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- **Operational Resilience**: 2% EBITDA growth vs industry RevPAR decline, driven by $50M EBITDA improvement initiative.
- **Capital Efficiency**: $2-3M annual savings from refinancing, 5.3% cap rate on asset sales.
- **Debt Sensitivity**: $6M annual savings per 25bp rate cut, 95% floating debt portfolio.
- **Growth Catalysts**: 2026 FIFA World Cup (42% rooms in host cities), +11% resort group revenue.

**【CEO Summary Section】**
- Comparable hotel EBITDA grew 2% Q3 2025 despite industry-wide RevPAR declines, driven by operational efficiency and strategic dispositions.
- **Grow AHT** initiative targeting $50M annual EBITDA improvement: Year-to-date, EBITDA declined just $10.1M vs $65.5M revenue loss from asset sales.
- Completed refinancing of Renaissance Nashville, saving $2-3M annually, and extended Highland mortgage loan maturity to Jan 2026 with 6-month extension option.
- Sold 3 assets at 5.3% cap rate, improving annualized cash flow by $2M and saving $36M in future capex.
- 8 additional assets being marketed for sale, with 2 off-market transactions in diligence.
- Floating rate debt sensitivity: Each 25bp rate cut saves $6M annually, ~$1 per diluted share.

**【CFO Financial Commentary】**
- Q3 2025: Net loss $69M (-$11.35/share), AFFO -$2.85/share, Adjusted EBITDAre $45.4M.
- $2.6B debt portfolio with 8% blended rate (95% floating), $81.9M cash, $166.9M restricted cash (+$12M QoQ).
- No common dividend reinstatement expected in 2025; paying preferred dividends quarterly/monthly.

**【EVP Operational Update】**
- RevPAR -1.5%, EBITDA +2%, ancillary revenue +$1.7M, labor efficiency +2.6% per occupied room.
- Excluding DC market (14% of rooms), RevPAR -0.3% vs U.S. upper upscale segment.
- Group room revenue pacing +0.5% YTD, resort group revenue +11% Q3, Renaissance Palm Springs +34.5%.
- 2026 FIFA World Cup: 42% of rooms in host cities, expected demand surge.
- 2025 capex $70-80M: Renovations at Hilton Austin, Sheraton Anchorage, Hilton Virginia Beach.

Ashford Hospitality Trust, Inc.(AHT)-20251105-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AHT

AHT fundamentals

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