Braemar Hotels & Resorts Inc.
For the period ended Mar 31, 2024. Filed May 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
BHR$1.56+1.3%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Investments in hotel properties, gross | $2,388,484 | $2,382,716 |
| Accumulated depreciation | (512,215) | (498,508) |
| Investments in hotel properties, net | 1,876,269 | 1,884,208 |
| Cash and cash equivalents | 137,051 | 85,599 |
| Restricted cash | 82,372 | 80,904 |
| Accounts receivable, net of allowance of $200 and $237, respectively | 41,001 | 39,199 |
| Inventories | 4,681 | 5,003 |
| Prepaid expenses | 11,267 | 9,938 |
| Deferred costs, net | 75 | 75 |
| Investment in unconsolidated entity | 1,625 | 1,674 |
| Derivative assets | 3,087 | 2,847 |
| Operating lease right-of-use assets | 78,117 | 78,383 |
| Other assets | 18,701 | 17,751 |
| Intangible assets, net | 3,409 | 3,504 |
| Due from third-party hotel managers | 23,777 | 17,739 |
| Total assets | $2,281,432 | $2,226,824 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Indebtedness, net | $1,223,277 | $1,162,444 |
| Accounts payable and accrued expenses | 144,240 | 149,867 |
| Dividends and distributions payable | 9,253 | 9,158 |
| Due to Ashford Inc. | 3,728 | 1,471 |
| Due to related parties, net | 766 | 603 |
| Due to third-party hotel managers | 1,993 | 1,608 |
| Operating lease liabilities | 60,298 | 60,379 |
| Other liabilities | 22,895 | 22,756 |
| Derivative liabilities | — | 12 |
| Total liabilities | 1,466,450 | 1,408,298 |
| Commitments and contingencies (note 15) | ||
| 5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 65,426 | 65,426 |
| Series E redeemable preferred stock, $0.01 par value, 16,162,834 and 16,316,315 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 375,261 | 377,035 |
| Series M redeemable preferred stock, $0.01 par value, 1,747,771 and 1,832,805 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 43,694 | 45,623 |
| Redeemable noncontrolling interests in operating partnership | 33,005 | 32,395 |
| 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 March 31, 2024 and December 31, 2023 | 16 | 16 |
| Common stock, $0.01 par value, 250,000,000 shares authorized, 66,477,431 and 66,636,353 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 664 | 666 |
| Additional paid-in capital | 718,606 | 718,498 |
| Accumulated deficit | (412,013) | (412,199) |
| Total stockholders’ equity of the Company | 307,273 | 306,981 |
| Noncontrolling interest in consolidated entities | (9,677) | (8,934) |
| Total equity | 297,596 | 298,047 |
| Total liabilities and equity | $2,281,432 | $2,226,824 |
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