Company: BHR-PD
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001574085-25-000130
Chunk: 62

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 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 September 30, 2025 Compared to Three Months Ended September 30, 2024 

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

Three Months Ended September 30,Favorable (Unfavorable)20252024$ Change% ChangeRevenueRooms$85,701 $92,427 $(6,726)(7.3)%Food and beverage36,637 34,781 1,856 5.3 Other21,218 21,190 28 0.1 Total revenue143,556 148,398 (4,842)(3.3)ExpensesHotel operating expenses:Rooms24,728 25,548 820 3.2 Food and beverage30,685 31,998 1,313 4.1 Other expenses51,766 51,300 (466)(0.9)Management fees4,440 4,869 429 8.8 Total hotel operating expenses111,619 113,715 2,096 1.8 Property taxes, insurance and other8,211 9,985 1,774 17.8 Depreciation and amortization23,164 25,078 1,914 7.6 Advisory services fee7,915 8,627 712 8.3 Corporate general and administrative3,811 8,874 5,063 57.1 Total expenses154,720 166,279 11,559 7.0 Gain (loss) on disposition of assets and hotel properties40,970 88,210 (47,240)(53.6)Operating income (loss)29,806 70,329 (40,523)57.