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bhr:segment bhr:day
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
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☑
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
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For the quarterly
period ended September 30, 2020
OR
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☐
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
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For the transition
period from ________________ to ________________
Commission
file number: 001-35972
BRAEMAR HOTELS
& RESORTS INC.
(Exact name
of registrant as specified in its charter)
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Maryland
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46-2488594
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(State or
other jurisdiction of incorporation or organization)
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(IRS
employer identification number)
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14185 Dallas
Parkway
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Suite
1100
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Dallas
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Texas
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75254
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(Address of
principal executive offices)
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(Zip
code)
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(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.
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Large accelerated
filer
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☐
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Accelerated
filer
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☑
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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:
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Title of each
class
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Trading Symbol(s)
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|
Name of each exchange on which
registered
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Common
Stock
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BHR
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New
York Stock Exchange
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Preferred
Stock, Series B
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BHR-PB
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New
York Stock Exchange
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|
Preferred
Stock, Series D
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|
BHR-PD
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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.
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|
|
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Common Stock, $0.01 par value
per share
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36,686,729
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(Class)
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Outstanding
at November 5, 2020
|
BRAEMAR
HOTELS & RESORTS INC.
FORM
10-Q
FOR THE
QUARTER ENDED SEPTEMBER 30,
2020
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)
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|
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|
September 30,
2020
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|
December 31,
2019
|
|
ASSETS
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|
|
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Investments in hotel
properties, gross
|
$
|
1,780,556
|
|
|
$
|
1,791,174
|
|
|
Accumulated
depreciation
|
(343,877
|
)
|
|
(309,752
|
)
|
|
Investments in hotel
properties, net
|
1,436,679
|
|
|
1,481,422
|
|
|
Cash and cash
equivalents
|
88,227
|
|
|
71,995
|
|
|
Restricted cash
|
34,658
|
|
|
58,388
|
|
|
Accounts receivable, net of
allowance of $196 and $153, respectively
|
17,335
|
|
|
19,053
|
|
|
Inventories
|
2,396
|
|
|
2,794
|
|
|
Prepaid expenses
|
4,298
|
|
|
4,992
|
|
|
Investment in unconsolidated
entity
|
1,787
|
|
|
1,899
|
|
|
Derivative assets
|
777
|
|
|
582
|
|
|
Operating lease right-of-use
assets
|
81,588
|
|
|
82,596
|
|
|
Other assets
|
14,356
|
|
|
13,018
|
|
|
Intangible assets,
net
|
4,735
|
|
|
5,019
|
|
|
Due from related parties,
net
|
993
|
|
|
551
|
|
|
Due from third-party hotel
managers
|
14,315
|
|
|
16,638
|
|
|
Total assets
|
$
|
1,702,144
|
|
|
$
|
1,758,947
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
Liabilities:
|
|
|
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|
Indebtedness, net
|
$
|
1,132,987
|
|
|
$
|
1,058,486
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|
|
Accounts payable and accrued
expenses
|
64,931
|
|
|
94,919
|
|
|
Dividends and distributions
payable
|
3,208
|
|
|
9,143
|
|
|
Due to Ashford
Inc.
|
1,662
|
|
|
4,344
|
|
|
Due to third-party hotel
managers
|
1,439
|
|
|
1,685
|
|
|
Operating lease
liabilities
|
60,956
|
|
|
61,118
|
|
|
Other liabilities
|
17,314
|
|
|
17,508
|
|
|
Total liabilities
|
1,282,497
|
|
|
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 September 30, 2020 and
December 31, 2019
|
107,352
|
|
|
106,920
|
|
|
Redeemable noncontrolling
interests in operating partnership
|
29,713
|
|
|
41,570
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|
|
Equity:
|
|
|
|
|
Preferred stock, $0.01 value,
80,000,000 shares authorized:
|
|
|
|
|
Series D cumulative preferred
stock, 1,600,000 shares issued and outstanding at September 30,
2020 and December 31, 2019
|
16
|
|
|
16
|
|
|
Common stock, $0.01 par value,
250,000,000 shares authorized, 36,599,843 and 32,885,217 shares
issued and outstanding at September 30, 2020 and December 31, 2019,
respectively
|
365
|
|
|
329
|
|
|
Additional paid-in
capital
|
533,641
|
|
|
519,551
|
|
|
Accumulated
deficit
|
(237,813
|
)
|
|
(150,629
|
)
|
|
Total stockholders’ equity of
the Company
|
296,209
|
|
|
369,267
|
|
|
Noncontrolling interest in
consolidated entities
|
(13,627
|
)
|
|
(6,013
|
)
|
|
Total equity
|
282,582
|
|
|
363,254
|
|
|
Total liabilities and
equity
|
$
|
1,702,144
|
|
|
$
|
1,758,947
|
|
See Notes to
Condensed Consolidated Financial Statements.
