Braemar Hotels & Resorts(US:BHR)2025-11-04 21:14Financial Performance - Net loss attributable to common stockholders for the quarter was $(8.2) million, or $(0.12) per diluted share, with Adjusted funds from operations (AFFO) at $(0.19) per diluted share[4] - Net income for the three months ended September 30, 2025, was $4.7 million, down from $39.8 million in the same period of 2024, representing a decline of 88.2%[27] - Operating income for the three months ended September 30, 2025, was $29.8 million, compared to $70.3 million for the same period in 2024, a decrease of 57.6%[27] - The company reported a net loss attributable to common stockholders of $8.2 million for the three months ended September 30, 2025, compared to a loss of $1.4 million in the same period of 2024[27] - Hotel net income for the three months ended September 30, 2025, was $33.765 million, down 56.62% from $77.832 million in 2024[46] - Hotel net income attributable to the Company and OP unitholders was $37.065 million, a decrease of 35.19% from $57.191 million in 2024[50] - The company reported a net income of $39.835 million for the period, with a significant increase compared to the previous loss of $37.997 million[117] Revenue Metrics - Comparable RevPAR for all hotels increased 1.4% year-over-year to $257, while Comparable ADR rose 4.7% to $401, and Comparable Occupancy decreased 3.2% to 64.3%[4] - Total hotel revenue for the three months ended September 30, 2025, was $143.6 million, a decrease of 3.8% compared to $148.4 million for the same period in 2024[27] - Total hotel revenue for the three months ended September 30, 2025, was $144.585 million, a decrease of 3.13% compared to $149.255 million in 2024[46] - Total hotel revenue for the three months ended September 30, 2025, was $128.719 million, a decrease of 2.54% compared to $132.071 million in 2024[50] - Total hotel revenue for the trailing twelve months (TTM) was $718,154,000, with a comparable revenue of $686,164,000 after adjustments[84] - Total hotel revenue for Resort Properties reached $494.451 million, with a hotel net income of $46.020 million, resulting in a net income margin of 9.31%[75] EBITDA and Operational Metrics - Comparable Hotel EBITDA was $21.4 million for the quarter, reflecting a 15.1% increase over the prior year quarter[4] - Adjusted EBITDAre for the nine months ended September 30, 2025, was $118.2 million, down from $127.4 million for the same period in 2024, a decline of 7.5%[29] - Hotel EBITDA for the three months ended September 30, 2025, was $25.562 million, a slight increase of 2.04% from $25.050 million in 2024[46] - Total hotel EBITDA attributable to the company reached $24,625 million, reflecting robust operational efficiency[91] - Hotel EBITDA for the company reached $91.964 million, reflecting a strong performance across its properties[117] - Comparable hotel EBITDA was reported at $126.3 million, showing strong operational performance[123] Cash and Debt Management - The Company ended the quarter with cash and cash equivalents of $116.3 million and restricted cash of $47.7 million[4] - Net debt to gross assets was 43.2% at the end of the third quarter, with total assets of $2.0 billion and total loans of $1.2 billion[8] - Indebtedness, net, was $1.16 billion as of September 30, 2025, compared to $1.21 billion as of December 31, 2024, a decrease of 4.5%[25] - The weighted average interest rate on total indebtedness as of September 30, 2025, was 6.88%[36] - Total interest expense amounted to $22,674 million, reflecting a substantial financial burden on the company's operations[97] Strategic Initiatives and Future Outlook - The Company initiated a sale process in August 2025 to explore strategic alternatives aimed at maximizing shareholder value[6] - The company is focusing on market expansion and new product development to enhance future growth prospects[91] - Future guidance indicates a continued emphasis on operational efficiency and strategic investments in technology[91] - The company is actively exploring acquisition opportunities to strengthen its market position and diversify its portfolio[120] - Future outlook remains positive with expectations for continued recovery and growth in the upcoming quarters[104] Property-Specific Performance - Rooms revenue for PIER HOUSE RESORT & SPA increased to $3,782 million, up 2.19% from $3,701 million in 2024[55] - Total hotel revenue for PIER HOUSE RESORT & SPA reached $5,418 million, reflecting a 5.55% increase compared to $5,133 million in 2024[55] - Hotel net income for PIER HOUSE RESORT & SPA surged to $1,140 million, a significant increase of 8,669.23% from $13 million in 2024[55] - Rooms revenue for PARK HYATT BEAVER CREEK RESORT & SPA decreased to $2,915 million, down 18.82% from $3,591 million in 2024[55] - Total hotel revenue for THE NOTARY HOTEL increased to $26,747, a 3.22% increase from $25,913 in 2024[64] - Hotel net income for THE NOTARY HOTEL rose to $4,109, a 25.66% increase compared to $3,270 in 2024[64]