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Braemar Hotels & Resorts Inc. (BHR+0.19%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total hotel revenue to $148,398,000 from $159,801,000 in the same quarter the previous year. The decrease is attributed to the sale of Hilton La Jolla Torrey Pines (HLT-2.96%) and a decline in room rates.
Rooms revenue decreased to $92,427,000 from $100,738,000, with a slight increase in occupancy offset by a decrease in average daily rate (ADR).
Food and beverage revenue fell to $34,781,000 from $38,537,000, while other hotel revenue increased to $21,190,000 from $20,526,000.
Total hotel operating expenses decreased to $113,715,000 from $116,450,000, with reductions in rooms and food and beverage expenses.
The company reported a gain of $88,210,000 from the sale of Hilton La Jolla Torrey Pines, contributing to an operating income of $70,329,000 compared to $651,000 in the previous year.
Interest expense and amortization of loan costs increased to $27,911,000 from $23,306,000, reflecting higher average interest rates.
Net income for the quarter was $39,835,000, up from a net loss of $22,611,000 in the previous year. After preferred dividends, net income attributable to common stockholders was a loss of $1,412,000, compared to a loss of $33,128,000 in the previous year.
Cash provided by operating activities was $60,165,000, while cash used in investing and financing activities was $52,671,000 and $62,203,000, respectively.
Braemar had a working capital of $168,675,000 as of September 30, 2024. The company continues to focus on managing its portfolio and financing activities to support its operations.
The filing also details various financial agreements, including a refinancing of five hotels with a new $407 million mortgage loan.
Braemar does not anticipate significant changes to its dividend policy and continues to evaluate its capital allocation strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Braemar Hotels & Resorts Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.