BRAEMAR
HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited,
in thousands, except per share amounts)
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|
|
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|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
|
28,118
|
|
|
$
|
76,808
|
|
|
$
|
105,119
|
|
|
$
|
228,660
|
|
|
Food and beverage
|
8,537
|
|
|
26,422
|
|
|
39,417
|
|
|
84,326
|
|
|
Other
|
8,099
|
|
|
15,652
|
|
|
30,633
|
|
|
52,920
|
|
|
Total hotel
revenue
|
44,754
|
|
|
118,882
|
|
|
175,169
|
|
|
365,906
|
|
|
Other
|
—
|
|
|
2
|
|
|
—
|
|
|
7
|
|
|
Total revenue
|
44,754
|
|
|
118,884
|
|
|
175,169
|
|
|
365,913
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Hotel operating
expenses:
|
|
|
|
|
|
|
|
|
Rooms
|
7,975
|
|
|
18,265
|
|
|
29,300
|
|
|
52,080
|
|
|
Food and beverage
|
7,994
|
|
|
20,721
|
|
|
35,544
|
|
|
62,325
|
|
|
Other expenses
|
20,516
|
|
|
36,201
|
|
|
75,585
|
|
|
111,431
|
|
|
Management fees
|
1,321
|
|
|
3,960
|
|
|
5,664
|
|
|
12,542
|
|
|
Total hotel operating
expenses
|
37,806
|
|
|
79,147
|
|
|
146,093
|
|
|
238,378
|
|
|
Property taxes, insurance and
other
|
6,929
|
|
|
7,690
|
|
|
21,833
|
|
|
20,356
|
|
|
Depreciation and
amortization
|
18,507
|
|
|
16,831
|
|
|
55,398
|
|
|
51,991
|
|
|
Advisory services
fee
|
4,575
|
|
|
5,158
|
|
|
14,545
|
|
|
15,579
|
|
|
Transaction costs
|
—
|
|
|
—
|
|
|
—
|
|
|
704
|
|
|
Corporate general and
administrative
|
1,405
|
|
|
1,575
|
|
|
4,850
|
|
|
3,633
|
|
|
Total expenses
|
69,222
|
|
|
110,401
|
|
|
242,719
|
|
|
330,641
|
|
|
Gain (loss) on insurance
settlements and disposition of assets
|
10,149
|
|
|
(1,163
|
)
|
|
10,149
|
|
|
(1,154
|
)
|
|
OPERATING
INCOME (LOSS)
|
(14,319
|
)
|
|
7,320
|
|
|
(57,401
|
)
|
|
34,118
|
|
|
Equity in earnings (loss) of
unconsolidated entity
|
(58
|
)
|
|
(48
|
)
|
|
(138
|
)
|
|
(149
|
)
|
|
Interest income
|
12
|
|
|
249
|
|
|
165
|
|
|
898
|
|
|
Other income
(expense)
|
(3,604
|
)
|
|
(114
|
)
|
|
(3,806
|
)
|
|
(370
|
)
|
|
Interest expense and
amortization of loan costs
|
(8,859
|
)
|
|
(13,646
|
)
|
|
(38,167
|
)
|
|
(41,894
|
)
|
|
Write-off of loan costs and
exit fees
|
(1,335
|
)
|
|
(335
|
)
|
|
(3,572
|
)
|
|
(647
|
)
|
|
Unrealized gain (loss) on
investment in Ashford Inc.
|
—
|
|
|
(1,471
|
)
|
|
—
|
|
|
(5,390
|
)
|
|
Unrealized gain (loss) on
derivatives
|
3,561
|
|
|
(754
|
)
|
|
3,748
|
|
|
(972
|
)
|
|
INCOME
(LOSS) BEFORE INCOME TAXES
|
(24,602
|
)
|
|
(8,799
|
)
|
|
(99,171
|
)
|
|
(14,406
|
)
|
|
Income tax (expense)
benefit
|
1,545
|
|
|
(155
|
)
|
|
4,622
|
|
|
(1,493
|
)
|
|
NET INCOME
(LOSS)
|
(23,057
|
)
|
|
(8,954
|
)
|
|
(94,549
|
)
|
|
(15,899
|
)
|
|
(Income) loss attributable to
noncontrolling interest in consolidated entities
|
1,999
|
|
|
(1,899
|
)
|
|
4,975
|
|
|
(1,750
|
)
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
2,381
|
|
|
1,465
|
|
|
10,036
|
|
|
2,770
|
|
|
NET INCOME
(LOSS) ATTRIBUTABLE TO THE COMPANY
|
(18,677
|
)
|
|
(9,388
|
)
|
|
(79,538
|
)
|
|
(14,879
|
)
|
|
Preferred
dividends
|
(2,554
|
)
|
|
(2,533
|
)
|
|
(7,664
|
)
|
|
(7,597
|
)
|
|
NET INCOME
(LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(21,231
|
)
|
|
$
|
(11,921
|
)
|
|
$
|
(87,202
|
)
|
|
$
|
(22,476
|
)
|
|
INCOME
(LOSS) PER SHARE - BASIC:
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common stockholders
|
$
|
(0.63
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
(2.63
|
)
|
|
$
|
(0.71
|
)
|
|
Weighted average common shares
outstanding – basic
|
33,923
|
|
|
32,347
|
|
|
33,103
|
|
|
32,259
|
|
|
INCOME
(LOSS) PER SHARE - DILUTED:
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common stockholders
|
$
|
(0.63
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
(2.63
|
)
|
|
$
|
(0.71
|
)
|
|
Weighted average common shares
outstanding – diluted
|
33,923
|
|
|
32,347
|
|
|
33,103
|
|
|
32,259
|
|
See Notes to
Condensed Consolidated Financial Statements.
BRAEMAR
HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (LOSS)
(unaudited,
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
NET INCOME
(LOSS)
|
$
|
(23,057
|
)
|
|
$
|
(8,954
|
)
|
|
$
|
(94,549
|
)
|
|
$
|
(15,899
|
)
|
|
OTHER
COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
|
|
|
|
|
|
|
Total other comprehensive
income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
TOTAL
COMPREHENSIVE INCOME (LOSS)
|
(23,057
|
)
|
|
(8,954
|
)
|
|
(94,549
|
)
|
|
(15,899
|
)
|
|
Comprehensive (income) loss
attributable to noncontrolling interest in consolidated
entities
|
1,999
|
|
|
(1,899
|
)
|
|
4,975
|
|
|
(1,750
|
)
|
|
Comprehensive (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
2,381
|
|
|
1,465
|
|
|
10,036
|
|
|
2,770
|
|
|
COMPREHENSIVE
INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
|
$
|
(18,677
|
)
|
|
$
|
(9,388
|
)
|
|
$
|
(79,538
|
)
|
|
$
|
(14,879
|
)
|
See Notes
to Condensed
Consolidated Financial
Statements.
