Company: BHR-PD
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001574085-25-000092
Chunk: 106

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 106
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 Tax (Expense) Benefit. Income tax benefit increased $231,000, from $114,000 in the 2024 quarter to $345,000 in the 2025 quarter. This increase was primarily due to a decrease in the taxable income of certain of our TRS entities in the 2025 quarter compared to the 2024 quarter. 

(Income) Loss Attributable to Noncontrolling Interest in Consolidated Entities. Our noncontrolling interest partners in consolidated entities were allocated income of $115,000 and loss of $303,000 in the 2025 quarter and the 2024 quarter, respectively. At June 30, 2025, noncontrolling interest in consolidated entities represented an ownership interest of 25% in one hotel property held by one entity and a 25% ownership interest in a JV. At June 30, 2024, noncontrolling interest in consolidated entities represented an ownership interest of 25% in two hotel properties held by one entity.

Net (Income) Loss Attributable to Redeemable Noncontrolling Interests in Operating Partnership. Noncontrolling interests in operating partnership were allocated a net loss of $1.5 million and $1.9 million in the 2025 quarter and the 2024 quarter, respectively. Redeemable noncontrolling interests in Braemar OP represented ownership interests of 8.51% and 8.02% as of June 30, 2025 and 2024, respectively.

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

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

Six Months Ended June 30,Favorable (Unfavorable) 20252024$ Change% ChangeRevenueRooms$245,916 $254,779 $(8,863)(3.5)%Food and beverage97,359 101,110 (3,751)(3.7)%Other51,622 50,777 845 1.7 %Total hotel revenue394,897 406,666 (11,769)(2.9)ExpensesHotel operating expenses:Rooms55,504 55,740 236 0.4 Food and beverage75,977 77,381 1,404 1.