424B3 1 aht2020q310-q424b3.htm 424B3 Document
Filed Pursuant to Rule 424(b)(3)
 Registration No. 333-239961
Prospectus Supplement No. 4
(To Prospectus dated September 10, 2020,
as amended by Prospectus Supplement No. 1 dated October 2, 2020,
Prospectus Supplement No. 2 dated October 9, 2020 and
Prospectus Supplement No. 3 dated October 26, 2020)

prosupp4coverpageusac_image1.jpg
ASHFORD HOSPITALITY TRUST, INC.
OFFER TO EXCHANGE
and
CONSENT SOLICITATION
The Exchange Offer and Consent Solicitation will expire at 5:00 p.m. New York City time, on November 20, 2020, unless earlier terminated or extended.
This is Prospectus Supplement No. 4 (this “Prospectus Supplement”) to our Prospectus, dated September 10, 2020, as amended by Prospectus Supplement No. 1, dated October 2, 2020, Prospectus Supplement No. 2, dated October 9, 2020 and Prospectus Supplement No. 3 dated October 26, 2020 (as amended, the “Prospectus”), relating to our Exchange Offer and Consent Solicitation. Terms used but not defined in this Prospectus Supplement have the meanings ascribed to them in the Prospectus.
This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in our Quarterly Report on Form 10- Q for the period ended September 30, 2020, filed with the Securities and Exchange Commission on November 9, 2020 (the “Report”). Accordingly, we have attached the Report to this Prospectus Supplement. The information contained in this Prospectus Supplement updates and supplements, and should be read together with, the Prospectus, as supplemented from time to time.
Our Exchange Offers and the Consent Solicitation are subject to the conditions listed under “The Exchange Offers and the Consent Solicitation—Conditions of the Exchange Offers.” There are multiple conditions to the closing of the Exchange Offers that are beyond our control, and we cannot provide you any assurance that these conditions will be satisfied or that the Exchange Offers will close.
Exchanging your Preferred Stock for an investment in the Common Stock involves risks. See “Risk Factors” beginning on page 28 of the Prospectus and page S-3 of Prospectus Supplement No. 2 for a discussion of factors that you should consider in connection with the Exchange Offers and the Consent Solicitation.
Neither the Securities and Exchange Commission nor any state securities authority has approved or disapproved this transaction or these securities or determined the fairness or merits of this transaction or Prospectus/Consent Solicitation, or determined if this Prospectus/Consent Solicitation is truthful or complete. Any representation to the contrary is a criminal offense.
Dealer Manager and Solicitation Agent
RBC Capital Markets

The date of this Prospectus Supplement is November 10, 2020.





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

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
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)

Maryland
 
86-1062192
(State or other jurisdiction of incorporation or organization)
 
(IRS employer identification number)
 
 
 
14185 Dallas Parkway
 
 
Suite 1100
 
 
Dallas
 
 
Texas
 
75254
(Address of principal executive offices)
 
(Zip code)

(972) 490-9600
(Registrant’s telephone number, including area code)

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 12 months (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. þ Yes ¨ 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). þ Yes ¨ 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 growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock
 
AHT
 
New York Stock Exchange
Preferred Stock, Series D
 
AHT-PD
 
New York Stock Exchange
Preferred Stock, Series F
 
AHT-PF
 
New York Stock Exchange
Preferred Stock, Series G
 
AHT-PG
 
New York Stock Exchange
Preferred Stock, Series H
 
AHT-PH
 
New York Stock Exchange
Preferred Stock, Series I
 
AHT-PI
 
New York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share
 
14,628,248
(Class)
 
Outstanding at November 5, 2020




ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2020
TABLE OF CONTENTS


 
 
 




PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS (unaudited)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
 
September 30, 2020
 
December 31, 2019
ASSETS
 
 
 
