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

-35,619

-39,086

-21,352

-46,622

-66,048

-34,261

-23,351

-32,649

-38,525

-28,726

10,428

-31,937

-56,640

-25,138

35,135

-12,139

-26,127

-19,511

-14,757

366,807

-16,358

-16,204

-2,353

-3,292

-18,601

-19,402

7,600

-18,155

-13,683

-18,032

-5,940

-24,553

-11,752

-24,985

-7,262

43,882

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

66,408

67,906

67,511

67,178

65,922

64,923

64,566

63,047

61,351

60,135

60,547

64,698

61,452

60,170

60,079

62,162

61,189

58,741

52,616

37,864

29,669

28,421

26,612

26,229

29,891

32,777

32,842

32,480

33,788

34,200

34,184

34,355

34,302

33,776

33,223

32,973

Impairment charges

27,067

0

6,533

0

21,748

-27

19

1,660

8,415

1,785

0

0

13,121

4,922

-116

-111

39,134

111

-19,840

106

-725

105

104

101

100

101

99

96

96

5,066

-4,025

92

-2,884

-93

1,921

-340

Amortization of intangibles

478

-340

60

59

415

-297

60

59

60

59

59

60

-1

58

50

49

50

49

68

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recognition of deferred income

244

244

244

222

145

144

432

-144

276

276

203

114

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income tax expense (benefit)

-1,086

-158

1,782

-697

738

-1,093

1,637

-1,147

4,007

-1,487

938

-1,134

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Bad debt expense

782

676

1,102

567

621

618

400

509

744

760

498

183

322

170

510

183

273

320

314

152

346

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Income (Loss) from Equity Method Investments

-99

-278

-867

-1,063

-25

310

1,170

-588

-2,286

-679

-2,138

-763

-1,678

-560

-287

-3,585

2,253

-4,369

1,907

-6,622

-4,299

2,831

7,461

-3,498

-8,778

-10,105

2,367

-6,888

-3,179

-7,373

23

-10,304

-5,068

-6,228

-2,300

28,124

Distributions of earnings from unconsolidated entities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

498

249

249

249

248

498

0

0

0

0

0

-

-

-

-

-

-

-

-

Income from financing derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

6,215

8,052

8,053

7,966

7,969

16,211

18,202

18,157

18,003

Gain (Loss) on Sale of Properties

23,203

2,362

328

233

81

-9

412

-9

6

15

14,092

-83

7,171

1,448

23,094

-114

47

599

0

380,705

73

54

101

3,503

117

0

52

24

4,486

0

0

0

5

-311

159

2,802

Marketable Securities, Gain (Loss)

215

343

618

804

-339

92

-229

-448

313

12

-657

-3,346

4,946

0

0

0

0

-130

-369

2,275

3,912

-434

905

1,064

2,079

511

-814

2,202

-412

543

323

1,407

-280

-1,130

39

0

Purchases of marketable securities

210

144

2,529

1,325

794

273

388

10,773

15,904

4,113

34,233

543

48,239

0

0

0

0

0

31,976

64,346

77,856

47,526

21,670

22,553

45,959

1,270

3,650

10,605

2,821

10,679

5,092

27,647

36,167

20,000

0

0

Sales of marketable securities

279

305

434

12,395

2,812

264

12,063

1,275

1,251

11,435

64,688

0

-

-

-

-

0

0

31,927

64,036

64,531

35,383

21,499

22,319

45,738

1,163

3,596

10,528

2,068

10,646

5,026

27,512

35,667

0

0

0

Net settlement of trading derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

384

176

-

-1,250

53

1,367

0

0

252

253

833

1,090

-1,190

961

1,375

4,153

634

-2,069

1,315

0

0

0

Realized and unrealized (gains) losses on derivatives

-702

-2,686

-4,581

2,675

1,494

-2,085

-1,407

-180

-11,350

2,598

1,565

-323

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments for derivatives

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-1

231

0

6,975

3,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Realized and unrealized (gain) loss on derivatives

