Company: BHR-PD
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001574085-25-000092
Chunk: 59

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 RevPAR performance on an absolute basis with comparisons to budget and prior periods, as well as on a regional and company-wide basis. ADR and RevPAR include only rooms revenue. Rooms revenue is dictated by demand (as measured by occupancy), pricing (as measured by ADR) and our available supply of hotel rooms.

We also use funds from operations (“FFO”), Adjusted FFO, earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”) and Adjusted EBITDAre as measures of the operating performance of our business. See “Non-GAAP Financial Measures.”

35

RESULTS OF OPERATIONS

 Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 

The following table summarizes changes in key line items from our condensed consolidated statements of operations for three months ended June 30, 2025 and 2024 (in thousands except percentages):

Three Months Ended June 30,Favorable (Unfavorable)20252024$ Change% ChangeRevenueRooms$109,824 $116,227 $(6,403)(5.5)%Food and beverage45,571 47,563 (1,992)(4.2)Other23,682 23,797 (115)(0.5)Total revenue179,077 187,587 (8,510)(4.5)ExpensesHotel operating expenses:Rooms27,285 27,476 191 0.7 Food and beverage35,767 36,664 897 2.4 Other expenses56,445 58,155 1,710 2.9 Management fees5,541 6,068 527 8.7 Total hotel operating expenses125,038 128,363 3,325 2.6 Property taxes, insurance and other7,892 10,058 2,166 21.5 Depreciation and amortization23,360 24,694 1,334 5.4 Advisory services fee7,191 7,828 637 8.1 Corporate general and administrative(2,298)4,469 6,767 151.4 Total expenses161,183 175,412 14,229 8.1 Operating income (loss)17,894 12,175 5,719 47.0 Equity in earnings (loss) of uncons