Investments in hotel properties, net
$
3,484,019

 
$
4,108,443

Cash and cash equivalents
120,916

 
262,636

Restricted cash
89,495

 
135,571

Marketable securities
1,741

 
14,591

Accounts receivable, net of allowance of $757 and $698, respectively
19,379

 
39,638

Inventories
2,753

 
4,346

Notes receivable, net
8,121

 
7,709

Investment in unconsolidated entity
2,980

 
2,829

Deferred costs, net
1,902

 
2,897

Prepaid expenses
20,099

 
21,886

Derivative assets, net
1,680

 
1,691

Operating lease right-of-use assets
45,250

 
49,995

Other assets
25,942

 
17,932

Intangible assets
797

 
797

Due from related parties, net
6,015

 
3,019

Due from third-party hotel managers
13,187

 
17,368

Total assets
$
3,844,276

 
$
4,691,348

LIABILITIES AND EQUITY/DEFICIT
 
 
 
Liabilities:
 
 
 
Indebtedness, net
$
3,739,737

 
$
4,106,518

Accounts payable and accrued expenses
100,110

 
124,226

Accrued interest payable
91,274

 
10,115

Dividends and distributions payable
868

 
20,849

Due to Ashford Inc., net
4,885

 
6,570

Due to third-party hotel managers
344

 
2,509

Intangible liabilities, net
2,277

 
2,337

Operating lease liabilities
45,456

 
53,270

Derivative liabilities, net

 
42

Other liabilities
5,462

 
25,776

Total liabilities
3,990,413

 
4,352,212

Commitments and contingencies (note 16)


 


Redeemable noncontrolling interests in operating partnership
20,532

 
69,870

Equity (deficit):
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
 
 
 
Series D Cumulative Preferred Stock, 2,389,393 shares issued and outstanding at September 30, 2020 and December 31, 2019
24

 
24

Series F Cumulative Preferred Stock, 4,800,000 shares issued and outstanding at September 30, 2020 and December 31, 2019
48

 
48

Series G Cumulative Preferred Stock, 6,200,000 shares issued and outstanding at September 30, 2020 and December 31, 2019
62

 
62

Series H Cumulative Preferred Stock, 3,800,000 shares issued and outstanding at September 30, 2020 and December 31, 2019
38

 
38

Series I Cumulative Preferred Stock, 5,400,000 shares issued and outstanding at September 30, 2020 and December 31, 2019
54

 
54

Common stock, $0.01 par value, 400,000,000 shares authorized, 14,628,248 and 10,210,360 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
146

 
102

Additional paid-in capital
1,842,470

 
1,826,472

Accumulated deficit
(2,009,775
)
 
(1,558,038
)
Total stockholders’ equity (deficit) of the Company
(166,933
)
 
268,762

Noncontrolling interest in consolidated entities
264

 
504

Total equity (deficit)
(166,669
)
 
269,266

Total liabilities and equity/deficit
$
3,844,276

 
$
4,691,348

See Notes to Consolidated Financial Statements.

2


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
REVENUE
 
 
 
 
 
 
 
Rooms
$
79,599

 
$
301,704

 
$
332,845

 
$
910,337

Food and beverage
5,000

 
53,738

 
54,147

 
182,097

Other hotel revenue
8,111

 
17,751

 
29,612

 
52,430

Total hotel revenue
92,710

 
373,193

 
416,604

 
1,144,864

Other
333

 
1,044

 
1,381

 
3,239

Total revenue
93,043

 
374,237

 
417,985

 
1,148,103

EXPENSES
 
 
 
 
 
 
 
Hotel operating expenses:
 
 
 
 
 
 
 
Rooms
19,752

 
66,434

 
84,860

 
195,260

Food and beverage
4,904

 
40,089

 
43,268

 
125,534

Other expenses
53,424

 
118,993

 
203,279

 
357,129

Management fees
5,070

 
13,393

 
20,008

 
41,165

Total hotel expenses
83,150

 
238,909

 
351,415

 
719,088

Property taxes, insurance and other
20,876

 
21,972

 
62,048

 
64,131

Depreciation and amortization
62,909

 
67,906

 
194,275

 
202,595

Impairment charges
29,926

 

