Ashford hospitality trust, inc. (AHT)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash Flows from Operating Activities
Net income (loss)

-142,679

-156,309

-88,760

-58,782

306,412

-38,207

-48,558

-62,208

-117

-61,792

-288,660

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization

269,003

258,458

246,731

243,863

210,410

110,931

127,990

136,527

134,274

145,326

157,107

Impairment charges

33,600

23,400

10,200

17,816

19,511

-415

396

1,229

-1,396

82,055

218,878

Amortization of intangibles

257

237

238

156

167

0

0

-

-

-

-

Recognition of deferred income

954

577

869

0

0

-

-

-

-

-

-

Write-off of intangibles

-

-

-

564

0

0

-

-

-

-

-

Deferred income tax expense (benefit)

-159

135

2,324

0

0

-

-

-

-

-

-

Bad debt expense

3,127

2,148

2,185

1,185

1,059

346

0

0

-

-

-

Income (Loss) from Equity Method Investments

-2,307

867

-5,866

-6,110

-6,831

2,495

-23,404

-20,833

14,528

-20,265

2,486

Distributions of earnings from unconsolidated entities

-

-

-

-

996

995

0

0

0

492

873

Income from financing derivatives

-

-

-

-

-

-

6,215

32,040

70,573

62,906

52,282

Gain (Loss) on Sale of Properties

26,126

475

14,030

31,599

381,351

3,731

193

4,486

2,655

55,905

-511

Marketable Securities, Gain (Loss)

1,980

-924

-3,678

4,946

1,776

5,447

3,978

1,861

-1,371

0

-

Purchases of marketable securities

4,208

12,228

54,793

48,239

96,322

169,605

61,484

46,239

56,167

0

-

Sales of marketable securities

13,413

16,414

77,374

0

95,963

143,732

61,025

45,252

35,667

0

-

Realized (gain) loss on investment in Ashford Inc.

11,792

0

0

-

-

-

-

-

-

-

-

(Gain) loss on insurance settlement

-450

-928

0

-456

0

-5

270

91

2,035

0

1,329

Net settlement of trading derivatives

3,485

-648

5,035

-

-

505

1,694

4,093

1,315

0

-

Realized and unrealized (gains) losses on derivatives

-5,294

-2,178

-7,510

5,866

1,106

-

-

-

-

-

-

Payments for derivatives

-

-

-

230

9,975

0

0

-

-

-

-

Realized and unrealized (gain) loss on derivatives

-

-

-

6,116

9,861

1,100

8,315

-

-

-

-

Amortization of loan costs and premiums and write-off of premiums, loan costs and exit fees

32,153

30,012

14,190

34,696

23,059

17,590

9,870

10,319

6,325

9,731

7,881

Amortization discounts and deferred costs and income on notes receivable, net

-

-

-

-

-

-

-

-

-

-

-3,129

Unrealized loss on derivatives

-

-

-

-

-

-

-

-35,657

-70,286

12,284

-31,782

Equity-based compensation

19,717

26,939

12,287

9,672

3,470

19,155

25,539

17,440

12,391

7,067

5,037

Amortization of parking asset

118

0

0

-

-

-

-

-

-

-

-

Non-cash interest income

-191

0

0

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
Restricted cash

-

-

-

-

-

-2,257

-19,863

1,075

16,403

-9,900

7,806

Accounts receivable and inventories

6,639

-5,553

-2,037

880

-5,325

174

-633

8,757

1,413

-3,065

4,677

Prepaid expenses and other assets

-2,307

1,946

4,762

7,453

1,042

-415

129

-1,001

180

4,167

-1,084

Operating lease right-of-use assets

-1,322

0

0

-

-

-

-

-

-

-

-

Operating lease liabilities

-937

0

0

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

-4,177

376

-5,316

1,670

-1,373

12,445

4,582

11,671

2,704

8,922

1,784

Due to/from affiliates

-

-

-

-

3,473

-2,171

-134

144

-1,312

0

-

Due to/from related parties

-

-

-

-

-

-

-

-

-

1,370

-1,369

Due to/from related parties

-4,496

-574

944

-610

-2,624

1,630

-3,391

1,310

169

-6,606

4,280

Due to/from third-party hotel managers

4,372

-4,214

-4,353

9,731

8,858

22,169

-5,683

13,936

-13,880

-

-

Due to/from Braemar OP, net

0

0

-488

1,016

136

-1,699

-

-

-

-

-

Due to/from Ashford Inc., net

-1,256

-8,793

-570

5,860

1,654

1,518

0

-

-

-

-

Due to/from Ashford Prime OP, net

-

-

-

-

-

-

0

-

-

-

-

Due to/from Ashford Prime

-

-

-

-

-

-

-

0

-

-

-

Due to/from Ashford Inc.

