American Hotel Income Properties REIT (HOT-UN) investor relations material

Executive summary

• Board initiated a strategic review to maximize unitholder value, reduce debt, and improve the balance sheet, with ongoing and potential asset sales and loan refinancings supporting these goals.

• Disposed of 18 hotel properties in 2025 for $161 million and 8 more in 2026 for $134.1 million, with four additional sales pending for $32.5 million.

• Proceeds from sales and refinancings used to repay loans and redeem $25 million of Series C Shares.

• Net income for Q2 2026 was $1.4 million, compared to a net loss of $7.4 million in Q2 2025.

Financial highlights

• Q2 2026 same-store revenue was $26.7 million, up 4.5% year-over-year; total revenue was $31.1 million, down 39.1% due to property sales.

• Diluted FFO was negative $0.01, down from $0.06 in Q2 2025; FFO per unit (diluted) was $0.04, down from $0.06.

• NOI for Q2 2026 was $9.2 million, down 47.1% year-over-year; NOI margin fell to 29.6% from 34.1%.

• Unrestricted cash at June 30, 2026, was $21.5 million, down from $36.4 million at year-end 2025.

• Q2 2026 RevPAR was $116, up 4.5% year-over-year; occupancy reached 78.5%, up 200 basis points.

Outlook and guidance

• Four additional hotel sales expected to close in Q3 2026 for $32–32.5 million.

• Plans to redeem remaining Series C Shares and convertible debentures in 2026, subject to asset sales and refinancing.

• Preliminary July 2026 results show occupancy at 80%, ADR at $156, and RevPAR at $125, up 9% year-over-year.

• Capital expenditures for 2026 estimated at $3.2 million for PIPs and $5 million for FF&E improvements.