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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): November 2, 2022

BRAEMAR HOTELS & RESORTS INC.
(Exact name of registrant as specified in its charter)


Maryland 001-35972 46-2488594
(State or other jurisdiction of incorporation or organization) (Commission File Number) (IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas 75254
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock BHR New York Stock Exchange
Preferred Stock, Series B BHR-PB New York Stock Exchange
Preferred Stock, Series D BHR-PD New York Stock Exchange


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 2, 2022, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 8.01     OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number         Description

99.1    Third Quarter 2022 Earnings Press Release of the Company, dated November 2, 2022
104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)












SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
BRAEMAR HOTELS & RESORTS INC.
Dated: November 2, 2022
 By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EX-99.1 2 bhr2022q3earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1
braemara59a.jpg
NEWS RELEASE

Contact: Deric Eubanks Jordan Jennings Joseph Calabrese
Chief Financial Officer Investor Relations Financial Relations Board
(972) 490-9600 (972) 778-9487 (212) 827-3772


BRAEMAR HOTELS & RESORTS REPORTS
THIRD QUARTER 2022 RESULTS
Comparable RevPAR Increased 19% to $288
Net Loss Attributable to Common Stockholders was $(14.1) Million
Adjusted EBITDAre was $34.0 Million
Comparable Hotel EBITDA was $40.7 Million
AFFO per Share was $0.16
Announced Agreement to Acquire Four Seasons Resort Scottsdale

DALLAS – November 2, 2022 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2022. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of September 30, 2022, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2022 with the third quarter ended September 30, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL AND OPERATING HIGHLIGHTS
•Comparable RevPAR for all hotels increased 19% over the prior year quarter to $288. Comparable ADR increased 1.8% over the prior year quarter to $403 and Comparable Occupancy increased 16.5% over the prior year quarter to 71.5%. Compared to the third quarter of 2019, Comparable RevPAR was 19.2% higher, Comparable ADR was 35.7% higher, and Comparable Occupancy was 12.1% lower.
•Net loss attributable to common stockholders for the quarter was $(14.1) million or $(0.20) per diluted share.
•Adjusted funds from operations (AFFO) was $0.16 per diluted share for the quarter.
•Adjusted EBITDAre was $34.0 million for the quarter, reflecting a growth rate of 56% over the prior year quarter, and 19.1% higher than what the Company reported in the third quarter of 2019.
•Comparable Hotel EBITDA was $40.7 million for the quarter, which was 47.7% higher than the prior year quarter and 23.5% higher than the third quarter of 2019.
•The Company ended the quarter with cash and cash equivalents of $358.9 million and restricted cash of $53.9 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $22.9 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.


BHR Reports Third Quarter Results
Page 2
November 2, 2022
•During the quarter, the Company booked an accrual of $5.2 million in general & administrative expense. This accrual is in anticipation of the true-up for the Ashford Securities Contribution Plan that the Company expects to occur in 2023. The true-up is based on actual capital raised through Ashford Securities and will be split between Braemar, Ashford Hospitality Trust, Inc. (NYSE: AHT), and Ashford Inc. (NYSE American: AINC).
•Net debt to gross assets was 36.8% at the end of the third quarter.
•Capex invested during the quarter was $16.6 million.
FOUR SEASONS RESORT SCOTTSDALE ACQUISITION
On November 1, 2022, the Company announced that it has entered into a definitive agreement to acquire the 210-room Four Seasons Resort Scottsdale at Troon North. In addition, the Company will acquire 5.7 acres of developable land that is currently zoned for commercial use. The Company expects the acquisition to close in the fourth quarter.
Located on East Crescent Moon Drive in Scottsdale, Arizona, the idyllic Four Seasons Resort Scottsdale is set on 37 acres featuring adobe-inspired rooms situated among saguaro cacti, dramatic valleys, and views of the iconic Pinnacle Peak. Amenities include locally inspired spa treatments at the 9,000 sq. ft. spa, a bi-level pool and authentic Southwest cuisine. The resort also offers guests opportunities for outdoor adventure, including close shuttle access to two world-class golf courses, four pickleball and two tennis courts, as well as the opportunities to hike, bike or rock climb surrounding hills.
The announced total consideration for the acquisition is $267.8 million. Of the total consideration, $250.0 million is allocated to the existing resort ($1.2 million per key). The acquisition will be funded with existing cash on hand and no common equity will be issued.
CAPITAL STRUCTURE
At September 30, 2022, the Company had total assets of $2.2 billion and $1.2 billion of loans of which $49 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined loans had a blended average interest rate of 5.5%. The Company has interest rate caps in place on 75% of its consolidated floating rate debt. Taking into account the current level of LIBOR and SOFR and the corresponding interest rate caps, approximately 41% of the Company’s consolidated debt is effectively fixed and approximately 59% is effectively floating. Assuming the current level of LIBOR and SOFR increases a further 20 basis points, and giving effect to the existing interest rate caps, approximately 77% of the Company’s consolidated debt would be effectively fixed and approximately 23% would be effectively floating.
During the third quarter and the month of October, the Company raised approximately $114.5 million and $36.6 million of net proceeds from the sale of its non-traded preferred stock, respectively. The Company currently has 11.6 million shares of its Series E and Series M non-traded preferred stock outstanding and has raised approximately $262 million of net proceeds from this offering.
On September 8, 2022, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.01 per diluted share for the Company’s common stock for the third quarter ending September 30, 2022. The dividend, which equates to an annual rate of $0.04 per share, was paid on October 17, 2022, to stockholders of record as of September 30, 2022. The Board of Directors will review its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.


BHR Reports Third Quarter Results
Page 3
November 2, 2022
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.
“We’re extremely pleased with Braemar’s record third quarter performance and couldn’t be more excited about our announced planned acquisition of the exquisite Four Seasons Resort Scottsdale,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “As expected, our portfolio has continued to see significant ADR outperformance relative to 2019. The portfolio significantly exceeded 2019 in terms of both RevPAR and EBITDA. Further, we reported Hotel EBITDA margins that exceeded the comparable period in the prior year by over 400 basis points,” he continued. “Our urban portfolio continues to ramp up quickly, reporting over $15.7 million of EBITDA for the quarter and comprising over 38% of portfolio Hotel EBITDA for the quarter. Looking ahead to the remainder of 2022 and into 2023, we remain very well positioned with strong leisure demand and the continued recovery of our urban portfolio,” Stockton concluded.
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, November 3, 2022, at 12:00 p.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Thursday, November 10, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13732690.
The Company will also provide an online simulcast and rebroadcast of its third quarter 2022 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com on Thursday, November 3, 2022, beginning at 12:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported. Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes the change has been applied retrospectively.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * * Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.


BHR Reports Third Quarter Results
Page 4
November 2, 2022
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: our ability to complete the proposed transaction on the terms or timeline currently contemplated or at all, the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; 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; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; 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.



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)

September 30, 2022 December 31, 2021
ASSETS
Investments in hotel properties, gross $ 2,055,773  $ 1,845,078 
Accumulated depreciation (431,303) (399,481)
Investments in hotel properties, net 1,624,470  1,445,597 
Cash and cash equivalents 358,878  215,998 
Restricted cash 53,932  47,376 
Accounts receivable, net of allowance of $197 and $134, respectively 27,158  23,701 
Inventories 4,540  3,128 
Prepaid expenses 8,841  4,352 
Investment in OpenKey 1,797  1,689 
Derivative assets 5,255  139 
Other assets 17,489  23,588 
Operating lease right-of-use assets 79,719  80,462 
Intangible assets, net 3,977  4,261 
Due from related parties, net 1,097  1,770 
Due from third-party hotel managers 22,941  27,461 
Total assets $ 2,210,094  $ 1,879,522 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net $ 1,236,864  $ 1,172,678 
Accounts payable and accrued expenses 122,150  96,316 
Dividends and distributions payable 4,353  2,173 
Due to Ashford Inc., net 8,891  1,474 
Due to third-party hotel managers 1,514  610 
Operating lease liabilities 60,771  60,937 
Derivative liabilities 440  1,435 
Other liabilities 20,265  20,034 
Total liabilities 1,455,248  1,355,657 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2022 and December 31, 2021 65,426  65,426 
Series E Redeemable Preferred Stock, $0.01 par value, 8,880,432 and 1,710,399 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 204,252  39,339 
Series M Redeemable Preferred Stock, $0.01 par value, 1,066,934 and 29,044 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 26,274  715 
Redeemable noncontrolling interests in operating partnership 40,635  36,087 
Equity:
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at September 30, 2022 and December 31, 2021 16  16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 71,456,351 and 65,365,470 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 714  653 
Additional paid-in capital 739,394  707,418 
Accumulated deficit (307,745) (309,240)
Total stockholders' equity of the Company 432,379  398,847 
Noncontrolling interest in consolidated entities (14,120) (16,549)
Total equity 418,259  382,298 
Total liabilities and equity $ 2,210,094  $ 1,879,522 

5


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2022 2021 2022 2021
REVENUE
Rooms $ 104,503  $ 77,560  $ 322,222  $ 195,720 
Food and beverage 37,624  24,494  116,600  60,976 
Other 19,062  14,123  59,141  40,439 
Total hotel revenue 161,189  116,177  497,963  297,135 
EXPENSES
Hotel operating expenses:
Rooms 25,424  17,072  69,742  41,569 
Food and beverage 31,320  20,252  91,242  50,526 
Other expenses 50,836  36,124  149,130  98,143 
Management fees 5,116  3,595  14,802  9,079 
Total hotel operating expenses 112,696  77,043  324,916  199,317 
Property taxes, insurance and other 8,851  12,622  22,731  27,076 
Depreciation and amortization 19,604  18,284  57,616  54,881 
Advisory services fee:
Base advisory fee 3,269  2,758  9,434  7,981 
Reimbursable expenses 1,191  694  3,460  1,696 
Incentive fee 1,048  (1,637) 1,294  — 
Stock/unit-based compensation 3,346  2,994  8,293  6,666 
(Gain) loss on legal settlements —  —  (114) (989)
Transaction costs —  275  —  571 
Corporate, general and administrative:
Stock/unit-based compensation 39  39  627  555 
Other general and administrative 8,036  2,055  13,381  5,522 
Total operating expenses 158,080  115,127  441,638  303,276 
Gain (loss) on insurance settlement and disposition of assets —  —  —  696 
OPERATING INCOME (LOSS) 3,109  1,050  56,325  (5,445)
Equity in earnings (loss) of unconsolidated entity (74) (68) (220) (198)
Interest income 745  13  932  34 
Other income (expense) 27  —  27  — 
Interest expense (13,869) (7,935) (31,432) (20,597)
Amortization of loan costs (621) (429) (1,861) (1,749)
Write-off of loan costs and exit fees (8) (432) (106) (1,960)
Unrealized gain (loss) on derivatives 2,403  142  4,019  64 
INCOME (LOSS) BEFORE INCOME TAXES (8,288) (7,659) 27,684  (29,851)
Income tax (expense) benefit (95) (560) (3,783) (766)
NET INCOME (LOSS) (8,383) (8,219) 23,901  (30,617)
(Income) loss attributable to noncontrolling interest in consolidated entities (823) 450  (2,265) 2,546 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,166  823  (647) 3,184 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (8,040) (6,946) 20,989  (24,887)
Preferred dividends (6,028) (1,977) (13,395) (6,258)
Gain (loss) on extinguishment of preferred stock —  (111) —  (4,595)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (14,068) $ (9,034) $ 7,594  $ (35,740)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (0.20) $ (0.15) $ 0.11  $ (0.73)
Weighted average common shares outstanding – basic 70,956  59,207  69,213  48,954 
Diluted:
Net income (loss) attributable to common stockholders $ (0.20) $ (0.15) $ 0.11  $ (0.73)
Weighted average common shares outstanding – diluted 70,956  59,207  69,214  48,954 
Dividends declared per common share: $ 0.01  $ —  $ 0.03  $ — 