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 June 30,
2020
|
1,600
|
|
|
$
|
16
|
|
|
33,528
|
|
|
$
|
335
|
|
|
$
|
525,846
|
|
|
$
|
(216,574
|
)
|
|
$
|
(11,628
|
)
|
|
$
|
297,995
|
|
|
5,031
|
|
|
$
|
107,352
|
|
|
$
|
31,589
|
|
|
Purchase of common
stock
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Equity-based
compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,465
|
|
|
—
|
|
|
—
|
|
|
1,465
|
|
|
—
|
|
|
—
|
|
|
541
|
|
|
Issuance of common
stock
|
|
|
|
|
3,046
|
|
|
30
|
|
|
6,380
|
|
|
—
|
|
|
|
|
6,410
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Issuance of restricted
shares/units
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
Forfeiture of restricted
common shares
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – preferred
stock - Series B ($0.34/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,729
|
)
|
|
—
|
|
|
(1,729
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – preferred
stock - Series D ($0.52/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(825
|
)
|
|
—
|
|
|
(825
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,677
|
)
|
|
(1,999
|
)
|
|
(20,676
|
)
|
|
—
|
|
|
—
|
|
|
(2,381
|
)
|
|
Redemption value
adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
8
|
|
|
Balance at September 30,
2020
|
1,600
|
|
|
$
|
16
|
|
|
36,600
|
|
|
$
|
365
|
|
|
$
|
533,641
|
|
|
$
|
(237,813
|
)
|
|
$
|
(13,627
|
)
|
|
$
|
282,582
|
|
|
5,031
|
|
|
$
|
107,352
|
|
|
$
|
29,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
|
(126
|
)
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Equity-based
compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,388
|
|
|
—
|
|
|
—
|
|
|
4,388
|
|
|
—
|
|
|
—
|
|
|
1,651
|
|
|
Issuance of common
stock
|
—
|
|
|
—
|
|
|
3,046
|
|
|
30
|
|
|
6,380
|
|
|
—
|
|
|
|
|
6,410
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Issuance of preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
432
|
|
|
—
|
|
|
Issuance of restricted
shares/units
|
—
|
|
|
—
|
|
|
375
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Forfeiture of restricted
common shares
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – preferred
stock - Series B ($1.03/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,189
|
)
|
|
—
|
|
|
(5,189
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – preferred
stock - Series D ($1.55/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,475
|
)
|
|
—
|
|
|
(2,475
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
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)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79,538
|
)
|
|
(4,975
|
)
|
|
(84,513
|
)
|
|
—
|
|
|
—
|
|
|
(10,036
|
)
|
|
Redemption value
adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
Balance at September 30,
2020
|
1,600
|
|
|
$
|
16
|
|
|
36,600
|
|
|
$
|
365
|
|
|
$
|
533,641
|
|
|
$
|
(237,813
|
)
|
|
$
|
(13,627
|
)
|
|
$
|
282,582
|
|
|
5,031
|
|
|
$
|
107,352
|
|
|
$
|
29,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30,
2019
|
1,600
|
|
|
$
|
16
|
|
|
32,880
|
|
|
$
|
329
|
|
|
$
|
516,700
|
|
|
$
|
(137,775
|
)
|
|
$
|
(5,540
|
)
|
|
$
|
373,730
|
|
|
4,966
|
|
|
$
|
106,123
|
|
|
$
|
42,075
|
|
|
Equity-based
compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,604
|
|
|
—
|
|
|
—
|
|
|
1,604
|
|
|
—
|
|
|
—
|
|
|
755
|
|
|
Issuance of restricted
shares/units
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
Forfeiture of restricted
common shares
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – common
stock ($0.16/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,339
|
)
|
|
—
|
|
|
(5,339
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – preferred
stock - Series B ($0.34/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,708
|
)
|
|
—
|
|
|
(1,708
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – preferred
stock-Series D ($0.52/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(825
|
)
|
|
—
|
|
|
(825
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Distributions to
noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,654
|
)
|
|
(2,654
|
)
|
|
—
|
|
|
—
|
|
|
(771
|
)
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,388
|
)
|
|
1,899
|
|
|
(7,489
|
)
|
|
—
|
|
|
—
|
|
|
(1,465
|
)
|
|
Redemption value
adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
Balance at September 30,
2019
|
1,600
|
|
|
$
|
16
|
|
|
32,900
|
|
|
$
|
329
|
|
|
$
|
518,304
|
|
|
$
|
(155,024
|
)
|
|
$
|
(6,295
|
)
|
|
$
|
357,330
|
|
|
4,966
|
|
|
$
|
106,123
|
|
|
$
|
40,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2018
|
1,600
|
|
|
$
|
16
|
|
|
32,512
|
|
|
$
|
325
|
|
|
$
|
512,545
|
|
|
$
|
(115,410
|
)
|
|
$
|
(5,391
|
)
|
|
$
|
392,085
|
|
|
4,966
|
|
|
$
|
106,123
|
|
|
$
|
44,885
|
|
|
Impact of adoption of new
accounting standard
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(103
|
)
|
|
—
|
|
|
(103
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Purchase of common
stock
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(384
|
)
|
|
—
|
|
|
—
|
|
|
(384
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Equity-based
compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,959
|
|
|
—
|
|
|
—
|
|
|
3,959
|
|
|
—
|
|
|
—
|
|
|
1,949
|
|
|
Preferred stock offering
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Issuance of restricted
shares/units
|
—
|
|
|
—
|
|
|
260
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
Forfeiture of restricted
common shares
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – common
stock ($0.48/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,004
|
)
|
|
—
|
|
|
(16,004
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – preferred
stock - Series B ($1.03/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,122
|
)
|
|
—
|
|
|
(5,122
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared – preferred
stock-Series D ($1.55/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,475
|
)
|
|
—
|
|
|
(2,475
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Distributions to
noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,654
|
)
|
|
(2,654
|
)
|
|
—
|
|
|
—
|
|
|
(2,318
|
)
|
|
Redemption/conversion of
operating partnership units
|
—
|
|
|
—
|
|
|
165
|
|
|
2
|
|
|
2,199
|
|
|
—
|
|
|
—
|
|
|
2,201
|
|
|
—
|
|
|
—
|
|
|
(2,201
|
)
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,879
|
)
|
|
1,750
|
|
|
(13,129
|
)
|
|
—
|
|
|
—
|
|
|
(2,770
|
)
|
|
Redemption value
adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,031
|
)
|
|
—
|
|
|
(1,031
|
)
|
|
—
|
|
|
—
|
|
|
1,031
|
|
|
Balance at September 30,
2019
|
1,600
|
|
|
$
|
16
|
|
|
32,900
|
|
|
$
|
329
|
|
|
$
|
518,304
|
|
|
$
|
(155,024
|
)
|
|
$
|
(6,295
|
)
|
|
$
|
357,330
|
|
|
4,966
|
|
|
$
|
106,123
|
|
|
$
|
40,584
|
|
See Notes
to Condensed
Consolidated Financial
Statements.
