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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number: 001-35972

BRAEMAR HOTELS & RESORTS INC.

(Exact name of registrant as specified in its charter)

Maryland
 
46-2488594
(State or other jurisdiction of incorporation or organization)
 
(IRS employer identification number)
 
 
 
14185 Dallas Parkway
 
 
Suite 1100
 
 
Dallas
 
 
Texas
 
75254
(Address of principal executive offices)
 
(Zip code)

(972) 490-9600
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “small reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock
 
BHR
 
New York Stock Exchange
Preferred Stock, Series B
 
BHR-PB
 
New York Stock Exchange
Preferred Stock, Series D
 
BHR-PD
 
New York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share
 
33,528,000
(Class)
 
Outstanding at August 4, 2020




BRAEMAR HOTELS & RESORTS INC.
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2020

TABLE OF CONTENTS

 
 
 



Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS (unaudited)

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
 
June 30, 2020
 
December 31, 2019
ASSETS
 
 
 
Investments in hotel properties, gross
$
1,786,366

 
$
1,791,174

Accumulated depreciation
(338,186
)
 
(309,752
)
Investments in hotel properties, net
1,448,180

 
1,481,422

Cash and cash equivalents
102,568

 
71,995

Restricted cash
41,464

 
58,388

Accounts receivable, net of allowance of $187 and $153, respectively
7,747

 
19,053

Inventories
2,611

 
2,794

Prepaid expenses
5,338

 
4,992

Investment in unconsolidated entity
1,845

 
1,899

Derivative assets
756

 
582

Operating lease right-of-use assets
81,913

 
82,596

Other assets
14,971

 
13,018

Intangible assets, net
4,830

 
5,019

Due from related parties, net
887

 
551

Due from third-party hotel managers
8,867

 
16,638

Total assets
$
1,721,977

 
$
1,758,947

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Indebtedness, net
$
1,123,313

 
$
1,058,486

Accounts payable and accrued expenses
69,821

 
94,919

Dividends and distributions payable
3,208

 
9,143

Due to Ashford Inc.
2,694

 
4,344

Due to third-party hotel managers
971

 
1,685

Operating lease liabilities
61,010

 
61,118

Other liabilities
19,410

 
17,508

Total liabilities
1,280,427

 
1,247,203

Commitments and contingencies (note 15)

 

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 5,031,473 and 5,008,421 shares issued and outstanding at June 30, 2020 and December 31, 2019
107,352

 
106,920

Redeemable noncontrolling interests in operating partnership
32,060

 
41,570

Equity:
 
 
 
Preferred stock, $0.01 value, 80,000,000 shares authorized:
 
 
 
Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2020 and December 31, 2019
16

 
16

Common stock, $0.01 par value, 250,000,000 shares authorized, 33,528,000 and 32,885,217 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
335

 
329

Additional paid-in capital
525,846

 
519,551

Accumulated deficit
(212,431
)
 
(150,629
)
Total stockholders’ equity of the Company
313,766

 
369,267

Noncontrolling interest in consolidated entities
(11,628
)
 
(6,013
)
Total equity
302,138

 
363,254

Total liabilities and equity
$
1,721,977

 
$
1,758,947

See Notes to Condensed Consolidated Financial Statements.

2

Table of Contents

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
REVENUE
 
 
 
 
 
 
 
Rooms
$
6,533

 
$
75,121

 
$
77,001

 
$
151,852

Food and beverage
2,077

 
25,790

 
30,880

 
57,904

Other
4,285

 
17,605

 
22,534

 
37,268

Total hotel revenue
12,895

 
118,516

 
130,415

 
247,024

Other

 

 

 
5

Total revenue
12,895

 
118,516

 
130,415

 
247,029

EXPENSES
 
 
 
 
 
 
 
Hotel operating expenses:
 
 
 
 
 
 
 
Rooms
3,445

 
16,833

 
21,325

 
33,815

Food and beverage
3,649

 
19,394

 
27,550

 
41,604

Other expenses
12,979

 
36,335

 
55,069

 
75,230

Management fees
466

 
4,166

 
4,343

 
8,582

Total hotel operating expenses
20,539

 
76,728

 
108,287

 
159,231

Property taxes, insurance and other
7,244

 
5,206

 
14,904

 
12,666

Depreciation and amortization
18,553

 
18,474

 
36,891

 
35,160

Advisory services fee
4,901

 
4,397

 
9,970

 
10,421

Transaction costs

 
70

 