6


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2022 2021 2022 2021
Net income (loss) $ (8,383) $ (8,219) $ 23,901  $ (30,617)
Interest expense and amortization of loan costs 14,490  8,364  33,293  22,346 
Depreciation and amortization 19,604  18,284  57,616  54,881 
Income tax expense (benefit) 95  560  3,783  766 
Equity in (earnings) loss of unconsolidated entity 74  68  220  198 
Company's portion of EBITDA of OpenKey (74) (68) (220) (196)
EBITDA 25,806  18,989  118,593  47,378 
(Gain) loss on insurance settlement and disposition of assets —  —  —  (696)
EBITDAre 25,806  18,989  118,593  46,682 
Amortization of favorable (unfavorable) contract assets (liabilities) 119  118  345  394 
Transaction and conversion costs 5,562  980  6,888  2,148 
Other (income) expense (27) —  (27) — 
Write-off of loan costs and exit fees 8  432  106  1,960 
Unrealized (gain) loss on derivatives (2,403) (142) (4,019) (64)
Stock/unit-based compensation 3,391  3,044  8,941  7,265 
Legal, advisory and settlement costs 544  107  1,176  (320)
Advisory services incentive fee 1,048  (1,637) 1,294  — 
Company's portion of adjustments to EBITDAre of OpenKey 1  1  6  7 
Adjusted EBITDAre $ 34,049  $ 21,892  $ 133,303  $ 58,072 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2022 2021 2022 2021
Net income (loss) $ (8,383) $ (8,219) $ 23,901  $ (30,617)
(Income) loss attributable to noncontrolling interest in consolidated entities (823) 450  (2,265) 2,546 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,166  823  (647) 3,184 
Preferred dividends (6,028) (1,977) (13,395) (6,258)
Gain (loss) on extinguishment of preferred stock —  (111) —  (4,595)
Net income (loss) attributable to common stockholders (14,068) (9,034) 7,594  (35,740)
Depreciation and amortization on real estate 18,956  17,619  55,678  52,843 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (1,166) (823) 647  (3,184)
Equity in (earnings) loss of unconsolidated entity 74  68  220  198 
(Gain) loss on insurance settlement and disposition of assets —  —  —  (696)
Company's portion of FFO of OpenKey (74) (68) (220) (197)
FFO available to common stockholders and OP unitholders 3,722  7,762  63,919  13,224 
(Gain) loss on extinguishment of preferred stock —  111  —  4,595 
Transaction and conversion costs 5,562  980  6,888  2,148 
Interest expense accretion on refundable membership club deposits 177  190  545  582 
Write-off of loan costs and exit fees 8  432  106  1,960 
Amortization of loan costs 598  407  1,793  1,684 
Unrealized (gain) loss on derivatives (2,403) (142) (4,019) (64)
Stock/unit-based compensation 3,391  3,044  8,941  7,265 
Legal, advisory and settlement costs 544  107  1,176  (320)
Advisory services incentive fee 1,048  (1,637) 1,294  — 
Company's portion of adjustments to FFO of OpenKey 1  1  6  7 
Adjusted FFO available to common stockholders and OP unitholders $ 12,648  $ 11,255  $ 80,649  $ 31,081 
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.16  $ 0.17  $ 1.07  $ 0.58 
Weighted average diluted shares 76,962  64,860  75,140  53,597 
7


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2022
(dollars in thousands)
(unaudited)

Lender Hotels Current
Maturity
Final
Maturity (7)
 Interest Rate Fixed-Rate
Debt		 Floating-Rate
Debt		 Total
Debt
Comparable TTM
Hotel EBITDA(8)
 Comparable TTM EBITDA
Debt Yield
BAML The Ritz-Carlton Sarasota April 2023 April 2023 LIBOR + 2.65% $ —  $ 98,750  (1) $ 98,750  $ 31,163  31.6  %
BAML Hotel Yountville May 2023 May 2023 LIBOR + 2.55% —  51,000  (1) 51,000  7,195  14.1  %
BAML See footnote June 2023 June 2025 LIBOR + 2.16% —  435,000  (2) 435,000  29,037  6.7  %
BAML Bardessono Hotel and Spa August 2023 August 2023 LIBOR + 2.55% —  40,000  (1) 40,000  9,860  24.7  %
Apollo The Ritz-Carlton St. Thomas August 2023 August 2024 LIBOR + 3.95% —  42,500  (3) 42,500  30,169  71.0  %
BAML The Ritz-Carlton Lake Tahoe January 2024 January 2024 LIBOR + 2.10% —  54,000  (1) 54,000  12,696  23.5  %
Prudential Capital Hilton and Hilton
La Jolla Torrey Pines		 February 2024 February 2024 LIBOR + 1.70% —  195,000  195,000  23,163  11.9  %
Credit Agricole Park Hyatt Beaver Creek Resort & Spa February 2024 February 2027 SOFR + 2.86% —  70,500  (4) 70,500  12,909  18.3  %
Knighthead Funding The Ritz-Carlton Reserve Dorado Beach March 2024 March 2026 LIBOR + 6.00% —  54,000  (5) 54,000  18,674  34.6  %
LoanCore Mr. C Beverly Hills Hotel August 2024 August 2024 LIBOR + 3.60% —  30,000  (6) 30,000  3,324  11.1  %
BAML Pier House Resort & Spa September 2024 September 2024 SOFR + 1.95% —  80,000  80,000  19,577  24.5  %
Convertible Senior Notes N/A June 2026 June 2026 4.50% 86,250  —  86,250   N/A N/A
Total $ 86,250  $ 1,150,750  $ 1,237,000  $ 197,767  16.0  %
Percentage 7.0  % 93.0  % 100.0  %
Weighted average interest rate 4.50  % 5.56  % 5.49  %
All indebtedness is non-recourse with the exception of the convertible senior notes.
(1)    This mortgage loan has a LIBOR floor of 0.25%.
(2)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in June 2022. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(3)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in August 2022. This mortgage loan has a LIBOR floor of 1.00%.
(4)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.
(5)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.75%.
(6)    This mortgage loan has a LIBOR floor of 1.50%.
(7)    The final maturity date assumes all available extension options will be exercised.
(8)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
September 30, 2022
(dollars in thousands)
(unaudited)
Lender Hotels 2022 2023 2024 2025 2026 Thereafter Total
BAML Hotel Yountville $ —  $ 51,000  $ —  $ —  $ —  $ —  $ 51,000 
BAML Bardessono Hotel and Spa —  40,000  —  —  —  —  40,000 
BAML The Ritz-Carlton Sarasota —  98,000  —  —  —  —  98,000 
BAML The Ritz-Carlton Lake Tahoe —  —  54,000  —  —  —  54,000 
Prudential Capital Hilton and Hilton
La Jolla Torrey Pines		 —  —  195,000  —  —  —  195,000 
Apollo The Ritz-Carlton St. Thomas —  —  42,500  —  —  —  42,500 
LoanCore Mr. C Beverly Hills Hotel —  —  30,000  —  —  —  30,000 
BAML Pier House Resort & Spa —  —  80,000  —  —  —  80,000 
BAML See footnote 1 —  —  —  435,000  —  —  435,000 
Knighthead Funding The Ritz-Carlton Reserve Dorado Beach —  —  —  —  54,000  —  54,000 
Convertible Senior Notes N/A —  —  —  —  86,250  —  86,250 
Credit Agricole Park Hyatt Beaver Creek Resort & Spa —  —  —  —  —  70,500  70,500 
Principal due in future periods $ —  $ 189,000  $ 401,500  $ 435,000  $ 140,250  $ 70,500  $ 1,236,250 
Scheduled amortization payments remaining 250  500  —  —  —  —  750 
Total indebtedness $ 250  $ 189,500  $ 401,500  $ 435,000  $ 140,250  $ 70,500  $ 1,237,000 
(1)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
9


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
Rooms revenue (in thousands) $ 105,769  $ —  $ 105,769  $ 77,301  $ 11,678  $ 88,979  36.83  % 18.87  %
RevPAR $ 288.14  $ —  $ 288.14  $ 220.31  $ 733.61  $ 242.94  30.79  % 18.60  %
Occupancy 71.50  % —  % 71.50  % 61.62  % 55.19  % 61.38  % 16.03  % 16.49  %
ADR $ 402.98  $ —  $ 402.98  $ 357.51  $ 1,329.32  $ 395.81  12.72  % 1.81  %
ALL HOTELS:
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
Rooms revenue (in thousands) $ 326,798  $ 10,256  $ 337,054  $ 194,330  $ 44,300  $ 238,630  68.17  % 41.25  %
RevPAR $ 301.89  $ 1,402.17  $ 309.28  $ 189.67  $ 690.73  $ 219.19  59.17  % 41.10  %
Occupancy 66.00  % 50.36  % 65.89  % 49.42  % 51.24  % 49.53  % 33.54  % 33.04  %
ADR $ 457.41  $ 2,784.54  $ 469.35  $ 383.76  $ 1,348.09  $ 442.53  19.19  % 6.06  %
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information for prior periods has been revised to include the operations of condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.

ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
Rooms revenue (in thousands) $ 97,530  $ —  $ 97,530  $ 70,395  $ 11,678  $ 82,073  38.55  % 18.83  %
RevPAR $ 292.12  $ —  $ 292.12  $ 315.45  $ 759.44  $ 246.43  (7.40) % 18.54  %
Occupancy 71.85  % —  % 71.85  % 67.03  % 55.78  % 59.58  % 7.19  % 20.59  %
ADR $ 406.59  $ —  $ 406.59  $ 470.64  $ 1,361.54  $ 413.64  (13.61) % (1.70) %
ALL HOTELS
     NOT UNDER RENOVATION:
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
Rooms revenue (in thousands) $ 310,384  $ 10,256  $ 320,640  $ 183,350  $ 44,300  $ 227,650  69.28  % 40.85  %
RevPAR $ 315.45  $ 1,402.17  $ 323.47  $ 198.00  $ 3,183.45  $ 229.92  59.32  % 40.69  %
Occupancy 67.03  % 50.36  % 66.90  % 49.56  % 87.96  % 49.67  % 35.25  % 34.71  %
ADR $ 470.64  $ 2,784.54  $ 483.49  $ 399.54  $ 3,619.35  $ 462.92  17.80  % 4.44  %
NOTES:
(1)    The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at September 30, 2022, and not under renovation during the three months ended September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information for prior periods has been revised to include the operations of condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.
(4)    Excluded hotels under renovation:
Marriott Seattle Waterfront
10


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended Nine Months Ended
September 30, September 30,
2022 2021 % Variance 2022 2021 % Variance
Total hotel revenue $ 162,225  $ 116,210  39.60  % $ 501,709  $ 297,168  68.83  %
Non-comparable adjustments —  16,942  15,168  61,520 
Comparable total hotel revenue $ 162,225  $ 133,152  21.83  % $ 516,877  $ 358,688  44.10  %
Hotel EBITDA $ 40,693  $ 27,261  49.27  % $ 153,440  $ 72,488  111.68  %
Non-comparable adjustments —  299  3,634  12,871 
Comparable hotel EBITDA $ 40,693  $ 27,560  47.65  % $ 157,074  $ 85,359  84.02  %
Hotel EBITDA margin 25.08  % 23.46  % 1.62  % 30.58  % 24.39  % 6.19  %
Comparable hotel EBITDA margin 25.08  % 20.70  % 4.38  % 30.39  % 23.80  % 6.59  %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 1,880  $ 388  384.54  % $ 5,078  $ 10  50,680.00  %
Hotel EBITDA attributable to the Company and OP unitholders $ 38,813  $ 26,873  44.43  % $ 148,362  $ 72,478  104.70  %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 38,813  $ 27,172  42.84  % $ 151,996  $ 85,349  78.09  %
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.