BRAEMAR
HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited,
in thousands)
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30,
|
|
|
2020
|
|
2019
|
|
CASH FLOWS
FROM OPERATING ACTIVITIES
|
|
|
|
|
Net income (loss)
|
$
|
(94,549
|
)
|
|
$
|
(15,899
|
)
|
|
Adjustments to reconcile net
income (loss) to net cash flows provided by (used in) operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
55,398
|
|
|
51,991
|
|
|
Equity-based
compensation
|
6,039
|
|
|
5,908
|
|
|
Bad debt expense
|
574
|
|
|
307
|
|
|
Amortization of loan costs and
capitalized default interest
|
1,458
|
|
|
3,248
|
|
|
Write-off of loan costs and
exit fees
|
3,572
|
|
|
647
|
|
|
Amortization of
intangibles
|
621
|
|
|
366
|
|
|
Amortization of non-refundable
membership initiation fees
|
(285
|
)
|
|
(117
|
)
|
|
Interest expense accretion on
refundable membership club deposits
|
616
|
|
|
651
|
|
|
(Gain) loss on insurance
settlement and disposition of assets
|
(10,149
|
)
|
|
1,154
|
|
|
Unrealized (gain) loss on
investment in Ashford Inc.
|
—
|
|
|
5,390
|
|
|
Realized and unrealized (gain)
loss on derivatives
|
(133
|
)
|
|
1,162
|
|
|
Net settlement of trading
derivatives
|
30
|
|
|
(1,074
|
)
|
|
Equity in (earnings) loss of
unconsolidated entity
|
138
|
|
|
149
|
|
|
Deferred income tax expense
(benefit)
|
(844
|
)
|
|
816
|
|
|
Changes in operating assets
and liabilities, exclusive of the effects of hotel
acquisition:
|
|
|
|
|
Accounts receivable and
inventories
|
7,271
|
|
|
(5,886
|
)
|
|
Prepaid expenses and other
assets
|
(67
|
)
|
|
(2,672
|
)
|
|
Accounts payable and accrued
expenses
|
(7,912
|
)
|
|
13,856
|
|
|
Operating lease right-of-use
assets
|
387
|
|
|
398
|
|
|
Due to/from related parties,
net
|
(442
|
)
|
|
(1,041
|
)
|
|
Due to/from third-party hotel
managers
|
2,077
|
|
|
(6,378
|
)
|
|
Due to/from Ashford
Inc.
|
(802
|
)
|
|
(345
|
)
|
|
Operating lease
liabilities
|
(162
|
)
|
|
(144
|
)
|
|
Other liabilities
|
1,535
|
|
|
(3,521
|
)
|
|
Net cash provided by (used in)
operating activities
|
(35,629
|
)
|
|
48,966
|
|
|
|
|
|
|
|
|
CASH FLOWS
FROM INVESTING ACTIVITIES
|
|
|
|
|
Proceeds from property
insurance
|
2,528
|
|
|
—
|
|
|
Acquisition of hotel
properties, net of cash and restricted cash acquired
|
—
|
|
|
(111,751
|
)
|
|
Investment in unconsolidated
entity
|
(26
|
)
|
|
(332
|
)
|
|
Net proceeds from disposition
of assets
|
—
|
|
|
10,300
|
|
|
Improvements and additions to
hotel properties
|
(21,451
|
)
|
|
(108,182
|
)
|
|
Net cash provided by (used in)
investing activities
|
(18,949
|
)
|
|
(209,965
|
)
|
|
|
|
|
|
|
CASH FLOWS
FROM FINANCING ACTIVITIES
|
|
|
|
|
Borrowings on
indebtedness
|
109,317
|
|
|
329,500
|
|
|
Repayments of
indebtedness
|
(46,033
|
)
|
|
(257,086
|
)
|
|
Payments of loan costs and
exit fees
|
(6,478
|
)
|
|
(4,447
|
)
|
|
Payments for
derivatives
|
(92
|
)
|
|
(89
|
)
|
|
Purchase of common
stock
|
(260
|
)
|
|
(384
|
)
|
|
Payments for dividends and
distributions
|
(13,599
|
)
|
|
(24,931
|
)
|
|
Proceeds from issuance of
preferred stock
|
474
|
|
|
—
|
|
|
Preferred stock offering
costs
|
—
|
|
|
(110
|
)
|
|
Issuance of common
stock
|
6,390
|
|
|
—
|
|
|
Distributions to
noncontrolling interest in consolidated entities
|
(2,639
|
)
|
|
—
|
|
|
Other
|
—
|
|
|
8
|
|
|
Net cash provided by (used in)
financing activities
|
47,080
|
|
|
42,461
|
|
|
Net change in cash, cash
equivalents and restricted cash
|
(7,498
|
)
|
|
(118,538
|
)
|
|
Cash, cash equivalents and
restricted cash at beginning of period
|
130,383
|
|
|
258,488
|
|
|
Cash, cash equivalents and
restricted cash at end of period
|
$
|
122,885
|
|
|
$
|
139,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30,
|
|
|
2020
|
|
2019
|
|
SUPPLEMENTAL
CASH FLOW INFORMATION
|
|
|
|
|
Interest paid
|
$
|
20,969
|
|
|
$
|
38,221
|
|
|
Income taxes paid
(refunded)
|
898
|
|
|
(490
|
)
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
|
|
|
|
Common stock purchases accrued
but not paid
|
$
|
2
|
|
|
$
|
—
|
|
|
Dividends and distributions
declared but not paid
|
3,208
|
|
|
9,502
|
|
|
Capital expenditures accrued
but not paid
|
7,380
|
|
|
18,815
|
|
|
Non-cash loan
proceeds
|
2,229
|
|
|
—
|
|
|
Non-cash loan principal
associated with default interest and late charges
|
9,859
|
|
|
—
|
|
|
Accrued common stock offering
expense
|
223
|
|
|
—
|
|
|
Unsettled common stock
offering proceeds
|
243
|
|
|
—
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED
CASH
|
|
|
|
|
Cash and cash equivalents at
beginning of period
|
$
|
71,995
|
|
|
$
|
182,578
|
|
|
Restricted cash at beginning
of period
|
58,388
|
|
|
75,910
|
|
|
Cash, cash equivalents and
restricted cash at beginning of period
|
$
|
130,383
|
|
|
$
|
258,488
|
|
|
|
|
|
|
|
Cash and cash equivalents at
end of period
|
$
|
88,227
|
|
|
$
|
82,583
|
|
|
Restricted cash at end of
period
|
34,658
|
|
|
57,367
|
|
|
Cash, cash equivalents and
restricted cash at end of period
|
$
|
122,885
|
|
|
$
|
139,950
|
|
See Notes
to Condensed
Consolidated Financial
Statements.
