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Form 10-Q/A Braemar Hotels & Resorts For: Sep 30

February 3, 2023 6:08 AM EST

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000157408512/312022Q3trueThis Amendment No. 1 on Form 10-Q/A is being filed to amend Braemar Hotel & Resort Inc.’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2022, for the quarter ended September 30, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q/A
(Amendment No. 1)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended September 30, 2022
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)
Maryland46-2488594
(State or other jurisdiction of incorporation or organization)(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas75254
(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 filerAccelerated filer
Non-accelerated filerSmaller 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 classTrading Symbol(s)Name of each exchange on which registered
Common StockBHRNew York Stock Exchange
Preferred Stock, Series BBHR-PBNew York Stock Exchange
Preferred Stock, Series DBHR-PDNew 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 share66,971,063
(Class)Outstanding at January 31, 2023



EXPLANATORY NOTE
As previously reported in the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “SEC”) on February 1, 2023, the audit committee of Braemar Hotels & Resorts Inc. (the “Company”) concluded, after discussion with the Company’s management, that the Company’s unaudited financial statements for the periods ended September 30, 2022, included in its Quarterly Report on Form 10-Q filed with the SEC on November 7, 2022, contained a material misstatement and should not be relied upon. The misstatement related to the presentation of the Company’s statement of operations missing a non-cash item associated with the Company’s Series E Redeemable Preferred Stock and Series M Redeemable Preferred Stock, which impacted net income (loss) attributable to common stockholders and the related calculation of earnings per share for each period.
The purpose of this Amended Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2022 (this “Form 10-Q/A”), is to amend the Form 10-Q filed with the SEC on November 7, 2022 (the “Form 10-Q”) to restate the Company’s statements of operations for the three and nine months ended September 30, 2022, to include the impact of the $2.6 million and $4.8 million redemption value adjustment, respectively, associated with the Company’s Series E Redeemable Preferred Stock and Series M Redeemable Preferred Stock, which would have decreased/increased net income/loss attributable to common stockholders in the calculation of GAAP income/loss per share. See note 17 included herein for additional details.
This Form 10-Q/A is presented as of the filing date of the Form 10-Q and does not reflect events occurring after that date, or modify or update disclosures in any way other than as required to reflect the restatement. Accordingly, this Form 10-Q/A should be read in conjunction with the Company’s filings with the SEC subsequent to the date on which the Company filed the Form 10-Q. Among other things, forward-looking statements made in the original Form 10-Q have not been revised to reflect events that occurred or facts that became known to the Company after the filing of the Form 10-Q, and such forward-looking statements should be read in their historical context.
The following items have been amended as a result of the restatement:
Part I, Item 1, “Financial Statements”,
Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”,
Part I, Item 4, “Controls and Procedures”, and
Part II, Item 1A, “Risk Factors.”
In accordance with applicable SEC rules, this Amendment No. 1 on Form 10-Q/A includes an updated signature page and certifications of the Company’s Chief Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, 32.1 and 32.2 as required by Rule 12b-15.
The Company has concluded there was a material weakness in the Company’s internal control over financial reporting as of September 30, 2022 and that its disclosure controls and procedures were ineffective as of September 30, 2022. See additional discussion included in Part I, Item 4 of this amended quarterly report.



