Company: BHR-PD
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001574085-25-000092
Chunk: 126

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 126
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 on real estate assets, FFO and Adjusted FFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. We consider FFO and Adjusted FFO to be appropriate measures of our ongoing normalized operating performance as a REIT. We compute FFO in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that either do not define the term in accordance with the current NAREIT definition or interpret the NAREIT definition differently than us. FFO and Adjusted FFO do not represent cash generated from operating activities as determined by GAAP and should not be considered as an alternative to GAAP net income or loss as an indication of our financial performance or GAAP cash flows from operating activities as a measure of our liquidity. FFO and Adjusted FFO are also not indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, to facilitate a clear understanding of our historical operating results, we believe that FFO and Adjusted FFO should be considered along with our net income or loss and cash flows reported in our condensed consolidated financial statements.

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The following table reconciles net income (loss) to FFO and Adjusted FFO (in thousands) (unaudited):

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Net income (loss)$(6,841)$(13,787)$3,831 $1,695 (Income) loss attributable to noncontrolling interest in consolidated entities(115)303 (51)1,046 Net (Income) loss attributable to redeemable noncontrolling interests in operating partnership1,489 1,919 1,751 1,623 Preferred dividends(8,992)(10,329)(18,261)(20,736)Deemed dividends on preferred stock(1,559)(26)(5,835)(2,024)Net income (loss) attributable to common stockholders(16,018)(21,920)(18,565)(18,396)Depreciation and amortization on real estate (1)22,690 23,696 45,366 47,876 Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(1,489)(