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Ashford Hospitality Trust (AHT) investor relations material
Ashford Hospitality Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Comparable total revenue grew 1.3% and comparable hotel EBITDA increased 2.6% year-over-year, despite industry-wide RevPAR declines and margin pressure.
Strategic initiatives, including GrowAHT/GRO AHT, drove $50M in run-rate EBITDA improvement and significant property-level performance gains.
Asset sales and cost-saving measures offset revenue declines from dispositions, with adjusted EBITDAre down less than $3M year-to-date despite $41M lower revenue.
Portfolio consisted of 67 consolidated hotels (16,736 rooms) and interests in five other properties as of June 30, 2025.
Key priorities include capital preservation, non-core asset sales, selective acquisitions, and maintaining liquidity.
Financial highlights
Net loss attributable to common stockholders was $39.9M, or $6.88 per diluted share, for Q2 2025.
Adjusted EBITDAre for the quarter was $73.8M; comparable Hotel EBITDA was $91.0M.
Total revenue for Q2 2025 was $302.0M, down $14.5M year-over-year; comparable hotel RevPAR was $144.83, down from $147.98.
AFFO per diluted share was $0.78; excluding $6.8M default interest accrual, AFFO per share would have been $1.93.
Cash and cash equivalents at June 30, 2025 were $100M–$101.3M; restricted cash was $153.9M–$154.6M.
Outlook and guidance
Demand headwinds are expected to subside in the second half of 2025, with potential benefits from anticipated interest rate cuts.
No plans to reinstate a common dividend in 2025; focus remains on preferred dividends.
Management expects cash flow from operations, asset sales, and existing balances to cover near-term obligations.
Full-year 2025 capital expenditures are projected between $90M and $110M.
The company is actively pursuing refinancing and extension options for upcoming debt maturities.
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