 
85,144

 
6,533

Transaction costs

 

 

 
2

Advisory services fee
12,333

 
15,964

 
37,848

 
48,549

Corporate, general and administrative
8,004

 
2,410

 
16,204

 
7,928

Total expenses
217,198

 
347,161

 
746,934

 
1,048,826

Gain (loss) on sale of assets and hotel properties
(40,370
)
 
2,362

 
(36,753
)
 
2,923

OPERATING INCOME (LOSS)
(164,525
)
 
29,438

 
(365,702
)
 
102,200

Equity in earnings (loss) of unconsolidated entities
(121
)
 
(278
)
 
(279
)
 
(2,208
)
Interest income
12

 
836

 
664

 
2,402

Other income (expense)
(6,179
)
 
(328
)
 
(7,806
)
 
(982
)
Interest expense and amortization of premiums and loan costs
(66,994
)
 
(66,356
)
 
(212,161
)
 
(200,509
)
Write-off of premiums, loan costs and exit fees
(9,469
)
 
(426
)
 
(11,499
)
 
(2,578
)
Gain (loss) on extinguishment of debt
90,325

 

 
90,325

 

Unrealized gain (loss) on marketable securities
(758
)
 
315

 
(1,756
)
 
1,721

Unrealized gain (loss) on derivatives
6,449

 
(2,536
)
 
11,063

 
(4,054
)
INCOME (LOSS) BEFORE INCOME TAXES
(151,260
)
 
(39,335
)
 
(497,151
)
 
(104,008
)
Income tax (expense) benefit
(366
)
 
249

 
1,519

 
(3,052
)
NET INCOME (LOSS)
(151,626
)
 
(39,086
)
 
(495,632
)
 
(107,060
)
(Income) loss attributable to noncontrolling interest in consolidated entities
72

 
(10
)
 
240

 
2

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
22,273

 
7,919

 
77,294

 
21,582

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(129,281
)
 
(31,177
)
 
(418,098
)
 
(85,476
)
Preferred dividends
(10,644
)
 
(10,645
)
 
(31,932
)
 
(31,933
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(139,925
)
 
$
(41,822
)
 
$
(450,030
)
 
$
(117,409
)
 
 
 
 
 
 
 
 
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(11.89
)
 
$
(4.21
)
 
$
(41.92
)
 
$
(11.87
)
Weighted average common shares outstanding – basic
11,767

 
9,997

 
10,721

 
9,979

Diluted:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(11.89
)
 
$
(4.21
)
 
$
(41.92
)
 
$
(11.87
)
Weighted average common shares outstanding – diluted
11,767

 
9,997

 
10,721

 
9,979

See Notes to Consolidated Financial Statements.

3


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss)
$
(151,626
)
 
$
(39,086
)
 
$
(495,632
)
 
$
(107,060
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Total other comprehensive income (loss)

 

 

 

Comprehensive income (loss)
(151,626
)
 
(39,086
)
 
(495,632
)
 
(107,060
)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities
72

 
(10
)
 
240

 
2

Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
22,273

 
7,919

 
77,294

 
21,582

Comprehensive income (loss) attributable to the Company
$
(129,281
)
 
$
(31,177
)
 
$
(418,098
)
 
$
(85,476
)
See Notes to Consolidated Financial Statements.

4


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
(unaudited, in thousands except per share amounts)
 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at June 30, 2020
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
10,475

 
$
105

 
$
1,829,935

 
$
(1,868,968
)
 
$
336

 
$
(38,366
)
 
$
30,332

Purchases of common stock

 

 

 

 

 

 

 

 

 

 
(1
)
 

 
(2
)
 

 

 
(2
)
 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 
1,539

 

 

 
1,539

 
1,054

Forfeitures of restricted shares

 

 

 

 

 

 

 

 

 

 
(2
)
 

 

 

 

 

 

Issuance of restricted shares/units

 

 

 

 

 

 

 

 

 

 
29

 

 
(17
)
 

 

 
(17
)
 
(107
)
Issuance of common stock

 

