NYSE : AHT
Ashford Hospitality Trust, Inc. — Financial statements
Real Estate · REIT - Hotel & Motel · United States
Last price 2.57 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 16.87M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 801.76M | 825.62M | 889.75M | 1.06B | 974.00M | 655.12M |
| Other Revenue | 264.14M | 278.44M | 280.34M | 307.24M | 266.05M | 149.73M |
| Total Revenue | 1.07B | 1.10B | 1.17B | 1.37B | 1.24B | 804.85M |
| Property Expenses | 843.23M | 866.50M | 927.66M | 1.03B | 943.13M | 690.22M |
| Selling, General & Administrative | 24.49M | 31.38M | 35.06M | 27.28M | 19.98M | 22.95M |
| Depreciation & Amortization | 129.31M | 141.29M | 152.78M | 187.81M | 201.80M | 218.85M |
| Total Operating Expenses | 997.04M | 1.04B | 1.12B | 1.25B | 1.16B | 932.03M |
| Operating Income | 68.87M | 64.89M | 54.59M | 117.82M | 75.15M | -127.17M |
| Interest Expense | -282.48M | -295.27M | -319.77M | -366.15M | -227.00M | -160.12M |
| Interest & Investment Income | 4.24M | 4.74M | 6.94M | 8.98M | 4.78M | 418.00K |
| Other Non-Operating Income | -10.38M | -22.50M | -6.40M | -5.36M | 12.04M | 8.43M |
| EBT Excluding Unusual Items | -219.75M | -248.14M | -264.64M | -244.71M | -135.02M | -278.44M |
| Gain (Loss) on Sale of Assets | 291.32M | 79.80M | 94.41M | 11.49M | 300.00K | 1.45M |
| Asset Writedown | -145.12M | -28.59M | 107.85M | |||
| Other Unusual Items | 6.67M | 8.63M | -1.63M | 53.39M | 11.90M | |
| Pretax Income | -66.87M | -188.30M | -64.01M | -179.83M | -134.72M | -265.10M |
| Income Tax Expense | 2.73M | -143.00K | 997.00K | 900.00K | 6.34M | 5.95M |
| Earnings From Continuing Operations | -69.60M | -188.16M | -65.01M | -180.73M | -141.06M | -271.05M |
| Minority Interest in Earnings | 4.35M | 8.32M | 4.71M | 2.25M | 1.23M | 4.04M |
| Net Income | -65.25M | -179.84M | -60.30M | -178.49M | -139.82M | -267.00M |
| Preferred Dividends & Other Adjustments | 32.46M | 35.16M | 22.22M | 15.20M | 13.38M | 510.00K |
| Net Income to Common | -97.71M | -215.00M | -82.52M | -193.69M | -153.20M | -267.51M |
| Basic Shares Outstanding | 6.33M | 5.97M | 4.71M | 3.45M | 3.43M | 2.16M |
| Diluted Shares Outstanding | 6.33M | 5.97M | 4.71M | 3.45M | 3.43M | 2.18M |
| EPS (Basic) | -15.43 | -35.99 | -17.54 | -56.11 | -44.61 | -123.71 |
| EPS (Diluted) | -15.43 | -35.99 | -17.54 | -56.11 | -44.61 | -124.28 |
| Operating Margin | 6.46% | 5.88% | 4.67% | 8.62% | 6.06% | -15.80% |
| Profit Margin | -9.17% | -19.47% | -7.05% | -14.17% | -12.35% | -33.24% |
| EBITDA | 197.01M | 205.06M | 207.24M | 305.61M | 277.13M | 91.89M |
| EBITDA Margin | 18.48% | 18.57% | 17.71% | 22.37% | 22.35% | 11.42% |
| D&A For Ebitda | 128.14M | 140.18M | 152.65M | 187.79M | 201.98M | 219.06M |
| EBIT | 68.87M | 64.89M | 54.59M | 117.82M | 75.15M | -127.17M |
