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 December 6, 2023, for the event dated December 6, 2023, to include the pro forma financial information required by Item 9.01 (b) of Form 8-K.00012325822023-12-062023-12-060001232582us-gaap:CommonStockMember2023-12-062023-12-060001232582us-gaap:SeriesDPreferredStockMember2023-12-062023-12-060001232582us-gaap:SeriesFPreferredStockMember2023-12-062023-12-060001232582us-gaap:SeriesGPreferredStockMember2023-12-062023-12-060001232582us-gaap:SeriesHPreferredStockMember2023-12-062023-12-060001232582aht:SeriesIPreferredStockMember2023-12-062023-12-06

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): December 6, 2023

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 December 6, 2023, for the event dated December 6, 2023, 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, 2023 and the year ended December 31, 2022, 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: December 12, 2023By:/s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EXHIBIT 99.1
On December 6, 2023, Ashford Hospitality Trust, Inc.’s subsidiaries, Ashford Hospitality Limited Partnership and Ashford TRS Corporation (together, the “Company”), entered into a Contribution Agreement (the “Contribution Agreement”) with Stirling REIT OP, LP (the “Stirling Operating Partnership”), a subsidiary of Stirling Hotels & Resorts, Inc. Pursuant to the terms of the Contribution Agreement, the Company contributed its equity interests, and the associated debt and other obligations, in four hotel assets to the Stirling Operating Partnership in exchange for 1,400,943 Class I units of the Stirling Operating Partnership. The purchase price was approximately $35.0 million, which is comprised of an estimated fair value of $56.2 million for the four hotel assets, the assumption of a mortgage loan with an estimated fair value of approximately $30.2 million and approximately $9.0 million of net working capital, and is subject to customary post-closing working capital adjustments.
The following unaudited pro forma financial information of the Company, as of and for the nine months ended September 30, 2023 and for the year ended December 31, 2022, 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, 2023. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2022, and the nine months ended September 30, 2023, assumes the disposition closed on January 1, 2022. The unaudited pro forma financial information of the Company contains a non-recurring gain associated with the disposition of the hotel properties. The pro forma gain, and the related tax effects, resulting from the disposition of the Hotel Group 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, 2023
(in thousands, except share and per share amounts) 
Ashford Trust Consolidated
Historical (A)		Hotel Group (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
ASSETS
Investments in hotel properties, net ($76,017 attributable to VIEs).$3,122,833 $34,788 $— $3,088,045 
Cash and cash equivalents184,181 1,628 (7,507)
(C) (iii)
175,046 
Restricted cash ($14,279 attributable to VIEs)171,896 1,681 — 170,215 
Accounts receivable, net of allowance73,712 296 — 73,416 
Inventories3,945 6 — 3,939 
Notes receivable, net5,934 — — 5,934 
Investments in unconsolidated entities10,379 — 26,000 (C) (i)46,028 
2,142 (C) (ii)
7,507 
(C) (iii)
Deferred costs, net ($93 attributable to VIEs)1,858 75 — 1,783 
Prepaid expenses ($669 attributable to VIEs)15,800 237 — 15,563 
Derivative assets25,493 — — 25,493 
Operating lease right-of-use assets44,136 — — 44,136 
Other assets18,171 121 — 18,050 
Intangible assets797 — — 797 
Due from related parties, net4,347 56 — 4,291 
Due from third-party hotel managers24,145 — — 24,145 
Assets held for sale10,882 — — 10,882 
Total assets$3,718,509 $38,888 $28,142 $3,707,763 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net ($38,730 attributable to VIEs)$3,631,719 $32,318 $— $3,599,401 
Finance lease liability18,465 — — 18,465 
Other finance liability ($26,804 attributable to VIEs)26,804 — — 26,804 
Accounts payable and accrued expenses ($11,194 attributable to VIEs)153,209 1,587 — 151,622 
Accrued interest payable ($99 attributable to VIEs)25,243 128 — 25,115 
Dividends and distributions payable3,568 — — 3,568 
Due to Ashford Inc., net9,028 63 — 8,965 
Due to third-party hotel managers1,134 105— 1,029 
Intangible liabilities, net2,037 — — 2,037 
Operating lease liabilities44,887 — — 44,887 
Other liabilities3,948 — — 3,948 
Liabilities related to assets held for sale9,795 — — 9,795 
Total liabilities3,929,837 34,201 — 3,895,636 
Commitments and contingencies
Redeemable noncontrolling interests in operating partnership22,394 — — 22,394 
Series J Redeemable Preferred Stock, $0.01 par value, 2,628,792 shares issued and outstanding at September 30, 202360,482 — — 60,482 
Series K Redeemable Preferred Stock, $0.01 par value, 154,233 shares issued and outstanding at September 30, 20233,798 — — 3,798 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at September 30, 202312 — — 12 
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at September 30, 202312 — — 12 
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at September 30, 202315 — — 15 
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at September 30, 202313 — — 13 
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at September 30, 202313 — — 13 
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,513,386 shares issued and outstanding at September 30, 2023345 — — 345 
Additional paid-in capital2,385,679 4,687 2,545 (C) (i)2,385,679 
2,142 (C) (ii)
Accumulated deficit(2,697,244)— 23,455 (C) (i)(2,673,789)
Total stockholders’ equity (deficit) of the Company(311,155)4,687 28,142 (287,700)
Noncontrolling interest in consolidated entities13,153 — — 13,153 
Total equity (deficit)(298,002)4,687 28,142 (274,547)
Total liabilities and equity/deficit$3,718,509 $38,888 $28,142 $3,707,763 
See accompanying notes.


NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(A)Represents the historical consolidated balance sheet of Ashford Trust as of September 30, 2023, as reported in its Quarterly Report on Form 10-Q, filed on November 8, 2023.
(B)Represents the historical balance sheet of the Hotel Group as of September 30, 2023.
(C)Represents adjustments for Ashford Trust’s disposition of the Hotel Group as of September 30, 2023, which includes: (i) an adjustment for the consideration of $26.0 million received in the form of Class I units in Stirling Operating Partnership in exchange for the Hotel Group; (ii) an adjustment for additional Stirling Operating Partnership Class I units received for the contributed working capital; and (iii) an adjustment for additional Stirling Operating Partnership Class I units received for cash used to fund initial reserves.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2022
(in thousands, except share and per share amounts)
Ashford Trust Consolidated
Historical (A)		Hotel Group (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
REVENUE
Rooms$974,002 $15,685 $— $958,317 
Food and beverage196,663 — — 196,663 
Other hotel revenue67,310 228 — 67,082 
Total hotel revenue1,237,975 15,913 — 1,222,062 
Other2,884 — — 2,884 
Total revenue1,240,859 15,913 — 1,224,946 
EXPENSES
Hotel operating expenses:
Rooms229,115 3,813 — 225,302 
Food and beverage140,775 — — 140,775 
Other expenses421,056 5,909 — 415,147 
Management fees45,047 687 — 44,360 
Total hotel expenses835,993 10,409 — 825,584 
Property taxes, insurance and other67,338 830 — 66,508 
Depreciation and amortization201,797 3,564 — 198,233 
Advisory services fee49,897 — — 49,897 
Corporate, general and administrative9,879 — — 9,879 
Total operating expenses1,164,904 14,803 — 1,150,101 
Gain (loss) on consolidation of VIE and disposition of assets300 — 23,455 (C) (i)23,755 
OPERATING INCOME (LOSS)76,255 1,110 23,455 98,600 
Equity in earnings (loss) of unconsolidated entities(804)— (1,043)(C) (iii)(1,847)
Interest income4,777 — — 4,777 
Other income (expense)415 — — 415 
Interest expense and amortization of discounts and loan costs(226,995)(1,660)— (225,335)
Write-off of premiums, loan costs and exit fees(3,536)— — (3,536)
Realized and unrealized gain (loss) on derivatives15,166 — — 15,166 
INCOME (LOSS) BEFORE INCOME TAXES(134,722)(550)22,412 (111,760)
Income tax (expense) benefit(6,336)(493)320 (5,523)
NET INCOME (LOSS)(141,058)(1,043)22,732 (117,283)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,233 — (150)(C) (ii)1,083 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(139,825)(1,043)22,582 (116,200)
Preferred dividends(12,433)— — (12,433)
Deemed dividends on redeemable preferred stock(946)— — (946)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(153,204)$(1,043)$22,582 $(129,579)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders$(4.46)$(3.77)
Weighted average common shares outstanding—basic34,339 34,339 
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders$(4.46)$(3.77)
Weighted average common shares outstanding—diluted34,339 34,339 

