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Braemar Hotels Resorts Inc. (BHR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Braemar Hotels Resorts Inc.

HISTORY TOOLS
CIK: 1574085 Ticker: BHR

EXHIBIT 99.1

braemara34.jpg
NEWS RELEASE

Contact:
Deric Eubanks
Jordan Jennings
Joseph Calabrese
 
Chief Financial Officer
Investor Relations
Financial Relations Board
 
(972) 490-9600
(972) 778-9487
(212) 827-3772


BRAEMAR HOTELS & RESORTS REPORTS
FIRST QUARTER 2020 RESULTS

DALLAS - May 21, 2020 - Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2020. 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 March 31, 2020 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2020 with the first quarter ended March 31, 2019 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

COVID-19 UPDATE
On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. In the United States, federal and local government agencies implemented emergency declarations and issued restrictions on travel, implementation of social distancing protocols, stay at home orders, limitations on gatherings and mandates to close all non-essential businesses.

In response to the impact of COVID-19 on the hospitality industry, the Company is deploying numerous strategies and protocols to protect the health and safety of its employees, guests, partners, and communities where it operates. Additionally, the Company has taken steps to ensure that it has additional financial flexibility going forward to navigate this crisis, including:

•
Currently, the Company has temporarily suspended operations at 11 properties. The Company’s remaining 2 properties are operating at reduced levels.
•
The Company worked proactively with its property managers to aggressively cut operating costs at its hotels ultimately resulting in an approximate 90% reduction in property-level staffing.
•
The Company has significantly reduced its planned spend for capital expenditures for the year from a range of $45-$65 million to a range of $15-$25 million.
•
The Company has suspended its common dividend conserving approximately $6 million per calendar quarter.
•
The Company has completely drawn down its $75 million credit facility.
•
The Company has taken proactive and aggressive actions to protect liquidity and reduce corporate expenses through compensation reductions and the curtailment of expenses resulting in an approximate 25% reduction in corporate G&A and reimbursable expenses.
•
The Company estimates that its current monthly cash utilization at its hotels given their current state

The following information was filed by Braemar Hotels Resorts Inc. (BHR) on Thursday, May 21, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Braemar Hotels Resorts Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Braemar Hotels Resorts Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Braemar Hotels Resorts Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Equity (Unaudited)
Condensed Consolidated Statements Of Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Operations (Unaudited)
5.50% Series B Cumulative Convertible Preferred Stock
5.50% Series B Cumulative Convertible Preferred Stock (Details)
5.50% Series B Cumulative Convertible Preferred Stock (Tables)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Derivative Instruments
Derivative Instruments (Details)
Derivative Instruments (Tables)
Equity And Stock-Based Compensation
Equity And Stock-Based Compensation (Details)
Equity And Stock-Based Compensation (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income (Loss) Per Share
Income (Loss) Per Share (Antidilutive) (Details)
Income (Loss) Per Share (Reconciliation) (Details)
Income (Loss) Per Share (Tables)
Indebtedness, Net
Indebtedness, Net (Details)
Indebtedness, Net (Tables)
Investment In Hotel Properties, Net
Investment In Hotel Properties, Net (Details)
Investment In Hotel Properties, Net (Tables)
Investment In Unconsolidated Entity
Investment In Unconsolidated Entity (Details)
Investment In Unconsolidated Entity (Tables)
Organization And Description Of Business
Organization And Description Of Business (Details)
Redeemable Noncontrolling Interests In Operating Partnership
Redeemable Noncontrolling Interests In Operating Partnership (Details)
Redeemable Noncontrolling Interests In Operating Partnership (Tables)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Segment Reporting
Segment Reporting (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Subsequent Events
Subsequent Events (Details)
Summary Of Fair Value Of Financial Instruments
Summary Of Fair Value Of Financial Instruments (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details)
Summary Of Fair Value Of Financial Instruments (Tables)
Summary Of Fair Value Of Financial Instruments - Narrative (Details)

Material Contracts, Statements, Certifications & more

Braemar Hotels Resorts Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: BHR
CIK: 1574085
Form Type: 10-Q Quarterly Report
Accession Number: 0001574085-20-000025
Submitted to the SEC: Wed May 27 2020 5:45:54 PM EST
Accepted by the SEC: Thu May 28 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate Investment Trusts

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