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Redeemable Noncontrolling Interests in Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Compensation Expense

The following table presents compensation expense for Performance LTIP units and LTIP units (in thousands):

																		Year Ended December 31,
Type						Line Item																		2022						2021						2020
Performance LTIP units						Advisory services fee																		$	4,301					$	1,765					$	884
LTIP units						Advisory services fee																		1,229						1,372						1,142
LTIP units						Corporate, general and administrative																		28						12						—
LTIP units - independent directors						Corporate, general and administrative																		252						164						120
Total																								$	5,810					$	3,313					$	2,146

Summary of the Activity of Temporary Equity

A summary of the activity of the units in our operating partnership is as follows (in thousands):

			Year Ended December 31,
			2022						2021						2020
Units outstanding at beginning of year			7,158						4,277						4,538
LTIP units issued			44						469						129
Performance LTIP units issued			1,194						840						160
Common units issued for hotel acquisition			—						2,500						—
Units redeemed for shares of common stock			—						(868)						(339)
Performance LTIP units cancelled			(113)						(60)						(211)
Units outstanding at end of year			8,283						7,158						4,277
Units convertible/redeemable at end of year			5,841						5,533						3,823

The issuance activity is summarized below (in thousands):

									Year Ended December 31,
															2022						2021						2020
Series B Convertible Preferred Stock shares issued															—						—						23
Gross proceeds received															$	—					$	—					$	439
Commissions															—						—						7
Net proceeds															$	—					$	—					$	432

The following table summarizes dividends declared (in thousands):

									Year Ended December 31,
															2022						2021						2020
Series B Convertible Preferred Stock															$	4,233					$	4,747					$	6,919

The table below summarizes the activity (in thousands):

Year Ended December 31, 2021

Preferred Shares Tendered

Common Shares Issued

Series B Convertible Preferred Stock

1,953

7,291

The issuance activity of the Series E Preferred Stock is summarized below (in thousands):

									Year Ended December 31,
															2022						2021
Series E Preferred Stock shares issued (1)															10,914						1,709
Net proceeds															$	245,575					$	38,450

__________________

(1)Exclusive of shares issued under the dividend reinvestment plan.

The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands):

			December 31, 2022						December 31, 2021
Series E Preferred Stock			$	291,076					$	39,339
Adjustments to Series E Preferred Stock (1)			$	9,403					$	3,128

________

(1)    Reflects the excess of the redemption value over the accumulated carrying value.

The following table summarizes dividends declared (in thousands):

									Year Ended December 31,
															2022						2021
Series E Preferred Stock															$	12,694					$	683

The issuance activity of Series M Preferred Stock is summarized below (in thousands):

									Year Ended December 31,
															2022						2021
Series M Preferred Stock shares issued (1)															1,402						29
Net proceeds															$	34,009					$	704

__________________

(1)Exclusive of shares issued under the dividend reinvestment plan.

The redemption value adjustment of Series M Preferred stock is summarized below (in thousands):

			December 31, 2022						December 31, 2021
Series M Preferred Stock			$	35,182					$	715
Adjustments to Series M Preferred Stock (1)			$	812					$	133

__________________

(1)    Reflects the excess of the redemption value over the accumulated carrying value.

The following table summarizes dividends declared (in thousands):

									Year Ended December 31,
															2022						2021
Series M Preferred Stock															$	1,276					$	15

Redeemable Noncontrolling Interest

The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership:

			December 31, 2022						December 31, 2021
Redeemable noncontrolling interests in Braemar OP			$	40,555					$	36,087
Adjustments to redeemable noncontrolling interests (1)			$	70					$	275
Ownership percentage of operating partnership			7.69		%				8.83		%

____________________________________

(1)    Reflects the excess of the redemption value over the accumulated historical cost.

We allocated net (income) loss to the redeemable noncontrolling interests as illustrated in the table below (in thousands):

									Year Ended December 31,
															2022						2021						2020
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership															$	476					$	3,597					$	12,979
Distributions declared to holders of common units, LTIP units and Performance LTIP units															665						—						—
Performance LTIP dividend claw back upon cancellation															(4)						(38)						(270)

The following table presents the common units redeemed and the fair value at redemption (in thousands):

									Year Ended December 31,
															2022						2021						2020
Common units converted to common stock															—						868						339
Fair value of common units converted															$	—					$	4,122		(2)			$	390		(1)

____________________________________

(1)    The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $3.5 million.

(2)    The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $4.6 million.

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Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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