10-Q 1 bhr-20230930.htm 10-Q bhr-20230930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from ________________ to ________________

Commission file number: 001-35972

BRAEMAR HOTELS & RESORTS INC.
(Exact name of registrant as specified in its charter)
Maryland46-2488594
(State or other jurisdiction of incorporation or organization)(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas75254
(Address of principal executive offices)(Zip code)

(972) 490-9600
(Registrant’s telephone number, including area code)

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “small reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
    Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockBHRNew York Stock Exchange
Preferred Stock, Series BBHR-PBNew York Stock Exchange
Preferred Stock, Series DBHR-PDNew York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share65,993,893
(Class)
Outstanding at November 6, 2023



BRAEMAR HOTELS & RESORTS INC.
FORM 10-Q
FOR THE QUARTER ENDED September 30, 2023

TABLE OF CONTENTS




PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS (unaudited)
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
September 30, 2023December 31, 2022
ASSETS
Investments in hotel properties, gross$2,365,256 $2,325,093 
Accumulated depreciation(483,081)(440,492)
Investments in hotel properties, net1,882,175 1,884,601 
Cash and cash equivalents149,496 261,541 
Restricted cash57,333 54,155 
Accounts receivable, net of allowance of $233 and $339, respectively
35,939 51,448 
Inventories4,944 5,238 
Prepaid expenses14,006 7,044 
Deferred costs, net75  
Investment in unconsolidated entity1,718 1,689 
Derivative assets4,945 6,482 
Operating lease right-of-use assets78,660 79,449 
Other assets18,479 14,621 
Intangible assets, net3,599 3,883 
Due from Ashford Inc.1,538  
Due from related parties, net520 938 
Due from third-party hotel managers14,200 26,625 
Total assets$2,267,627 $2,397,714 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,178,720 $1,334,130 
Accounts payable and accrued expenses144,064 133,978 
Dividends and distributions payable8,967 8,184 
Due to Ashford Inc. 10,005 
Due to third-party hotel managers1,615 2,096 
Operating lease liabilities60,470 60,692 
Other liabilities22,579 22,343 
Derivative liabilities11 284 
Total liabilities1,416,426 1,571,712 
Commitments and contingencies (note 15)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
65,426 65,426 
Series E redeemable preferred stock, $0.01 par value, 16,409,685 and 12,656,529 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
377,876 291,076 
Series M redeemable preferred stock, $0.01 par value, 1,911,703 and 1,428,332 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
47,460 35,182 
Redeemable noncontrolling interests in operating partnership33,494 40,555 
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2023 and December 31, 2022
16 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 65,993,893 and 69,919,065 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
659 699 
Additional paid-in capital717,564 734,134 
Accumulated deficit(377,658)(324,740)
Total stockholders’ equity of the Company340,581 410,109 
Noncontrolling interest in consolidated entities(13,636)(16,346)
Total equity326,945 393,763 
Total liabilities and equity$2,267,627 $2,397,714 
See Notes to Condensed Consolidated Financial Statements.
2


