ASHFORD APARTMENTS LLC

certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements and finance leases are based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E and 32 years for our Marietta finance lease. While we believe our estimates are reasonable, a change in estimated useful lives could affec

mbursable expenses of $23.7 million and fees totaling $1.1 million associated with Stirling OP’s advisory agreement. Corporate, General and Administrative . Corporate, general and administrative expenses decreased $3.9 million, or 15.7%, to $20.8 million in 2025 compared to 2024. The decrease was primarily attributable to a decrease in reimbursements of Ashford Securities’ operating expenses of $2.3 million, miscellaneous expenses of $1.4 million and public company costs of $750,000. The decrease in 2025 was partially offset by an increase of $569,000 in legal and professional expenses. Gain (Loss) on Consolidation of VIE and Disposition of Assets and Hotel Properties . Gain on consolidation of VIE and disposition of assets and hotel properties decreased $14.6 million, from $94.4 million i