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Diamondrock Hospitality Company (DRH-0.72%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $285,129,000 from $276,520,000 in the same quarter the previous year. The increase is attributed to improved occupancy at resort hotels and increased average daily rates at urban hotels.
Operating expenses for the quarter were $204,557,000 compared to $199,093,000 in the same quarter of the previous year. This increase is primarily due to increased labor costs.
The company reported a net income of $26,557,000 for the quarter, compared to $27,330,000 in the previous year. After distributions to preferred stockholders, net income attributable to common stockholders was $23,978,000, down from $24,818,000 in the previous year.
Cash provided by operating activities was $148,615,000 for the nine months ended September 30, 2024, while cash used in investing and financing activities was $58,407,000 and $137,599,000, respectively.
Diamondrock had a working capital of $75,287,000 as of September 30, 2024. The company maintains a focus on acquiring high-quality lodging properties in urban and resort markets.
The filing also details various financial agreements, including a $400 million senior unsecured revolving credit facility and two term loan facilities totaling $800 million.
Diamondrock does not anticipate any immediate changes to its dividend policy and intends to continue distributing dividends to its stockholders in accordance with REIT requirements.
The company continues to focus on its strategy of owning premium hotels and resorts, with a portfolio of 36 hotels and 9,760 guest rooms as of September 30, 2024.
Diamondrock has repurchased 3,114,876 shares of common stock under its share repurchase program, with $174 million of authorized capacity remaining as of November 8, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Diamondrock Hospitality Company quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.