ALL HOTELS
     NOT UNDER RENOVATION:		 Three Months Ended Nine Months Ended
September 30, September 30,
2022 2021 % Variance 2022 2021 % Variance
Total hotel revenue $ 152,378  $ 107,962  41.14  % $ 481,764  $ 284,101  69.57  %
Non-comparable adjustments —  16,942  15,168  61,520 
Comparable total hotel revenue $ 152,378  $ 124,904  22.00  % $ 496,932  $ 345,621  43.78  %
Hotel EBITDA $ 36,221  $ 25,571  41.65  % $ 146,008  $ 70,272  107.78  %
Non-comparable adjustments —  299  3,634  12,871 
Comparable hotel EBITDA $ 36,221  $ 25,870  40.01  % $ 149,642  $ 83,143  79.98  %
Hotel EBITDA margin 23.77  % 23.69  % 0.08  % 30.31  % 24.73  % 5.58  %
Comparable hotel EBITDA margin 23.77  % 20.71  % 3.06  % 30.11  % 24.06  % 6.05  %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 1,880  $ 388  384.54  % $ 5,078  $ 10  50,680.00  %
Hotel EBITDA attributable to the Company and OP unitholders $ 34,341  $ 25,183  36.37  % $ 140,930  $ 70,262  100.58  %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 34,341  $ 25,482  34.77  % $ 144,564  $ 83,133  73.89  %
NOTES:
(1)    The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at September 30, 2022, and not under renovation during the three months ended September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(4)    Excluded hotels under renovation:
Marriott Seattle Waterfront
11


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 7,745  $ —  $ 7,745  $ 2,476  $ —  $ 2,476  212.80  % 212.80  %
Total hotel revenue $ 11,605  $ —  $ 11,605  $ 3,325  $ —  $ 3,325  249.02  % 249.02  %
Hotel EBITDA $ 2,226  $ —  $ 2,226  $ (1,197) $ —  $ (1,197) 285.96  % 285.96  %
Hotel EBITDA margin 19.18  % 19.18  % (36.00) % (36.00) % 55.18  % 55.18  %
Selected Operating Information:
RevPAR $ 153.06  $ —  $ 153.06  $ 48.93  $ —  $ 48.93  212.81  % 212.81  %
Occupancy 73.01  % —  % 73.01  % 32.22  % —  % 32.22  % 126.63  % 126.63  %
ADR $ 209.63  $ —  $ 209.63  $ 151.88  $ —  $ 151.88  38.03  % 38.03  %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 8,917  $ —  $ 8,917  $ 6,157  $ —  $ 6,157  44.83  % 44.83  %
Total hotel revenue $ 14,526  $ —  $ 14,526  $ 8,627  $ —  $ 8,627  68.38  % 68.38  %
Hotel EBITDA $ 5,293  $ —  $ 5,293  $ 2,747  $ —  $ 2,747  92.68  % 92.68  %
Hotel EBITDA margin 36.44  % 36.44  % 31.84  % 31.84  % 4.60  % 4.60  %
Selected Operating Information:
RevPAR $ 246.01  $ —  $ 246.01  $ 169.85  $ —  $ 169.85  44.84  % 44.84  %
Occupancy 86.96  % —  % 86.96  % 73.12  % —  % 73.12  % 18.92  % 18.92  %
ADR $ 282.92  $ —  $ 282.92  $ 232.29  $ —  $ 232.29  21.80  % 21.80  %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 8,165  $ —  $ 8,165  $ 5,233  $ —  $ 5,233  56.03  % 56.03  %
Total hotel revenue $ 11,029  $ —  $ 11,029  $ 6,818  $ —  $ 6,818  61.76  % 61.76  %
Hotel EBITDA $ 2,609  $ —  $ 2,609  $ (2,086) $ —  $ (2,086) 225.07  % 225.07  %
Hotel EBITDA margin 23.66  % 23.66  % (30.60) % (30.60) % 54.26  % 54.26  %
Selected Operating Information:
RevPAR $ 213.86  $ —  $ 213.86  $ 137.07  $ —  $ 137.07  56.02  % 56.02  %
Occupancy 76.58  % —  % 76.58  % 61.87  % —  % 61.87  % 23.76  % 23.76  %
ADR $ 279.27  $ —  $ 279.27  $ 221.54  $ —  $ 221.54  26.06  % 26.06  %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 5,416  $ —  $ 5,416  $ 6,427  $ —  $ 6,427  (15.73) % (15.73) %
Total hotel revenue $ 6,968  $ —  $ 6,968  $ 8,003  $ —  $ 8,003  (12.93) % (12.93) %
Hotel EBITDA $ 2,777  $ —  $ 2,777  $ 3,573  $ —  $ 3,573  (22.28) % (22.28) %
Hotel EBITDA margin 39.85  % 39.85  % 44.65  % 44.65  % (4.80) % (4.80) %
Selected Operating Information:
RevPAR $ 905.63  $ —  $ 905.63  $ 1,074.83  $ —  $ 1,074.83  (15.74) % (15.74) %
Occupancy 65.95  % —  % 65.95  % 79.82  % —  % 79.82  % (17.37) % (17.37) %
ADR $ 1,373.14  $ —  $ 1,373.14  $ 1,346.63  $ —  $ 1,346.63  1.97  % 1.97  %
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 5,280  $ —  $ 5,280  $ 5,756  $ —  $ 5,756  (8.27) % (8.27) %
Total hotel revenue $ 6,853  $ —  $ 6,853  $ 7,235  $ —  $ 7,235  (5.28) % (5.28) %
Hotel EBITDA $ 2,889  $ —  $ 2,889  $ 3,915  $ —  $ 3,915  (26.21) % (26.21) %
Hotel EBITDA margin 42.16  % 42.16  % 54.11  % 54.11  % (11.95) % (11.95) %
Selected Operating Information:
RevPAR $ 404.22  $ —  $ 404.22  $ 440.63  $ —  $ 440.63  (8.26) % (8.26) %
Occupancy 74.36  % —  % 74.36  % 76.73  % —  % 76.73  % (3.09) % (3.09) %
ADR $ 543.62  $ —  $ 543.62  $ 574.26  $ —  $ 574.26  (5.34) % (5.34) %
12


Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 4,388  $ —  $ 4,388  $ 4,584  $ —  $ 4,584  (4.28) % (4.28) %
Total hotel revenue $ 5,116  $ —  $ 5,116  $ 5,269  $ —  $ 5,269  (2.90) % (2.90) %
Hotel EBITDA $ 2,392  $ —  $ 2,392  $ 2,654  $ —  $ 2,654  (9.87) % (9.87) %
Hotel EBITDA margin 46.76  % 46.76  % 50.37  % 50.37  % (3.61) % (3.61) %
Selected Operating Information:
RevPAR $ 596.15  $ —  $ 596.15  $ 622.77  $ —  $ 622.77  (4.28) % (4.28) %
Occupancy 61.22  % —  % 61.22  % 70.27  % —  % 70.27  % (12.88) % (12.88) %
ADR $ 973.74  $ —  $ 973.74  $ 886.24  $ —  $ 886.24  9.87  % 9.87  %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 4,214  $ —  $ 4,214  $ 4,123  $ —  $ 4,123  2.21  % 2.21  %
Total hotel revenue $ 10,920  $ —  $ 10,920  $ 10,443  $ —  $ 10,443  4.57  % 4.57  %
Hotel EBITDA $ 2,041  $ —  $ 2,041  $ 3,529  $ —  $ 3,529  (42.16) % (42.16) %
Hotel EBITDA margin 18.69  % 18.69  % 33.79  % 33.79  % (15.10) % (15.10) %
Selected Operating Information:
RevPAR $ 241.07  $ —  $ 241.07  $ 235.90  $ —  $ 235.90  2.19  % 2.19  %
Occupancy 68.20  % —  % 68.20  % 73.67  % —  % 73.67  % (7.42) % (7.42) %
ADR $ 353.46  $ —  $ 353.46  $ 320.20  $ —  $ 320.20  10.39  % 10.39  %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 6,023  $ —  $ 6,023  $ 3,911  $ —  $ 3,911  54.00  % 54.00  %
Total hotel revenue $ 7,422  $ —  $ 7,422  $ 4,734  $ —  $ 4,734  56.78  % 56.78  %
Hotel EBITDA $ 2,327  $ —  $ 2,327  $ 1,255  $ —  $ 1,255  85.42  % 85.42  %
Hotel EBITDA margin 31.35  % 31.35  % 26.51  % 26.51  % 4.84  % 4.84  %
Selected Operating Information:
RevPAR $ 131.20  $ —  $ 131.20  $ 85.19  $ —  $ 85.19  54.01  % 54.01  %
Occupancy 59.44  % —  % 59.44  % 45.83  % —  % 45.83  % 29.70  % 29.70  %
ADR $ 220.73  $ —  $ 220.73  $ 185.90  $ —  $ 185.90  18.74  % 18.74  %
THE CLANCY
Selected Financial Information:
Rooms revenue $ 9,662  $ —  $ 9,662  $ 5,186  $ —  $ 5,186  86.31  % 86.31  %
Total hotel revenue $ 11,096  $ —  $ 11,096  $ 6,179  $ —  $ 6,179  79.58  % 79.58  %
Hotel EBITDA $ 3,313  $ —  $ 3,313  $ 437  $ —  $ 437  658.12  % 658.12  %
Hotel EBITDA margin 29.86  % 29.86  % 7.07  % 7.07  % 22.79  % 22.79  %
Selected Operating Information:
RevPAR $ 256.15  $ —  $ 256.15  $ 137.48  $ —  $ 137.48  86.32  % 86.32  %
Occupancy 82.20  % —  % 82.20  % 74.69  % —  % 74.69  % 10.05  % 10.05  %
ADR $ 311.62  $ —  $ 311.62  $ 184.06  $ —  $ 184.06  69.30  % 69.30  %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 8,200  $ —  $ 8,200  $ 7,982  $ —  $ 7,982  2.73  % 2.73  %
Total hotel revenue $ 17,718  $ —  $ 17,718  $ 16,468  $ —  $ 16,468  7.59  % 7.59  %
Hotel EBITDA $ 2,739  $ —  $ 2,739  $ 3,634  $ —  $ 3,634  (24.63) % (24.63) %
Hotel EBITDA margin 15.46  % 15.46  % 22.07  % 22.07  % (6.61) % (6.61) %
Selected Operating Information:
RevPAR $ 326.49  $ —  $ 326.49  $ 326.15  $ —  $ 326.15  0.11  % 0.11  %
Occupancy 67.18  % —  % 67.18  % 66.86  % —  % 66.86  % 0.49  % 0.49  %
ADR $ 485.96  $ —  $ 485.96  $ 487.83  $ —  $ 487.83  (0.38) % (0.38) %
13


Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 6,539  $ —  $ 6,539  $ 4,690  $ 918  $ 5,608  39.42  % 16.60  %
Total hotel revenue $ 12,707  $ —  $ 12,707  $ 10,171  $ 413  $ 10,584  24.93  % 20.06  %
Hotel EBITDA $ 2,329  $ —  $ 2,329  $ 1,410  $ —  $ 1,410  65.18  % 65.18  %
Hotel EBITDA margin 18.33  % 18.33  % 13.86  % 13.32  % 4.47  % 5.01  %
Selected Operating Information:
RevPAR $ 390.55  $ —  $ 390.55  $ 294.25  $ —  $ 338.66  32.73  % 15.32  %
Occupancy 58.06  % —  % 58.06  % 48.76  % —  % 49.55  % 19.07  % 17.17  %
ADR $ 672.70  $ —  $ 672.70  $ 603.50  $ —  $ 683.52  11.47  % (1.58) %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 8,239  $ —  $ 8,239  $ 6,906  $ —  $ 6,906  19.30  % 19.30  %
Total hotel revenue $ 9,847  $ —  $ 9,847  $ 8,248  $ —  $ 8,248  19.39  % 19.39  %
Hotel EBITDA $ 4,472  $ —  $ 4,472  $ 1,690  $ —  $ 1,690  164.62  % 164.62  %
Hotel EBITDA margin 45.41  % 45.41  % 20.49  % 20.49  % 24.92  % 24.92  %
Selected Operating Information:
RevPAR $ 248.08  $ —  $ 248.08  $ 207.94  $ —  $ 207.94  19.30  % 19.30  %
Occupancy 68.04  % —  % 68.04  % 79.44  % —  % 79.44  % (14.35) % (14.35) %
ADR $ 364.63  $ —  $ 364.63  $ 261.76  $ —  $ 261.76  39.30  % 39.30  %
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 10,620  $ —  $ 10,620  $ 12,335  $ —  $ 12,335  (13.90) % (13.90) %
Total hotel revenue $ 16,620  $ —  $ 16,620  $ 18,418  $ —  $ 18,418  (9.76) % (9.76) %
Hotel EBITDA $ 3,604  $ —  $ 3,604  $ 5,271  $ —  $ 5,271  (31.63) % (31.63) %
Hotel EBITDA margin 21.68  % 21.68  % 28.62  % 28.62  % (6.94) % (6.94) %
Selected Operating Information:
RevPAR $ 641.31  $ —  $ 641.31  $ 744.89  $ —  $ 744.89  (13.91) % (13.91) %
Occupancy 71.24  % —  % 71.24  % 77.18  % —  % 77.18  % (7.70) % (7.70) %
ADR $ 900.24  $ —  $ 900.24  $ 965.14  $ —  $ 965.14  (6.72) % (6.72) %
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue $ 3,471  $ —  $ 3,471  $ 1,535  $ 1,044  $ 2,579  126.12  % 34.59  %
Total hotel revenue $ 4,911  $ —  $ 4,911  $ 2,272  $ 1,631  $ 3,903  116.15  % 25.83  %
Hotel EBITDA $ 783  $ —  $ 783  $ 429  $ 518  $ 947  82.52  % (17.32) %
Hotel EBITDA margin 15.94  % 15.94  % —  % 24.26  % 15.94  % (8.32) %
Selected Operating Information:
RevPAR $ 263.80  $ —  $ 263.80  $ 188.14  $ 208.62  $ 195.93  40.21  % 34.64  %
Occupancy 75.70  % —  % 75.70  % 54.42  % 62.54  % 57.51  % 39.09  % 31.63  %
ADR $ 348.49  $ —  $ 348.49  $ 345.71  $ 333.59  $ 340.70  0.80  % 2.29  %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 8,890  $ —  $ 8,890  $ —  $ 9,716  $ 9,716  —  % (8.50) %
Total hotel revenue $ 14,887  $ —  $ 14,887  $ —  $ 14,898  $ 14,898  —  % (0.07) %
Hotel EBITDA $ 899  $ —  $ 899  $ —  $ (219) $ (219) —  510.50  %
Hotel EBITDA margin 6.04  % 6.04  % —  % (1.47) % 6.04  % 7.51  %
Selected Operating Information:
RevPAR $ 911.44  $ —  $ 911.44  $ —  $ 996.30  $ 996.30  —  % (8.52) %
Occupancy 55.76  % —  % 55.76  % —  % 51.42  % 51.42  % —  % 8.46  %
ADR $ 1,634.48  $ —  $ 1,634.48  $ —  $ 1,937.75  $ 1,937.75  —  % (15.65) %
14


Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 62,464  $ —  $ 62,464  $ 52,054  $ 10,634  $ 62,688  20.00  % (0.36) %
Total hotel revenue $ 106,315  $ —  $ 106,315  $ 84,634  $ 15,311  $ 99,945  25.62  % 6.37  %
Hotel EBITDA $ 24,963  $ —  $ 24,963  $ 26,733  $ (219) $ 26,514  (6.62) % (5.85) %
Hotel EBITDA margin 23.48  % 23.48  % 31.59  % 26.53  % (8.11) % (3.05) %
Selected Operating Information:
RevPAR $ 421.19  $ —  $ 421.19  $ 379.68  $ 1,025.24  $ 425.08  10.93  % (0.92) %
Occupancy 71.09  % —  % 71.09  % 70.21  % 52.52  % 68.97  % 1.25  % 3.08  %
ADR $ 592.43  $ —  $ 592.43  $ 540.74  $ 1,952.23  $ 616.33  9.56  % (3.88) %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 43,305  $ —  $ 43,305  $ 25,247  $ 1,044  $ 26,291  71.53  % 64.71  %
Total hotel revenue $ 55,910  $ —  $ 55,910  $ 31,576  $ 1,631  $ 33,207  77.06  % 68.37  %
Hotel EBITDA $ 15,730  $ —  $ 15,730  $ 528  $ 518  $ 1,046  2,879.17  % 1,403.82  %
Hotel EBITDA margin 28.13  % 28.13  % 1.67  % 3.15  % 26.46  % 24.98  %
Selected Operating Information:
RevPAR $ 197.94  $ —  $ 197.94  $ 118.10  $ 208.62  $ 120.17  67.61  % 64.72  %
Occupancy 71.78  % —  % 71.78  % 56.11  % 62.54  % 56.26  % 27.91  % 27.58  %
ADR $ 275.78  $ —  $ 275.78  $ 210.46  $ 333.59  $ 213.59  31.04  % 29.12  %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 105,769  $ —  $ 105,769  $ 77,301  $ 11,678  $ 88,979  36.83  % 18.87  %
Total hotel revenue $ 162,225  $ —  $ 162,225  $ 116,210  $ 16,942  $ 133,152  39.60  % 21.83  %
Hotel EBITDA $ 40,693  $ —  $ 40,693  $ 27,261  $ 299  $ 27,560  49.27  % 47.65  %
Hotel EBITDA margin 25.08  % 25.08  % 23.46  % 20.70  % 1.62  % 4.38  %
Selected Operating Information:
RevPAR $ 288.14  $ —  $ 288.14  $ 220.31  $ 733.61  $ 242.94  30.79  % 18.60  %
Occupancy 71.50  % —  % 71.50  % 61.62  % 55.19  % 61.38  % 16.03  % 16.49  %
ADR $ 402.98  $ —  $ 402.98  $ 357.51  $ 1,329.32  $ 395.81  12.72  % 1.81  %
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
15


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 21,345  $ —  $ 21,345  $ 5,711  $ —  $ 5,711  273.75  % 273.75  %
Total hotel revenue $ 31,930  $ —  $ 31,930  $ 7,310  $ —  $ 7,310  336.80  % 336.80  %
Hotel EBITDA $ 6,890  $ —  $ 6,890  $ (3,751) $ —  $ (3,751) 283.68  % 283.68  %
Hotel EBITDA margin 21.58  % 21.58  % (51.31) % (51.31) % 72.89  % 72.89  %
Selected Operating Information:
RevPAR $ 142.15  $ —  $ 142.15  $ 38.04  $ —  $ 38.04  273.72  % 273.72  %
Occupancy 62.54  % —  % 62.54  % 26.00  % —  % 26.00  % 140.53  % 140.53  %
ADR $ 227.29  $ —  $ 227.29  $ 146.29  $ —  $ 146.29  55.38  % 55.38  %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 21,813  $ —  $ 21,813  $ 12,065  $ —  $ 12,065  80.80  % 80.80  %
Total hotel revenue $ 37,541  $ —  $ 37,541  $ 17,493  $ —  $ 17,493  114.61  % 114.61  %
Hotel EBITDA $ 13,419  $ —  $ 13,419  $ 3,790  $ —  $ 3,790  254.06  % 254.06  %
Hotel EBITDA margin 35.74  % 35.74  % 21.67  % 21.67  % 14.07  % 14.07  %
Selected Operating Information:
RevPAR $ 202.80  $ —  $ 202.80  $ 112.16  $ —  $ 112.16  80.80  % 80.80  %
Occupancy 79.61  % —  % 79.61  % 55.87  % —  % 55.87  % 42.49  % 42.49  %
ADR $ 254.75  $ —  $ 254.75  $ 200.77  $ —  $ 200.77  26.89  % 26.89  %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 18,466  $ —  $ 18,466  $ 9,607  $ —  $ 9,607  92.21  % 92.21  %
Total hotel revenue $ 25,076  $ —  $ 25,076  $ 12,419  $ —  $ 12,419  101.92  % 101.92  %
Hotel EBITDA $ 6,968  $ —  $ 6,968  $ (3,434) $ —  $ (3,434) 302.91  % 302.91  %
Hotel EBITDA margin 27.79  % 27.79  % (27.65) % (27.65) % 55.44  % 55.44  %
Selected Operating Information:
RevPAR $ 162.99  $ —  $ 162.99  $ 84.80  $ —  $ 84.80  92.20  % 92.20  %
Occupancy 65.09  % —  % 65.09  % 42.08  % —  % 42.08  % 54.70  % 54.70  %
ADR $ 250.41  $ —  $ 250.41  $ 201.54  $ —  $ 201.54  24.25  % 24.25  %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 14,622  $ —  $ 14,622  $ 12,992  $ —  $ 12,992  12.55  % 12.55  %
Total hotel revenue $ 19,176  $ —  $ 19,176  $ 16,507  $ —  $ 16,507  16.17  % 16.17  %
Hotel EBITDA $ 7,089  $ —  $ 7,089  $ 6,437  $ —  $ 6,437  10.13  % 10.13  %
Hotel EBITDA margin 36.97  % 36.97  % 39.00  % 39.00  % (2.03) % (2.03) %
Selected Operating Information:
RevPAR $ 824.00  $ —  $ 824.00  $ 732.19  $ —  $ 732.19  12.54  % 12.54  %
Occupancy 65.04  % —  % 65.04  % 66.89  % —  % 66.89  % (2.77) % (2.77) %
ADR $ 1,266.95  $ —  $ 1,266.95  $ 1,094.59  $ —  $ 1,094.59  15.75  % 15.75  %
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 21,661  $ —  $ 21,661  $ 18,036  $ —  $ 18,036  20.10  % 20.10  %
Total hotel revenue $ 26,788  $ —  $ 26,788  $ 22,712  $ —  $ 22,712  17.95  % 17.95  %
Hotel EBITDA $ 14,612  $ —  $ 14,612  $ 13,074  $ —  $ 13,074  11.76  % 11.76  %
Hotel EBITDA margin 54.55  % 54.55  % 57.56  % 57.56  % (3.01) % (3.01) %
Selected Operating Information:
RevPAR $ 558.77  $ —  $ 558.77  $ 465.26  $ —  $ 465.26  20.10  % 20.10  %
Occupancy 78.56  % —  % 78.56  % 83.99  % —  % 83.99  % (6.46) % (6.46) %
ADR $ 711.28  $ —  $ 711.28  $ 553.97  $ —  $ 553.97  28.40  % 28.40  %
16


Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 10,828  $ —  $ 10,828  $ 9,031  $ —  $ 9,031  19.90  % 19.90  %
Total hotel revenue $ 12,925  $ —  $ 12,925  $ 10,555  $ —  $ 10,555  22.45  % 22.45  %
Hotel EBITDA $ 5,074  $ —  $ 5,074  $ 4,312  $ —  $ 4,312  17.67  % 17.67  %
Hotel EBITDA margin 39.26  % 39.26  % 40.85  % 40.85  % (1.59) % (1.59) %
Selected Operating Information:
RevPAR $ 495.80  $ —  $ 495.80  $ 413.47  $ —  $ 413.47  19.91  % 19.91  %
Occupancy 53.92  % —  % 53.92  % 57.78  % —  % 57.78  % (6.69) % (6.69) %
ADR $ 919.51  $ —  $ 919.51  $ 715.55  $ —  $ 715.55  28.50  % 28.50  %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 18,697  $ —  $ 18,697  $ 12,058  $ —  $ 12,058  55.06  % 55.06  %
Total hotel revenue $ 39,013  $ —  $ 39,013  $ 26,460  $ —  $ 26,460  47.44  % 47.44  %
Hotel EBITDA $ 10,886  $ —  $ 10,886  $ 7,586  $ —  $ 7,586  43.50  % 43.50  %
Hotel EBITDA margin 27.90  % 27.90  % 28.67  % 28.67  % (0.77) % (0.77) %
Selected Operating Information:
RevPAR $ 360.46  $ —  $ 360.46  $ 232.47  $ —  $ 232.47  55.06  % 55.06  %
Occupancy 63.46  % —  % 63.46  % 56.60  % —  % 56.60  % 12.11  % 12.11  %
ADR $ 568.00  $ —  $ 568.00  $ 410.68  $ —  $ 410.68  38.31  % 38.31  %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 15,256  $ —  $ 15,256  $ 7,568  $ —  $ 7,568  101.59  % 101.59  %
Total hotel revenue $ 18,801  $ —  $ 18,801  $ 8,764  $ —  $ 8,764  114.53  % 114.53  %
Hotel EBITDA $ 4,808  $ —  $ 4,808  $ 631  $ —  $ 631  661.97  % 661.97  %
Hotel EBITDA margin 25.57  % 25.57  % 7.20  % 7.20  % 18.37  % 18.37  %
Selected Operating Information:
RevPAR $ 111.99  $ —  $ 111.99  $ 55.55  $ —  $ 55.55  101.59  % 101.59  %
Occupancy 53.48  % —  % 53.48  % 32.83  % —  % 32.83  % 62.91  % 62.91  %
ADR $ 209.39  $ —  $ 209.39  $ 169.22  $ —  $ 169.22  23.74  % 23.74  %
THE CLANCY
Selected Financial Information:
Rooms revenue $ 24,151  $ —  $ 24,151  $ 9,153  $ —  $ 9,153  163.86  % 163.86  %
Total hotel revenue $ 27,790  $ —  $ 27,790  $ 10,867  $ —  $ 10,867  155.73  % 155.73  %
Hotel EBITDA $ 7,164  $ —  $ 7,164  $ (2,374) $ —  $ (2,374) 401.77  % 401.77  %
Hotel EBITDA margin 25.78  % 25.78  % (21.85) % (21.85) % 47.63  % 47.63  %
Selected Operating Information:
RevPAR $ 215.77  $ —  $ 215.77  $ 81.77  $ —  $ 81.77  163.86  % 163.86  %
Occupancy 71.54  % —  % 71.54  % 49.88  % —  % 49.88  % 43.42  % 43.42  %
ADR $ 301.59  $ —  $ 301.59  $ 163.93  $ —  $ 163.93  83.97  % 83.97  %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 36,533  $ —  $ 36,533  $ 29,928  $ —  $ 29,928  22.07  % 22.07  %
Total hotel revenue $ 75,393  $ —  $ 75,393  $ 59,295  $ —  $ 59,295  27.15  % 27.15  %
Hotel EBITDA $ 24,219  $ —  $ 24,219  $ 18,719  $ —  $ 18,719  29.38  % 29.38  %
Hotel EBITDA margin 32.12  % 32.12  % 31.57  % 31.57  % 0.55  % 0.55  %
Selected Operating Information:
RevPAR $ 486.64  $ —  $ 486.64  $ 412.12  $ —  $ 412.12  18.08  % 18.08  %
Occupancy 77.09  % —  % 77.09  % 76.47  % —  % 76.47  % 0.82  % 0.82  %
ADR $ 631.22  $ —  $ 631.22  $ 538.95  $ —  $ 538.95  17.12  % 17.12  %
17


Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 23,512  $ —  $ 23,512  $ 14,769  $ 3,180  $ 17,949  59.20  % 30.99  %
Total hotel revenue $ 41,113  $ —  $ 41,113  $ 29,823  $ 1,431  $ 31,254  37.86  % 31.54  %
Hotel EBITDA $ 8,802  $ —  $ 8,802  $ 3,941  $ —  $ 3,941  123.34  % 123.34  %
Hotel EBITDA margin 21.41  % 21.41  % 13.21  % 12.61  % 8.20  % 8.80  %
Selected Operating Information:
RevPAR $ 473.21  $ —  $ 473.21  $ 316.19  $ —  $ 365.26  49.66  % 29.55  %
Occupancy 56.09  % —  % 56.09  % 54.07  % —  % 54.67  % 3.73  % 2.59  %
ADR $ 843.66  $ —  $ 843.66  $ 584.75  $ —  $ 668.09  44.28  % 26.28  %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 16,414  $ —  $ 16,414  $ 10,980  $ —  $ 10,980  49.49  % 49.49  %
Total hotel revenue $ 19,945  $ —  $ 19,945  $ 13,067  $ —  $ 13,067  52.64  % 52.64  %
Hotel EBITDA $ 7,432  $ —  $ 7,432  $ 2,216  $ —  $ 2,216  235.38  % 235.38  %
Hotel EBITDA margin 37.26  % 37.26  % 16.96  % 16.96  % 20.30  % 20.30  %
Selected Operating Information:
RevPAR $ 166.55  $ —  $ 166.55  $ 111.42  $ —  $ 111.42  49.48  % 49.48  %
Occupancy 55.76  % —  % 55.76  % 48.18  % —  % 48.18  % 15.74  % 15.74  %
ADR $ 298.71  $ —  $ 298.71  $ 231.28  $ —  $ 231.28  29.16  % 29.16  %
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 45,146  $ —  $ 45,146  $ 40,897  $ —  $ 40,897  10.39  % 10.39  %
Total hotel revenue $ 67,929  $ —  $ 67,929  $ 59,624  $ —  $ 59,624  13.93  % 13.93  %
Hotel EBITDA $ 23,531  $ —  $ 23,531  $ 20,912  $ —  $ 20,912  12.52  % 12.52  %
Hotel EBITDA margin 34.64  % 34.64  % 35.07  % 35.07  % (0.43) % (0.43) %
Selected Operating Information:
RevPAR $ 918.73  $ —  $ 918.73  $ 832.26  $ —  $ 832.26  10.39  % 10.39  %
Occupancy 78.70  % —  % 78.70  % 81.22  % —  % 81.22  % (3.10) % (3.10) %
ADR $ 1,167.42  $ —  $ 1,167.42  $ 1,024.73  $ —  $ 1,024.73  13.92  % 13.92  %
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue $ 10,174  $ —  $ 10,174  $ 1,535  $ 3,982  $ 5,517  562.80  % 84.41  %
Total hotel revenue $ 14,828  $ —  $ 14,828  $ 2,272  $ 6,272  $ 8,544  552.64  % 73.55  %
Hotel EBITDA $ 2,701  $ —  $ 2,701  $ 429  $ 1,228  $ 1,657  529.60  % 63.01  %
Hotel EBITDA margin 18.22  % 18.22  % 18.88  % 19.39  % (0.66) % (1.17) %
Selected Operating Information:
RevPAR $ 260.60  $ —  $ 260.60  $ 188.14  $ 128.94  $ 141.30  38.51  % 84.43  %
Occupancy 73.62  % —  % 73.62  % 54.42  % 40.65  % 43.53  % 35.28  % 69.13  %
ADR $ 353.97  $ —  $ 353.97  $ 345.71  $ 317.17  $ 324.62  2.39  % 9.04  %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 28,180  $ 10,256  $ 38,436  $ —  $ 37,138  $ 37,138  —  3.50  %
Total hotel revenue $ 43,461  $ 15,168  $ 58,629  $ —  $ 53,817  $ 53,817  —  8.94  %
Hotel EBITDA $ 9,845  $ 3,634  $ 13,479  $ —  $ 11,643  $ 11,643  —  15.77  %
Hotel EBITDA margin 22.65  % 22.99  % —  21.63  % 22.65  1.36  %
Selected Operating Information:
RevPAR $ 1,303.20  $ 1,402.17  $ 1,328.21  $ —  $ 1,205.09  $ 1,205.09  —  10.22  %
Occupancy 62.14  % 50.36  % 59.16  % —  % 60.67  % 60.67  % —  % (2.48) %
ADR $ 2,097.22  $ 2,784.54  $ 2,245.08  $ —  $ 1,986.43  $ 1,986.43  —  % 13.02  %
18


Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2022 2022 2022 2021 2021 2021 % Variance % Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 220,992  $ 10,256  $ 231,248  $ 149,776  $ 40,318  $ 190,094  47.55  % 21.65  %
Total hotel revenue $ 363,339  $ 15,168  $ 378,507  $ 242,469  $ 55,248  $ 297,717  49.85  % 27.14  %
Hotel EBITDA $ 117,477  $ 3,634  $ 121,111  $ 78,771  $ 11,643  $ 90,414  49.14  % 33.95  %
Hotel EBITDA margin 32.33  % 32.00  % 32.49  % 30.37  % (0.16) % 1.63  %
Selected Operating Information:
RevPAR $ 510.02  $ 1,402.17  $ 524.83  $ 368.68  $ 1,212.65  $ 432.52  38.34  % 21.34  %
Occupancy 71.58  % 50.36  % 71.23  % 65.77  % 61.07  % 65.42  % 8.83  % 8.89  %
ADR $ 712.49  $ 2,784.54  $ 736.81  $ 560.54  $ 1,985.63  $ 661.19  27.11  % 11.44  %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 105,806  $ —  $ 105,806  $ 44,554  $ 3,982  $ 48,536  137.48  % 117.99  %
Total hotel revenue $ 138,370  $ —  $ 138,370  $ 54,699  $ 6,272  $ 60,971  152.97  % 126.94  %
Hotel EBITDA $ 35,963  $ —  $ 35,963  $ (6,283) $ 1,228  $ (5,055) 672.39  % 811.43  %
Hotel EBITDA margin 25.99  % 25.99  % (11.49) % (8.29) % 37.48  % 34.28  %
Selected Operating Information:
RevPAR $ 162.98  $ —  $ 162.98  $ 72.06  $ 128.94  $ 74.76  126.18  % 117.99  %
Occupancy 62.27  % —  % 62.27  % 38.68  % 40.65  % 38.78  % 60.98  % 60.59  %
ADR $ 261.71  $ —  $ 261.71  $ 186.28  $ 317.17  $ 192.80  40.50  % 35.74  %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 326,798  $ 10,256  $ 337,054  $ 194,330  $ 44,300  $ 238,630  68.17  % 41.25  %
Total hotel revenue $ 501,709  $ 15,168  $ 516,877  $ 297,168  $ 61,520  $ 358,688  68.83  % 44.10  %
Hotel EBITDA $ 153,440  $ 3,634  $ 157,074  $ 72,488  $ 12,871  $ 85,359  111.68  % 84.02  %
Hotel EBITDA margin 30.58  % 30.39  % 24.39  % 23.80  % 6.19  % 6.59  %
Selected Operating Information:
RevPAR $ 301.89  $ 1,402.17  $ 309.28  $ 189.67  $ 690.73  $ 219.19  59.17  % 41.10  %
Occupancy 66.00  % 50.36  % 65.89  % 49.42  % 51.24  % 49.53  % 33.54  % 33.04  %
ADR $ 457.41  $ 2,784.54  $ 469.35  $ 383.76  $ 1,348.09  $ 442.53  19.19  % 6.06  %
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
19


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2022 2022 2022
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 25,407  $ —  $ 25,407 
Total hotel revenue $ 38,549  $ —  $ 38,549 
Hotel EBITDA $ 7,299  $ —  $ 7,299 
Hotel EBITDA margin 18.93  % 18.93  %
Selected Operating Information:
RevPAR $ 126.56  $ —  $ 126.56 
Occupancy 57.80  % —  % 57.80  %
ADR $ 218.95  $ —  $ 218.95 
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 26,675  $ —  $ 26,675 
Total hotel revenue $ 45,864  $ —  $ 45,864 
Hotel EBITDA $ 15,864  $ —  $ 15,864 
Hotel EBITDA margin 34.59  % 34.59  %
Selected Operating Information:
RevPAR $ 185.49  $ —  $ 185.49 
Occupancy 75.56  % —  % 75.56  %
ADR $ 245.49  $ —  $ 245.49 
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 23,281  $ —  $ 23,281 
Total hotel revenue $ 31,650  $ —  $ 31,650 
Hotel EBITDA $ 6,842  $ —  $ 6,842 
Hotel EBITDA margin 21.62  % 21.62  %
Selected Operating Information:
RevPAR $ 153.70  $ —  $ 153.70 
Occupancy 64.14  % —  % 64.14  %
ADR $ 239.61  $ —  $ 239.61 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 20,021  $ —  $ 20,021 
Total hotel revenue $ 25,998  $ —  $ 25,998 
Hotel EBITDA $ 9,860  $ —  $ 9,860 
Hotel EBITDA margin 37.93  % 37.93  %
Selected Operating Information:
RevPAR $ 843.85  $ —  $ 843.85 
Occupancy 66.53  % —  % 66.53  %
ADR $ 1,268.40  $ —  $ 1,268.40 
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 28,707  $ —  $ 28,707 
Total hotel revenue $ 35,484  $ —  $ 35,484 
Hotel EBITDA $ 19,577  $ —  $ 19,577 
Hotel EBITDA margin 55.17  % 55.17  %
Selected Operating Information:
RevPAR $ 553.87  $ —  $ 553.87 
Occupancy 77.77  % —  % 77.77  %
ADR $ 712.21  $ —  $ 712.21 
20


TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2022 2022 2022
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 14,683  $ —  $ 14,683 
Total hotel revenue $ 17,545  $ —  $ 17,545 
Hotel EBITDA $ 7,195  $ —  $ 7,195 
Hotel EBITDA margin 41.01  % 41.01  %
Selected Operating Information:
RevPAR $ 502.86  $ —  $ 502.86 
Occupancy 55.01  % —  % 55.01  %
ADR $ 914.12  $ —  $ 914.12 
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 23,942  $ —  $ 23,942 
Total hotel revenue $ 48,737  $ —  $ 48,737 
Hotel EBITDA $ 12,909  $ —  $ 12,909 
Hotel EBITDA margin 26.49  % 26.49  %
Selected Operating Information:
RevPAR $ 345.23  $ —  $ 345.23 
Occupancy 60.06  % —  % 60.06  %
ADR $ 574.78  $ —  $ 574.78 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 19,577  $ —  $ 19,577 
Total hotel revenue $ 24,195  $ —  $ 24,195 
Hotel EBITDA $ 6,101  $ —  $ 6,101 
Hotel EBITDA margin 25.22  % 25.22  %
Selected Operating Information:
RevPAR $ 107.49  $ —  $ 107.49 
Occupancy 52.39  % —  % 52.39  %
ADR $ 205.17  $ —  $ 205.17 
THE CLANCY
Selected Financial Information:
Rooms revenue $ 29,625  $ —  $ 29,625 
Total hotel revenue $ 34,303  $ —  $ 34,303 
Hotel EBITDA $ 7,321  $ —  $ 7,321 
Hotel EBITDA margin 21.34  % 21.34  %
Selected Operating Information:
RevPAR $ 197.96  $ —  $ 197.96 
Occupancy 72.17  % —  % 72.17  %
ADR $ 274.31  $ —  $ 274.31 
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 47,497  $ —  $ 47,497 
Total hotel revenue $ 98,906  $ —  $ 98,906 
Hotel EBITDA $ 31,163  $ —  $ 31,163 
Hotel EBITDA margin 31.51  % 31.51  %
Selected Operating Information:
RevPAR $ 476.00  $ —  $ 476.00 
Occupancy 77.45  % —  % 77.45  %
ADR $ 614.58  $ —  $ 614.58 
21


TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2022 2022 2022
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 31,908   $ $ 31,908 
Total hotel revenue $ 54,975   $ $ 54,975 
Hotel EBITDA $ 12,696  $ —  $ 12,696 
Hotel EBITDA margin 23.09  % 23.09  %
Selected Operating Information:
RevPAR $ 481.65  $ —  $ 481.65 
Occupancy 56.54  % —  % 56.54  %
ADR $ 851.82  $ —  $ 851.82 
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 20,539  $ —  $ 20,539 
Total hotel revenue $ 25,193  $ —  $ 25,193 
Hotel EBITDA $ 8,773  $ —  $ 8,773 
Hotel EBITDA margin 34.82  % 34.82  %
Selected Operating Information:
RevPAR $ 155.87  $ —  $ 155.87 
Occupancy 57.89  % —  % 57.89  %
ADR $ 269.24  $ —  $ 269.24 
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 59,068  $ —  $ 59,068 
Total hotel revenue $ 88,626  $ —  $ 88,626 
Hotel EBITDA $ 30,169  $ —  $ 30,169 
Hotel EBITDA margin 34.04  % 34.04  %
Selected Operating Information:
RevPAR $ 899.06  $ —  $ 899.06 
Occupancy 77.63  % —  % 77.63  %
ADR $ 1,158.07  $ —  $ 1,158.07 
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue $ 13,170  $ (109) $ 13,061 
Total hotel revenue $ 19,148  $ —  $ 19,148 
Hotel EBITDA $ 3,324  $ —  $ 3,324 
Hotel EBITDA margin 17.36  % 17.36  %
Selected Operating Information:
RevPAR $ 252.32  $ —  $ 250.23 
Occupancy 72.64  % —  % 72.64  %
ADR $ 347.36  $ —  $ 344.47 
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 28,180  $ 22,901  $ 51,081 
Total hotel revenue $ 43,461  $ 35,489  $ 78,950 
Hotel EBITDA $ 9,845  $ 8,829  $ 18,674 
Hotel EBITDA margin 22.65  % 23.65  %
Selected Operating Information:
RevPAR $ 1,303.20  $ 1,341.89  $ 1,320.27 
Occupancy 62.14  % 55.82  % 59.35  %
ADR $ 2,097.22  $ 2,403.77  $ 2,224.40 
22


TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2022 2022 2022
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 280,682  $ 22,901  $ 303,583 
Total hotel revenue $ 459,598  $ 35,489  $ 495,087 
Hotel EBITDA $ 149,277  $ 8,829  $ 158,106 
Hotel EBITDA margin 32.48  % 31.93  %
Selected Operating Information:
RevPAR $ 491.33  $ 1,341.89  $ 516.00 
Occupancy 70.31  % 55.82  % 69.89  %
ADR $ 698.81  $ 2,403.77  $ 738.32 
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 131,598  $ (109) $ 131,489 
Total hotel revenue $ 173,037  $ —  $ 173,037 
Hotel EBITDA $ 39,660  $ —  $ 39,660 
Hotel EBITDA margin 22.92  % 22.92  %
Selected Operating Information:
RevPAR $ 151.62  $ —  $ 151.49 
Occupancy 61.16  % —  % 61.16  %
ADR $ 247.92  $ —  $ 247.71 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 412,280  $ 22,792  $ 435,072 
Total hotel revenue $ 632,634  $ 35,489  $ 668,123 
Hotel EBITDA $ 188,938  $ 8,829  $ 197,767 
Hotel EBITDA margin 29.87  % 29.60  %
Selected Operating Information:
RevPAR $ 286.46  $ 1,335.48  $ 298.75 
Occupancy 64.79  % 55.82  % 64.68  %
ADR $ 442.14  $ 2,392.28  $ 461.86 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
23


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable
2022 2022 2022 2022 2022 2022 2022 2022 2022 2021 2021 2021
3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter
Total Hotel Revenue $ 162,225  $ —  $ 162,225  $ 176,082  $ —  $ 176,082  $ 163,402  $ 15,168  $ 178,570  $ 130,925  $ 20,321  $ 151,246 
Hotel EBITDA $ 40,693  $ —  $ 40,693  $ 57,066  $ 355  $ 57,421  $ 55,681  $ 3,279  $ 58,960  $ 35,498  $ 5,195  $ 40,693 
Hotel EBITDA Margin 25.08  % 25.08  % 32.41  % 32.61  % 34.08  % 33.02  % 27.11  % 26.91  %
EBITDA % of Total TTM 21.5  % 20.6  % 30.2  % 29.0  % 29.5  % 29.8  % 18.8  % 20.6  %
JV Interests in EBITDA $ 1,880  $ —  $ 1,880  $ 2,387  $ —  $ 2,387  $ 811  $ —  $ 811  $ 713  $ —  $ 713 
Actual Non-comparable Adjustments Comparable
2022 2022 2022
TTM TTM TTM
Total Hotel Revenue $ 632,634  $ 35,489  $ 668,123 
Hotel EBITDA $ 188,938  $ 8,829  $ 197,767 
Hotel EBITDA Margin 29.87  % 29.60  %
EBITDA % of Total TTM 100.0  % 100.0  %
JV Interests in EBITDA $ 5,791  $ —  $ 5,791 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
24


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
September 30, 2022
(in thousands, except share price)
(unaudited)

September 30, 2022
Common stock shares outstanding 71,456 
Partnership units outstanding (common stock equivalents) 8,348 
Combined common stock shares and partnership units outstanding 79,804 
Common stock price $ 4.30 
Market capitalization $ 343,157 
Series B cumulative convertible preferred stock $ 76,950 
Series D cumulative preferred stock $ 40,000 
Series E redeemable preferred stock $ 222,011 
Series M redeemable preferred stock $ 26,673 
Indebtedness $ 1,237,000 
Joint venture partner's share of consolidated indebtedness $ (48,750)
Net working capital (see below) $ (330,272)
Total enterprise value (TEV) $ 1,566,769 
Cash and cash equivalents $ 354,797 
Restricted cash $ 51,812 
Accounts receivable, net $ 25,730 
Prepaid expenses $ 8,540 
Due from third-party hotel managers, net $ 21,708 
Total current assets $ 462,587 
Accounts payable, net & accrued expenses $ 120,413 
Dividends and distributions payable $ 4,353 
Due to affiliates, net $ 7,549 
Total current liabilities $ 132,315 
Net working capital* $ 330,272 
* Includes the Company's pro rata share of net working capital in joint ventures.
25


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2022
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Rooms Actual Actual Actual Estimated
Marriott Seattle Waterfront 361  x x x x
Park Hyatt Beaver Creek 190  x
Total 1 1 1 2
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 are included in this table.
26


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

2022 2022 2022 2021 September 30, 2022
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter TTM
Net income (loss) $ 13,551  $ 31,259  $ 32,204  $ 11,933  $ 88,947 
Non-property adjustments (1) —  76  (9) 66 
Interest income (63) (14) (11) (11) (99)
Interest expense 6,373  4,522  3,646  3,685  18,226 
Amortization of loan costs 496  462  553  350  1,861 
Depreciation and amortization 19,604  19,571  18,441  18,881  76,497 
Income tax expense (benefit) (99) 424  223  27  575 
Non-hotel EBITDA ownership expense 832  842  549  642  2,865 
Hotel EBITDA including amounts attributable to noncontrolling interest 40,693  57,066  55,681  35,498  188,938 
Non-comparable adjustments —  355  3,279  5,195  8,829 
Comparable hotel EBITDA $ 40,693  $ 57,421  $ 58,960  $ 40,693  $ 197,767 

27

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2022
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines  Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ 404  $ 4,270  $ 1,129  $ 1,581  $ 1,366  $ 1,257  $ (72) $ 294  $ 541  $ (391) $ 755  $ 3,103  $ 846  $ (370) $ (1,162) $ 13,551  $ (21,934) $ (8,383)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  —  —  (1) —  —  (1) 1  — 
Interest income (15) (22) —  —  —  —  —  (1) (5) (16) —  (2) (2) —  —  (63) 63  — 
Interest expense —  —  —  470  808  621  901  —  —  1,356  575  (62) 669  461  574  6,373  7,496  13,869 
Amortization of loan cost —  —  —  34  77  —  195  —  —  93  38  —  17  42  —  496  125  621 
Depreciation and amortization 1,840  1,020  1,476  590  633  435  1,011  2,005  2,760  1,329  802  1,432  2,059  613  1,599  19,604  —  19,604 
Income tax expense (benefit) —  —  —  —  —  —  —  4  —  —  —  —  13  —  (116) (99) 194  95 
Non-hotel EBITDA ownership expense (3) 25  4  102  5  79  6  25  17  368  159  1  3  37  4  832  (832) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,226  5,293  2,609  2,777  2,889  2,392  2,041  2,327  3,313  2,739  2,329  4,472  3,604  783  899  40,693  (14,887) 25,806 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (556) (1,324) —  —  —  —  —  —  —  —  —  —  —  —  —  (1,880) 1,880  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  74  74 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (74) (74)
Hotel EBITDA attributable to the Company and OP unitholders $ 1,670  $ 3,969  $ 2,609  $ 2,777  $ 2,889  $ 2,392  $ 2,041  $ 2,327  $ 3,313  $ 2,739  $ 2,329  $ 4,472  $ 3,604  $ 783  $ 899  $ 38,813  $ (13,007) $ 25,806 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,226  $ 5,293  $ 2,609  $ 2,777  $ 2,889  $ 2,392  $ 2,041  $ 2,327  $ 3,313  $ 2,739  $ 2,329  $ 4,472  $ 3,604  $ 783  $ 899  $ 40,693 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 2,226  $ 5,293  $ 2,609  $ 2,777  $ 2,889  $ 2,392  $ 2,041  $ 2,327  $ 3,313  $ 2,739  $ 2,329  $ —  $ 3,604  $ 783  $ 899  $ 36,221 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,226  $ 5,293  $ 2,609  $ 2,777  $ 2,889  $ 2,392  $ 2,041  $ 2,327  $ 3,313  $ 2,739  $ 2,329  $ —  $ 3,604  $ 783  $ 899  $ 36,221 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 5,293  $ —  $ 2,777  $ 2,889  $ 2,392  $ 2,041  $ —  $ —  $ 2,739  $ 2,329  $ —  $ 3,604  $ —  $ 899  $ 24,963 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 5,293  $ —  $ 2,777  $ 2,889  $ 2,392  $ 2,041  $ —  $ —  $ 2,739  $ 2,329  $ —  $ 3,604  $ —  $ 899  $ 24,963 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 2,226  $ —  $ 2,609  $ —  $ —  $ —  $ —  $ 2,327  $ 3,313  $ —  $ —  $ 4,472  $ —  $ 783  $ —  $ 15,730 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,226  $ —  $ 2,609  $ —  $ —  $ —  $ —  $ 2,327  $ 3,313  $ —  $ —  $ 4,472  $ —  $ 783  $ —  $ 15,730 

28

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)

Three Months Ended September 30, 2022
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines  Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total
BAML (Pier House Resort & Spa) $ —  $ —  $ —  $ —  $ 2,889  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 2,889 
BAML (Bardessono Hotel and Spa) —  —  —  2,777  —  —  —  —  —  —  —  —  —  —  —  2,777 
BAML (Hotel Yountville) —  —  —  —  —  2,392  —  —  —  —  —  —  —  —  —  2,392 
Apollo (The Ritz-Carlton St. Thomas) —  —  —  —  —  —  —  —  —  —  —  —  3,604  —  —  3,604 
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) 2,226  5,293  —  —  —  —  —  —  —  —  —  —  —  —  —  7,519 
BAML Pool (see footnote 3) —  —  2,609  —  —  —  —  2,327  3,313  —  —  4,472  —  —  —  12,721 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  2,041  —  —  —  —  —  —  —  —  2,041 
BAML (The Ritz-Carlton Sarasota) —  —  —  —  —  —  —  —  —  2,739  —  —  —  —  —  2,739 
BAML (The Ritz-Carlton Lake Tahoe) —  —  —  —  —  —  —  —  —  —  2,329  —  —  —  —  2,329 
LoanCore (Mr. C Beverly Hills Hotel) —  —  —  —  —  —  —  —  —  —  —  —  —  783  —  783 
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  899  899 
Total $ 2,226  $ 5,293  $ 2,609  $ 2,777  $ 2,889  $ 2,392  $ 2,041  $ 2,327  $ 3,313  $ 2,739  $ 2,329  $ 4,472  $ 3,604  $ 783  $ 899  $ 40,693 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    Excluded hotels under renovation:
Marriott Seattle Waterfront
29

