BRAEMAR HOTELS & RESORTS DECLARES PREFERRED DIVIDENDS FOR FIRST QUARTER OF 2022
DALLAS, Jan. 10, 2022
DALLAS, Jan. 10, 2022 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend for the first quarter ending March 31, 2022, of $0.3438 per diluted share, for the Company’s 5.5% Series B Cumulative Convertible Preferred Stock. This dividend is payable on April 15, 2022, to stockholders of record as of March 31, 2022.
The Board declared a quarterly cash dividend for the first quarter ending March 31, 2022, of $0.5156 per diluted share, for the Company’s 8.25% Series D Cumulative Preferred Stock. This dividend is payable on April 15, 2022, to stockholders of record as of March 31, 2022.
The Board declared a monthly cash dividend for the Company’s Series E Redeemable Preferred Stock equal to a quarterly rate of $0.50 per share, payable as follows: $0.1666 per share will be paid on February 15, 2022 to stockholders of record as of January 31, 2022; $0.1666 per share will be paid on March 15, 2022 to stockholders of record as of February 28, 2022; and $0.1666 per share will be paid on April 15, 2022 to stockholders of record as of March 31, 2022.
The Board declared a monthly cash dividend for the Company’s Series M Redeemable Preferred Stock equal to a quarterly rate of $0.5125 per share, payable as follows: $0.1708 per share will be paid on February 15, 2022 to stockholders of record as of January 31, 2022; $0.1708 per share will be paid on March 15, 2022 to stockholders of record as of February 28, 2022; and $0.1708 per share will be paid on April 15, 2022 to stockholders of record as of March 31, 2022.
As of December 31, 2021, there were 1,708,883 shares of the Company’s Series E Redeemable Preferred Stock and 29,044 shares of the Company’s Series M Redeemable Preferred Stock issued and outstanding.
The Board also announced that it plans to continue its suspension of the common stock dividend into 2022 to protect liquidity and will evaluate future dividend declarations on a quarterly basis going forward.
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 Company’s strategy and future plans. 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.
Braemar Hotels & Resorts, Inc
Symbol: BHR
CIK: 1574085
Exchange: NYSE
Founded: 2014 (10 years)
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Micro-Cap
REIT Sector: Resorts, Hotel
REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score.
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