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AHT-PD

Ashford Hospitality Trust, Inc.

AHT-PD

Ashford Hospitality Trust, Inc. • NYSE
$19.10 ▲ 0.00% (+0.00)
Market Cap $110.26 M
52w High $21.36
52w Low $13.13
Dividend Yield 2.11%
P/E -2.25
Volume 103
Outstanding Shares 5.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $266.061M ▼ $-212.564M ▼ $-60.149M ▼ -22.607% ▼ $-11.35 ▼ $-27.916M ▼
Q2-2025 $302.001M ▲ $25.624M ▲ $-30.396M ▼ -10.065% ▼ $-6.88 ▼ $83.545M ▼
Q1-2025 $277.359M ▲ $-243K ▼ $-19.971M ▲ -7.2% ▲ $-4.91 ▲ $92.306M ▲
Q4-2024 $275.481M ▼ $90.407M ▲ $-124.21M ▼ -45.088% ▼ $-23.83 ▼ $-19.523M ▼
Q3-2024 $276.6M $31.676M $-57.905M -20.935% $-12.39 $56.112M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $246.122M ▲ $3.008B ▼ $3.308B ▲ $-336.683M ▼
Q2-2025 $99.965M ▲ $3.059B ▼ $3.307B ▲ $-282.271M ▼
Q1-2025 $85.787M ▼ $3.082B ▼ $3.299B ▼ $-250.079M ▼
Q4-2024 $112.907M ▼ $3.161B ▼ $3.373B ▲ $-247.697M ▼
Q3-2024 $119.659M $3.269B $3.363B $-133.534M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-32.439M ▼ $16.344M ▲ $6.32M ▼ $8.214M ▲ $30.878M ▲ $16.41M ▲
Q1-2025 $-22.198M ▲ $-24.992M ▼ $99.5M ▲ $-70.006M ▼ $4.502M ▲ $-24.992M ▼
Q4-2024 $-129.099M ▼ $14.102M ▲ $-20.581M ▲ $-6.987M ▼ $-13.466M ▼ $14.102M ▼
Q3-2024 $-59.128M ▼ $795K ▼ $-21.465M ▼ $8.336M ▲ $-12.334M ▼ $34.725M ▲
Q2-2024 $50.254M $7.965M $250.137M $-260.232M $-2.13M $7.965M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Food and Beverage
Food and Beverage
 $60.00M ▲$50.00M ▼$170.00M ▲$60.00M ▼
Hotel
Hotel
 $320.00M ▲$280.00M ▼$890.00M ▲$300.00M ▼
Hotel Other
Hotel Other
 $20.00M ▲$20.00M ▲$50.00M ▲$20.00M ▼
Occupancy
Occupancy
 $240.00M ▲$210.00M ▼$680.00M ▲$230.00M ▼
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ashford Hospitality Trust’s income statement shows a company that has climbed out of its worst period but is still not fully healthy. Revenue has recovered strongly from the pandemic lows, and hotel-level performance has improved, with operating profitability turning positive again over the last few years. The business is now producing solid operating and EBITDA results relative to its recent history. However, bottom-line net income is still negative every year. Losses have narrowed meaningfully versus the worst years, but the company has not yet converted the operational recovery into consistent overall profitability. For a hotel REIT, this pattern signals a business that is operating better at the property level but still weighed down by interest costs, depreciation, and past financial decisions. In short: the trend is improving, but the income statement still reflects a stressed capital structure and incomplete turnaround.

Balance Sheet

Balance Sheet The balance sheet is the main area of concern. Total assets are fairly steady, but the company is heavily financed with debt, and equity is negative, which is an important red flag for long-term financial strength. Negative equity means liabilities exceed assets on paper. For a highly leveraged hotel REIT, that often reflects large debt loads and cumulative past losses. Debt sits very close to total assets, leaving only a thin margin of safety. Cash levels are modest relative to the size of the balance sheet and the debt burden, which limits flexibility. Overall, the balance sheet looks stretched: high leverage, negative equity, and not much cash cushion. The entire story now depends on the company’s ability to keep improving operations, refinance on acceptable terms, and gradually repair the capital structure.

