Ashford Hospitality Trust (AHT) investor relations material

Executive summary

• Portfolio included 62 consolidated hotels (15,403 rooms) and one additional hotel via a 29.3% investment as of March 31, 2026.

• Key priorities were capital preservation, liquidity, non-core asset sales, and refinancing.

• Five hotel sales closed in Q1 2026 for $238.5 million, with two more closed post-quarter for $58.0 million and six additional sales under agreement.

• Preferred dividends were suspended to preserve liquidity, with no common dividends anticipated for 2026.

• Substantial doubt exists about the ability to continue as a going concern due to upcoming debt maturities and liquidity constraints.

Financial highlights

• Total revenue for Q1 2026 was $267.7 million, down 3.5% from Q1 2025.

• Net loss attributable to the company was $71.1 million, compared to a net loss of $20.0 million in Q1 2025.

• Adjusted EBITDAre was $51.7 million, and comparable hotel EBITDA grew 5.2% to $73.2 million year-over-year.

• FFO available to common stockholders and OP unitholders was negative $35.5 million, compared to negative $33.4 million in Q1 2025.

• Impairment charges of $112.6 million were recorded on nine properties.

Outlook and guidance

• Strategic asset sales are expected to continue, focusing on deleveraging and enhancing liquidity.

• No resumption of preferred dividends or redemptions anticipated in the near term due to tight refinancing conditions and free cash flow.

• The company forecasts potential inability to support daily operations within one year due to $1.9 billion in non-recourse loans maturing and possible termination fees.