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ 2,584  $ 3,939  $ 4,103  $ 1,820  $ 3,530  $ 1,247  $ (1,949) $ 402  $ 931  $ 6,586  $ (2,170) $ 1,510  $ 5,742  $ (34) $ 3,018  $ 31,259  $ (14,579) $ 16,680 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Interest income (2) (1) —  —  —  —  —  —  (2) (6) —  (1) (2) —  —  (14) 14  — 
Interest expense —  —  —  310  482  415  633  —  —  984  371  34  534  396  363  4,522  5,183  9,705 
Amortization of loan cost —  —  —  51  76  42  193  —  —  92  37  —  —  41  (70) 462  114  576 
Depreciation and amortization 1,839  1,006  1,490  594  662  540  943  2,011  2,814  1,327  788  1,295  2,079  611  1,572  19,571  —  19,571 
Income tax expense (benefit) —  —  —  —  —  —  —  6  —  —  —  —  306  —  112  424  653  1,077 
Non-hotel EBITDA ownership expense 163  19  49  128  4  9  —  61  6  12  358  2  5  27  (1) 842  (842) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,584  4,963  5,642  2,903  4,754  2,253  (180) 2,480  3,749  8,995  (616) 2,840  8,664  1,041  4,994  57,066  (9,457) 47,609 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,146) (1,241) —  —  —  —  —  —  —  —  —  —  —  —  —  (2,387) 2,387  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  74  74 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (75) (75)
Hotel EBITDA attributable to the Company and OP unitholders $ 3,438  $ 3,722  $ 5,642  $ 2,903  $ 4,754  $ 2,253  $ (180) $ 2,480  $ 3,749  $ 8,995  $ (616) $ 2,840  $ 8,664  $ 1,041  $ 4,994  $ 54,679  $ (7,071) $ 47,608 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  355  355 
Comparable hotel EBITDA $ 4,584  $ 4,963  $ 5,642  $ 2,903  $ 4,754  $ 2,253  $ (180) $ 2,480  $ 3,749  $ 8,995  $ (616) $ 2,840  $ 8,664  $ 1,041  $ 5,349  $ 57,421 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 4,963  $ —  $ 2,903  $ 4,754  $ 2,253  $ (180) $ —  $ —  $ 8,995  $ (616) $ —  $ 8,664  $ —  $ 4,994  $ 36,730 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  355  355 
Comparable hotel EBITDA $ —  $ 4,963  $ —  $ 2,903  $ 4,754  $ 2,253  $ (180) $ —  $ —  $ 8,995  $ (616) $ —  $ 8,664  $ —  $ 5,349  $ 37,085 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 4,584  $ —  $ 5,642  $ —  $ —  $ —  $ —  $ 2,480  $ 3,749  $ —  $ —  $ 2,840  $ —  $ 1,041  $ —  $ 20,336 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 4,584  $ —  $ 5,642  $ —  $ —  $ —  $ —  $ 2,480  $ 3,749  $ —  $ —  $ 2,840  $ —  $ 1,041  $ —  $ 20,336 


30

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total
BAML (Pier House Resort & Spa) $ —  $ —  $ —  $ —  $ 4,754  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 4,754 
BAML (Bardessono Hotel and Spa) —  —  —  2,903  —  —  —  —  —  —  —  —  —  —  —  2,903 
BAML (Hotel Yountville) —  —  —  —  —  2,253  —  —  —  —  —  —  —  —  —  2,253 
Apollo (The Ritz-Carlton St. Thomas) —  —  —  —  —  —  —  —  —  —  —  —  8,664  —  —  8,664 
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) 4,584  4,963  —  —  —  —  —  —  —  —  —  —  —  —  —  9,547 
BAML Pool (see footnote 3) —  —  5,642  —  —  —  —  2,480  3,749  —  —  2,840  —  —  —  14,711 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  (180) —  —  —  —  —  —  —  —  (180)
BAML (The Ritz-Carlton Sarasota) —  —  —  —  —  —  —  —  —  8,995  —  —  —  —  —  8,995 
BAML (The Ritz-Carlton Lake Tahoe) —  —  —  —  —  —  —  —  —  —  (616) —  —  —  —  (616)
LoanCore (Mr. C Beverly Hills Hotel) —  —  —  —  —  —  —  —  —  —  —  —  —  1,041  —  1,041 
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  5,349  5,349 
Total $ 4,584  $ 4,963  $ 5,642  $ 2,903  $ 4,754  $ 2,253  $ (180) $ 2,480  $ 3,749  $ 8,995  $ (616) $ 2,840  $ 8,664  $ 1,041  $ 5,349  $ 57,421 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
31

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2022
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (1,842) $ 2,077  $ (2,915) $ 385  $ 5,826  $ (629) $ 7,367  $ (2,000) $ (2,867) $ 10,252  $ 5,754  $ (1,106) $ 8,580  $ (170) $ 3,492  $ 32,204  $ (16,600) $ 15,604 
Non-property adjustments —  —  —  —  —  —  76  —  —  —  —  —  —  —  —  76  (76) — 
Interest income —  —  —  —  —  —  —  —  (2) (5) —  (2) (2) —  —  (11) 11  — 
Interest expense —  —  —  256  395  320  526  —  —  862  297  34  526  391  39  3,646  4,212  7,858 
Amortization of loan cost —  —  —  50  76  60  128  —  —  91  37  —  —  41  70  553  111  664 
Depreciation and amortization 1,840  1,022  1,627  603  668  676  927  1,983  2,969  1,251  792  1,191  1,932  609  351  18,441  —  18,441 
Income tax expense (benefit) —  —  —  —  —  —  —  3  —  —  —  —  220  —  —  223  2,388  2,611 
Non-hotel EBITDA ownership expense 82  64  5  115  4  2  1  15  2  34  209  3  7  6  —  549  (549) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 80  3,163  (1,283) 1,409  6,969  429  9,025  1  102  12,485  7,089  120  11,263  877  3,952  55,681  (10,503) 45,178 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (20) (791) —  —  —  —  —  —  —  —  —  —  —  —  —  (811) 811  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  72  72 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (71) (71)
Hotel EBITDA attributable to the Company and OP unitholders $ 60  $ 2,372  $ (1,283) $ 1,409  $ 6,969  $ 429  $ 9,025  $ 1  $ 102  $ 12,485  $ 7,089  $ 120  $ 11,263  $ 877  $ 3,952  $ 54,870  $ (9,691) $ 45,179 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  3,279  3,279 
Comparable hotel EBITDA $ 80  $ 3,163  $ (1,283) $ 1,409  $ 6,969  $ 429  $ 9,025  $ 1  $ 102  $ 12,485  $ 7,089  $ 120  $ 11,263  $ 877  $ 7,231  $ 58,960 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 3,163  $ —  $ 1,409  $ 6,969  $ 429  $ 9,025  $ —  $ —  $ 12,485  $ 7,089  $ —  $ 11,263  $ —  $ 3,952  $ 55,784 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  3,279  3,279 
Comparable hotel EBITDA $ —  $ 3,163  $ —  $ 1,409  $ 6,969  $ 429  $ 9,025  $ —  $ —  $ 12,485  $ 7,089  $ —  $ 11,263  $ —  $ 7,231  $ 59,063 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 80  $ —  $ (1,283) $ —  $ —  $ —  $ —  $ 1  $ 102  $ —  $ —  $ 120  $ —  $ 877  $ —  $ (103)
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 80  $ —  $ (1,283) $ —  $ —  $ —  $ —  $ 1  $ 102  $ —  $ —  $ 120  $ —  $ 877  $ —  $ (103)


32

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended March 31, 2022
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total
BAML (Pier House Resort & Spa) $ —  $ —  $ —  $ —  $ 6,969  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 6,969 
BAML (Bardessono Hotel and Spa) —  —  —  1,409  —  —  —  —  —  —  —  —  —  —  —  1,409 
BAML (Hotel Yountville) —  —  —  —  —  429  —  —  —  —  —  —  —  —  —  429 
Apollo (The Ritz-Carlton St. Thomas) —  —  —  —  —  —  —  —  —  —  —  —  11,263  —  —  11,263 
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) 80  3,163  —  —  —  —  —  —  —  —  —  —  —  —  —  3,243 
BAML Pool (see footnote 3) —  —  (1,283) —  —  —  —  1  102  —  —  120  —  —  —  (1,060)
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  9,025  —  —  —  —  —  —  —  —  9,025 
BAML (The Ritz-Carlton Sarasota) —  —  —  —  —  —  —  —  —  12,485  —  —  —  —  —  12,485 
BAML (The Ritz-Carlton Lake Tahoe) —  —  —  —  —  —  —  —  —  —  7,089  —  —  —  —  7,089 
LoanCore (Mr. C Beverly Hills Hotel) —  —  —  —  —  —  —  —  —  —  —  —  —  877  —  877 
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  7,231  7,231 
Total $ 80  $ 3,163  $ (1,283) $ 1,409  $ 6,969  $ 429  $ 9,025  $ 1  $ 102  $ 12,485  $ 7,089  $ 120  $ 11,263  $ 877  $ 7,231  $ 58,960 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
33

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2021
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (1,447) $ 1,388  $ (1,776) $ 1,731  $ 3,787  $ 1,059  $ 577  $ (683) $ (3,338) $ 4,512  $ 2,544  $ 261  $ 3,745  $ (427) $ —  $ 11,933  $ (14,227) $ (2,294)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  (9) —  (9) 9  — 
Interest income —  —  —  —  —  —  —  —  (1) (6) —  (3) (1) —  —  (11) 11  — 
Interest expense —  —  —  262  405  328  534  —  —  880  304  34  538  400  —  3,685  4,411  8,096 
Amortization of loan cost —  —  —  49  75  60  —  —  —  89  37  —  —  40  —  350  109  459 
Depreciation and amortization 1,821  1,035  1,628  605  696  665  901  1,981  3,498  1,422  754  1,044  2,232  599  —  18,881  —  18,881 
Income tax expense (benefit) —  —  —  —  —  —  —  (12) —  —  —  —  39  —  —  27  531  558 
Non-hotel EBITDA ownership expense 35  22  22  124  2  9  11  7  (2) 47  255  5  85  20  —  642  (642) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 409  2,445  (126) 2,771  4,965  2,121  2,023  1,293  157  6,944  3,894  1,341  6,638  623  —  35,498  (9,798) 25,700 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (102) (611) —  —  —  —  —  —  —  —  —  —  —  —  —  (713) 713  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  54  54 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (54) (54)
Hotel EBITDA attributable to the Company and OP unitholders $ 307  $ 1,834  $ (126) $ 2,771  $ 4,965  $ 2,121  $ 2,023  $ 1,293  $ 157  $ 6,944  $ 3,894  $ 1,341  $ 6,638  $ 623  $ —  $ 34,785  $ (9,085) $ 25,700 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  5,195  5,195 
Comparable hotel EBITDA $ 409  $ 2,445  $ (126) $ 2,771  $ 4,965  $ 2,121  $ 2,023  $ 1,293  $ 157  $ 6,944  $ 3,894  $ 1,341  $ 6,638  $ 623  $ 5,195  $ 40,693 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 2,445  $ —  $ 2,771  $ 4,965  $ 2,121  $ 2,023  $ —  $ —  $ 6,944  $ 3,894  $ —  $ 6,638  $ —  $ —  $ 31,801 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  5,195  5,195 
Comparable hotel EBITDA $ —  $ 2,445  $ —  $ 2,771  $ 4,965  $ 2,121  $ 2,023  $ —  $ —  $ 6,944  $ 3,894  $ —  $ 6,638  $ —  $ 5,195  $ 36,996 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 409  $ —  $ (126) $ —  $ —  $ —  $ —  $ 1,293  $ 157  $ —  $ —  $ 1,341  $ —  $ 623  $ —  $ 3,697 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 409  $ —  $ (126) $ —  $ —  $ —  $ —  $ 1,293  $ 157  $ —  $ —  $ 1,341  $ —  $ 623  $ —  $ 3,697 