BRAEMAR
HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1.
Organization and Description of Business
Braemar Hotels
& Resorts Inc., together with its subsidiaries (“Braemar”), is
a Maryland corporation that invests primarily in high revenue per
available room (“RevPAR”) luxury hotels and resorts. High RevPAR,
for purposes of our investment strategy, means RevPAR of at least
twice the then-current U.S. national average RevPAR for all hotels
as determined by Smith Travel Research. Braemar has elected to be
taxed as a real estate investment trust (“REIT”) under the Internal
Revenue Code of 1986, as amended (the “Code”). Braemar conducts its
business and owns substantially all of its assets through its
operating partnership, Braemar Hospitality Limited Partnership
(“Braemar OP”). In this report, the terms the “Company,” “we,” “us”
or “our” refers to Braemar Hotels & Resorts Inc. and, as the
context may require, all entities included in its
condensed
consolidated financial
statements.
We are advised by
Ashford Hospitality Advisors LLC (“Ashford LLC” or the “Advisor”)
through an advisory agreement. Ashford LLC is a subsidiary of
Ashford Inc. All of the hotel properties in our portfolio are
currently asset-managed by Ashford LLC. We do not have any
employees. All of the services that might be provided by employees
are provided to us by Ashford LLC.
We do not operate
any of our hotel properties directly; instead we employ hotel
management companies to operate them for us under management
contracts. Remington Hotels, a subsidiary of Ashford Inc. after
November 6, 2019, manages three
of our
thirteen
hotel properties.
Third-party management companies manage the remaining hotel
properties.
Ashford Inc. also
provides other products and services to us or our hotel properties
through certain entities in which Ashford Inc. has an ownership
interest. These products and services include, but are not limited
to project management services, debt placement services,
broker-dealer and distribution services, audio visual services,
real estate advisory services, insurance claims services,
hypoallergenic premium rooms, watersport activities,
travel/transportation services and mobile key
technology.
The
accompanying condensed consolidated
financial
statements include the accounts of wholly-owned and majority-owned
subsidiaries of Braemar OP that as of September 30,
2020,
own thirteen
hotel properties
in six
states, the
District of Columbia and the U.S. Virgin Islands (“USVI”). The
portfolio includes eleven
wholly-owned
hotel properties and two
hotel properties
that are owned through a partnership in which Braemar OP has a
controlling interest. These hotel properties represent
3,722
total rooms,
or 3,487
net rooms,
excluding those attributable to our partner. As a REIT, Braemar is
required to comply with limitations imposed by the Internal Revenue
Code related to operating hotels. As of September 30,
2020, twelve
of our
thirteen
hotel properties
were leased by wholly-owned or majority-owned subsidiaries that are
treated as taxable REIT subsidiaries (“TRS”) for federal income tax
purposes (collectively the TRS entities are referred to as “Braemar
TRS”). One
hotel property,
located in the USVI, is owned by our USVI TRS. Braemar TRS then
engages third-party or affiliated hotel management companies to
operate the hotel properties under management contracts. Hotel
operating results related to the hotel properties are included in
the condensed consolidated
statements of
operations.
As of
September 30,
2020, ten
of the
thirteen
hotel properties
were leased by Braemar’s wholly-owned TRS and the
two
hotel properties
majority-owned through a consolidated partnership were leased to a
TRS wholly-owned by such consolidated partnership. Each leased
hotel is leased under a percentage lease that provides for each
lessee to pay in each calendar month the base rent plus, in each
calendar quarter, percentage rent, if any, based on hotel revenues.
Lease revenue from Braemar TRS is eliminated in consolidation. The
hotel properties are operated under management contracts with
Marriott International, Inc. (“Marriott”), Hilton Worldwide
(“Hilton”), Accor Management US Inc. (“Accor”), Hyatt Hotels
Corporation (“Hyatt”), Ritz-Carlton, Inc., a subsidiary of Marriott
(“Ritz-Carlton”) and Remington Hotels, which are eligible
independent contractors under the Internal Revenue
Code.
COVID-19,
Management’s Plans and Liquidity
In December 2019,
COVID-19 was identified in Wuhan, China, subsequently spread to
other regions of the world, and has resulted in significant travel
restrictions and extended shutdown of numerous businesses in every
state in the United States. In March 2020, the World Health
Organization declared COVID-19 to be a global pandemic. Beginning
in late February 2020, we have experienced a significant decline in
occupancy and RevPAR associated with COVID-19 as we experienced
significant reservation cancellations as well as a significant
reduction in new reservations. The prolonged presence of the virus
has resulted in health and other government authorities imposing
widespread restrictions on travel and other businesses. The hotel
industry and our portfolio have experienced the postponement or
cancellation of a significant number of business conferences and
similar events. Following the government mandates and health
official orders in March 2020, the Company temporarily suspended
operations at 11
of its
13
hotels and
dramatically reduced staffing and expenses at its hotels that
remained operational. COVID-19 has had a significant negative
impact on the Company’s operations and financial results to date.
