阿什福德信托 2025年季度报告

FORM10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025 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) 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 12months (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.þYes¨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).þYes¨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 growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 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 orrevised 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).☐YesþNoSecurities registered pursuant to Section 12(b) of the Act: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. ASHFORD HOSPITALITY TRUST, INC.FORM 10-QFOR THE QUARTER ENDED MARCH 31, 2025TABLE OF CONTENTS PART I. FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS (unaudited)Consolidated Balance Sheets as of March 31, 2025 and December 31, 20242Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 20243Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2025 and 20244Consolidated Statements of Equity (Deficit) for the Three Months Ended March 31, 2025 and 20245Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 20249Notes to Consolidated Financial Statements11ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS39ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK59ITEM 4. CONTROLS AND PROCEDURES59PART II. OTHER INFORMATIONITEM 1. LEGAL PROCEEDINGS59ITEM 1A. RISK FACTORS60ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS60ITEM 3. DEFAULTS UPON SENIOR SECURITIES60ITEM 4. MINE SAFETY DISCLOSURES61ITEM 5. OTHER INFORMATION61ITEM 6. EXHIBITS61SIGNATURES63 PART I. FINANCIAL INFORMATION ITEM 1.FINANCIAL STATEMENTS (unaudited) ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(unaudited, in thousands, except share and per share amounts) ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(unaudited, in thousands) ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)(unaudited, in thousands except per share amounts) ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited, in thousands) See Notes to Consolidated Financial Statements. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESNOTES 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”). Whileour portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantlyfocused on investing in upper upscale full-service hotels in the United States 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. We currentlyanticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our businessthrough Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, awholly owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. Terms such as the“Company,” “we,” “us” or “our” refer to Ashford Hospitality Trust, Inc. and, as the context may require, all entities included in itsconsolidated financial statements.