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Braemar Hotels Resorts Inc. (BHR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Braemar Hotels Resorts Inc.

HISTORY TOOLS
CIK: 1574085 Ticker: BHR

EXHIBIT 99.1

braemara37.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
SECOND QUARTER 2020 RESULTS

DALLAS - July 30, 2020 - Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 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 June 30, 2020 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2020 with the second quarter ended June 30, 2019 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

COVID-19 UPDATE
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:

•
During the quarter, the Company closed on an amendment to its corporate credit facility. With a paydown of $10 million, the amendment converted the $75 million corporate credit facility into a $65 million term loan with the same maturity date of October 25, 2022. The amendment also provides a waiver on the majority of the covenants through the first quarter of 2021.
•
The Company ended the quarter with cash and cash equivalents of $103 million and restricted cash of $41 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. The Company is currently working with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls. At the end of the quarter, there was also $9 million in due from third-party hotel managers, which is the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•
During the quarter, the Company announced that it has signed forbearance agreements on five loans including its mortgage loans on the Hotel Yountville, Bardessono Hotel, Ritz-Carlton Lake Tahoe, Ritz-Carlton Sarasota, and Pier House Resort. The forbearance agreements allow the Company to defer interest on the loans for an initial period of three months and up to six months subject to certain conditions. The forbearance agreements also allow the Company to utilize lender and manager held reserve accounts, which are included in restricted cash on the Company’s balance sheet, in order to fund operating shortfalls at the hotels. The Company also entered into an FF&E use agreement on its 4-hotel portfolio loan. The Company expects to have a forbearance agreement completed soon

The following information was filed by Braemar Hotels Resorts Inc. (BHR) on Thursday, July 30, 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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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:

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  • 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

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Condensed Consolidated Statements Of Operations
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)
Indebtedness, Net - Narrative (Details)
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 Event
Subsequent Event (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: 0001574085-20-000041
Submitted to the SEC: Thu Aug 06 2020 4:31:05 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: Real Estate Investment Trusts

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