 
704

Corporate general and administrative
1,513

 
932

 
3,445

 
2,058

Total expenses
52,750

 
105,807

 
173,497

 
220,240

Gain (loss) on disposition of assets

 
9

 

 
9

OPERATING INCOME (LOSS)
(39,855
)
 
12,718

 
(43,082
)
 
26,798

Equity in earnings (loss) of unconsolidated entity
(40
)
 
(51
)
 
(80
)
 
(101
)
Interest income
24

 
287

 
153

 
649

Other income (expense)
(64
)
 
(139
)
 
(202
)
 
(256
)
Interest expense and amortization of loan costs
(12,797
)
 
(14,055
)
 
(24,694
)
 
(28,248
)
Write-off of loan costs and exit fees
(2,237
)
 

 
(2,237
)
 
(312
)
Unrealized gain (loss) on investment in Ashford Inc.

 
(4,626
)
 

 
(3,919
)
Unrealized gain (loss) on derivatives
(969
)
 
654

 
187

 
(218
)
INCOME (LOSS) BEFORE INCOME TAXES
(55,938
)
 
(5,212
)
 
(69,955
)
 
(5,607
)
Income tax (expense) benefit
4,447

 
(411
)
 
3,077

 
(1,338
)
NET INCOME (LOSS)
(51,491
)
 
(5,623
)
 
(66,878
)
 
(6,945
)
(Income) loss attributable to noncontrolling interest in consolidated entities
2,404

 
248

 
2,976

 
149

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
5,297

 
865

 
7,182

 
1,305

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(43,790
)
 
(4,510
)
 
(56,720
)
 
(5,491
)
Preferred dividends
(2,555
)
 
(2,532
)
 
(5,110
)
 
(5,064
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(46,345
)
 
$
(7,042
)
 
$
(61,830
)
 
$
(10,555
)
INCOME (LOSS) PER SHARE - BASIC:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(1.41
)
 
$
(0.22
)
 
$
(1.89
)
 
$
(0.34
)
Weighted average common shares outstanding – basic
32,907

 
32,307

 
32,688

 
32,213

INCOME (LOSS) PER SHARE - DILUTED:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(1.41
)
 
$
(0.22
)
 
$
(1.89
)
 
$
(0.34
)
Weighted average common shares outstanding – diluted
32,907

 
32,307

 
32,688

 
32,213

See Notes to Condensed Consolidated Financial Statements.

3

Table of Contents

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
NET INCOME (LOSS)
$
(51,491
)
 
$
(5,623
)
 
$
(66,878
)
 
$
(6,945
)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
 
 
 
 
 
 
 
Total other comprehensive income (loss)

 

 

 

TOTAL COMPREHENSIVE INCOME (LOSS)
(51,491
)
 
(5,623
)
 
(66,878
)
 
(6,945
)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities
2,404

 
248

 
2,976

 
149

Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
5,297

 
865

 
7,182

 
1,305

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
$
(43,790
)
 
$
(4,510
)
 
$
(56,720
)
 
$
(5,491
)
See Notes to Condensed Consolidated Financial Statements.

4

Table of Contents

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited, in thousands except per share amounts)

 
8.25% Series D Cumulative Preferred Stock
 
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated Deficit
 
Noncontrolling Interest in Consolidated Entities
 
Total
 
5.50% Series B Cumulative Convertible
Preferred Stock
 
Redeemable Noncontrolling Interests in Operating Partnership
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
Balance at March 31, 2020
1,600

 
$
16

 
33,511

 
$
335

 
$
524,341

 
$
(166,108
)
 
$
(9,224
)
 
$
349,360

 
5,031

 
$
107,352

 
$
36,786

Purchase of common stock

 

 
(15
)
 

 
(42
)
 

 

 
(42
)
 

 

 

Equity-based compensation

 

 

 

 
1,499

 

 

 
1,499

 

 

 
549

Issuance of restricted shares/units

 

 
35

 

 
48

 

 

 
48

 

 

 
44

Forfeiture of restricted common shares

 

 
(3
)
 

 

 

 

 

 

 

 

Dividends declared – preferred stock - Series B ($0.34/share)

 

 

 

 

 
(1,730
)
 

 
(1,730
)
 

 

 

Dividends declared – preferred stock - Series D ($0.52/share)

 

 

 

 

 
(825
)
 

 
(825
)
 

 

 

Net income (loss)

 

 

 

 

 
(43,790
)
 
(2,404
)
 
(46,194
)
 

 

 
(5,297
)
Redemption value adjustment

 

 

 

 

 
22

 

 
22

 

 

 
(22
)
Balance at June 30, 2020
1,600

 
$
16

 
33,528

 
$
335

 
$
525,846

 
$
(212,431
)
 
$
(11,628
)
 
$
302,138

 
5,031

 
$
107,352

 
$
32,060

 
8.25% Series D Cumulative Preferred Stock
 
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated Deficit
 
Noncontrolling Interest in Consolidated Entities
 
Total
 
5.50% Series B Cumulative Convertible
Preferred Stock
 
Redeemable Noncontrolling Interests in Operating Partnership
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
Balance at December 31, 2019
1,600

 
$
16

 
32,885


$
329

 
$
519,551

 
$
(150,629
)
 
$
(6,013
)
 
$
363,254

 
5,008

 
$
106,920

 
$
41,570

Purchase of common stock

 

 
(35
)
 

 
(124
)
 

 

 
(124
)
 

 

 

Equity-based compensation

 

 



 
2,923

 

 

 
2,923

 

 

 
1,110

Issuance of preferred stock

 

 



 

 

 

 

 
23

 
432

 

Issuance of restricted shares/units

 

 
346

 
3

 
45

 

 

 
48

 

 

 
44

Forfeiture of restricted common shares

 

 
(7
)
 

 

 

 

 

 

 

 

Dividends declared – preferred stock - Series B ($0.69/share)

 

 

 

 

 
(3,460
)
 

 
(3,460
)
 

 

 

Dividends declared – preferred stock - Series D ($1.03/share)

 

 

 

 

 
(1,650
)
 

 
(1,650
)
 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 
(2,639
)
 
(2,639
)
 

 

 

Redemption/conversion of operating partnership units

 

 
339

 
3

 
3,451

 

 

 
3,454

 

 

 
(3,454
)
Net income (loss)

 

 

 

 

 
(56,720
)
 
(2,976
)
 
(59,696
)
 

 

 
(7,182
)
Redemption value adjustment

 

 

 

 

 
28

 

 
28

 

 

 
(28
)
Balance at June 30, 2020
1,600

 
$
16

 
33,528

 
$
335

 
$
525,846

 
$
(212,431
)
 
$
(11,628
)
 
$
302,138

 
5,031

 
$
107,352

 
$
32,060



5

Table of Contents

 
8.25% Series D Cumulative Preferred Stock
 
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated Deficit
 
Noncontrolling Interest in Consolidated Entities
 
Total
 
5.50% Series B Cumulative Convertible
 Preferred Stock
 
Redeemable Noncontrolling Interests in Operating Partnership
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
Balance at March 31, 2019
1,600

 
$
16

 
32,841

 
$
328

 
$
514,739

 
$
(132,575
)
 
$
(5,292
)
 
$
377,216

 
4,966

 
$
106,123

 
$
51,010

Purchase of common stock

 

 
(13
)
 

 
(182
)
 

 

 
(182
)
 

 

 

Equity-based compensation

 

 

 

 
1,377

 

 

 
1,377

 

 

 
644

Forfeiture of restricted common shares

 

 
(3
)
 

 

 

 

 

 

 

 

Dividends declared – common stock ($0.16/share)

 

 

 

 

 
(5,336
)
 

 
(5,336
)
 

 

 

Dividends declared – preferred stock - Series B ($0.34/share)

 

 

 

 

 
(1,707
)
 

 
(1,707
)
 

 

 

Dividends declared – preferred stock-Series D ($0.52/share)

 

 

 

 

 
(825
)
 

 
(825
)
 

 

 

Distributions to noncontrolling interests