Company: BHR-PD
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001574085-25-000051
Chunk: 172

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 172
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Net income (loss)$10,672 $15,482 Interest expense and amortization of loan costs 24,827 26,491 Depreciation and amortization 23,395 25,420 Income tax expense (benefit) 1,467 1,452 Equity in (earnings) loss of unconsolidated entity— 49 Company’s portion of EBITDA of OpenKey— (57)EBITDA60,361 68,837 (Gain) loss on disposition of assets and hotel property— — EBITDAre60,361 68,837 Amortization of favorable (unfavorable) contract assets (liabilities)107 119 Transaction and conversion costs (1)695 (5,627)Write-off of premiums, loan costs and exit fees1,464 721 Realized and unrealized (gain) loss on derivatives198 (932)Stock/unit-based compensation(48)1,127 Legal, advisory and settlement costs144 1,947 Advisory services incentive fee82 — Adjusted EBITDAre$63,003 $66,192 

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(1) Includes amounts associated with funding certain expenses of Ashford Securities LLC, which in 2024 included a true up of these expenses based on capital raised. 

41

FFO is calculated on the basis defined by NAREIT, which is net income (loss) attributable to common stockholders, computed in accordance with GAAP, excluding gains or losses on disposition of assets, plus impairment charges on real estate, depreciation and amortization of real estate assets, and after redeemable noncontrolling interests in the operating partnership and adjustments for unconsolidated entities. NAREIT developed FFO as a relative measure of performance of an equity REIT to recognize that income-producing real estate historically has not depreciated on the basis determined by GAAP. Our calculation of Adjusted FFO excludes transaction and conversion costs, other income/expense, write-off of premiums, loan costs and exit fees, legal, advisory and settlement costs, stock/unit-based compensation, severance, gain/loss on insurance settlements, gain/loss on extinguishment of debt, and non-cash items such as deemed dividends on redeemable preferred stock, interest expense accretion on refundable membership club deposits, amortization of loan costs, unrealized gain/loss on derivatives and the Company’s portion of adjustments to FFO