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
REVENUE
Rooms$100,738 $104,503 $355,402 $322,222 
Food and beverage38,537 37,624 138,541 116,600 
Other20,526 19,062 67,866 59,141 
Total hotel revenue159,801 161,189 561,809 497,963 
EXPENSES
Hotel operating expenses:
Rooms25,899 25,424 79,962 69,742 
Food and beverage32,750 31,320 108,854 91,242 
Other expenses52,725 50,836 171,317 149,130 
Management fees5,076 5,116 17,661 14,802 
Total hotel operating expenses116,450 112,696 377,794 324,916 
Property taxes, insurance and other10,471 8,851 27,983 22,731 
Depreciation and amortization22,703 19,604 67,791 57,616 
Advisory services fee7,020 8,854 23,183 22,481 
(Gain) loss on legal settlements   (114)
Corporate general and administrative2,506 8,075 9,222 14,008 
Total operating expenses159,150 158,080 505,973 441,638 
OPERATING INCOME (LOSS)651 3,109 55,836 56,325 
Equity in earnings (loss) of unconsolidated entity(60)(74)(208)(220)
Interest income986 745 5,389 932 
Other income (expense)293 27 293 27 
Interest expense and amortization of discounts and loan costs(23,306)(14,490)(69,779)(33,293)
Write-off of loan costs and exit fees(2,588)(8)(2,848)(106)
Gain (loss) on extinguishment of debt  2,318  
Realized and unrealized gain (loss) on derivatives223 2,403 918 4,019 
INCOME (LOSS) BEFORE INCOME TAXES(23,801)(8,288)(8,081)27,684 
Income tax (expense) benefit1,190 (95)(1,064)(3,783)
NET INCOME (LOSS)(22,611)(8,383)(9,145)23,901 
(Income) loss attributable to noncontrolling interest in consolidated entities(1,773)(823)(1,715)(2,265)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership2,354 1,166 3,018 (647)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(22,030)(8,040)(7,842)20,989 
Preferred dividends(10,582)(6,028)(31,809)(13,395)
Deemed dividends on preferred stock(516)(2,649)(3,271)(4,802)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(33,128)$(16,717)$(42,922)$2,792 
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders$(0.50)$(0.24)$(0.63)$0.04 
Weighted average common shares outstanding – basic65,825 70,956 68,010 69,213 
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders$(0.50)$(0.24)$(0.63)$0.04 
Weighted average common shares outstanding – diluted65,825 70,956 68,010 69,214 
See Notes to Condensed Consolidated Financial Statements.
3


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
NET INCOME (LOSS)$(22,611)$(8,383)$(9,145)$23,901 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)    
TOTAL COMPREHENSIVE INCOME (LOSS)(22,611)(8,383)(9,145)23,901 
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities(1,773)(823)(1,715)(2,265)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership2,354 1,166 3,018 (647)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY$(22,030)$(8,040)$(7,842)$20,989 
See Notes to Condensed Consolidated Financial Statements.
4