-

-

-

3,157

-

-

-

-329

-

2,654

1,973

1,885

6,939

10,251

-4,156

-6,918

3,458

2,750

1,955

1,698

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

7,221

8,034

7,643

9,255

6,286

8,177

11,115

4,434

3,407

2,365

3,552

4,866

13,356

6,093

9,590

5,657

6,360

4,928

4,125

7,646

1,689

10,296

1,638

3,967

2,168

1,947

1,852

3,903

6,030

1,611

1,466

1,212

1,116

1,871

1,287

2,051

Unrealized loss on derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-70

-263

-347

-

-817

789

-7,149

-8,904

-9,354

-7,458

-9,941

-19,010

-16,726

-17,733

-16,817

Equity-based compensation

4,854

4,905

5,368

4,590

4,993

5,143

9,801

7,002

3,536

4,613

3,710

428

4,161

2,185

2,342

984

1,034

576

1,689

171

2,191

4,734

7,742

4,488

8,490

4,156

4,551

8,342

3,739

4,332

4,223

5,146

3,963

3,068

3,546

1,814

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-544

15,527

-3,003

-9,028

1,825

3,395

1,551

-19,292

6,261

-942

-5,890

8,266

320

-19,681

12,170

5,591

4,221

772

5,819

Accounts receivable and inventories

-12,424

-11,670

1,419

29,314

-22,077

1,845

3,290

11,389

-16,206

3,528

-2,186

12,827

-18,310

5,544

-63

13,709

-13,735

-3,380

1,385

10,405

-6,625

-2,890

699

8,990

2,369

-7,073

2,867

1,204

1,365

-4,678

628

11,442

-4,879

-5,856

-30,234

42,382

Prepaid expenses and other assets

-8,645

-2,910

4,086

5,162

-8,829

3,569

-4,142

11,348

-2,090

36

-457

7,273

-6,396

479

1,479

11,891

-7,295

1,471

176

6,690

-4,979

-291

-558

5,413

-4,556

-843

1,273

4,255

-1,893

-2,357

3,428

-179

-690

-2,377

4,455

-1,208

Operating lease right-of-use assets

-2,266

-1,328

409

1,863

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease liabilities

-1,192

-236

-23

514

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

-33,175

6,034

1,769

21,195

-21,175

10,303

-1,027

12,275

-23,889

1,186

-8,380

25,767

-25,081

11,198

-1,974

17,527

-20,742

3,290

2,299

13,780

-11,910

8,863

12,979

2,513

-10,255

1,139

14,196

-498

-12,269

9,123

7,001

7,816

-7,542

1,402

-8,054

16,898

Due to/from affiliates

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

3,473

-1,725

2,788

-3,775

541

114

953

-485

-716

117

1,080

-2,013

960

-

-

-

-

Due to/from related parties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,411

-1,650

-

181

788

-1,532

Due to/from related parties

-292

-508

-1,369

-2,327

413

699

2,135

-3,821

1,678

-1,564

3,381

-2,551

330

3,079

-763

-3,256

1,299

133

2,259

-6,315

406

708

1,630

-1,114

-823

375

-591

-2,352

1,423

-1,289

-3,191

4,367

7,511

-1,629

-4,735

-978

Due to/from third-party hotel managers

4,215

-2,971

6,598

-3,470

-2,699

1,874

-965

-2,424

1,616

310

-997

-5,282

2,326

2,091

177

5,137

15,158

-168

2,163

-8,295

2,405

-522

22,114

-1,828

-1,520

1,745

2,495

-8,403

-

-

-

-

-

-

-

-

Due to/from Braemar OP, net

-

-

-

-

-

-

-

-

0

1

5

-494

481

22

-2

515

-638

959

-746

561

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Due to/from Ashford Inc., net

31

-43

-2,105

861

1,177

-12,572

4,831

-2,229

1,457

96

-876

-1,247

5,476

2,904

-3,004

484

-37

562

211

918

1,518

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Due to/from Ashford Prime OP, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,054

-3,028

-2,655

-

-

-

-

-

-

-

-

-

-

-

-

Due to/from Ashford Prime

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Other liabilities

-80

-341

-122

777

-211

45

440

1,258

104

-334

887

660

-509

-464

-502

2,116

-534

-534

-488

3,851

-891

3,378

-493

-504

-530

-561

-2,043

-505

-220

-62

-562

-532

-8,850

518

-1,366

286

Net cash provided by (used in) operating activities

27,425

57,513

65,492

26,779

44,308

38,263

82,328

16,661

28,931

43,271

95,640

39,540

-11,300

68,379

72,660

49,984

70,305

53,012

49,933

30,327

18,450

30,491

51,297

11,081

36,709

33,897

55,862

18,989

23,824

38,607

55,943

12,261

10,202

4,314

44,128

15,949

Cash Flows from Investing Activities
Payments to Acquire Equity Method Investments