 

 

 

 

 

 

 

 

 
4,127

 
41

 
11,015

 

 

 
11,056

 

Redemption value adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 
(11,526
)
 

 
(11,526
)
 
11,526

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 
(129,281
)
 
(72
)
 
(129,353
)
 
(22,273
)
Balance at September 30, 2020
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
14,628

 
$
146

 
$
1,842,470

 
$
(2,009,775
)
 
$
264

 
$
(166,669
)
 
$
20,532

 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at December 31, 2019
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
10,210

 
$
102

 
$
1,826,472

 
$
(1,558,038
)
 
$
504

 
$
269,266

 
$
69,870

Purchases of common stock

 

 

 

 

 

 

 

 

 

 
(32
)
 

 
(399
)
 

 

 
(399
)
 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 
4,426

 

 

 
4,426

 
3,914

Forfeitures of restricted shares

 

 

 

 

 

 

 

 

 

 
(53
)
 

 

 

 

 

 

Issuance of restricted shares/units

 

 

 

 

 

 

 

 

 

 
180

 
1

 
(1
)
 

 

 

 

Issuance of common stock

 

 

 

 

 

 

 

 

 

 
4,127

 
41

 
11,015

 

 

 
11,056

 

PSU dividend claw back upon cancellation and forfeiture

 

 

 

 

 

 

 

 

 

 

 

 

 
605

 

 
605

 

Dividends declared – preferred stock - Series D ($.53/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,262
)
 

 
(1,262
)
 

Dividends declared – preferred stock - Series F ($.46/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,212
)
 

 
(2,212
)
 

Dividends declared – preferred stock - Series G ($.46/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,858
)
 

 
(2,858
)
 

Dividends declared – preferred stock - Series H ($.47/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,781
)
 

 
(1,781
)
 

Dividends declared – preferred stock - Series I ($.47/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,531
)
 

 
(2,531
)
 

Conversion of operating partnership units

 

 

 

 

 

 

 

 

 

 
196

 
2

 
957

 

 

 
959

 
(959
)
Performance LTIP dividend claw back upon cancellation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1,401

Redemption value adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 
(23,600
)
 

 
(23,600
)
 
23,600

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 
(418,098
)
 
(240
)
 
(418,338
)
 
(77,294
)
Balance at September 30, 2020
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
14,628

 
$
146

 
$
1,842,470

 
$
(2,009,775
)
 
$
264

 
$
(166,669
)
 
$
20,532


5


 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at June 30, 2019
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
10,213

 
$
102

 
$
1,820,096

 
$
(1,453,824
)
 
$
604

 
$
367,204

 
$
73,242

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 
3,214

 

 

 
3,214

 
1,691

Forfeitures of restricted shares

 

 

 

 

 

 

 

 

 

 
(2
)
 

 

 

 

 

 

Dividends declared – common stock ($.60/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(6,222
)
 

 
(6,222
)
 

Dividends declared – preferred stock - Series D
($.53/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,262
)
 

 
(1,262
)
 

Dividends declared – preferred stock - Series F
($.46/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,212
)
 

 
(2,212
)
 

Dividends declared – preferred stock - Series G
($.46/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,857
)
 

 
(2,857
)
 

Dividends declared – preferred stock - Series H
($.47/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,782
)
 

 
(1,782
)
 

Dividends declared – preferred stock - Series I
($.47/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,532
)
 

 
(2,532
)
 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,316
)
Redemption value adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 
(12,543
)
 

 
(12,543
)
 
12,543

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 
(31,177
)
 
10

 
(31,167
)
 
(7,919
)
Balance at September 30, 2019
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
10,211

 
$
102

 
$
1,823,310

 
$
(1,514,411
)
 
$
614

 
$
309,841

 
$
78,241


6


 
Preferred Stock
 
 
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Noncontrolling
Interests In
Consolidated
Entities
 
Total
 
Redeemable Noncontrolling
Interests in
Operating
Partnership
 
Series D
 
Series F
 
Series G
 
Series H
 
Series I
 
Common Stock
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at December 31, 2018
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
10,104

