Braemar Hotels & Resorts Inc.
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
BHR$1.63+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets — December 31, 2023 and 2022
(in thousands, except share and per share amounts)
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| ASSETS | ||
| Investments in hotel properties, gross | $2,382,716 | $2,325,093 |
| Accumulated depreciation | (498,508) | (440,492) |
| Investments in hotel properties, net | 1,884,208 | 1,884,601 |
| Cash and cash equivalents | 85,599 | 261,541 |
| Restricted cash | 80,904 | 54,155 |
| Accounts receivable, net of allowance of $237 and $339, respectively | 39,199 | 51,448 |
| Inventories | 5,003 | 5,238 |
| Prepaid expenses | 9,938 | 7,044 |
| Deferred costs, net | 75 | — |
| Investment in unconsolidated entity | 1,674 | 1,689 |
| Derivative assets | 2,847 | 6,482 |
| Operating lease right-of-use assets | 78,383 | 79,449 |
| Other assets | 17,751 | 14,621 |
| Intangible assets, net | 3,504 | 3,883 |
| Due from related parties, net | — | 938 |
| Due from third-party hotel managers | 17,739 | 26,625 |
| Total assets | $2,226,824 | $2,397,714 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Indebtedness, net | $1,162,444 | $1,334,130 |
| Accounts payable and accrued expenses | 149,867 | 133,978 |
| Dividends and distributions payable | 9,158 | 8,184 |
| Due to Ashford Inc. | 1,471 | 10,005 |
| Due to related parties, net | 603 | — |
| Due to third-party hotel managers | 1,608 | 2,096 |
| Operating lease liabilities | 60,379 | 60,692 |
| Other liabilities | 22,756 | 22,343 |
| Derivative liabilities | 12 | 284 |
| Total liabilities | 1,408,298 | 1,571,712 |
| Commitments and contingencies (note 16) | ||
| 5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 65,426 | 65,426 |
| Series E redeemable preferred stock, $0.01 par value, 16,316,315 and 12,656,529 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 377,035 | 291,076 |
| Series M redeemable preferred stock, $0.01 par value, 1,832,805 and 1,428,332 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 45,623 | 35,182 |
| Redeemable noncontrolling interests in operating partnership | 32,395 | 40,555 |
| Equity: | ||
| Preferred stock, $0.01 par value, 80,000,000 shares authorized: | ||
| 8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2023 and December 31, 2022 | 16 | 16 |
| Common stock, $0.01 par value, 250,000,000 shares authorized, 66,636,353 and 69,919,065 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 666 | 699 |
| Additional paid-in capital | 718,498 | 734,134 |
| Accumulated deficit | (412,199) | (324,740) |
| Total stockholders’ equity of the Company | 306,981 | 410,109 |
| Noncontrolling interest in consolidated entities | (8,934) | (16,346) |
| Total equity | 298,047 | 393,763 |
| Total liabilities and equity | $2,226,824 | $2,397,714 |
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