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

Braemar Hotels Resorts Inc.

HISTORY TOOLS
CIK: 1574085 Ticker: BHR

EXHIBIT 99.1

braemara41.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
THIRD QUARTER 2020 RESULTS

DALLAS - October 28, 2020 - Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 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 September 30, 2020 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2020 with the third quarter ended September 30, 2019 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS
•
Net loss attributable to common stockholders for the quarter was $18.7 million or $0.55 per diluted share.
•
Comparable RevPAR for all hotels decreased 65.6% to $80.84 during the quarter.
•
Adjusted funds from operations (AFFO) was negative $0.15 per diluted share for the quarter.
•
Adjusted EBITDAre was negative $3.1 million for the quarter.
•
Comparable Hotel EBITDA was $0.4 million for the quarter.
•
All of the Company’s 13 properties are open and operating.
•
Subsequent to quarter end, the Company announced the opening of The Clancy, an Autograph Collection Property, located in San Francisco’s South of Market district. The rebranded property is a conversion of the Courtyard San Francisco Downtown.
•
The Company ended the quarter with cash and cash equivalents of $88.2 million and restricted cash of $34.7 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 $14.3 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 a forbearance agreement on its mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. Both properties are currently open, with the Capital Hilton reopening to guests on August 20th after a temporary suspension of operations due to lack of demand as a result of governmental closure orders. The forbearance agreement allowed the Company to defer interest on the loan for a period of six months through the September 2020 payment date. The forbearance agreement also allows 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 following information was filed by Braemar Hotels Resorts Inc. (BHR) on Wednesday, October 28, 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

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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
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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 (Issuance Activity) (Details)
Equity And Stock-Based Compensation (Narrative) (Details)
Equity And Stock-Based Compensation (Preferred Stock Dividends) (Details)
Equity And Stock-Based Compensation (Tables)
Equity And Stock-Based Compensation Equity And Stock-Based Compensation (Common Stock Dividends) (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Immaterial Correction Of Error
Immaterial Correction Of Error (Tables)
Immaterial Correction Of Error - Condensed Consolidated Balance Sheet (Details)
Immaterial Correction Of Error - Condensed Consolidated Statements Of Comprehensive Income (Details)
Immaterial Correction Of Error - Condensed Consolidated Statements Of Equity (Details)
Immaterial Correction Of Error - Condensed Consolidated Statements Of Operations (Details)
Immaterial Correction Of Error - Narrative (Details)
Immaterial Correction Of Error Immaterial Correction Of Error - Condensed Consolidated Statement Of Cash Flows (Details)
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 (Narrative) (Details)
Indebtedness, Net (Schedule Of Indebtedness) (Details)
Indebtedness, Net (Tables)
Investment In Unconsolidated Entity
Investment In Unconsolidated Entity (Details)
Investment In Unconsolidated Entity (Tables)
Investments In Hotel Properties, Net
Investments In Hotel Properties, Net (Details)
Investments In Hotel Properties, Net (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 (Narrative) (Details)
Related Party Transactions (Schedule Of Advisory Services Fee) (Details)
Related Party Transactions (Schedule Of Reimbursed Operating Expenses) (Details)
Related Party Transactions (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Segment Reporting
Segment Reporting (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
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 (Narrative) (Details)
Summary Of Fair Value Of Financial Instruments (Tables)

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: 0001574085-20-000065
Submitted to the SEC: Mon Nov 09 2020 4:59:57 PM EST
Accepted by the SEC: Mon Nov 09 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

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