| EBIT Margin | 6.46% | 5.88% | 4.67% | 8.62% | 6.06% | -15.80% |
| Funds From Operations (FFO) | -117.55M | -130.51M | -131.24M | -19.15M | 47.09M | -53.57M |
| FFO Per Share | -18.28 | -21.47 | -27.52 | -5.22 | 12.95 | |
| Adjusted Funds From Operations (AFFO) | -15.99M | -34.41M | -23.06M | 26.41M | 67.31M | -28.91M |
| AFFO Per Share | -2.67 | -5.66 | -4.84 | 7.20 | 18.50 | |
| Revenue as Reported | 1.07B | 1.10B | 1.17B | 1.37B | 1.24B | 805.41M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.58B | 2.13B | 2.36B | 3.00B | 3.16B | 3.28B |
| Cash & Equivalents | 72.51M | 66.14M | 112.91M | 165.23M | 417.06M | 592.11M |
| Accounts Receivable | 407.18M | 387.89M | 402.25M | 45.52M | 49.81M | 37.72M |
| Other Receivables | 25.22M | 25.67M | 21.21M | 21.66M | 29.52M | 34.39M |
| Investment In Debt and Equity Securities | 17.00M | 13.20M | 503.00K | 126.00K | 6.32M | |
| Other Intangible Assets | 797.00K | 797.00K | 797.00K | |||
| Loans Receivable Current | 12.88M | 12.19M | 10.56M | 7.37M | 5.06M | 8.72M |
| Restricted Cash | 136.99M | 149.58M | 99.69M | 146.08M | 141.96M | 99.53M |
| Other Current Assets | 72.74M | 22.08M | 100.26M | 28.87M | 19.84M | 16.68M |
| Trading Asset Securities | 1.26M | 410.00K | 2.59M | 13.70M | 47.18M | 501.00K |
| Deferred Long-Term Charges | 837.00K | 1.53M | 1.79M | 1.81M | 2.67M | 5.00M |
| Other Long-Term Assets | 24.23M | 22.32M | 33.53M | 34.77M | 41.10M | 21.08M |
| Total Assets | 2.33B | 2.83B | 3.16B | 3.46B | 3.92B | 4.10B |
| Current Portion of Long-Term Debt | 1.51B | 2.09B | 2.09B | 111.44M | 23.69M | 27.91M |
| Current Portion of Leases | 5.74M | |||||
| Long-Term Debt | 667.12M | 708.76M | 828.47M | 3.26B | 3.81B | 3.86B |
| Long-Term Leases | 54.93M | 55.84M | 62.36M | 63.23M | 63.51M | 45.11M |
| Accounts Payable | 114.37M | 123.77M | 137.51M | 129.32M | 115.97M | 117.65M |
| Accrued Expenses | 125.55M | 96.33M | 62.24M | 27.01M | 15.29M | 15.43M |
| Other Current Liabilities | 132.77M | 89.01M | 132.72M | 65.41M | 4.44M | 5.04M |
| Other Long-Term Liabilities | 36.62M | 36.77M | 34.01M | 5.52M | 6.42M | 7.01M |
| Total Liabilities | 2.64B | 3.21B | 3.37B | 3.69B | 4.04B | 4.08B |
| Preferred Stock, Redeemable | 226.22M | 217.08M | 171.54M | 84.76M | 2.07M | 24.00K |
| Preferred Stock, Convertible | 57.00K | 57.00K | 57.00K | 62.00K | 41.00K | 41.00K |
| Total Preferred Equity | 226.28M | 217.14M | 171.60M | 84.82M | 2.11M | 65.00K |
| Common Stock | 65.00K | 65.00K | 56.00K | 37.00K | 345.00K | 345.00K |
| Additional Paid-In Capital | 2.40B | 2.40B | 2.39B | 2.38B | 2.38B | 2.38B |
| Retained Earnings | -2.97B | -3.03B | -2.81B | -2.73B | -2.53B | -2.38B |
| Total Common Equity | -570.94M | -626.41M | -419.29M | -345.96M | -150.45M | -2.72M |
| Minority Interest | 35.15M | 36.03M | 35.91M | 36.87M | 21.55M | 22.74M |
