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Redeemable Noncontrolling Interests in Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2023

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																		2023						2022						2021
Performance LTIP units						Advisory services fee																		$	4,445					$	4,301					$	1,765
LTIP units						Advisory services fee																		1,039						1,229						1,372
LTIP units						Corporate, general and administrative																		14						28						12
LTIP units - independent directors						Corporate, general and administrative																		182						252						164
Total																								$	5,680					$	5,810					$	3,313

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,
			2023						2022						2021
Units outstanding at beginning of year			8,283						7,158						4,277
LTIP units issued			44						44						469
Performance LTIP units issued			353						1,194						840
Common units issued for hotel acquisition			—						—						2,500
Units redeemed for shares of common stock			—						—						(868)
Units redeemed for cash			(1,456)						—						—
Performance LTIP units cancelled			—						(113)						(60)
Units outstanding at end of year			7,224						8,283						7,158
Units convertible/redeemable at end of year			4,292						5,841						5,533

The following table summarizes dividends declared (in thousands):

									Year Ended December 31,
															2023						2022						2021
Series B Convertible Preferred Stock															$	4,233					$	4,233					$	4,747

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,
															2023						2022						2021
Series E Preferred Stock shares issued (1)															3,798						10,914						1,709
Net proceeds (1)															$	85,444					$	245,575					$	38,450

__________________

(1)Exclusive of shares issued under the DRIP.

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

			December 31, 2023						December 31, 2022
Series E Preferred Stock			$	377,035					$	291,076
Cumulative adjustments to Series E Preferred Stock (1)			$	13,337					$	9,403

________

(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,
															2023						2022						2021
Series E Preferred Stock															$	30,883					$	12,694					$	683

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

									Year Ended December 31,
															2023						2022						2021
Series M Preferred Stock shares issued (1)															531						1,402						29
Net proceeds (1)															$	12,869					$	34,009					$	704

__________________

(1)Exclusive of shares issued under the DRIP.

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

			December 31, 2023						December 31, 2022
Series M Preferred Stock			$	45,623					$	35,182
Cumulative adjustments to Series M Preferred Stock (1)			$	1,597					$	812

__________________

(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,
															2023						2022						2021
Series M Preferred Stock															$	3,888					$	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, 2023						December 31, 2022
Redeemable noncontrolling interests in Braemar OP (in thousands)			$	32,395					$	40,555
Adjustments to redeemable noncontrolling interests (1) (in thousands)			$	66					$	70
Ownership percentage of operating partnership			6.63		%				7.69		%

____________________________________

(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,
															2023						2022						2021
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership															$	5,230					$	476					$	3,597
Distributions declared to holders of common units, LTIP units and Performance LTIP units															$	1,444					$	665					—
Performance LTIP dividend claw back upon cancellation															—						(4)						(38)

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

									Year Ended December 31,
															2023						2022						2021
Common units converted to common stock															—						—						868
Fair value of common units converted															$	—					$	—					$	4,122		(1)

____________________________________

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

The following table presents the common units redeemed for cash (in thousands):

									Year Ended December 31,
															2023						2022						2021
Units redeemed															1,456						—						—
Cash value of common units redeemed															$	7,162		(1)			—						—

____________________________________

(1)    Includes Mr. Monty J. Bennett’ s 1.4 million common units redeemed for cash of approximately $7.0 million during February 2023.

X

- References

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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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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1

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