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited, in thousands except per share amounts)
8.25% Series D Cumulative Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated DeficitNoncontrolling Interest in Consolidated EntitiesTotal
5.50% Series B Cumulative Convertible
Preferred Stock
Series E Redeemable
Preferred Stock
Series M Redeemable
Preferred Stock
Redeemable Noncontrolling Interests in Operating Partnership
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at June 30, 20231,600 $16 65,994 $659 $716,987 $(341,210)$(12,669)$363,783 3,078 $65,426 16,485 $379,403 1,960 $48,405 $35,174 
Equity-based compensation— — — — 577 — — 577 — — — — — — 1,050 
Issuance of preferred stock— — — — — — — — — — 36 813 3 56 — 
Dividends declared – common stock ($0.05/share)
— — — — — (3,335)— (3,335)— — — — — — — 
Dividends declared – preferred stock - Series B ($0.34/share)
— — — — — (1,058)— (1,058)— — — — — — — 
Dividends declared – preferred stock - Series D ($0.52/share)
— — — — — (825)— (825)— — — — — — — 
Dividends declared – preferred stock - Series E ($0.47/share)
— — — — — (7,710)— (7,710)— — — — — — — 
Dividends declared – preferred stock - Series M ($0.52/share)
— — — — — (989)— (989)— — — — — — — 
Distributions to noncontrolling interests— — — — — — (2,740)(2,740)— — — — — — (361)
Net income (loss)— — — — — (22,030)1,773 (20,257)— — — — — — (2,354)
Redemption of preferred stock— — — — — — — — — — (111)(2,589)(51)(1,268)— 
Redemption value adjustment – preferred stock— — — — — (516)— (516)— — — 249 — 267 — 
Redemption value adjustment— — — — — 15 — 15 — — — — — — (15)
Balance at September 30, 20231,600 $16 65,994 $659 $717,564 $(377,658)$(13,636)$326,945 3,078 $65,426 16,410 $377,876 1,912 $47,460 $33,494 
8.25% Series D Cumulative Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated DeficitNoncontrolling Interest in Consolidated EntitiesTotal
5.50% Series B Cumulative Convertible
Preferred Stock
Series E Redeemable
Preferred Stock
Series M Redeemable
Preferred Stock
Redeemable Noncontrolling Interests in Operating Partnership
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 20221,600 $16 69,919 $699 $734,134 $(324,740)$(16,346)$393,763 3,078 $65,426 12,657 $291,076 1,428 $35,182 $40,555 
Purchase of common stock— — (3,969)(40)(19,214)— — (19,254)— — — — — — — 
Equity-based compensation— — — — 2,644 — — 2,644 — — — — — — 4,210 
Issuance of preferred stock— — — — — — — — — — 3,896 87,557 540 13,011 — 
Issuance of restricted shares/units— — 45 — — — — — — — — — — — — 
Forfeiture of restricted common shares— — (1)— — — — — — — — — — — — 
Dividends declared – common stock ($0.15 /share)
— — — — — (10,004)— (10,004)— — — — — — — 
Dividends declared – preferred stock - Series B ($1.03/share)
— — — — — (3,174)— (3,174)— — — — — — — 
Dividends declared – preferred stock - Series D ($1.55/share)
— — — — — (2,475)— (2,475)— — — — — — — 
Dividends declared – preferred stock - Series E ($1.44/share)
— — — — — (23,230)— (23,230)— — — — — — — 
Dividends declared – preferred stock - Series M ($1.55/share)
— — — — — (2,930)— (2,930)— — — — — — — 
Contributions from noncontrolling interests— — — — — — 4,050 4,050 — — — — — — — 
Distributions to noncontrolling interests— — — — — — (3,055)(3,055)— — — — — — (1,083)
Redemption/conversion of operating partnership units— — — — — — — — — — — — — — (7,162)
Net income (loss)— — — — — (7,842)1,715 (6,127)— — — — — — (3,018)
Redemption of preferred stock— — — — — — — — — — (143)(3,378)(56)(1,383)— 
Redemption value adjustment – preferred stock— — — — — (3,271)— (3,271)— — — 2,621 — 650 — 
Redemption value adjustment— — — — — 8 — 8 — — — — — — (8)
Balance at September 30, 20231,600 $16 65,994 $659 $717,564 $(377,658)$(13,636)$326,945 3,078 $65,426 16,410 $377,876 1,912 $47,460 $33,494 
5


8.25% Series D Cumulative Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated DeficitNoncontrolling Interest in Consolidated EntitiesTotal
5.50% Series B Cumulative Convertible
 Preferred Stock
 Series E Redeemable
 Preferred Stock
Series M Redeemable
 Preferred Stock
Redeemable Noncontrolling Interests in Operating Partnership
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at June 30, 20221,600 $16 71,310 $712 $738,353 $(290,307)$(14,943)$433,831 3,078 $65,426 4,508 $103,697 396 $9,750 $40,291 
Purchase of common stock— — (156)(1)(760)— — (761)— — — — — — — 
Equity-based compensation— — — — 1,799 — — 1,799 — — — — — — 1,592 
Issuance of restricted shares/units— — 304 3 2 — — 5 — — — — — — — 
Forfeiture of restricted common shares— — (2)— — — — — — — — — — — — 
Issuance of preferred stock— — — — — — — — — — 4,375 98,277 673 16,296 — 
Dividends declared – common stock ($0.01/share)
— — — — — (719)— (719)— — — — — — — 
Dividends declared – preferred stock - Series B ($0.34/share)
— — — — — (1,059)— (1,059)— — — — — — — 
Dividends declared – preferred stock-Series D ($0.52/share)
— — — — — (825)— (825)— — — — — — — 
Dividends declared – preferred stock - Series E ($0.48 /share)
— — — — — (3,697)— (3,697)— — — — — — — 
Dividends declared – preferred stock - Series M ($0.52 /share)
— — — — — (447)— (447)— — — — — — — 
Distributions to noncontrolling interests— — — — — — — — — — — — — — (84)
Net income (loss)— — — — — (8,040)823 (7,217)— — — — — — (1,166)