BRAEMAR HOTELS & RESORTS INC.
FORM 10-Q/A
FOR THE QUARTER ENDED September 30, 2022

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, 2022December 31, 2021
ASSETS
Investments in hotel properties, gross$2,055,773 $1,845,078 
Accumulated depreciation(431,303)(399,481)
Investments in hotel properties, net1,624,470 1,445,597 
Cash and cash equivalents358,878 215,998 
Restricted cash53,932 47,376 
Accounts receivable, net of allowance of $197 and $134, respectively
27,158 23,701 
Inventories4,540 3,128 
Prepaid expenses8,841 4,352 
Investment in unconsolidated entity1,797 1,689 
Derivative assets5,255 139 
Operating lease right-of-use assets79,719 80,462 
Other assets17,489 23,588 
Intangible assets, net3,977 4,261 
Due from related parties, net1,097 1,770 
Due from third-party hotel managers22,941 27,461 
Total assets$2,210,094 $1,879,522 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,236,864 $1,172,678 
Accounts payable and accrued expenses122,150 96,316 
Dividends and distributions payable4,353 2,173 
Due to Ashford Inc.8,891 1,474 
Due to third-party hotel managers1,514 610 
Operating lease liabilities60,771 60,937 
Other liabilities20,265 20,034 
Derivative liabilities440 1,435 
Total liabilities1,455,248 1,355,657 
Commitments and contingencies (note 15)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2022 and December 31, 2021
65,426 65,426 
Series E redeemable preferred stock, $0.01 par value, 8,880,432 and 1,710,399 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
204,252 39,339 
Series M redeemable preferred stock, $0.01 par value, 1,066,934 and 29,044 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
26,274 715 
Redeemable noncontrolling interests in operating partnership40,635 36,087 
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2022 and December 31, 2021
16 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 71,456,351 and 65,365,470 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
714 653 
Additional paid-in capital739,394 707,418 
Accumulated deficit(307,745)(309,240)
Total stockholders’ equity of the Company432,379 398,847 
Noncontrolling interest in consolidated entities(14,120)(16,549)
Total equity418,259 382,298 
Total liabilities and equity$2,210,094 $1,879,522 
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,
2022202120222021
(restated)(restated)
REVENUE
Rooms$104,503 $77,560 $322,222 $195,720 
Food and beverage37,624 24,494 116,600 60,976 
Other19,062 14,123 59,141 40,439 
Total hotel revenue161,189 116,177 497,963 297,135 
EXPENSES
Hotel operating expenses:
Rooms25,424 17,072 69,742 41,569 
Food and beverage31,320 20,252 91,242 50,526 
Other expenses50,836 36,124 149,130 98,143 
Management fees5,116 3,595 14,802 9,079 
Total hotel operating expenses112,696 77,043 324,916 199,317 
Property taxes, insurance and other8,851 12,622 22,731 27,076 
Depreciation and amortization19,604 18,284 57,616 54,881 
Advisory services fee8,854 4,809 22,481 16,343 
(Gain) loss on legal settlements  (114)(989)
Transaction costs 275  571 
Corporate general and administrative8,075 2,094 14,008 6,077 
Total expenses158,080 115,127 441,638 303,276 
Gain (loss) on insurance settlement and disposition of assets   696 
OPERATING INCOME (LOSS)3,109 1,050 56,325 (5,445)
Equity in earnings (loss) of unconsolidated entity(74)(68)(220)(198)
Interest income745 13 932 34 
Other income (expense)27  27  
Interest expense and amortization of discounts and loan costs(14,490)(8,364)(33,293)(22,346)
Write-off of loan costs and exit fees(8)(432)(106)(1,960)
Unrealized gain (loss) on derivatives2,403 142 4,019 64 
INCOME (LOSS) BEFORE INCOME TAXES(8,288)(7,659)27,684 (29,851)
Income tax (expense) benefit(95)(560)(3,783)(766)
NET INCOME (LOSS)(8,383)(8,219)23,901 (30,617)
(Income) loss attributable to noncontrolling interest in consolidated entities(823)450 (2,265)2,546 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,166 823 (647)3,184 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(8,040)(6,946)20,989 (24,887)
Preferred dividends(6,028)(1,977)(13,395)(6,258)
Deemed dividends on redeemable preferred stock(2,649) (4,802) 
Gain (loss) on extinguishment of preferred stock (111) (4,595)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(16,717)$(9,034)$2,792 $(35,740)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders$(0.24)$(0.15)$0.04 $(0.73)
Weighted average common shares outstanding – basic70,956 59,207 69,213 48,954 
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders$(0.24)$(0.15)$0.04 $(0.73)
Weighted average common shares outstanding – diluted70,956 59,207 69,214 48,954 
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,
2022202120222021
NET INCOME (LOSS)$(8,383)$(8,219)$23,901 $(30,617)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)    
TOTAL COMPREHENSIVE INCOME (LOSS)(8,383)(8,219)23,901 (30,617)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities(823)450 (2,265)2,546 
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership1,166 823 (647)3,184 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY$(8,040)$(6,946)$20,989 $(24,887)
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 StockAdditional
Paid-in
Capital
Accumulated DeficitNoncontrolling Interest in Consolidated EntitiesTotal
5.50% Series B Cumulative Convertible
Preferred Stock
Series E Redeemable
Preferred Stock
Series M Redeemable
Preferred Stock
Redeemable Noncontrolling Interests in Operating Partnership
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at June 30, 20221,600 $16 71,310 $712 $738,353 $(290,307)$(14,943)$433,831 3,078 $65,426 4,508 $103,697 396 $9,750 $40,291 
Purchase of common stock— — (156)(1)(760)— — (761)— — — — — — — 
Equity-based compensation— — — — 1,799 — — 1,799 — — — — — — 1,592 
Issuance of restricted shares/units— — 304 3 2 — — 5 — — — — — — — 
Forfeiture of restricted common shares— — (2)— — — — — — — — — — — — 
Issuance of preferred stock— — — — — — — — — — 4,375 98,277 673 16,296 — 
Dividends declared – common stock ($0.01/share)
— — — — — (719)— (719)— — — — — — — 
Dividends declared – preferred stock - Series B ($0.34/share)
— — — — — (1,059)— (1,059)— — — — — — — 
Dividends declared – preferred stock - Series D ($0.52/share)
— — — — — (825)— (825)— — — — — — — 
Dividends declared – preferred stock - Series E ($0.48/share)
— — — — — (3,697)— (3,697)— — — — — — — 
Dividends declared – preferred stock - Series M ($0.52/share)
— — — — — (447)— (447)— — — — — — — 
Distributions to noncontrolling interests— — — — — — — — — — — — — — (84)
Net income (loss)— — — — — (8,040)823 (7,217)— — — — — — (1,166)
Redemptions of preferred stock— — — — — — — — — — (3)(84)(2)(59)— 
Redemption value adjustment - preferred stock— — — — — (2,649)— (2,649)— — — 2,362 — 287 — 
Redemption value adjustment— — — — — (2)— (2)— — — — — — 2 
Balance at September 30, 20221,600 $16 71,456 $714 $739,394 $(307,745)$(14,120)$418,259 3,078 $65,426 8,880 $204,252 1,067 $26,274 $40,635 
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8.25% Series D Cumulative Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated DeficitNoncontrolling Interest in Consolidated EntitiesTotal
5.50% Series B Cumulative Convertible
Preferred Stock
Series E Redeemable
Preferred Stock
Series M Redeemable
Preferred Stock
Redeemable Noncontrolling Interests in Operating Partnership
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 20211,600 $16 65,365 $653 $707,418 $(309,240)$(16,549)$382,298 3,078 $65,426 1,710 $39,339 29 $715 $36,087 
Impact of adoption of new accounting standard— — — — (6,257)656 — (5,601)— — — — — — — 
Purchase of common stock— — (249)(2)(1,306)— — (1,308)— — — — — — — 
Equity-based compensation— — — — 4,583 — — 4,583 — — — — — — 4,358 
Issuance of common stock— — 6,000 60 34,981 — — 35,041 — — — — — — — 
Common stock issuance costs—