 
$
101

 
$
1,815,182

 
$
(1,363,020
)
 
$
616

 
$
453,105

 
$
80,743

Impact of adoption of new accounting standard

 

 

 

 

 

 

 

 

 

 

 

 

 
1,755

 

 
1,755

 

Purchases of common stock

 

 

 

 

 

 

 

 

 

 
(21
)
 

 
(1,031
)
 

 

 
(1,031
)
 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 
9,251

 

 

 
9,251

 
5,612

Forfeitures of restricted shares

 

 

 

 

 

 

 

 

 

 
(6
)
 

 

 

 

 

 

Issuance of restricted shares/units

 

 

 

 

 

 

 

 

 

 
134

 
1

 
(1
)
 

 

 

 
28

Issuance of units for hotel acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
7,854

Common stock offering costs

 

 

 

 

 

 

 

 

 

 

 

 
(91
)
 

 

 
(91
)
 

Dividends declared – common stock
($2.40/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(24,895
)
 

 
(24,895
)
 

Dividends declared – preferred stock - Series D
($1.58/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(3,786
)
 

 
(3,786
)
 

Dividends declared – preferred stock - Series F
($1.38/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(6,637
)
 

 
(6,637
)
 

Dividends declared – preferred stock - Series G
($1.38/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(8,572
)
 

 
(8,572
)
 

Dividends declared – preferred stock - Series H
($1.41/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(5,344
)
 

 
(5,344
)
 

Dividends declared – preferred stock - Series I
($1.41/share)

 

 

 

 

 

 

 

 

 

 

 

 

 
(7,594
)
 

 
(7,594
)
 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(5,256
)
Redemption value adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 
(10,842
)
 

 
(10,842
)
 
10,842

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 
(85,476
)
 
(2
)
 
(85,478
)
 
(21,582
)
Balance at September 30, 2019
2,389

 
$
24

 
4,800

 
$
48

 
6,200

 
$
62

 
3,800

 
$
38

 
5,400

 
$
54

 
10,211

 
$
102

 
$
1,823,310

 
$
(1,514,411
)
 
$
614

 
$
309,841

 
$
78,241

See Notes to Consolidated Financial Statements


7


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 
Nine Months Ended September 30,
 
2020
 
2019
Cash Flows from Operating Activities
 
 
 
Net income (loss)
$
(495,632
)
 
$
(107,060
)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
 
 
 
Depreciation and amortization
194,275

 
202,595

Impairment charges
85,144

 
6,533

Amortization of intangibles
(220
)
 
(221
)
Recognition of deferred income
(644
)
 
(710
)
Bad debt expense
1,680

 
2,345

Deferred income tax expense (benefit)
(647
)
 
927

Equity in (earnings) loss of unconsolidated entities
279

 
2,208

(Gain) loss on sale of assets and hotel properties
36,753

 
(2,923
)
(Gain) loss on extinguishment of debt
(90,325
)
 

Realized and unrealized (gain) loss on marketable securities
(386
)
 
(1,765
)
Purchases of marketable securities
(1,997
)
 
(3,998
)
Sales of marketable securities
15,233

 
13,134

Net settlement of trading derivatives
1,610

 
(3,556
)
Realized and unrealized (gain) loss on derivatives
(1,558
)
 
4,592

Amortization of loan costs, premiums and capitalized default interest and write-off of premiums, loan costs and exit fees
19,118

 
24,932

Equity-based compensation
8,340

 
14,863

Amortization of parking asset
117

 

Non-cash interest income
(635
)
 

Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
 
 
 
Accounts receivable and inventories
18,811

 
(19,063
)
Prepaid expenses and other assets
(1,871
)
 
(6,338
)
Operating lease right-of-use asset
697

 
(944
)
Operating lease liability
(448
)
 
255

Accounts payable and accrued expenses and accrued interest payable
125,944

 
28,998

Due to/from related parties
(2,996
)