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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 September 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
 
36,686,729
(Class)
 
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)
 
September 30, 2020
 
December 31, 2019
ASSETS
 
 
 
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:
 
 
 
Indebtedness, net
$
1,132,987

 
$
1,058,486

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

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.

2


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

3


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.

4


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


5


 
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


6


 
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.

7


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

 
 
 
 

8


 
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.

9

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

10

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

11

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

12

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.

13

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