0

348

0

299

0

0

0

667

1

333

0

650

321

0

0

2,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

23

-422

0

145,750

Proceeds from payments on notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

4,062

61

63

60

61

62

62

60

61

62

62

61

61

62

62

60

62

5,031

61

62

61

63

22,174

313

Proceeds from franchise agreement extensions

0

0

0

4,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distribution from Ashford Prime OP

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

249

-

-

-

-

-

-

-

-

-

-

-

-

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

0

-521

282

212,791

47,716

3,100

111,667

110

253

0

110

0

-

-

-

-

-75,600

82,520

325,831

287,618

13,865

55,961

1,765

0

-

-

-

-

-

-

-

-

-12,000

0

0

12,000

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,075

-8,674

-49,703

-9,040

17,839

21,444

0

-

-

-

-

-

-

-

-

-

-

-

-

Improvements and additions to hotel properties

37,474

40,205

43,559

37,982

42,599

46,982

53,738

64,006

57,885

54,018

53,292

56,765

66,143

49,728

47,481

40,688

60,233

42,210

43,904

28,812

28,622

33,855

30,672

26,956

27,327

24,108

24,833

20,017

18,816

18,501

20,833

23,253

21,922

17,527

14,427

13,921

Net proceeds from sale of assets and hotel properties

18,899

70,688

8,089

5,000

56

-365

30,403

10,535

0

0

87,942

17,325

12,923

26,039

140,308

2,484

148

0

0

7,502

7,387

156

324

22,402

347

0

159

148

7,741

0

0

0

0

9,938

162

143,915

Payments for initial franchise fees

200

75

0

200

-51

275

30

75

0

0

150

75

0

0

0

30

70

200

123

175

0

208

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Due from Ashford Prime OP

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-13,635

13,635

0

0

0

-

-

-

-

-

0

-969

-1

Liquidation of U.S. AQUA Fund

-

-

-

-

-

-

-

-

0

0

2,579

48,363

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from property insurance

966

36

33

198

0

0

0

651

1,073

177

2,002

190

1,604

74

161

33

0

65

38

282

264

1,051

356

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

-6,017

30,617

-35,719

-242,074

-90,208

-50,722

-135,032

-53,672

-57,066

-54,174

38,971

8,388

-49,108

-25,660

93,051

-40,141

-42,946

-119,728

-358,584

-259,058

-56,654

-106,594

-53,388

9,391

-197,327

-24,046

-112,816

-19,809

-11,013

-13,470

-20,772

-23,191

-21,884

-7,104

8,657

-27,443

Cash Flows from Financing Activities
Borrowings on indebtedness

16,101

0

3,694

385,000

28,888

-56,320

2,331,673

401,528

524,000

0

180,800

0

450,000

0

0

37,500

375,000

52,500

269,250

1,581,032

0

511,925

6,900

200,000

18,200

69,000

0

199,875

211,000

0

135,000

0

-

-

-

-

Repayments of indebtedness

26,045

65,071

1,687

179,554

1,821

5,466

2,061,109

394,704

508,697

1,906

200,792

43,441

417,509

35,640

102,263

3,625

272,693

5,105

5,034

1,267,467

5,505

329,078

10,571

169,503

16,931

10,531

8,793

148,560

164,495

8,002

174,719

6,193

29,757

55,502

25,275

125,219

Payments for loan costs and exit fees

349

187

191

8,916

403

714

52,441

1,997

8,058

23

5,167

623

15,037

544

3,811

764

9,655

1,438

5,342

31,558

-111

16,132

202

3,831

677

1,833

27

2,849

6,710

-1

3,456

210

2,406

1,273

203

2,166

Payments for dividends and distributions

17,973

17,977

25,301

24,959

25,112

24,496

24,664

23,173

26,021

26,449

24,903

24,219

22,137

23,896

22,756

22,676

22,680

23,368

23,346

21,888

21,889

21,903

20,891

20,734

20,735

20,585

19,251

18,258

18,259

18,261

18,103

16,941

16,221

15,165

14,618

7,291

Purchases of common stock

2,062

-125

-3

-903

3,196

0

-136

-1,462

2,545

1

-1,280

6

3

2

-733

-1

-104,585

51,750

97

446

0

0

227

231

0

10

391

0

-

-

-

-

-

-

-

-

Payments for derivatives

64

-1

753

296

59

8

2,866

229

238

83

270

280

95

31

0

73

385

215

367

1,250

5

428

17

216

-1

149

0

36

47

0

137

0

-

-

-

-

Common stock offering costs

-

-

-

200

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from common stock offering

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-69

110,939

-

-

-

-

-

-

-

-

-

-

-

-

86,027

-2,814

0

2,814

Proceeds from preferred stock offerings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

244

0

-1

7,259

8,724

28,968

-44

80,832

0

Cash income from derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

7,878

7,965

40,109

-8,065

-7,963

127,268

-18,156

-18,204

-18,203

Issuances of treasury stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

85,533

307

-

14,220

125,891

0

-

-

-

-

-

-

-

-

Contributions from noncontrolling interests in consolidated entities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

300

-

0

0

0

Distributions to noncontrolling interests in consolidated entities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-1

256

980

887

0

0

13,489

1,924

0

0

0

179

0

2,873

127

Other

0

0

5

23

0

0

34

19

0

0

6

88

0

0

5

61

0

0

2

33

-19

0

4

46

0

0

7

62

0

0

0

64

-

-

-

-

Net cash provided by (used in) financing activities

-28,330

-83,450

-24,036

170,195

18,781

-73,388

190,439

-20,018

-26,447

-17,380

-51,606

-68,469

145,076

-60,090

-129,558

10,422

69,588

-29,376

234,997

369,395

-27,307

144,385

60,273

4,858

-21,029

50,112

97,436

24,867

26,731

-18,210

-46,091

-6,293

-1,595

29,455

9,025

-113,785

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

-6,922

4,680

5,737

-45,100

-27,119

-85,847

137,735

-57,029

-54,582

-28,283

83,005

-20,541

84,668

-17,371

36,153

20,265

96,947

-96,092

-73,654

140,664

-65,511

68,282

58,182

25,330

-181,647

59,963

40,482

24,047

39,542

6,927

-10,920

-17,223

-13,277

26,665

61,810

-125,279

Supplemental Cash Flow Information
Interest paid

55,511

59,520

61,283

57,457

56,512

52,594

54,070

52,168

52,201

55,284

53,049

50,110

49,517

51,857

51,712

48,809

49,346

46,063

43,857

26,543

29,505

26,747

27,173

24,588

35,235

34,516

34,601

31,100

36,937

33,572

34,875

33,998

32,417

35,978

34,034

32,239

Income taxes paid (received), net

234

318

-1,657

46

363

373

1,409

-255

-1,863

155

1,455

0

271

299

1,007

305

1,697

2,395

4,441

197

132

18

990

19

139

219

837

99

670

370

653

-857

426

389

1,614

-63

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

584

191

183

-

-

-

-

-

-

-

-

-

-

-

-

Deferred compensation to be settled in shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Dividend receivable from Ashford Prime

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

249

249

0

0

0

249

249

0

0

0

-

-

-

-

-

-

-

-

Accrued but unpaid capital expenditures

-91

1,749

-4,809

27,390

9,645

-2,001

-2,734

18,705

1,156

5,482

-495

13,313

1,461

2,124

791

7,026

839

365

-201

6,522

-2,322

1,540

629

2,927

-

-

-

-

-

-

-

-

-

-

-

-

Transfer of debt to Ashford Prime

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

69,000

0

0

0

0

-

-

-

-

-

-

-

-

Assumption of debt in hotel acquisition

0

0

0

24,922

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash dividends paid

0

0

0

0

0

0

0

123

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of units for hotel acquisition

-

-

-

7,854

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Common stock repurchase accrued but not paid

-

-

-

-

-

-

-

-

-

-

-

1,281

-

-

-

740

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued interest added to principal of indebtedness

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

436

1,267

1,217

1,180

1,158

1,123

1,077

1,034

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

15,000

Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Dividends declared but not paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-19,250

19,250

-

-

-

-

-

-

-

-