DALLAS, April 10, 2024 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that its Board of Directors (the "Board") declared a quarterly cash dividend of $0.05 per diluted share for the Company's common stock for the second quarter ending June 30, 2024. This dividend, which equates to an annual rate of $0.20 per share, is payable on July 15, 2024, to stockholders of record as of June 28, 2024. The Board declared a quarterly cash dividend for the second qua ...

Urges Shareholders to Hold Braemar's Board Accountable for Massive Value Destruction and Enrichment of Monty Bennett Recommends Shareholders Elect Blackwells' Highly Qualified Candidates to Serve All Shareholders Launches www.NoMoreMonty.com to Promote Transparency NEW YORK, April 10, 2024 (GLOBE NEWSWIRE) -- Blackwells Capital LLC ("Blackwells"), a shareholder of Braemar Hotels & Resorts Inc. ("Braemar" or the "Company") (NYSE:BHR) has filed a definitive proxy statement with the Securities and Exchange Co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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) Maryland 46-2488594 (State or other ...

Braemar Hotels & Resorts, Inc. (NYSE:BHR) Q4 2023 Earnings Conference Call March 1, 2024 11:00 AM ET Company Participants Jordan Jennings - Manager, IR Christopher Nixon - SVP and Head, Asset Management Deric Eubanks - CFO Richard Stockton - President and CEO Conference Call Participants Michael Bellisario - Baird Bryan Maher - B. Riley Securities Operator Thank you for standing by and welcome to the Braemar Hotels & Resorts Inc. Fourth Quarter 2023 Results Conference Call. I would now like to welcome Jorda ...

Braemar Hotels & Resorts (BHR) reported $177.53 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 3.5%. EPS of $0.04 for the same period compares to -$0.19 a year ago.The reported revenue represents a surprise of +2.53% over the Zacks Consensus Estimate of $173.16 million. With the consensus EPS estimate being $0.04, the company has not delivered EPS surprise.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

Braemar Hotels & Resorts (BHR) came out with quarterly funds from operations (FFO) of $0.04 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.16 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this hotel owner would post FFO of $0.04 per share when it actually produced a loss of $0.08, delivering a surprise of -300%.Over the last four quarters, the company has surpassed consensus FFO estimates two times.Braemar Hotel ...

DALLAS – February 29, 2024 – Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2023. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2023, was owned as of the beginning of each of the periods presented. ...

DALLAS, Jan. 25, 2024 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced the tax reporting (Federal Form 1099-DIV) information for the 2023 distributions on its common shares and its Series B, D, E and M preferred shares. The amounts below represent the income tax treatment applicable to each distribution that is reportable in 2023. The common and preferred distributions that the Company paid on January 17, 2023 to stockholders of record as of December 30, ...