The full financial impact of the
BRAEMAR
HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(unaudited)
reduction in
hotel demand caused by the pandemic and suspension of operations at
the Company’s hotels cannot be reasonably estimated at this time
due to uncertainty as to its severity and duration. In addition, a
possible “second wave” or recurrence of COVID-19 cases could result
in further reductions in business and personal travel and could
cause state and local governments to reinstate travel restrictions.
The Company expects that the COVID-19 pandemic will have a
significant negative impact on the Company’s results of operations,
financial position and cash flow for at least the remainder of 2020
and into 2021, and potentially much longer. As a result, in March
2020, the Company fully drew down its $75
million secured revolving credit
facility, which was later converted into a term loan, suspended the
quarterly cash dividend on its common stock, reduced planned
capital expenditures, and, working closely with its hotel managers,
significantly reduced its hotels’ operating expenses. See
note 6 for term loan
details.
All of the
Company’s property-level debt is non-recourse. Beginning on April
1, 2020, we did not make at least one interest payment under nearly
all of our loan agreements, which constituted an “Event of Default”
as such term is defined under the applicable loan documents.
Further, the Company triggered an “Event of Default,” as defined
under the secured revolving credit facility agreement as a result
of the Company being in default on mortgage and mezzanine loans
with an aggregate principal amount in excess of $200
million. Pursuant to the terms of
the applicable loan documents, such an Event of Default caused an
automatic increase in the interest rate on our outstanding loan
balance for the period such Event of Default remains outstanding.
Following an Event of Default, our lenders can generally elect to
accelerate all principal and accrued interest payments that remain
outstanding under the applicable loan agreement and foreclose on
the applicable hotel properties that are security for such
loans. Such Event of
Default under the senior revolving credit facility agreement was
eliminated by the First Amendment to the Second Amended and
Restated Credit Agreement, dated June 8, 2020, which provides that
defaults under mortgage and mezzanine loans
with an
aggregate principal amount in excess of $200
million do not trigger a default
under the senior revolving credit agreement unless such mortgage or
mezzanine loans are also accelerated, and excluding from the
$200
million threshold, any default and
acceleration under those certain mortgage and mezzanine loans
having an aggregate principal amount of $435
million and secured by the Marriott
Seattle Waterfront, Sofitel Chicago Magnificent Mile, The Notary
Hotel and The Clancy. During the second and third
quarter of 2020, we reached forbearance and other agreements with
our lenders relating to loans secured by the Pier House Resort,
Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe, Hotel Yountville,
Bardessono Hotel, Sofitel Chicago Magnificent Mile, The Notary
Hotel, The Clancy, Marriott Seattle Waterfront, the Capital Hilton
and Hilton La Jolla Torrey Pines. The Company also amended its
secured revolving credit facility converting it into a
$65
million secured term loan and changed
the terms of certain financial covenants, including a waiver of the
Consolidated Fixed Charge Coverage Ratio (as defined in the
Amendment) through March 31, 2021, that the Company was
subject to under the secured revolving credit facility. As
of September 30,
2020, no
loans are in default.
Additionally, the
Company did not make rental payments under two
ground leases
that are paid monthly; however, the Company executed a forbearance
agreement with the landlord of the Bardessono Hotel and executed a
rent deferral letter with the landlord of the Hilton La Jolla
Torrey Pines, each of which temporarily resolved any potential
events of default arising out of such non-payments. As of
September 30,
2020, the
Company is current on its rental payments.
In addition, the
Company has taken actions to protect liquidity and reduce corporate
expenses. The Company has also significantly reduced its planned
spending for capital expenditures for the fiscal year to
approximately $25
million and suspended its common
stock dividends conserving approximately $6
million per quarter.
When preparing
financial statements for each annual and interim reporting period
management has the responsibility to evaluate whether there are
conditions or events, considered in the aggregate, that create
substantial doubt about the Company’s ability to continue as a
going concern within one year after the date that the financial
statements are issued. In applying the accounting guidance, the
Company considers its current financial condition and liquidity
sources, including current funds available, forecasted future cash
flows and its unconditional obligations due over the next 12
months.
As of
September 30,
2020, the
Company maintained unrestricted cash of $88.2
million and restricted cash of
$34.7
million. During the three months
ended September 30,
2020, we
utilized cash, cash equivalents and restricted cash of
$21.1
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 due to the Company from
third-party hotel managers, which is the Company’s cash held by one
of its property managers which is also available to fund hotel
operating costs. As of September 30, 2020, 12
of the
Company’s 13
hotels were open,
and The Clancy opened on October 1, 2020.
We cannot predict
when hotel operating levels will return to normalized levels after
the effects of the pandemic subside, whether our hotels will be
forced to shut down operations or whether one or more governmental
entities may impose additional travel restrictions due to a
resurgence of COVID-19 cases in the future. As a result of
these factors resulting from the impact of
BRAEMAR
HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(unaudited)
the pandemic, we
are unable to estimate future financial performance with certainty.
However, based on our completed credit facility loan amendment
and forbearance and other agreements, our current unrestricted and
restricted cash on hand, our current cash utilization and forecast
of future operating results for the next 12 months from the date of
this report, and the actions we have taken to improve our
liquidity, the Company has concluded that management’s current plan
alleviates the substantial doubt about its ability to continue as a
going concern. Facts and circumstances could change in the future
that are outside of management’s control, such as a second phase of
government mandates, health official orders, travel restrictions
and extended business shutdowns due to COVID-19.
2.
Significant Accounting Policies
Basis of Presentation and Principles of
Consolidation—The accompanying
unaudited condensed consolidated
financial
statements have been prepared in accordance with generally accepted
accounting principles (“GAAP”) for interim financial information
and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information and
footnotes required by GAAP for complete financial statements. In
the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation
have been included. These condensed consolidated
financial
statements include the accounts of Braemar Hotels & Resorts
Inc., its majority-owned subsidiaries, and its majority-owned
entities in which it has a controlling interest. All significant
intercompany accounts and transactions between consolidated
entities have been eliminated in these condensed consolidated
financial
statements. We have condensed or omitted certain information and
footnote disclosures normally included in financial statements
presented in accordance with GAAP in the accompanying
unaudited condensed consolidated
financial
statements. We believe the disclosures made herein are adequate to
prevent the information presented from being misleading. However,
the financial statements should be read in conjunction with the
consolidated financial statements and notes thereto included in our
2019 Annual Report on Form 10-K, as originally filed with the
Securities and Exchange Commission (“SEC”) on March 13,
2020.
