DiamondRock Hospitality Files Q2 2024 10-Q
Ticker: DRH · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 1298946
Sentiment: neutral
Topics: 10-Q, real estate, hospitality, REIT
TL;DR
**DiamondRock Hospitality Q2 10-Q filed. Key hotel portfolio metrics and financials updated.**
AI Summary
DiamondRock Hospitality Co. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational metrics for the second quarter and the first half of the year. Key financial data and operational statistics related to their hotel portfolio are presented.
Why It Matters
This filing provides investors with the latest financial and operational results for DiamondRock Hospitality, crucial for understanding the company's performance in the real estate investment trust sector.
Risk Assessment
Risk Level: medium — As a real estate investment trust focused on hotels, DiamondRock is subject to the cyclical nature of the hospitality industry and economic downturns.
Key Players & Entities
- DiamondRock Hospitality Co (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240802 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 2, 2024.
What is the company's Central Index Key (CIK)?
DiamondRock Hospitality Co.'s Central Index Key is 0001298946.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
What is the SEC file number for DiamondRock Hospitality?
The SEC file number for DiamondRock Hospitality is 001-32514.
Filing Stats: 4,917 words · 20 min read · ~16 pages · Grade level 14 · Accepted 2024-08-02 11:30:58
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value per share DRH New York Stock
Filing Documents
- drh-20240630.htm (10-Q) — 1362KB
- a102jeffreyjdonnellysevera.htm (EX-10.2) — 99KB
- a103justinlleonardseveranc.htm (EX-10.3) — 101KB
- a104brionyrquinnseverancea.htm (EX-10.4) — 98KB
- a108anikafischerseverancea.htm (EX-10.8) — 97KB
- drh_exhibit311xjune302024.htm (EX-31.1) — 10KB
- drh_exhibit312xjune302024.htm (EX-31.2) — 11KB
- drh_exhibit321xjune302024.htm (EX-32.1) — 7KB
- 0001298946-24-000095.txt ( ) — 6446KB
- drh-20240630.xsd (EX-101.SCH) — 41KB
- drh-20240630_cal.xml (EX-101.CAL) — 53KB
- drh-20240630_def.xml (EX-101.DEF) — 229KB
- drh-20240630_lab.xml (EX-101.LAB) — 554KB
- drh-20240630_pre.xml (EX-101.PRE) — 373KB
- drh-20240630_htm.xml (XML) — 694KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited): Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 2 Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes to the Consolidated Financial Statements 8
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 17
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 31
Controls and Procedures
Item 4. