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Ashford Hospitality Trust

NYSE:AHT
Snowflake Description

Second-rate dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AHT
NYSE
$634M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels. The last earnings update was 15 days ago. More info.


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AHT Share Price and Events
7 Day Returns
-6.8%
NYSE:AHT
-0.3%
US REITs
0.2%
US Market
1 Year Returns
-30.8%
NYSE:AHT
13.3%
US REITs
2.9%
US Market
AHT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ashford Hospitality Trust (AHT) -6.8% -2.5% -9.8% -30.8% 1.8% -52.5%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • AHT underperformed the REITs industry which returned 13.3% over the past year.
  • AHT underperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
AHT
Industry
5yr Volatility vs Market

AHT Value

 Is Ashford Hospitality Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Ashford Hospitality Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ashford Hospitality Trust.

NYSE:AHT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:AHT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (663.08%))
2.542
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for NYSE:AHT using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Ashford Hospitality Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Ashford Hospitality Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:AHT DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 14.65%)
2019 68.56 Analyst x1 59.80
2020 68.15 Analyst x1 51.85
2021 70.79 Est @ 3.87% 46.97
2022 73.29 Est @ 3.53% 42.42
2023 75.70 Est @ 3.29% 38.21
2024 78.06 Est @ 3.12% 34.37
2025 80.41 Est @ 3% 30.88
2026 82.76 Est @ 2.92% 27.72
2027 85.13 Est @ 2.86% 24.87
2028 87.53 Est @ 2.82% 22.31
Present value of next 10 years cash flows $379.40
NYSE:AHT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $87.53 × (1 + 2.73%) ÷ (14.65% – 2.73%)
$754.39
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $754.39 ÷ (1 + 14.65%)10
$192.24
NYSE:AHT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $379.40 + $192.24
$571.65
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $571.65 / 124.00
$4.56
NYSE:AHT Discount to Share Price
Calculation Result
Value per share (USD) From above. $4.56
Current discount Discount to share price of $5.05
= -1 x ($5.05 - $4.56) / $4.56
-10.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Ashford Hospitality Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Ashford Hospitality Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ashford Hospitality Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:AHT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-1.85
NYSE:AHT Share Price ** NYSE (2019-05-22) in USD $5.05
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Ashford Hospitality Trust.

NYSE:AHT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:AHT Share Price ÷ EPS (both in USD)

= 5.05 ÷ -1.85

-2.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ashford Hospitality Trust is loss making, we can't compare its value to the US REITs industry average.
  • Ashford Hospitality Trust is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Ashford Hospitality Trust's expected growth come at a high price?
Raw Data
NYSE:AHT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -2.72x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
10.6%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Ashford Hospitality Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Ashford Hospitality Trust's assets?
Raw Data
NYSE:AHT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $3.64
NYSE:AHT Share Price * NYSE (2019-05-22) in USD $5.05
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:AHT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:AHT Share Price ÷ Book Value per Share (both in USD)

= 5.05 ÷ 3.64

1.39x

* Primary Listing of Ashford Hospitality Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ashford Hospitality Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Ashford Hospitality Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Ashford Hospitality Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AHT Future Performance

 How is Ashford Hospitality Trust expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ashford Hospitality Trust expected to grow at an attractive rate?
  • Unable to compare Ashford Hospitality Trust's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare Ashford Hospitality Trust's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
  • Ashford Hospitality Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:AHT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:AHT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 10.6%
NYSE:AHT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 2.9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:AHT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:AHT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,583 -143 2
2020-12-31 1,539 208 -129 5
2019-12-31 1,500 206 -150 6
NYSE:AHT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,445 192 -182
2018-12-31 1,429 182 -170
2018-09-30 1,424 166 -153
2018-06-30 1,420 171 -153
2018-03-31 1,421 185 -125
2017-12-31 1,433 207 -124
2017-09-30 1,434 167 -133
2017-06-30 1,453 192 -131
2017-03-31 1,475 169 -108
2016-12-31 1,486 180 -90
2016-09-30 1,501 267 -62
2016-06-30 1,490 251 -52

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ashford Hospitality Trust is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Ashford Hospitality Trust's revenue is expected to grow by 2.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:AHT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Ashford Hospitality Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AHT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31 -1.61 -1.61 -1.61 1.00
NYSE:AHT Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -1.85
2018-12-31 -1.75
2018-09-30 -1.59
2018-06-30 -1.59
2018-03-31 -1.31
2017-12-31 -1.30
2017-09-30 -1.40
2017-06-30 -1.38
2017-03-31 -1.14
2016-12-31 -0.95
2016-09-30 -0.66
2016-06-30 -0.55

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Ashford Hospitality Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Ashford Hospitality Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Ashford Hospitality Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AHT Past Performance

  How has Ashford Hospitality Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Ashford Hospitality Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Ashford Hospitality Trust does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Ashford Hospitality Trust's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Ashford Hospitality Trust's 1-year growth to the US REITs industry average as it is not currently profitable.
Earnings and Revenue History
Ashford Hospitality Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Ashford Hospitality Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AHT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,444.69 -182.31 19.90
2018-12-31 1,428.66 -170.44 19.43
2018-09-30 1,423.96 -153.13 15.90
2018-06-30 1,420.37 -152.67 15.22
2018-03-31 1,421.47 -124.51 15.25
2017-12-31 1,432.79 -123.92 18.29
2017-09-30 1,434.12 -133.46 19.18
2017-06-30 1,452.84 -130.73 18.73
2017-03-31 1,474.69 -107.59 18.26
2016-12-31 1,485.93 -89.59 14.77
2016-09-30 1,501.07 -62.36 14.60
2016-06-30 1,489.85 -51.99 16.41
2016-03-31 1,450.71 -95.58 16.74
2015-12-31 1,330.14 233.90 14.51
2015-09-30 1,161.07 241.79 24.99
2015-06-30 1,005.22 244.68 36.32
2015-03-31 849.59 256.07 52.65
2014-12-31 797.34 -65.70 60.54
2014-09-30 809.52 -69.07 57.23
2014-06-30 837.15 -71.83 55.59
2014-03-31 882.43 -63.09 50.84
2013-12-31 916.12 -75.36 51.12
2013-09-30 955.28 -74.01 57.70
2013-06-30 940.18 -70.42 55.09
2013-03-31 920.08 -77.62 52.32
2012-12-31 898.82 -84.40 48.05
2012-09-30 862.81 -74.45 46.97
2012-06-30 854.35 -81.54 45.21

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Ashford Hospitality Trust has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Ashford Hospitality Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • It is difficult to establish if Ashford Hospitality Trust improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Ashford Hospitality Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Ashford Hospitality Trust has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AHT Health

 How is Ashford Hospitality Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Ashford Hospitality Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ashford Hospitality Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ashford Hospitality Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Ashford Hospitality Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Ashford Hospitality Trust Company Filings, last reported 1 month ago.

NYSE:AHT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 474.63 4,201.56 243.48
2018-12-31 533.85 3,927.27 320.27
2018-09-30 618.60 3,894.45 327.57
2018-06-30 658.44 3,948.02 419.06
2018-03-31 697.23 3,712.79 278.50
2017-12-31 749.27 3,696.30 355.29
2017-09-30 817.24 3,698.87 393.98
2017-06-30 856.05 3,698.43 404.91
2017-03-31 867.21 3,720.04 307.39
2016-12-31 925.15 3,723.56 349.47
2016-09-30 863.85 3,728.65 262.95
2016-06-30 910.11 3,758.77 276.56
2016-03-31 895.58 3,879.23 236.42
2015-12-31 930.31 3,840.62 217.19
2015-09-30 978.08 3,698.39 190.15
2015-06-30 1,127.07 3,651.36 283.41
2015-03-31 1,163.66 3,387.62 356.14
2014-12-31 709.50 1,943.13 215.25
2014-09-30 770.36 1,959.61 280.89
2014-06-30 802.12 1,776.76 212.33
2014-03-31 733.73 1,780.43 154.21
2013-12-31 753.04 1,818.96 128.80
2013-09-30 1,050.70 2,440.45 310.47
2013-06-30 1,073.33 2,381.93 250.49
2013-03-31 956.24 2,390.73 209.98
2012-12-31 998.48 2,339.41 185.94
2012-09-30 1,028.91 2,312.21 146.39
2012-06-30 1,060.90 2,318.94 139.47
  • Ashford Hospitality Trust's level of debt (885.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (242.4% vs 885.2% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Ashford Hospitality Trust has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Ashford Hospitality Trust has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 11.3% per year.
X
Financial health checks
We assess Ashford Hospitality Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Ashford Hospitality Trust has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AHT Dividends

 What is Ashford Hospitality Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.5%
Current annual income from Ashford Hospitality Trust dividends. Estimated to be 9.59% next year.
If you bought $2,000 of Ashford Hospitality Trust shares you are expected to receive $190 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Ashford Hospitality Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Ashford Hospitality Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:AHT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:AHT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.49 2.00
2020-12-31 0.48 5.00
2019-12-31 0.48 4.00
NYSE:AHT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-13 0.480 9.328
2018-12-10 0.480 10.217
2018-09-14 0.480 8.819
2018-06-05 0.480 6.724
2018-03-15 0.480 6.986
2017-12-11 0.480 7.543
2017-09-14 0.480 7.231
2017-06-14 0.480 7.727
2017-03-14 0.480 7.672
2016-12-12 0.480 6.503
2016-09-15 0.480 7.685
2016-06-14 0.480 8.015
2016-03-14 0.480 8.606
2015-12-10 0.480 8.644
2015-09-15 0.480 7.083
2015-06-15 0.480 5.795
2015-03-13 0.480 5.230
2014-12-15 0.480 4.575
2014-09-15 0.480 4.576
2014-06-13 0.480 4.180
2014-03-17 0.480 4.501
2013-12-16 0.480 5.181
2013-09-13 0.480 4.349
2013-06-14 0.480 4.053
2013-03-15 0.480 3.761
2012-12-17 0.480 4.221
2012-09-14 0.440 5.057
2012-06-15 0.440 5.359
2012-02-22 0.440 5.114
2011-12-15 0.440 5.132
2011-09-15 0.400 5.246
2011-06-15 0.400 4.175
2011-02-24 0.400 3.445
2010-08-06 0.000 0.000
2010-08-04 0.000 0.000
2010-05-07 0.000 0.000
2010-05-05 0.000 0.000
2009-12-15 0.000 0.000
2009-11-06 0.000 0.000
2009-11-04 0.000 0.000
2009-08-07 0.000 0.000
2009-08-05 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Ashford Hospitality Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Ashford Hospitality Trust only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Ashford Hospitality Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (330x coverage).
X
Income/ dividend checks
We assess Ashford Hospitality Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Ashford Hospitality Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ashford Hospitality Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AHT Management

 What is the CEO of Ashford Hospitality Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Doug Kessler
COMPENSATION $2,969,759
AGE 57
TENURE AS CEO 2.3 years
CEO Bio

Mr. Douglas A. Kessler, also known as Doug, has been Senior Managing Director of Ashford, Inc. since March 12 2018. Mr. Kessler has been the Chief Executive Officer of Ashford Hospitality Trust, Inc. since February 21, 2017. He served as the President at Ashford, Inc. from April 2, 2014 to March 12, 2018. He served as the President at Ashford Hospitality Prime, Inc. since April 2013 until April 27, 2017. Mr. Kessler served as the President at Ashford Trust since January 2009. He has been the President of Ashford Hospitality Trust, Inc. from January 2009. He has spearheaded numerous key initiatives at Ashford Trust and is responsible for several billion dollars of capital transactions along with the growth of its asset base to in excess of $4 billion. He served as the Chief Operating Officer and Head of Acquisitions at Ashford Hospitality Trust, Inc. since May 2003. He has several years of experience in real estate acquisitions, development, sales, finance, asset management, operating companies and fund raising. From July 2002 to August 2003, he served as Managing Director/Chief Investment Officer of Remington Hotel Corporation, where he was responsible for capital raising, acquisitions and new business development. Mr. Kessler joined Remington Hotel Corporation in 2002. From 1993 to 2002, he worked at Goldman Sachs' Whitehall Real Estate Funds, where he assisted in the management of more than $11 billion of real estate (including $6 billion of hospitality investments) involving over 20 operating partner platforms worldwide. He worked for nine years at Whitehall. He co-led the formation of Goldman Sachs' real estate investment management operations in France. He served as a Director of Ashford Hospitality Prime, Inc. since April 2013 until April 27, 2017. He serves as a Director at Ashford Hospitality Trust, Inc. since January 19, 2013. In his nine years at Whitehall, he served on the boards or executive committees of several lodging companies, including Westin Hotels and Resorts and Strategic Hotel Capital. He has diverse real estate experience totaling nearly 30 years and is a Member of Urban Land Institute's Hotel Council and is a frequent speaker and panelist at lodging industry conferences including International Hotel Investment Forum, Americas Lodging Investment Summit and the NYU Lodging Conference. Mr. Kessler earned his Masters in Business Administration in 1988 and Bachelor of Arts in Economics from Stanford University in 1983.

CEO Compensation
  • Doug's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Doug's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Ashford Hospitality Trust management team in years:

4
Average Tenure
49
Average Age
  • The tenure for the Ashford Hospitality Trust management team is about average.
Management Team

Monty Bennett

TITLE
Founder & Chairman of the Board
COMPENSATION
$3M
AGE
52

Doug Kessler

TITLE
President & CEO
COMPENSATION
$3M
AGE
57
TENURE
2.3 yrs

Deric Eubanks

TITLE
CFO & Treasurer
COMPENSATION
$1M
AGE
42
TENURE
4.9 yrs

Jeremy Welter

TITLE
Chief Operating Officer
COMPENSATION
$1M
AGE
41
TENURE
1.2 yrs

Mark Nunneley

TITLE
Chief Accounting Officer
COMPENSATION
$713K
AGE
61
TENURE
16 yrs

J. Hays

TITLE
Chief Strategy Officer
COMPENSATION
$1M
AGE
40
TENURE
4 yrs

Jordan Jennings

TITLE
Manager of Investor Relations

Rob Haiman

TITLE
Executive VP
AGE
49

Chris Batchelor

TITLE
President of RED Hospitality & Leisure

Larry Doyle

TITLE
Senior Vice President of Asset Management
Board of Directors Tenure

Average tenure and age of the Ashford Hospitality Trust board of directors in years:

5.9
Average Tenure
57
Average Age
  • The tenure for the Ashford Hospitality Trust board of directors is about average.
Board of Directors

Monty Bennett

TITLE
Founder & Chairman of the Board
COMPENSATION
$3M
AGE
52
TENURE
6.3 yrs

Archie Bennett

TITLE
Chairman Emeritus
AGE
80
TENURE
6.3 yrs

Alan Tallis

TITLE
Independent Director
COMPENSATION
$264K
AGE
71
TENURE
6.3 yrs

Kamal Jafarnia

TITLE
Independent Director
COMPENSATION
$198K
AGE
51
TENURE
6.3 yrs

Amish Gupta

TITLE
Independent Director
COMPENSATION
$240K
AGE
38
TENURE
5 yrs

Sheri Pantermuehl

TITLE
Director
COMPENSATION
$195K
AGE
62
TENURE
1 yrs

Benjamin Ansell

TITLE
Lead Independent Director
COMPENSATION
$231K
AGE
50
TENURE
5.4 yrs

Fred Kleisner

TITLE
Independent Director
COMPENSATION
$189K
AGE
73
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Ashford Hospitality Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Ashford Hospitality Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AHT News

Simply Wall St News

You May Have Been Looking At Ashford Hospitality Trust, Inc. (NYSE:AHT) All Wrong

Ashford Hospitality Trust, Inc. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much AHT actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St -

Imagine Owning Ashford Hospitality Trust (NYSE:AHT) While The Price Tanked 58%

At this point some shareholders may be questioning their investment in Ashford Hospitality Trust, Inc. … Ashford Hospitality Trust isn't currently profitable, so most analysts would look to revenue growth to get an idea of how fast the underlying business is growing. … In the last half decade, Ashford Hospitality Trust saw its revenue increase by 12% per year.