Braemar OP is
considered to be a variable interest entity (“VIE”), as defined by
authoritative accounting guidance. A VIE must be consolidated by a
reporting entity if the reporting entity is the primary beneficiary
because it has (i) the power to direct the VIE’s activities that
most significantly impact the VIE’s economic performance and (ii)
the obligation to absorb losses of the VIE or the right to receive
benefits from the VIE. All major decisions related to Braemar OP
that most significantly impact its economic performance, including
but not limited to operating procedures with respect to business
affairs and any acquisitions, dispositions, financings,
restructurings or other transactions with sellers, purchasers,
lenders, brokers, agents and other applicable representatives, are
subject to the approval of our wholly-owned subsidiary, Braemar OP
General Partner LLC, its general partner. As such, we consolidate
Braemar OP.
The following
items affect reporting comparability of our historical
condensed
consolidated financial
statements:
|
|
|
•
|
historical
seasonality patterns at some of our hotel properties cause
fluctuations in our overall operating results. Consequently,
operating results for the three and nine
months
ended September 30,
2020, are
not necessarily indicative of the results that may be expected for
the year ending December 31,
2020;
and
|
|
|
|
•
|
on January 15,
2019, we acquired the Ritz-Carlton, Lake Tahoe. The operating
results of the hotel property have been included in the results of
operations as of its acquisition date.
|
Use of Estimates—The preparation of
these condensed consolidated
financial
statements in accordance with accounting principles generally
accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of
revenue and expenses during the reporting period. Actual results
could differ from those estimates.
Income Taxes—On March 27, 2020, the
Coronavirus Aid, Relief, and Economic Security Act (the “CARES
Act”) was signed into law and includes certain income tax
provisions relevant to businesses. The Company is required to
recognize the effect on the consolidated financial statements in
the period the law was enacted. For the nine months ended
September 30,
2020, the
CARES Act did not have a material impact on the Company’s
consolidated financial statements. At this time, the Company does
not expect the CARES Act to have a material impact on the Company’s
consolidated financial statements for the year ending December 31,
2020.
Recently Adopted Accounting Standards—In June 2016, the Financial
Accounting Standards Board (“FASB”) issued Accounting Standards
Updated (“ASU”) 2016-13, Financial
Instruments - Credit Losses (Topic 326): Measurement of Credit
Losses on Financial Instruments (“ASU 2016-13”). The
ASU sets forth an “expected credit loss” impairment model to
replace the current “incurred loss” method of recognizing credit
losses. The standard requires measurement and recognition of
expected credit losses for most financial assets held. The ASU is
effective for fiscal years beginning after December 15, 2019,
including interim
BRAEMAR
HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(unaudited)
periods within
those fiscal years. Early adoption is permitted for periods
beginning after December 15, 2018. In November 2018, the FASB
issued ASU 2018-19, Codification
Improvements to Topic 326, Financial Instruments – Credit
Losses (“ASU
2018-19”).
ASU 2018-19
clarifies that receivables arising from operating leases are not
within the scope of Subtopic 326-20. Instead, impairment of
receivables arising from operating leases should be accounted for
in accordance with Topic 842, Leases.
In November 2019, the FASB issued ASU
2019-10, Financial
Instruments – Credit Losses (Topic 326), Derivatives and
Hedging (Topic 815) and Leases (Topic 842): Effective Dates
(“ASU
2019-10”). ASU 2019-10 updates the effective dates for ASU
2016-13, but there is no change for public companies. In November
2019, the FASB issued ASU 2019-11, Codification
Improvements to Topic 326, Financial Instruments – Credit
Losses (“ASU 2019-11”). ASU
2019-11, clarifies specific issues within the amendments of ASU
2016-13. We adopted the standard effective January 1, 2020 and the
adoption of this standard did not have a material impact on our
consolidated financial statements.
Recently Issued Accounting Standards—In January 2020, the FASB
issued ASU 2020-01, Investments
– Equity Securities (Topic 321), Investments—Equity Method and
Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)
– Clarifying the Interactions between Topic 321, Topic 323, and
Topic 815 (a consensus of the Emerging Issues Task
Force) (“ASU 2020-01”), which
clarifies the interaction between the accounting for equity
securities, equity method investments, and certain derivative
instruments. The ASU, among other things, clarifies that a company
should consider observable transactions that require a company to
either apply or discontinue the equity method of accounting
under Topic
323, Investments—Equity Method and Joint
Ventures,
for the purposes of applying the measurement alternative in
accordance with Topic 321 immediately before applying or upon
discontinuing the equity method. ASU 2020-01 is effective for
fiscal years beginning after December 15, 2020, and interim periods
within those fiscal years and should be applied prospectively.
Early adoption is permitted. We are currently evaluating the impact
that ASU 2020-01 may have on our consolidated financial statements
and related disclosures.
In March 2020,
the FASB issued ASU 2020-04, Reference
Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04
contains practical expedients for reference rate reform related
activities that impact debt, leases, derivatives and other
contracts. The guidance in ASU 2020-04 is optional and may be
elected over time as reference rate reform activities occur. The
Company continues to evaluate the impact of the guidance and may
apply the elections as applicable as changes in the market
occur.
