Braemar Hotels & Resorts Declares Preferred Dividends For Third Quarter Of 2021

Rhea-AI Summary

Braemar Hotels & Resorts (NYSE: BHR) declared regular cash dividends for the third quarter ending September 30, 2021. Shareholders will receive a quarterly dividend of $0.3438 per share for the 5.50% Series B Preferred Stock and $0.5156 for the 8.25% Series D Preferred Stock, both payable on October 15, 2021. Additionally, monthly dividends for Series E and Series M Redeemable Preferred Stock will be $0.1666 and $0.1708 per share, respectively, with the first payments occurring on August 16, 2021. This indicates company stability in providing returns to shareholders.

Positive

• Regular cash dividend declared for Series B Preferred Stock at $0.3438, indicating a commitment to shareholder returns.
• Quarterly dividend for Series D Preferred Stock of $0.5156, enhancing income for preferred shareholders.
• Monthly dividends for Series E and M Redeemable Preferred Stock showing steady cash flow management.

Negative

• None.

DALLAS, July 14, 2021 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that its Board of Directors authorized, and the Company declared, regular cash dividends on the Company's outstanding shares of preferred stock for the third quarter ending September 30, 2021, as follows:

• a quarterly cash dividend of $0.3438 per share for the Company's 5.50% Series B Cumulative Convertible Preferred Stock, which equates to an annual rate of $1.375 per share, payable on October 15, 2021 to stockholders of record as of September 30, 2021;

• a quarterly cash dividend of $0.5156 per share for the Company's 8.25% Series D Cumulative Preferred Stock, which equates to an annual rate of $2.0625 per share, payable on October 15, 2021 to stockholders of record as of September 30, 2021;

• monthly cash dividends for the Company's Series E Redeemable Preferred Stock equal to a quarterly rate of $0.50 per share and an annual rate of $2.00 per share, payable as follows: $0.1666 per share will be paid on August 16, 2021 to stockholders of record as of July 30, 2021; $0.1666 per share will be paid on September 15, 2021 to stockholders of record as of August 31, 2021; and $0.1666 per share will be paid on October 15, 2021 to stockholders of record as of September 30, 2021; and

• monthly cash dividends for the Company's Series M Redeemable Preferred Stock equal to a quarterly rate of $0.5125 per share and an annual rate of $2.05 per share, payable as follows: $0.1708 per share will be paid on August 16, 2021 to stockholders of record as of July 30, 2021; $0.1708 per share will be paid on September 15, 2021 to stockholders of record as of August 31, 2021; and $0.1708 per share will be paid on October 15, 2021 to stockholders of record as of September 30, 2021.

• As of July 9, 2021 there were 22,010 shares of the Company's Series E Redeemable Preferred Stock and no shares of the Company's Series M Redeemable Preferred Stock issued and outstanding.

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Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the payment of dividends on the Company's outstanding shares of preferred stock. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission's investigation; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar's filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

 

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SOURCE Braemar Hotels & Resorts Inc.

FAQ

What are the dividends declared by Braemar Hotels & Resorts for Q3 2021?

Braemar Hotels & Resorts declared a dividend of $0.3438 for Series B, $0.5156 for Series D, and monthly dividends for Series E and M Redeemable Preferred Stock.

When are the dividends for Braemar Hotels & Resorts payable?

Dividends are payable on October 15, 2021, for Series B and D, while Series E and M Redeemable Preferred Stock dividends will be paid on August 16, September 15, and October 15, 2021.

What is the dividend yield for Braemar Hotels & Resorts stock?

The annual dividend rate for Series B is $1.375, Series D is $2.0625, Series E is $2.00, and Series M is $2.05.

Who qualifies for the dividends declared by Braemar Hotels & Resorts?

Stockholders of record as of September 30, 2021, will qualify for the dividends payable on October 15, 2021.

How does Braemar Hotels & Resorts fund its dividends?

Dividends are funded through the company's operating revenue and cash flow management strategies.