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Mar 31, 2021
Braemar Q1 2021 Earnings Report
Reported financial results and performance measures for the first quarter ended March 31, 2021.
Key Takeaways
Braemar Hotels & Resorts reported a net loss attributable to common stockholders of $11.2 million for the first quarter of 2021. However, the company experienced positive trends with comparable average daily rate increasing by 25.3% and achieving cash flow positive at the corporate level for the quarter.
Net loss attributable to common stockholders for the quarter was $11.2 million, or $0.28 per diluted share.
Comparable RevPAR for all hotels decreased 22.7% to $159.97 during the quarter, driven by a 25.3% increase in ADR and a 38.3% decrease in occupancy.
Adjusted funds from operations (AFFO) was $0.20 per diluted share for the quarter, a 67% increase compared to the prior year quarter.
The Company ended the quarter with cash and cash equivalents of $85.7 million and restricted cash of $39.3 million.
Forward Guidance
Braemar Hotels & Resorts anticipates continued recovery trends, driven by strong demand and the rollout of vaccines. The company believes it is well-positioned to execute its growth strategy and maximize shareholder value.
Positive Outlook
- Recovery trends are being seen at the hotels.
- Demand was strong in the first quarter.
- Luxury resorts continue to perform well.
- The Company reported its highest quarterly ADR in history.
- New bookings have been strong.
Challenges Ahead
- Economic uncertainty arising from the COVID-19 pandemic.
- Suspension of its common stock dividend policy.
- Comparable RevPAR decreased 22.7% for all hotels.
- Net loss attributable to common stockholders for the quarter was $11.2 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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