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Ashford Hospitality Trust, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $276,600,000 from $343,014,000 in the same quarter the previous year. This decrease is attributed to the disposition of certain hotel properties and the derecognition of assets placed into receivership.
Total hotel operating expenses decreased to $194,834,000 from $232,626,000, reflecting cost savings from the disposition of hotel properties.
The company reported a net loss of $59,128,000 for the quarter, compared to a net loss of $64,451,000 in the previous year.
Interest expense and amortization of discounts and loan costs decreased to $66,825,000 from $87,631,000, primarily due to lower principal balances and amortization of deferred loan costs.
Ashford recorded a gain of $11,114,000 on the derecognition of assets related to the KEYS Pool A and B mortgage loans.
The company reported a loss on extinguishment of debt of $2,745,000 related to a deed-in-lieu of foreclosure transaction.
Ashford's total cash and cash equivalents were $119,659,000 as of September 30, 2024, with restricted cash of $114,282,000.
The filing details various financial agreements, including amendments to the Oaktree (BAM-1.73%) Credit Agreement, which extended the maturity date and adjusted certain financial covenants.
Ashford does not anticipate cash dividend payments to common stockholders in the near future, focusing instead on managing its strategic financing and refinancing activities.
The company continues to evaluate its hotel portfolio, including potential sales and refinancing opportunities, to optimize its financial position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ashford Hospitality Trust Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.