| Shareholders' Equity | -309.51M | -373.24M | -211.79M | -224.28M | -126.79M | 20.09M |
| Total Liabilities & Equity | 2.33B | 2.83B | 3.16B | 3.46B | 3.92B | 4.10B |
| Total Debt | 2.23B | 2.86B | 3.01B | 3.46B | 3.90B | 3.93B |
| Net Cash (Debt) | -2.16B | -2.79B | -2.89B | -3.28B | -3.44B | -3.34B |
| Net Cash Per Share | -341.32 | -467.77 | -614.28 | -950.28 | -1,001.11 | -1,529.17 |
| Filing Date Shares Outstanding | 6.47M | 6.48M | 5.78M | 3.96M | 3.45M | 3.45M |
| Total Common Shares Outstanding | 6.48M | 6.48M | 5.64M | 3.74M | 3.45M | 3.45M |
| Book Value Per Share | -88.16 | -96.73 | -74.39 | -92.45 | -43.62 | -0.79 |
| Tangible Book Value | -570.94M | -626.41M | -419.29M | -346.76M | -151.25M | -3.52M |
| Tangible Book Value Per Share | -88.16 | -96.73 | -74.39 | -92.66 | -43.85 | -1.02 |
| Land | 309.87M | 410.46M | 437.57M | 605.51M | 622.76M | 626.92M |
| Buildings | 1.79B | 2.44B | 2.70B | 3.33B | 3.65B | 3.71B |
| Construction In Progress | 39.39M | 24.94M | 23.25M | 114.85M | 21.61M | 16.37M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -65.25M | -179.84M | -60.30M | -178.49M | -139.82M | -267.00M |
| Depreciation & Amortization | 128.14M | 140.18M | 152.65M | 187.79M | 201.98M | 219.06M |
| Other Amortization | 15.36M | 22.96M | 19.42M | 28.26M | 10.07M | -1.34M |
| Gain (Loss) on Sale of Assets | -291.32M | -79.80M | -94.41M | -11.49M | -300.00K | -1.45M |
| Asset Writedown | 178.85M | 67.65M | 59.33M | |||
| Stock-Based Compensation | -872.00K | -761.00K | 2.10M | 4.03M | 6.00M | 10.03M |
| Income (Loss) on Equity Investments | 93.00K | 325.00K | 2.37M | 1.13M | 804.00K | 558.00K |
| Change in Accounts Receivable | 3.92M | 537.00K | 1.64M | -7.33M | -16.21M | -21.37M |
| Change in Accounts Payable | 2.14M | 3.10M | 9.30M | 4.36M | -4.66M | -28.93M |
| Change in Other Net Operating Assets | 82.97M | 52.55M | 51.84M | 37.71M | -4.57M | -24.31M |
| Other Operating Activities | -40.61M | -44.66M | -169.80M | -55.18M | -17.41M | -31.55M |
| Operating Cash Flow | 15.10M | -15.67M | -23.59M | 14.39M | 39.22M | -144.19M |
| Acquisition of Real Estate Assets | -69.03M | -71.15M | -108.01M | -137.43M | -103.75M | -36.74M |
| Sale of Real Estate Assets | 708.80M | 242.44M | 300.02M | 29.21M | 34.99M | 9.01M |
| Net Sale / Acq. of Real Estate Assets | 639.78M | 171.29M | 192.01M | -108.21M | -68.76M | -27.73M |
| Cash Acquisition | 1.93M | |||||
| Investment in Marketable & Equity Securities | -9.13M | -9.00M | ||||
| Other Investing Activities | 998.00K | 19.47M | -526.00K | 19.06M | 5.62M | 2.78M |
| Investing Cash Flow | 640.78M | 190.76M | 191.28M | -89.75M | -70.33M | -34.04M |
| Long-Term Debt Issued | 560.41M | 63.79M | 134.80M | 1.55M | 377.50M | |
| Long-Term Debt Repaid | -709.63M | -388.82M | -397.20M | -50.90M | -189.59M | |