Braemar Hotels & Resorts, Inc. (NYSE:BHR) Q3 2023 Earnings Conference Call November 9, 2023 11:00 AM ET Company Participants Jordan Jennings - Manager, IR Christopher Nixon - SVP & Head, Asset Management Deric Eubanks - CFO & Treasurer Richard Stockton - President, CEO & Director Conference Call Participants Tyler Batory - Oppenheimer Michael Bellisario - Robert W. Baird & Co. Operator Good day, everyone, and welcome to the Braemar Hotels & Resorts Third Quarter 2023 Results Conference Call. Today's call is ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section details the company's unaudited financial statements, management's analysis, market risk disclosures, and internal controls [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(unaudited)) This section presents Braemar Hotels & Resorts Inc.'s unaudited condensed consolidated financial statements for the period ended September 30, 2023 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets from **$2.40 billion** at year-end 2022 to **$2.27 billion** as of September 30, 2023, primarily driven by a reduction in cash and cash equivalents, while total liabilities also decreased from **$1.57 billion** to **$1.42 billion** mainly due to reduced net indebtedness Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $149,496 | $261,541 | | Investments in hotel properties, net | $1,882,175 | $1,884,601 | | **Total Assets** | **$2,267,627** | **$2,397,714** | | **Liabilities & Equity** | | | | Indebtedness, net | $1,178,720 | $1,334,130 | | **Total Liabilities** | **$1,416,426** | **$1,571,712** | | **Total Equity** | **$326,945** | **$393,763** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the nine months ended September 30, 2023, the company reported a net loss of **$9.1 million**, a significant shift from a net income of **$23.9 million** in the same period of 2022, primarily due to a substantial increase in interest expense to **$69.8 million** from **$33.3 million** year-over-year, despite a **12.8%** increase in total hotel revenue Statement of Operations Summary (in thousands) | Metric | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Total hotel revenue | $561,809 | $497,963 | | Total operating expenses | $505,973 | $441,638 | | Operating income | $55,836 | $56,325 | | Interest expense | ($69,779) | ($33,293) | | **Net income (loss)** | **($9,145)** | **$23,901** | | Net income (loss) attributable to common stockholders | ($42,922) | $2,792 | | **Income (loss) per share - diluted** | **($0.63)** | **$0.04** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash from operating activities was **$73.0 million**, down from **$104.0 million** in the prior year period, with net cash used in investing activities of **$55.6 million** primarily for hotel improvements, and net cash used in financing activities of **$126.3 million** driven by debt repayments and stock repurchases, leading to a net decrease in cash of **$108.9 million** Cash Flow Summary (Nine Months Ended, in thousands) | Activity | Sep 30, 2023 | Sep 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $73,001 | $103,986 | | Net cash used in investing activities | ($55,578) | ($123,618) | | Net cash provided by (used in) financing activities | ($126,290) | $169,068 | | **Net change in cash, cash equivalents and restricted cash** | **($108,867)** | **$149,436** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on the company's accounting policies, business organization, revenue breakdown, indebtedness, equity structure, derivative instruments, and related party transactions, highlighting key events such as the transition of variable rate debt from LIBOR to SOFR, a new **$200 million** secured credit facility, and the completion of a **$25 million** stock repurchase program - The company is advised by Ashford Hospitality Advisors LLC, a subsidiary of Ashford Inc., and does not have any employees, with all services provided by Ashford LLC[18](index=18&type=chunk) - Total net indebtedness decreased from **$1.33 billion** at year-end 2022 to **$1.18 billion** as of September 30, 2023[56](index=56&type=chunk) - On July 31, 2023, the company entered into a new **$200 million** secured credit facility, consisting of a **$150 million** term loan and a **$50 million** revolving credit facility, to repay existing mortgage loans[32](index=32&type=chunk)[63](index=63&type=chunk) - The company completed its **$25 million** stock repurchase program, having repurchased **3.9 million shares** for approximately **$18.9 million** during the nine months ended September 30, 2023[133](index=133&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=38&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management analyzes the company's financial condition and operational results for the third quarter and nine months of 2023, focusing on key performance indicators, revenue, expenses, liquidity, and capital resources [Overview](index=39&type=section&id=Overview) Braemar is a REIT focused on high RevPAR luxury hotels and resorts, with a portfolio of **16 properties** and **4,192 total rooms** as of September 30, 2023, externally advised by Ashford LLC and utilizing third-party and affiliated management companies to operate its hotels - The company's investment strategy targets luxury hotels with RevPAR at least twice the U.S. national average[225](index=225&type=chunk) - As of September 30, 2023, the company owned interests in **16 hotel properties** with **4,192 total rooms** (**3,957 net rooms**)[196](index=196&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) For Q3 2023, total hotel revenue slightly decreased by **0.9%** to **$159.8 million**, with RevPAR declining to **$259.78**, while for the nine-month period, total hotel revenue grew **12.8%** to **$561.8 million**, with RevPAR increasing to **$308.88**, resulting in a net loss attributable to common stockholders of **$33.1 million** for the quarter and **$42.9 million** for the nine months, primarily due to significantly higher interest expense Q3 2023 vs Q3 2022 Key Performance Indicators (All Hotels) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Occupancy | 68.37% | 71.50% | | ADR | $379.97 | $398.16 | | RevPAR | $259.78 | $284.69 | | Total hotel revenue (in thousands) | $159,801 | $161,189 | Nine Months 2023 vs 2022 Key Performance Indicators (All Hotels) | Metric | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | | Occupancy | 68.06% | 66.00% | | ADR | $453.87 | $451.01 | | RevPAR | $308.88 | $297.66 | | Total hotel revenue (in thousands) | $561,809 | $497,963 | - Interest expense for the nine months ended Sep 30, 2023, increased by **109.6%** to **$69.8 million** compared to the same period in 2022, primarily due to higher average interest rates[297](index=297&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is sourced from cash from operations, capital markets, and its revolving credit facility, holding **$149.5 million** in cash and cash equivalents as of September 30, 2023, with key financing activities including a new **$200 million** credit facility, a **$435 million** mortgage loan extension with a **$142 million** paydown, and the completion of a **$25 million** stock repurchase program, expecting to meet short-term needs but relying on debt or equity capital for long-term requirements - As of September 30, 2023, the company held cash and cash equivalents of **$149.5 million** and restricted cash of **$57.3 million**[305](index=305&type=chunk) - The company entered into a new **$200 million** secured credit facility on July 31, 2023, to repay mortgage debt on three properties[342](index=342&type=chunk)[343](index=343&type=chunk) - The company extended a **$435 million** mortgage loan in June 2023, paying down **$142 million** to reduce the balance to approximately **$293 million**[341](index=341&type=chunk) - The company's dividend policy for 2023 is a quarterly cash dividend of **$0.05 per common share**[319](index=319&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=63&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk exposure is to changes in interest rates on its variable-rate debt, which constituted approximately **$1.1 billion** of its **$1.2 billion** total indebtedness as of September 30, 2023, mitigated by interest rate caps - A hypothetical **25-basis point** change in interest rates would impact the results of operations by approximately **$2.8 million** per year on the outstanding variable-rate debt, though this is partially mitigated by interest rate caps[417](index=417&type=chunk) [Controls and Procedures](index=64&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that as of September 30, 2023, the company's disclosure controls and procedures were not effective due to a previously identified material weakness in internal control over financial reporting related to the accounting for deemed dividends on redeemable preferred stock, which impacts the calculation of earnings per share, with remediation efforts underway but not completed during the quarter - A material weakness was identified in the company's internal control over financial reporting related to the calculation of earnings per share due to an error in the treatment of deemed dividends on redeemable preferred stock[390](index=390&type=chunk) - As a result of this material weakness, the CEO and CFO concluded that disclosure controls and procedures were not effective as of September 30, 2023[360](index=360&type=chunk) [PART II. OTHER INFORMATION](index=64&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, defaults, and exhibits for the company [Legal Proceedings](index=64&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in a class action lawsuit filed against one of its hotel management companies in California concerning alleged violations of employment laws affecting two of its hotels, where a loss is reasonably possible but cannot be estimated, and a cyber incident occurred during the quarter with potential exposure of employee data, but related costs to date are immaterial - A class action lawsuit in California alleges violations of employment laws regarding rest breaks at two company-owned hotels, where the potential loss is not reasonably estimable at this time[363](index=363&type=chunk) - A cyber incident in Q3 2023 resulted in potential exposure of employee personal information, but not customer data, with the company believing insurance coverage is sufficient and costs incurred are immaterial[394](index=394&type=chunk) [Risk Factors](index=65&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section highlights a key risk factor concerning the company's cash holdings, as it maintains cash balances at financial institutions that exceed FDIC insurance limits, posing a risk of loss if these institutions were to fail, as exemplified by recent bank failures in the U.S - The company faces risk from holding cash and cash equivalents at financial institutions in excess of FDIC insurance limits, which could be adversely affected by bank failures[366](index=366&type=chunk)[396](index=396&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECU%20RITIES%20AND%20USE%20OF%20PROCEEDS) The company reports on its stock repurchase activity, confirming that the previously announced **$25 million** stock repurchase program was completed as of September 30, 2023, with no shares repurchased during the third quarter of 2023 - The company's **$25.0 million** stock repurchase authorization has been completed as of September 30, 2023[397](index=397&type=chunk) Issuer Purchases of Equity Securities (Q3 2023) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 1 to July 31 | 0 | N/A | | August 1 to August 31 | 0 | N/A | | September 1 to September 30 | 0 | N/A | | **Total** | **0** | **N/A** | [Defaults Upon Senior Securities](index=66&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company reported no defaults upon its senior securities during the period - None[398](index=398&type=chunk) [Exhibits](index=66&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, material contracts such as the new Credit Agreement, and certifications by the CEO and CFO - Filed exhibits include the Credit Agreement dated July 31, 2023, and CEO/CFO certifications pursuant to the Sarbanes-Oxley Act[399](index=399&type=chunk)[404](index=404&type=chunk)