,434 5,201 — 244,233 
Food and beverage161,300 2,423 — 158,877 
Other expenses464,058 7,621 — 456,437 
Management fees50,645 1,631 — 49,014 
Total hotel expenses925,437 16,876 — 908,561 
Property taxes, insurance and other70,226 2,110 — 68,116 
Depreciation and amortization187,807 3,357 — 184,450 
Advisory services fee48,927 — — 48,927 
Corporate, general and administrative16,181 — — 16,181 
Total operating expenses1,248,578 22,343 — 1,226,235 
Gain (loss) on consolidation of VIE and disposition of assets11,488 — 34,087 (C) (i)45,575 
OPERATING INCOME (LOSS)130,443 5,701 34,087 158,829 
Equity in earnings (loss) of unconsolidated entities(1,134)— — (1,134)
Interest income8,978 152 — 8,826 
Other income (expense)310 — — 310 
Interest expense and amortization of discounts and loan costs(366,148)(8,475)— (357,673)
Write-off of premiums, loan costs and exit fees(3,469)(6)— (3,463)
Gain (loss) on extinguishment of debt53,386 — — 53,386 
Realized and unrealized gain (loss) on derivatives(2,200)— — (2,200)
INCOME (LOSS) BEFORE INCOME TAXES(179,834)(2,628)34,087 (143,119)
Income tax (expense) benefit(900)— — (900)
NET INCOME (LOSS)(180,734)(2,628)34,087 (144,019)
(Income) loss attributable to noncontrolling interest in consolidated entities6 — — 6 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership2,239 — (466)(C) (ii)1,773 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(178,489)(2,628)33,621 (142,240)
Preferred dividends(15,921)— — (15,921)
Deemed dividends on redeemable preferred stock(2,673)— — (2,673)
Gain (loss) on extinguishment of preferred stock3,390 — — 3,390 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(193,693)$(2,628)$33,621 $(157,444)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders$(56.11)$(45.61)
Weighted average common shares outstanding—basic3,452 3,452 
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders$(56.11)$(45.61)
Weighted average common shares outstanding—diluted3,452 3,452 
See accompanying notes.
4

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
Nine Months Ended September 30, 2024
(in thousands, except share and per share amounts)
Ashford Trust Consolidated
Historical (A)		CY Boston (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
REVENUE
Rooms$685,774 $19,485 $— $666,289 
Food and beverage159,002 1,706 — 157,296 
Other hotel revenue50,298 1,357 — 48,941 
Total hotel revenue895,074 22,548 — 872,526 
Other1,904 — — 1,904 
Total revenue896,978 22,548 — 874,430 
EXPENSES
Hotel operating expenses:
Rooms159,682 4,071 — 155,611 
Food and beverage109,247 1,757 — 107,490 
Other expenses311,596 6,002 — 305,594 
Management fees32,641 1,316 — 31,325 
Total hotel expenses613,166 13,146 — 600,020 
Property taxes, insurance and other52,335 1,600 — 50,735 
Depreciation and amortization115,471 2,296 — 113,175 
Advisory services fee38,531 — — 38,531 
Corporate, general and administrative20,462 — — 20,462 
Total operating expenses839,965 17,042 — 822,923 
Gain (loss) on disposition of assets and hotel properties94,406 — — 94,406 
Gain (loss) on derecognition of assets156,748 — — 156,748 
OPERATING INCOME (LOSS)308,167 5,506 — 302,661 
Equity in earnings (loss) of unconsolidated entities(828)— — (828)
Interest income5,443 205 — 5,238 
Other income (expense)108 — — 108 
Interest expense and amortization of discounts and loan costs(209,202)(6,542)— (202,660)
Interest expense associated with hotels in receivership(35,162)— — (35,162)
Write-off of premiums, loan costs and exit fees(3,831)(5)— (3,826)
Gain (loss) on extinguishment of debt2,790 — — 2,790 
Realized and unrealized gain (loss) on derivatives(84)— — (84)
INCOME (LOSS) BEFORE INCOME TAXES67,401 (836)— 68,237 
Income tax (expense) benefit(3,313)— — (3,313)
NET INCOME (LOSS)64,088 (836)— 64,924 
(Income) loss attributable to noncontrolling interest in consolidated entities494 — — 494 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership(672)— (10)(C) (ii)(682)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY63,910 (836)(10)64,736 
Preferred dividends(16,379)— — (16,379)
Deemed dividends on redeemable preferred stock(2,253)— — (2,253)
Gain (loss) on extinguishment of preferred stock3,340 — — 3,340 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$48,618 $(836)$(10)$49,444 
Income (loss) per share – basic:
Income (loss) attributable to common stockholders$10.94 $11.12 
Weighted average common shares outstanding—basic4,425 4,425 
Income (loss) per share – diluted:
Income (loss) attributable to common stockholders$3.12 $3.17 
Weighted average common shares outstanding—diluted18,768 18,768 
See accompanying notes.
5

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(A)Represents the historical consolidated statement of operations of Ashford Trust for the year ended December 31, 2023, as reported in its Annual Report on Form 10-K for the year ended December 31, 2023, filed on March 14, 2024 and the historical consolidated statement of operations of Ashford Trust for the nine months ended September 30, 2024, as reported in its Quarterly Report on Form 10-Q, filed on November 12, 2024.
(B)Represents the removal of the historical consolidated statements of operations of CY Boston for the year ended December 31, 2023, and the nine months ended September 30, 2024.
(C)Represents adjustments for the Company’s sale of CY Boston, which includes:(i) the estimated non-recurring gain on the disposition of CY Boston for the year ended December 31, 2023; and (ii) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of CY Boston, including the estimated non-recurring gain for the year ended December 31, 2023, based on an ownership percentage of 1.27% for the year ended December 31, 2023 and 1.17% for the nine months ended September 30, 2024. There is no estimated tax effect of the hotel no longer being part of the consolidated group for the year ended December 31, 2023 and the nine months ended September 30, 2024. The pro forma gain resulting from the disposition of CY Boston is preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.
6
v3.24.4
Document and Entity Information
Jan. 10, 2025
Entity Information [Line Items]  
Document Type 8-K/A
Document Period End Date Jan. 10, 2025
Entity Registrant Name ASHFORD HOSPITALITY TRUST, INC.
Entity Central Index Key 0001232582
Amendment Flag true
Amendment Description Pursuant to Item 9.01 of Form 8-K, this Current Report on Form 8-K/A amends the Registrant’s Current Report on Form 8-K filed on January 14, 2025, for the event dated January 10, 2025, to include the pro forma financial information required by Item 9.01 (b) of Form 8-K.
Entity Incorporation, State or Country Code MD
Entity File Number 001-31775
Entity Tax Identification Number 86-1062192
Entity Address, Address Line One 14185 Dallas Parkway, Suite 1200
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75254
City Area Code 972
Local Phone Number 490-9600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol AHT
Security Exchange Name NYSE
Preferred Stock, Series D  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series D
Trading Symbol AHT-PD
Security Exchange Name NYSE
Preferred Stock, Series F  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series F
Trading Symbol AHT-PF
Security Exchange Name NYSE
Preferred Stock, Series G  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series G
Trading Symbol AHT-PG
Security Exchange Name NYSE
Preferred Stock, Series H  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series H
Trading Symbol AHT-PH
Security Exchange Name NYSE
Preferred Stock, Series I  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series I
Trading Symbol AHT-PI
Security Exchange Name NYSE
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