-

-

-

-

-

-

-

0

-

-

-

Other liabilities

234

1,532

1,317

641

2,295

1,490

-3,639

-1,376

-9,412

-1,886

-1,865

Net cash provided by (used in) operating activities

177,209

181,560

207,382

179,723

203,577

111,319

145,457

130,635

74,593

82,647

65,614

Cash Flows from Investing Activities
Payments to Acquire Equity Method Investments

647

667

984

2,321

0

0

-

-

145,351

15,000

-

Proceeds from payments on notes receivable

-

-

-

4,246

245

246

245

5,216

22,611

28,284

13,355

Proceeds from franchise agreement extensions

4,000

0

0

-

7,500

0

0

-

-

-

-

Cash contribution to Ashford Prime OP

-

-

-

-

-

-

162,822

0

0

-

-

Distribution from Ashford Prime OP

-

-

-

-

-

-

6,049

0

0

-3,458

-3,494

Cash contribution to Ashford Inc.

-

-

-

-

-

32,119

0

0

12,000

-

-

Acquisition of hotel properties and assets, net of cash and restricted cash acquired

212,552

162,593

363

3,339

620,369

71,591

88,204

0

0

0

-

Change in restricted cash related to improvements and additions to hotel properties

-

-

-

-

-

30,243

0

0

-

-

-

Improvements and additions to hotel properties

159,220

207,325

221,960

204,040

175,159

120,105

96,285

81,403

67,797

62,205

69,176

Net proceeds from sale of assets and hotel properties

102,676

40,629

105,267

181,754

7,650

30,269

654

7,741

154,015

4,903

858

Payments for initial franchise fees

475

329

225

30

568

208

0

-

-

-

-

Due from Ashford Prime OP

-

-

-

-

-

-13,635

13,635

0

-

-

-

Payments of franchise fees

-

-

-

-

-

-

-

0

-

-

-

Liquidation of U.S. AQUA Fund

0

0

50,942

0

0

1,200

0

0

-

-

-

Proceeds from sale of investment in Ashford Inc.