34

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended December 31, 2021
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total
BAML (Pier House Resort & Spa) $ —  $ —  $ —  $ —  $ 4,965  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 4,965 
BAML (Bardessono Hotel and Spa) —  —  —  2,771  —  —  —  —  —  —  —  —  —  —  —  2,771 
BAML (Hotel Yountville) —  —  —  —  —  2,121  —  —  —  —  —  —  —  —  —  2,121 
Apollo (The Ritz-Carlton St. Thomas) —  —  —  —  —  —  —  —  —  —  —  —  6,638  —  —  6,638 
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) 409  2,445  —  —  —  —  —  —  —  —  —  —  —  —  —  2,854 
BAML Pool (see footnote 3) —  —  (126) —  —  —  —  1,293  157  —  —  1,341  —  —  —  2,665 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  2,023  —  —  —  —  —  —  —  —  2,023 
BAML (The Ritz-Carlton Sarasota) —  —  —  —  —  —  —  —  —  6,944  —  —  —  —  —  6,944 
BAML (The Ritz-Carlton Lake Tahoe) —  —  —  —  —  —  —  —  —  —  3,894  —  —  —  —  3,894 
LoanCore (Mr. C Beverly Hills Hotel) —  —  —  —  —  —  —  —  —  —  —  —  —  623  —  623 
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  5,195  5,195 
Total $ 409  $ 2,445  $ (126) $ 2,771  $ 4,965  $ 2,121  $ 2,023  $ 1,293  $ 157  $ 6,944  $ 3,894  $ 1,341  $ 6,638  $ 623  $ 5,195  $ 40,693 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
35

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2021
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (3,090) $ 1,642  $ (3,735) $ 2,520  $ 2,740  $ 1,604  $ 2,099  $ (875) $ (2,710) $ 1,000  $ 196  $ 675  $ 2,685  $ (1,203) $ —  $ 3,548  $ (11,767) $ (8,219)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  945  —  945  (945) — 
Interest income —  —  —  —  —  —  —  —  (1) (5) —  (3) (1) —  —  (10) 10  — 
Interest expense —  —  —  262  405  329  533  —  —  882  304  20  538  244  —  3,517  4,420  7,937 
Amortization of loan cost —  —  —  38  74  40  —  —  —  89  36  —  17  26  —  320  107  427 
Depreciation and amortization 1,827  1,081  1,645  611  685  661  866  2,030  3,129  1,675  727  962  2,012  373  —  18,284  —  18,284 
Income tax expense (benefit) —  —  —  —  —  —  —  3  —  —  —  —  3  —  —  6  554  560 
Non-hotel EBITDA ownership expense 66  24  4  142  11  20  31  97  19  (7) 147  36  17  44  —  651  (651) — 
Hotel EBITDA including amounts attributable to noncontrolling interest (1,197) 2,747  (2,086) 3,573  3,915  2,654  3,529  1,255  437  3,634  1,410  1,690  5,271  429  —  27,261  (8,272) 18,989 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 300  (688) —  —  —  —  —  —  —  —  —  —  —  —  —  (388) 388  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  68  68 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (68) (68)
Hotel EBITDA attributable to the Company and OP unitholders $ (897) $ 2,059  $ (2,086) $ 3,573  $ 3,915  $ 2,654  $ 3,529  $ 1,255  $ 437  $ 3,634  $ 1,410  $ 1,690  $ 5,271  $ 429  $ —  $ 26,873  $ (7,884) $ 18,989 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  518  (219) 299 
Comparable hotel EBITDA $ (1,197) $ 2,747  $ (2,086) $ 3,573  $ 3,915  $ 2,654  $ 3,529  $ 1,255  $ 437  $ 3,634  $ 1,410  $ 1,690  $ 5,271  $ 947  $ (219) $ 27,560 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ (1,197) $ 2,747  $ (2,086) $ 3,573  $ 3,915  $ 2,654  $ 3,529  $ 1,255  $ 437  $ 3,634  $ 1,410  $ —  $ 5,271  $ 429  $ —  $ 25,571 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  518  (219) 299 
Comparable hotel EBITDA $ (1,197) $ 2,747  $ (2,086) $ 3,573  $ 3,915  $ 2,654  $ 3,529  $ 1,255  $ 437  $ 3,634  $ 1,410  $ —  $ 5,271  $ 947  $ (219) $ 25,870 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 2,747  $ —  $ 3,573  $ 3,915  $ 2,654  $ 3,529  $ —  $ —  $ 3,634  $ 1,410  $ —  $ 5,271  $ —  $ —  $ 26,733 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  (219) (219)
Comparable hotel EBITDA $ —  $ 2,747  $ —  $ 3,573  $ 3,915  $ 2,654  $ 3,529  $ —  $ —  $ 3,634  $ 1,410  $ —  $ 5,271  $ —  $ (219) $ 26,514 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ (1,197) $ —  $ (2,086) $ —  $ —  $ —  $ —  $ 1,255  $ 437  $ —  $ —  $ 1,690  $ —  $ 429  $ —  $ 528 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  518  —  518 
Comparable hotel EBITDA $ (1,197) $ —  $ (2,086) $ —  $ —  $ —  $ —  $ 1,255  $ 437  $ —  $ —  $ 1,690  $ —  $ 947  $ —  $ 1,046 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Excluded hotels under renovation:
Marriott Seattle Waterfront
36

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2022
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ 1,146  $ 10,286  $ 2,317  $ 3,786  $ 10,722  $ 1,875  $ 5,346  $ (1,304) $ (1,395) $ 16,447  $ 4,339  $ 3,507  $ 15,168  $ (574) $ 5,348  $ 77,014  $ (53,113) $ 23,901 
Non-property adjustments —  —  —  —  —  —  76  —  —  —  —  —  (1) —  —  75  (75) — 
Interest income (17) (23) —  —  —  —  —  (1) (9) (27) —  (5) (6) —  —  (88) 88  — 
Interest expense —  —  —  1,036  1,685  1,356  2,060  —  —  3,202  1,243  6  1,729  1,248  976  14,541  16,891  31,432 
Amortization of loan cost —  —  —  135  229  102  516  —  —  276  112  —  17  124  —  1,511  350  1,861 
Depreciation and amortization 5,519  3,048  4,593  1,787  1,963  1,651  2,881  5,999  8,543  3,907  2,382  3,918  6,070  1,833  3,522  57,616  —  57,616 
Income tax expense (benefit) —  —  —  —  —  —  —  13  —  —  —  —  539  —  (4) 548  3,235  3,783 
Non-hotel EBITDA ownership expense 242  108  58  345  13  90  7  101  25  414  726  6  15  70  3  2,223  (2,223) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 6,890  13,419  6,968  7,089  14,612  5,074  10,886  4,808  7,164  24,219  8,802  7,432  23,531  2,701  9,845  153,440  (34,847) 118,593 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,723) (3,355) —  —  —  —  —  —  —  —  —  —  —  —  —  (5,078) 5,078  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  220  220 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (220) (220)
Hotel EBITDA attributable to the Company and OP unitholders $ 5,167  $ 10,064  $ 6,968  $ 7,089  $ 14,612  $ 5,074  $ 10,886  $ 4,808  $ 7,164  $ 24,219  $ 8,802  $ 7,432  $ 23,531  $ 2,701  $ 9,845  $ 148,362  $ (29,769) $ 118,593 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  3,634  3,634 
Comparable hotel EBITDA $ 6,890  $ 13,419  $ 6,968  $ 7,089  $ 14,612  $ 5,074  $ 10,886  $ 4,808  $ 7,164  $ 24,219  $ 8,802  $ 7,432  $ 23,531  $ 2,701  $ 13,479  $ 157,074 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 6,890  $ 13,419  $ 6,968  $ 7,089  $ 14,612  $ 5,074  $ 10,886  $ 4,808  $ 7,164  $ 24,219  $ 8,802  $ —  $ 23,531  $ 2,701  $ 9,845  $ 146,008 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  3,634  3,634 
Comparable hotel EBITDA $ 6,890  $ 13,419  $ 6,968  $ 7,089  $ 14,612  $ 5,074  $ 10,886  $ 4,808  $ 7,164  $ 24,219  $ 8,802  $ —  $ 23,531  $ 2,701  $ 13,479  $ 149,642 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 13,419  $ —  $ 7,089  $ 14,612  $ 5,074  $ 10,886  $ —  $ —  $ 24,219  $ 8,802  $ —  $ 23,531  $ —  $ 9,845  $ 117,477 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  3,634  3,634 
Comparable hotel EBITDA $ —  $ 13,419  $ —  $ 7,089  $ 14,612  $ 5,074  $ 10,886  $ —  $ —  $ 24,219  $ 8,802  $ —  $ 23,531  $ —  $ 13,479  $ 121,111 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 6,890  $ —  $ 6,968  $ —  $ —  $ —  $ —  $ 4,808  $ 7,164  $ —  $ —  $ 7,432  $ —  $ 2,701  $ —  $ 35,963 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 6,890  $ —  $ 6,968  $ —  $ —  $ —  $ —  $ 4,808  $ 7,164  $ —  $ —  $ 7,432  $ —  $ 2,701  $ —  $ 35,963 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Excluded hotels under renovation:
Marriott Seattle Waterfront
37

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2021
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel The Ritz-Carlton Reserve Dorado Beach Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (9,635) $ 527  $ (8,405) $ 3,322  $ 9,624  $ 1,251  $ 3,428  $ (5,578) $ (12,129) $ 10,830  $ 249  $ (554) $ 13,708  $ (1,203) $ —  $ 5,435  $ (36,052) $ (30,617)
Non-property adjustments —  —  —  (117) (96) —  —  —  —  1  1  —  (671) 945  —  63  (63) — 
Interest income —  —  —  —  —  —  —  —  (2) (16) —  (9) (1) —  —  (28) 28  — 
Interest expense —  —  —  777  1,201  975  1,541  —  —  2,638  901  20  1,596  244  —  9,893  10,706  20,599 
Amortization of loan cost —  —  —  113  219  120  14  —  —  263  107  —  68  26  —  930  817  1,747 
Depreciation and amortization 5,627  3,258  4,954  1,976  2,187  1,907  2,625  6,352  9,760  4,925  2,177  2,921  5,839  373  —  54,881  —  54,881 
Income tax expense (benefit) —  (43) —  —  —  —  —  5  —  —  —  —  62  —  —  24  742  766 
Non-hotel EBITDA ownership expense 257  48  17  366  (61) 59  (22) (148) (3) 78  506  (162) 311  44  —  1,290  (1,290) — 
Hotel EBITDA including amounts attributable to noncontrolling interest (3,751) 3,790  (3,434) 6,437  13,074  4,312  7,586  631  (2,374) 18,719  3,941  2,216  20,912  429  —  72,488  (25,112) 47,376 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 941  (951) —  —  —  —  —  —  —  —  —  —  —  —  —  (10) 10  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  198  198 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (196) (196)
Hotel EBITDA attributable to the Company and OP unitholders $ (2,810) $ 2,839  $ (3,434) $ 6,437  $ 13,074  $ 4,312  $ 7,586  $ 631  $ (2,374) $ 18,719  $ 3,941  $ 2,216  $ 20,912  $ 429  $ —  $ 72,478  $ (25,100) $ 47,378 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  1,228  11,643  12,871 
Comparable hotel EBITDA $ (3,751) $ 3,790  $ (3,434) $ 6,437  $ 13,074  $ 4,312  $ 7,586  $ 631  $ (2,374) $ 18,719  $ 3,941  $ 2,216  $ 20,912  $ 1,657  $ 11,643  $ 85,359 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ (3,751) $ 3,790  $ (3,434) $ 6,437  $ 13,074  $ 4,312  $ 7,586  $ 631  $ (2,374) $ 18,719  $ 3,941  $ —  $ 20,912  $ 429  $ —  $ 70,272 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  1,228  11,643  12,871 
Comparable hotel EBITDA $ (3,751) $ 3,790  $ (3,434) $ 6,437  $ 13,074  $ 4,312  $ 7,586  $ 631  $ (2,374) $ 18,719  $ 3,941  $ —  $ 20,912  $ 1,657  $ 11,643  $ 83,143 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 3,790  $ —  $ 6,437  $ 13,074  $ 4,312  $ 7,586  $ —  $ —  $ 18,719  $ 3,941  $ —  $ 20,912  $ —  $ —  $ 78,771 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  11,643  11,643 
Comparable hotel EBITDA $ —  $ 3,790  $ —  $ 6,437  $ 13,074  $ 4,312  $ 7,586  $ —  $ —  $ 18,719  $ 3,941  $ —  $ 20,912  $ —  $ 11,643  $ 90,414 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ (3,751) $ —  $ (3,434) $ —  $ —  $ —  $ —  $ 631  $ (2,374) $ —  $ —  $ 2,216  $ —  $ 429  $ —  $ (6,283)
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  1,228  —  1,228 
Comparable hotel EBITDA $ (3,751) $ —  $ (3,434) $ —  $ —  $ —  $ —  $ 631  $ (2,374) $ —  $ —  $ 2,216  $ —  $ 1,657  $ —  $ (5,055)
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Excluded hotels under renovation:
Marriott Seattle Waterfront
38