| Net Debt Issued (Repaid) | -691.82M | -149.22M | -325.02M | -262.39M | -49.35M | 187.91M |
| Issuance of Common Stock | 5.00K | 56.00K | 8.91M | 1.03M | 562.83M | |
| Repurchase of Common Stock | -729.00K | -729.00K | -49.00K | -90.00K | -316.00K | -46.00K |
| Preferred Stock Issued | 11.56M | 39.71M | 84.84M | 79.56M | 1.12M | |
| Preferred Share Repurchases | -78.00K | |||||
| Common & Preferred Dividends Paid | -12.34M | -23.96M | -20.36M | -14.94M | -12.42M | -18.62M |
| Total Dividends Paid | -12.34M | -23.96M | -20.36M | -14.94M | -12.42M | -18.62M |
| Other Financing Activities | -6.47M | -45.02M | -7.07M | 24.78M | -40.55M | -29.51M |
| Net Cash Flow | -43.91M | -4.08M | -91.06M | -247.49M | -132.62M | 524.33M |
| Levered Free Cash Flow | 88.93M | 31.61M | -265.51M | 147.00M | 71.58M | -78.89M |
| Unlevered Free Cash Flow | 250.12M | 193.19M | -85.07M | 347.64M | 203.38M | 22.52M |
| Cash Interest Paid | 214.24M | 224.30M | 268.78M | 325.42M | 218.02M | 219.62M |
| Cash Income Tax Paid | -1.95M | -287.00K | -2.64M | 11.70M | 3.52M | |
| Change in Working Capital | 89.04M | 56.19M | 62.79M | 34.73M | -25.43M | -74.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.06M | 27.31M | 39.70M | 71.05M | 154.21M | 325.01M |
| Enterprise Value | 2.18B | 3.17B | 3.23B | 3.66B | 3.53B | 3.64B |
| Last Close Price | 2.57 | 4.26 | 7.19 | 19.40 | 44.70 | 96.00 |
| Price/FFO Ratio | -0.18 | -0.20 | -0.26 | -3.72 | 3.45 | |
| Price/AFFO Ratio | -1.21 | -0.75 | -1.49 | 2.69 | 2.42 | |
| PS Ratio | 0.02 | 0.03 | 0.03 | 0.05 | 0.12 | 0.40 |
| PB Ratio | -0.07 | -0.19 | -0.32 | -1.22 | 16.18 | |
| P/OCF Ratio | 1.12 | 4.94 | 3.93 | |||
| EV/Sales Ratio | 2.04 | 2.87 | 2.76 | 2.68 | 2.85 | 4.52 |
| EV/EBITDA Ratio | 11.05 | 15.44 | 15.59 | 11.96 | 12.75 | 39.60 |
| EV/EBIT Ratio | 31.62 | 48.80 | 59.17 | 31.03 | 47.03 | |
| Debt / Equity Ratio | -7.22 | -7.67 | -14.20 | -15.42 | -30.77 | 195.78 |
| Debt / EBITDA Ratio | 11.18 | 13.73 | 14.23 | 11.16 | 13.84 | 40.73 |
| Net Debt / Equity Ratio | -6.98 | -7.49 | -13.65 | -14.63 | -27.11 | 166.28 |
| Net Debt / EBITDA Ratio | 10.97 | 13.63 | 13.95 | 10.73 | 12.40 | 36.35 |
| Asset Turnover | 0.40 | 0.37 | 0.35 | 0.37 | 0.31 | 0.21 |
| Inventory Turnover | 265.25 | 239.73 | 253.81 | 274.32 | 263.92 | 240.58 |
| Quick Ratio | 0.27 | 0.20 | 0.22 | 0.70 | 3.41 | 4.00 |
| Current Ratio | 0.39 | 0.28 | 0.31 | 1.21 | 4.46 | 4.76 |
| Return on Assets (ROA) | 1.60% | 1.35% | 1.03% | 2.00% | 1.17% | -2.03% |
| Return on Invested Capital (ROIC) | -3.22% | |||||
| Earnings Yield | -593.61% | -658.43% | -151.91% | -251.22% | -90.67% | -82.15% |
| Buyback Yield / Dilution | -14.54% | -26.94% | -36.33% | -0.52% | -57.21% | -1,286.04% |
| Total Shareholder Return | -14.54% | -26.94% | -36.33% | -0.52% | -57.21% | -1,286.04% |