American Hotel Income Properties REIT (HOT-UN) Q4 2025 earnings summary

Executive summary

• Completed dispositions of 18 hotel properties in 2025 for $160.9 million, with 35 assets sold for $334 million since 2024; two loan refinancings for $144 million.

• Eight additional properties under contract for $137 million, expected to close in H1 2026.

• Redeemed $25 million of Series C preferred shares in March 2026, with $25 million remaining.

• Board and management focused on strengthening financial position and addressing upcoming obligations.

• Revenue for 2025 was $187.8 million, down 26.9% year-over-year due to asset sales.

Financial highlights

• Full year 2025 same-store revenue was $154.7 million, flat to 2024; total revenue was $187.8 million, down 26.9% due to asset sales.

• Normalized diluted FFO was nil for 2025 and -$0.07 for Q4, compared to $0.19 per unit in 2024.

• NOI margin for 2025 was 26.3%, down 230 bps YoY; Q4 margin at 15.7%, down 720 bps YoY.

• Unrestricted cash at year-end 2025 was $36.4 million, up from $27.8 million in 2024.

• Debt to gross book value at 48.7%, down 60 bps; debt to EBITDA at 9.4x, up 1.4x year-over-year.

Outlook and guidance

• No secured debt maturities until Q4 2026; $22.3 million CMBS loan maturing in November 2026.

• Management expects to close $137 million in asset sales in H1 2026 and is evaluating further sales to address obligations.

• Focus on redeeming remaining Series C preferred shares and convertible debentures in 2026.

• Macro environment remains uncertain, but portfolio seen as well-positioned for long-term value.