Braemar Hotels & Resorts Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Braemar Hotels & Resorts Inc. on October 4, 2021. The filing serves as a Regulation FD disclosure regarding the declaration of cash dividends for various classes of preferred stock.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The primary financial data disclosed relates to dividend declarations and outstanding share counts as of September 30, 2021:
- Series E Redeemable Preferred Stock: 271,886 shares outstanding.
- Series M Redeemable Preferred Stock: 14,644 shares outstanding.
Material Changes and Dividend Declarations
The Board of Directors declared the following dividends:
- 5.5% Series B Cumulative Convertible Preferred Stock: Quarterly cash dividend of $0.3438 per diluted share for the fourth quarter ending December 31, 2021. Payable January 18, 2022 (noted as 2021 in source text) to shareholders of record as of December 31, 2021.
- 8.25% Series D Cumulative Preferred Stock: Quarterly cash dividend of $0.5156 per diluted share for the fourth quarter ending December 31, 2021. Payable January 18, 2022 (noted as 2021 in source text) to shareholders of record as of December 31, 2021.
- Series E Redeemable Preferred Stock: Monthly cash dividends at a quarterly rate of $0.50 per share. Payments of $0.1666 per share are scheduled for November 15, 2021; December 15, 2021; and January 18, 2022.
- Series M Redeemable Preferred Stock: Monthly cash dividends at a quarterly rate of $0.5125 per share. Payments of $0.1708 per share are scheduled for November 15, 2021; December 15, 2021; and January 18, 2022.
Guidance, Outlook, and Risks
The filing text does not provide management commentary, future guidance, outlook, or specific risk factors beyond the standard disclosure that the information is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the record dates for each preferred stock series to confirm eligibility for the declared dividends.
- Confirm the payment dates, noting the source text lists "January 18, 2021" for Q4 2021 dividends, which is likely a typographical error for 2022.
- Review the attached press release (Exhibit 99.1) for any additional context regarding the company's liquidity position supporting these payments.
- Check the total number of outstanding shares for Series E and Series M to calculate total dividend obligations.