Simply Wall St -

At US$5.28, Is It Time To Put Ashford Hospitality Trust, Inc. (NYSE:AHT) On Your Watch List?

Ashford Hospitality Trust, Inc. … As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Today I will analyse the most recent data on Ashford Hospitality Trust’s outlook and valuation to see if the opportunity still exists.

Simply Wall St -

What Kind Of Share Price Volatility Should You Expect For Ashford Hospitality Trust Inc (NYSE:AHT)?

Volatility is considered to be a measure of risk in modern finance theory. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Are You Backing The Right Horse With Ashford Hospitality Trust Inc (NYSE:AHT)?

is a real estate company operating in an industry … Real estate investment trust, or a REIT, is a collective vehicle for investing in real estate that began in the US and has since been adopted worldwide as an investment asset … Real estate analysts are forecasting for the entire industry,

Simply Wall St -

How Does Investing In Ashford Hospitality Trust Inc (NYSE:AHT) Impact Your Portfolio?

If you are looking to invest in Ashford Hospitality Trust Inc’s (NYSE:AHT), or currently own the stock, then you need to understand its beta in order to understand how it can affect the risk of your portfolio. … The first risk to think about is company-specific, which can be diversified away by investing in other companies in order to lower your exposure to one particular stock. … A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one.

Simply Wall St -

Ashford Hospitality Trust Inc (NYSE:AHT): Ex-Dividend Is In 1 Days, Should You Buy?

Shares of Ashford Hospitality Trust Inc (NYSE:AHT) will begin trading ex-dividend in 1 days. … To qualify for the dividend check of US$0.12 per share, investors must have owned the shares prior to 28 June 2018, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Ashford Hospitality Trust's latest financial data to analyse its dividend characteristics.

Simply Wall St -

Should You Buy Ashford Hospitality Trust Inc (NYSE:AHT)?

Ashford Hospitality Trust Inc (NYSE:AHT), a reits company based in United States,. … Today I will analyse the most recent data on Ashford Hospitality Trust’s outlook and valuation to see if the opportunity still exists? … Great news for investors – Ashford Hospitality Trust is still trading at a fairly cheap price.

Simply Wall St -

How Should You Analyze REIT Stock Ashford Hospitality Trust Inc (NYSE:AHT)?

Ashford Hospitality Trust Inc is a US$694.49M small-cap real estate investment trust (REIT) based in Dallas, United States. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation. … In AHT’s case its P/FFO is 3.78x, compared to the long-term industry average of 16.5x, meaning that it is highly undervalued Next Steps: Ashford Hospitality Trust can bring diversification into your portfolio due to its unique REIT characteristics.

Simply Wall St -

AHT Company Info

Description

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.

Details
Name: Ashford Hospitality Trust, Inc.
AHT
Exchange: NYSE
Founded: 1968
$633,646,275
$515,818,251
124,001,228
Website: http://www.ahtreit.com
Address: Ashford Hospitality Trust, Inc.
14185 Dallas Parkway,
Suite 1100,
Dallas,
Texas, 75254,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE AHT Common Stock New York Stock Exchange US USD 26. Aug 2003
DB AHD Common Stock Deutsche Boerse AG DE EUR 26. Aug 2003
NYSE AHT.PRD PFD D 8.45%CUM New York Stock Exchange US USD 30. Jul 2007
NYSE AHT.PRI 7.5% PFD SER I New York Stock Exchange US USD 10. Nov 2017
NYSE AHT.PRH 7.50% CUM PFD H New York Stock Exchange US USD 17. Aug 2017
NYSE AHT.PRG PFD SER G New York Stock Exchange US USD 14. Oct 2016
NYSE AHT.PRF PFD CUM SER F New York Stock Exchange US USD 07. Jul 2016
Number of employees
Current staff
Staff numbers
0
Ashford Hospitality Trust employees.
Industry
Hotel and Resort REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 04:38
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/18
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.