See accompanying notes.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
Nine Months Ended September 30, 2023
(in thousands, except share and per share amounts)
Ashford Trust Consolidated
Historical (A)		Hotel Group (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
REVENUE
Rooms$817,477 $12,630 $— $804,847 
Food and beverage172,943 — — 172,943 
Other hotel revenue55,135 203 — 54,932 
Total hotel revenue1,045,555 12,833 — 1,032,722 
Other2,094 — — 2,094 
Total revenue1,047,649 12,833 — 1,034,816 
EXPENSES
Hotel operating expenses:
Rooms190,041 2,959 — 187,082 
Food and beverage121,211 — — 121,211 
Other expenses348,463 4,656 — 343,807 
Management fees38,706 544 — 38,162 
Total hotel expenses698,421 8,159 — 690,262 
Property taxes, insurance and other52,880 706 — 52,174 
Depreciation and amortization140,963 2,706 — 138,257 
Advisory services fee37,650 — — 37,650 
Corporate, general and administrative11,387 — — 11,387 
Total operating expenses941,301 11,571 — 929,730 
Gain (loss) on consolidation of VIE and disposition of assets7,443 — — 7,443 
OPERATING INCOME (LOSS)113,791 1,262 — 112,529 
Equity in earnings (loss) of unconsolidated entities(715)— (307)(C) (ii)(1,022)
Interest income6,755 — — 6,755 
Other income (expense)277 — — 277 
Interest expense and amortization of discounts and loan costs(270,485)(1,220)— (269,265)
Write-off of premiums, loan costs and exit fees(2,633)— — (2,633)
Realized and unrealized gain (loss) on derivatives4,490 — — 4,490 
INCOME (LOSS) BEFORE INCOME TAXES(148,520)42 (307)(148,869)
Income tax (expense) benefit(2,410)(349)166 (1,895)
NET INCOME (LOSS)(150,930)(307)(141)(150,764)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,838 — — 1,838 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(149,092)(307)(141)(148,926)
Preferred dividends(11,290)— — (11,290)
Deemed dividends on redeemable preferred stock(1,993)— — (1,993)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(162,375)$(307)$(141)$(162,209)
Income (loss) per share – basic:
Income (loss) attributable to common stockholders$(4.72)$(4.67)
Weighted average common shares outstanding—basic34,395 34,395 
Income (loss) per share – diluted:
Income (loss) attributable to common stockholders$(4.72)$(4.67)
Weighted average common shares outstanding—diluted34,395 34,395 

See accompanying notes.


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, 2022, as reported in its Annual Report on Form 10-K for the year ended December 31, 2022, filed on March 10, 2023 and the historical consolidated statement of operations of Ashford Trust for the nine months ended September 30, 2023, as reported in its Quarterly Report on Form 10-Q, filed on November 8, 2023.
(B)Represents the historical consolidated statements of operations of the Hotel Group for the year ended December 31, 2022, and the nine months ended September 30, 2023.
(C)Represents adjustments for the Company’s contribution of the Hotel Group, which includes: (i) the estimated non-recurring gain on the disposition of the Hotel Group for the year ended December 31, 2022; (ii) the net income allocated to redeemable noncontrolling interests in operating partnership related to the estimated non-recurring gain on the disposition of the Hotel Group for the year ended December 31, 2022 based on an ownership percentage of 0.63% on January 1, 2022; and (iii) the estimated equity in loss in Stirling Operating Partnership for the year ended December 31, 2022, and the nine months ended September 30, 2023. The pro forma gain, and the related tax effects, resulting from the disposition of the Hotel Group are preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements.


v3.23.3
Document and Entity Information
Dec. 06, 2023
Entity Information [Line Items]  
Document Type 8-K/A
Document Period End Date Dec. 06, 2023
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 December 6, 2023, for the event dated December 6, 2023, 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
Ashford Hospitality (NYSE:AHT-I)
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