11,792

0

0

-

-

-

-

-

-

-

-

Proceeds from property insurance

1,233

651

3,442

1,872

385

1,671

0

0

748

0

13,703

Net cash provided by (used in) investing activities

-253,193

-329,634

-63,881

-21,858

-780,316

-207,245

-353,998

-68,446

-47,774

-47,476

-44,754

Cash Flows from Financing Activities
Borrowings on indebtedness

404,795

2,705,769

704,800

487,500

2,277,782

718,825

287,075

346,000

25,000

259,000

208,800

Repayments of indebtedness

272,357

2,463,100

754,836

559,037

1,550,299

514,657

184,815

353,409

235,753

365,702

196,772

Payments for loan costs and exit fees

9,643

55,555

13,871

20,156

47,993

20,054

5,386

10,375

6,048

7,080

5,903

Payments for dividends and distributions

86,210

97,445

101,592

91,465

91,282

85,417

78,829

71,564

53,295

24,008

22,867

Purchases of common stock

1,031

1,598

1,272

-729

-52,292

458

401

499

0

45,087

81,327

Redemption of preferred stock

0

0

218,425

115,750

0

0

-

-

72,986

0

10,656

Payments for derivatives

1,112

3,162

871

199

2,217

666

184

184

97

75

38,058

Proceeds from common stock offering

0

14,752

0

0

110,870

85,840

140,111

-

86,027

70,443

-

Proceeds from preferred stock offerings

0

0

222,071

265,620

0

0

244

15,982

109,756

72,208

-

Preferred and common stock offering costs

91

0

0

-

-

-

-

-

-

-

-

Deposit on ERFP assets

0

16,100

0

0

-

-

-

-

-

-

-

Cash income from derivatives

-

-

-

-

-

-

7,878

32,046

72,705

-62,212

-50,928

Issuances of treasury stock

-

-

-

-

-

-

-

0

0

-

-

Contributions from noncontrolling interests in consolidated entities

-

-

-

-

-

-

-

-

-

1,033

-

Distributions to noncontrolling interests in consolidated entities

-

-

-

-

-

1,235

14,376

1,924

3,179

333

972

Due from Ashford Prime

-

-

-

-

-

-

-

-

0

-

-

Other

28

53

94

66

35

31

69

64

970

-5,260

-

Redemption of operating partnership units and other

-

-

-

-

-

-

-

-

-

-

462

Net cash provided by (used in) financing activities

34,379

115,814

-163,902

-34,150

644,604

182,209

151,386

-43,863

-76,900

17,351

-97,289

Net increase (decrease) in cash, cash equivalents and restricted cash

-41,605

-32,260

-20,401

123,715

67,865

86,283

-57,155

18,326

-50,081

52,522

-76,429

Supplemental Cash Flow Information
Interest paid

233,771

215,344

210,644

201,895

165,809

108,013

135,452

139,382

134,668

142,998

137,252

Income taxes paid (received), net

-1,059

1,890

-253

1,882

8,730

1,159

1,294

836

2,366

1,424

651

Supplemental Disclosure of Investing and Financing Activities
Non-cash deferred compensation

-

-

-

-

-

958

1,643

0

-

-

-

Net assets distributed to Ashford Prime OP (net of cash contributed)

-

-

-

-

-

-

-

-

0

-

-

Deferred compensation to be settled in shares

-

-

-

-

-

-

-

-

0

-

-

Dividend receivable from Ashford Prime

-

-

-

-

-

249

249

0

-

-

-

Distributions declared but not paid to a noncontrolling interest in a consolidated entity

-

-

-

-

-

-

980

0

-

-

-

Accrued but unpaid capital expenditures

24,239

23,615

19,456

11,402

7,525

2,774

2,998

4,709

-

-

-

Transfer of debt to Ashford Prime

-

-

-

-

-

69,000

0

0

-

-

-

Issuance of units for hotel acquisition

7,854

0

0

-

-

-

-

-

-

-

-

Assumption of debt in hotel acquisition

24,922

0

0

-

-

-

-

0

-

-

-

Notes receivable issued in land sale

7,590

0

0

-

-

-

-

-

-

-

-

Other non-cash consideration from land sale

4,797

0

0

-

-

-

-

-

-

-

-

Non-cash dividends paid

0

123

0

0

-

-

-

-

-

-

-

Investment in unconsolidated entity

-

-

-

-

59,338

0

0

-

-

-

-

Unsettled common stock offering proceeds

0

1,075

0

-

-

-

-

-

-

-

-

Accrued interest added to principal of indebtedness

-

-

-

-

-

-

-

4,100

4,392

4,042

-

Noncash dividends paid to Series B-1 preferred stock holder

-

-

-

-

-

-

-

-

17,363

0

-

Note receivable assigned by noncontrolling interest in consolidated entity

-

-

-

-

-

-

-

-

8,098

0

-

Assets transferred to receivership/lender

-

-

-

-

-

-

-

19,218

0

54,625

36,177

Liabilities transferred to receivership/lender

-

-

-

-

-

-

-

19,740

0

110,837

33,290

Net assets distributed to Ashford Prime OP (net of cash contributed)

-

-

-

-

-

-

102,662

0

15,000

0

-

Net liabilities distributed to Ashford Inc. (net of cash contributed)

-

-

-

-

-

7,324

0

0

-

-

-

Assumption of debt

-

-

-

23,850

74,320

0

0

-

-

-

-

Acquisition of land

-

-

-

-

3,100

0

0

-

-

-

-

Transfer of debt upon sale of hotel property

-

-

-

-

0

0

-

-

-

-

-

Redemption of operating partnership units for sale of hotel property

-

-

-

11,705

0

0

-

-

-

-

-

Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Net other liabilities acquired

-

-

-

-

-

-

-

-

0

-

-

Dividends receivable from Ashford Prime

-

-

-

-

-

-

-

-

0

-

-