Braemar Hotels & Resorts(US:BHR)2025-02-26 21:10Financial Performance - Net loss attributable to common stockholders for Q4 2024 was $(31.1) million or $(0.47) per diluted share, with an AFFO of $(0.06) per diluted share[5]. - For the full year 2024, net loss attributable to common stockholders was $(50.9) million or $(0.77) per diluted share, with an AFFO of $0.21 per diluted share[12]. - The company reported a net loss of $21.8 million for the three months ended December 31, 2024, compared to a loss of $21.5 million in the same period of 2023[26]. - The company reported a net income loss of $21,767 million for the period[84]. - The company reported a net income of $2,914 million for the year ended December 31, 2024, compared to a net loss of $28,426 million in the previous year[113]. Revenue and Occupancy Metrics - Comparable RevPAR for all hotels increased 1.9% year-over-year to $305, while Comparable ADR increased 0.4% to $480 and Comparable Occupancy increased 1.5% to 63.5%[5]. - Total hotel revenue for the year ended December 31, 2024, was $728.4 million, a decrease of 1.4% from $739.3 million in 2023[26]. - Total hotel revenue for the three months ended December 31, 2024, was $145,972, a decrease of 5.42% compared to $154,334 in 2023[51]. - RevPAR for the year ended December 31, 2024, was $310.52, a slight increase of 1.25% from $306.69 in 2023[40]. - The occupancy rate for the three months ended December 31, 2024, was 63.54%, slightly down from 63.61% in 2023[39]. EBITDA and Financial Ratios - Adjusted EBITDAre for Q4 2024 was $30.2 million, and Comparable Hotel EBITDA was $41.1 million for the quarter[5]. - Adjusted EBITDAre for the full year 2024 was $157.6 million, and Comparable Hotel EBITDA was $179.0 million[12]. - Hotel EBITDA for the year ended December 31, 2024, was $188,137,000, down 8.87% from $206,439,000 in 2023[46]. - Total hotel EBITDA was $43,347 million, reflecting a significant recovery from the previous year's EBITDA of $30,054 million[113]. - The weighted average interest rate on total indebtedness was 7.23% as of December 31, 2024[32]. Cash and Debt Management - The Company ended Q4 2024 with cash and cash equivalents of $135.5 million and restricted cash of $49.6 million[5]. - The Company has a net debt to gross assets ratio of 40.8% at the end of Q4 2024[5]. - Indebtedness, net, rose to $1.210 billion as of December 31, 2024, compared to $1.162 billion in 2023, an increase of 4.1%[24]. - Total liabilities increased slightly to $1.414 billion as of December 31, 2024, from $1.408 billion in 2023[24]. - Interest expense totaled $24,591 million, indicating significant financial costs[84]. Capital Expenditures and Investments - The Company invested $15.8 million in Capex during Q4 2024 and $70.6 million for the full year[5][12]. - The company anticipates significant capital expenditures in 2024 and 2025, particularly for hotels with expected displacement[79]. - The company is focusing on expanding its hotel portfolio, with 15 properties included in operations as of December 31, 2024[100]. Dividends and Shareholder Returns - A quarterly cash dividend of $0.05 per diluted share was declared for Q1 2025, equating to an annual rate of $0.20 per share[9]. - The company declared dividends of $0.05 per common share for both the three months ended December 31, 2024, and 2023[26]. Market Expansion and Future Outlook - The company anticipates continued focus on market expansion and new product development in the upcoming quarters[69]. - Future guidance suggests continued growth in occupancy and revenue, driven by strategic marketing and operational improvements[87]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its geographic footprint[86]. - The company is committed to enhancing its brand presence through strategic marketing initiatives and partnerships[100]. Property-Specific Performance - Rooms revenue for Pier House Resort & Spa increased to $5,897, a 2.02% rise compared to $5,780 in 2023[56]. - Hotel net income for Pier House Resort & Spa surged to $3,021, marking a 142.07% increase from $1,248 in 2023[56]. - Rooms revenue for Hotel Yountville decreased to $2,862, down 5.61% from $3,032 in 2023[56]. - Hotel net income for The Notary Hotel increased to $2,739, a 64.50% rise from $1,665 in 2023[56]. - Total hotel revenue for The Ritz-Carlton Sarasota rose by 1.45% to $86,764 compared to $85,520 in 2023[66].