Cash Flow

Cash Flow Cash flow tells a story of a business hovering around breakeven rather than throwing off comfortable excess cash. Operating cash flow was clearly negative during the pandemic stress years, moved into slightly positive territory as travel recovered, and then slipped marginally negative again most recently. Free cash flow follows the same pattern because capital spending has been kept very lean. This helps short-term liquidity but also means less investment in property upgrades unless funded another way. The company is not generating large, steady cash surpluses to easily pay down debt, build cash reserves, or fund growth. In practical terms, cash flow is fragile: small changes in revenue, margins, interest rates, or renovation needs can swing it from slightly positive to slightly negative, which raises sensitivity to economic downturns and financing conditions.

Competitive Edge

Competitive Edge Ashford focuses on upper-upscale, full-service hotels, often under major brands such as Marriott or Hilton, which provides strong reservation systems and brand recognition. Operationally, it leans heavily on its affiliated manager, Remington Hospitality, and its external advisor, Ashford Inc., for specialized hotel expertise. This ecosystem is designed to give it professional asset management, access to hospitality-focused services, and potential cost advantages. Its competitive strengths include deep sector knowledge, a clear focus on asset management, and the ability to plug into a network of hospitality products and services. The “GRO AHT” initiative is an attempt to sharpen that edge by squeezing more revenue from each property and tightening costs across the portfolio. On the risk side, the company operates in a very cyclical and crowded industry where demand is sensitive to business travel, tourism, and the broader economy. The heavy use of debt and the external advisory structure can be disadvantages compared with simpler, less leveraged REITs, especially when credit markets are tight or interest rates are high. The competitive position relies less on unique assets and more on execution quality and disciplined capital management.

Innovation and R&D

Innovation and R&D As a hotel REIT, Ashford does not invest in research and development in the traditional sense. Its “innovation” is mainly strategic and operational rather than technological. The key effort is the “GRO AHT” plan, which targets three areas: cutting corporate overhead, lifting revenue per room and ancillary income, and improving efficiency at the property level. Examples include menu redesign in food and beverage, reworked parking agreements, refreshed gift shop offerings, labor optimization, vendor renegotiations, and broader energy-saving measures like LED lighting. Technology plays a supporting role. The leadership’s background with OpenKey, a digital key and access control company, shows familiarity with hospitality tech, and select properties have used mobile keyless entry. Future acquisitions may emphasize properties where technology can drive better guest experience and cost control, but this is still more aspiration than fully realized edge. Overall, Ashford’s “innovation” is about fine-tuning operations, experimenting with new revenue streams (such as selling access to amenities for non-guests), and better aligning incentives with its advisor and management team, rather than building proprietary technology or unique intellectual property.

Summary

Ashford Hospitality Trust, and by extension its preferred securities such as AHT-PD, reflects a classic high-risk, high-dependence-on-execution turnaround profile. The income statement shows meaningful recovery at the hotel level: revenue is well above pandemic lows, operating results are positive, and EBITDA has improved. Yet net income remains negative, signaling that the operational rebound has not fully offset the weight of the capital structure and other overhead costs. The balance sheet is the central vulnerability. Debt is heavy, equity is negative, and cash is limited. This leaves little room for error and makes the company highly sensitive to refinancing conditions, interest rates, and any downturn in travel demand. Cash flow is roughly around breakeven, without a comfortable cushion to quickly pay down debt or self-fund major improvements. Competitively, Ashford benefits from brand-backed hotels, a specialized hospitality advisory platform, and a focused asset-management mindset. The “GRO AHT” initiative is attempting to turn these ingredients into a more durable edge through cost cuts, revenue optimization, and better alignment of incentives. Future outcomes will hinge on whether management can execute the GRO AHT plan, sustain and grow property-level cash flows, gradually deleverage, and eventually pivot back to disciplined growth. Until then, the story is defined by a recovering operating business sitting on top of a still-stressed balance sheet, in a cyclical and interest-rate-sensitive industry.