DiamondRock Hospitality Co Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>DiamondRock Hospitality Co. has filed its Q1 2024 10-Q report, providing a detailed financial overview and comparative data.</b>

AI Summary

DiamondRock Hospitality Co (DRH) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. DiamondRock Hospitality Co. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data from previous periods (December 31, 2023, and March 31, 2023) are included for comparison. The report details various financial statement members including common stock, preferred stock, and retained earnings. Occupancy, food & beverage, hotel owned, hotel management, franchise, and other property level expenses are reported for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking DiamondRock Hospitality Co, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of DiamondRock Hospitality Co., crucial for assessing investment value and trends. The inclusion of comparative data from prior periods allows for a year-over-year analysis of the company's operational and financial health, highlighting any significant changes or improvements.

Risk Assessment

Risk Level: low — DiamondRock Hospitality Co shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk information, indicating a routine disclosure process.

Analyst Insight

Review the detailed segment performance and balance sheet changes in the 10-Q to understand the company's operational trends and financial stability.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-03 — Filing Date (Date the report was filed)
• 2023-12-31 — Previous Period End Date (Comparative balance sheet date)
• 2023-03-31 — Prior Year Q1 End Date (Comparative income statement date)

Key Players & Entities

• DiamondRock Hospitality Co (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Conformed period of report
• 2024-05-03 (date) — Filed as of date
• 2023-12-31 (date) — Comparative period end date
• 2023-03-31 (date) — Comparative period end date
• 2022-12-31 (date) — Comparative period end date

FAQ

Industry Context

DiamondRock Hospitality Co. operates as a real estate investment trust (REIT) focused on hotels. The company's performance is closely tied to the hospitality industry's economic cycles, occupancy rates, and RevPAR.

Regulatory Implications

As a publicly traded company, DiamondRock Hospitality Co. is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency and provide investors with timely financial information.

What Investors Should Do

1. Analyze the occupancy rates and revenue per available room (RevPAR) trends for Q1 2024 compared to Q1 2023.
2. Examine the changes in the company's balance sheet, particularly in equity and debt components, from December 31, 2023, to March 31, 2024.
3. Review any disclosed segment performance data (e.g., hotel owned, hotel management) to identify key drivers of financial results.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial information compared to the previous year's Q1 and the end of 2023.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share DRH New York Stock

Filing Documents

• drh-20240331.htm (10-Q) — 1075KB
• drh_exhibit311xmarch312024.htm (EX-31.1) — 10KB
• drh_exhibit312xmarch312024.htm (EX-31.2) — 11KB
• drh_exhibit321xmarch312024.htm (EX-32.1) — 7KB
• 0001298946-24-000052.txt (&nbsp;) — 5325KB
• drh-20240331.xsd (EX-101.SCH) — 41KB
• drh-20240331_cal.xml (EX-101.CAL) — 49KB
• drh-20240331_def.xml (EX-101.DEF) — 231KB
• drh-20240331_lab.xml (EX-101.LAB) — 536KB
• drh-20240331_pre.xml (EX-101.PRE) — 366KB
• drh-20240331_htm.xml (XML) — 576KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): Consolidated Balance Sheets as of March 3 1 , 202 4 and December 31, 20 23 1 Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 3 1 , 202 4 and 2 023 2 Consolidated Statements of Equity for the Three Months Ended March 3 1 , 202 4 and 20 23 4 Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 20 23 5 Notes to the Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item I. Financial Statements DIAMONDROCK HOSPITALITY COMPANY CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 ASSETS (unaudited) Property and equipment, net $ 2,750,573 $ 2,755,195 Right-of-use assets 97,151 97,692 Restricted cash 45,180 45,576 Due from hotel managers 155,744 144,689 Prepaid and other assets 70,085 73,940 Cash and cash equivalents 120,064 121,595 Total assets $ 3,238,797 $ 3,238,687 LIABILITIES AND EQUITY Liabilities: Debt, net of unamortized debt issuance costs 1,174,733 1,177,005 Lease liabilities 113,201 112,866 Due to hotel managers 119,178 116,522 Deferred rent 70,638 69,209 Unfavorable contract liabilities, net 59,452 59,866 Accounts payable and accrued expenses 37,926 39,563 Distributions declared and unpaid 6,186 6,324 Deferred income related to key money, net 8,241 8,349 Total liabilities 1,589,555 1,589,704 Equity: Preferred stock, $ 0.01 par value; 10,000,000 shares authorized: 8.250 % Series A Cumulative Redeemable Preferred Stock (liquidation preference $ 25.00 per share), 4,760,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 48 48 Common stock, $ 0.01 par value; 400,000,000 shares authorized; 210,064,433 and 209,627,197 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,100 2,096 Additional paid-in capital 2,290,288 2,291,297 Accumulated other comprehensive loss ( 781 ) ( 2,036 ) Distributions in excess of earnings ( 649,757 ) ( 649,330 ) Total stockholders' equity 1,641,898 1,642,075 Noncontrolling interests 7,344 6,908 Total equity 1,649,242 1,648,983 Total liabilities and equity $ 3,238,797 $ 3,238,687 The accompanying notes are an integral part of these consolidated financial statements. -1- Table of Contents DIAMONDROCK HOSPITALITY COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per

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View this 10-Q filing on SEC EDGAR