In August 2020,
the FASB issued ASU 2020-06, Debt - Debt
with Conversion and Other Options (Subtopic 470- 20) and
Derivatives and Hedging - Contracts in Entity’s Own Equity
(Subtopic 815-40): Accounting for Convertible Instruments and
Contracts in an Entity’s Own Equity (“ASU 2020-06”), which
simplifies the accounting for certain financial instruments with
characteristics of liabilities and equity. This ASU (1) simplifies
the accounting for convertible debt instruments and convertible
preferred stock by removing the existing guidance in ASC
470-20, Debt: Debt
with Conversion and Other Options, that requires entities to
account for beneficial conversion features and cash conversion
features in equity, separately from the host convertible debt or
preferred stock; (2) revises the scope exception from derivative
accounting in ASC 815-40 for freestanding financial instruments and
embedded features that are both indexed to the issuer’s own stock
and classified in stockholders’ equity, by removing certain
criteria required for equity classification; and (3) revises the
guidance in ASC 260, Earnings
Per Share,
to require entities to calculate diluted earnings per share (EPS)
for convertible instruments by using the if-converted method. In
addition, entities must presume share settlement for purposes of
calculating diluted EPS when an instrument may be settled in cash
or shares. For SEC filers, excluding smaller reporting companies,
this ASU is effective for fiscal years beginning after December 15,
2021 including interim periods within those fiscal years. Early
adoption is permitted, but no earlier than fiscal years beginning
after December 15, 2020. Entities should adopt the guidance as of
the beginning of the fiscal year of adoption and cannot adopt the
guidance in an interim reporting period. We are currently
evaluating the impact that ASU 2020-06 may have on our consolidated
financial statements and related disclosures.
BRAEMAR
HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(unaudited)
3.
Revenue
The following
tables present our revenue disaggregated by geographical areas (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, 2020
|
|
Primary
Geographical Market
|
|
Number of
Hotels
|
|
Rooms
|
|
Food and
Beverage
|
|
Other
Hotel
|
|
Other
|
|
Total
|
|
California
|
|
5
|
|
$
|
11,504
|
|
|
$
|
2,895
|
|
|
$
|
1,536
|
|
|
$
|
—
|
|
|
$
|
15,935
|
|
|
Colorado
|
|
1
|
|
1,688
|
|
|
692
|
|
|
1,659
|
|
|
—
|
|
|
4,039
|
|
|
Florida
|
|
2
|
|
7,103
|
|
|
3,175
|
|
|
3,262
|
|
|
—
|
|
|
13,540
|
|
|
Illinois
|
|
1
|
|
1,706
|
|
|
240
|
|
|
127
|
|
|
—
|
|
|
2,073
|
|
|
Pennsylvania
|
|
1
|
|
1,088
|
|
|
9
|
|
|
58
|
|
|
—
|
|
|
1,155
|
|
|
Washington
|
|
1
|
|
1,056
|
|
|
3
|
|
|
118
|
|
|
—
|
|
|
1,177
|
|
|
Washington, D.C.
|
|
1
|
|
331
|
|
|
4
|
|
|
292
|
|
|
—
|
|
|
627
|
|
|
USVI
|
|
1
|
|
3,642
|
|
|
1,519
|
|
|
1,047
|
|
|
—
|
|
|
6,208
|
|
|
Total
|
|
13
|
|
$
|
28,118
|
|
|
$
|
8,537
|
|
|
$
|
8,099
|
|
|
$
|
—
|
|
|
$
|
44,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, 2019
|
|
Primary
Geographical Market
|
|
Number of
Hotels
|
|
Rooms
|
|
Food and
Beverage
|
|
Other
Hotel
|
|
Other
|
|
Total
|
|
California
|
|
5
|
|
$
|
32,070
|
|
|
$
|
9,190
|
|
|
$
|
4,441
|
|
|
$
|
—
|
|
|
$
|
45,701
|
|
|
Colorado
|
|
1
|
|
3,086
|
|
|
3,615
|
|
|
2,368
|
|
|
—
|
|
|
9,069
|
|
|
Florida
|
|
2
|
|
8,234
|
|
|
4,124
|
|
|
3,308
|
|
|
—
|
|
|
15,666
|
|
|
Illinois
|
|
1
|
|
7,501
|
|
|
2,250
|
|
|
466
|
|
|
—
|
|
|
10,217
|
|
|
Pennsylvania
|
|
1
|
|
6,675
|
|
|
1,474
|
|
|
310
|
|
|
—
|
|
|
8,459
|
|
|
Washington
|
|
1
|
|
10,361
|
|
|
1,649
|
|
|
382
|
|
|
—
|
|
|
12,392
|
|
|
Washington, D.C.
|
|
1
|
|
8,889
|
|
|
3,688
|
|
|
378
|
|
|
—
|
|
|
12,955
|
|
|
USVI
|
|
1
|
|
(8
|
)
|
|
432
|
|
|
3,999
|
|
|
—
|
|
|
4,423
|
|
|
Corporate
entities
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
Total
|
|
13
|
|
$
|
76,808
|
|
|
$
|
26,422
|
|
|
$
|
15,652
|
|
|
$
|
2
|
|
|
$
|
118,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30, 2020
|
|
Primary
Geographical Market
|
|
Number of
Hotels
|
|
Rooms
|
|
Food and
Beverage
|
|
Other
Hotel
|
|
Other
|
|
Total
|
|
California
|
|
5
|
|
$
|
37,401
|
|
|
$
|
10,936
|
|
|
$
|
6,474
|
|
|
$
|
—
|
|
|
$
|
54,811
|
|
|
Colorado
|
|
1
|
|
9,955
|
|
|
4,974
|
|
|
4,898
|
|
|
—
|
|
|
19,827
|
|
|
Florida
|
|
2
|
|
24,401
|
|
|
12,535
|
|
|
10,292
|
|
|
—
|
|
|
47,228
|
|
|
Illinois
|
|
1
|
|
4,638
|
|
|
1,129
|
|
|
490
|
|
|
—
|
|
|
6,257
|
|
|
Pennsylvania
|
|
1
|
|
6,088
|
|
|
1,215
|
|
|
377
|
|
|
—
|
|
|
7,680
|
|
|
Washington
|
|
1
|
|
4,821
|
|
|
794
|
|
|
540
|
|
|
—
|
|
|
6,155
|
|
|
Washington, D.C.
|
|
1
|
|
6,857
|
|
|
3,482
|
|
|
1,174
|
|
|
—
|
|
|
11,513
|
|
|
USVI
|
|
1
|
|
10,958
|
|
|
4,352
|
|
|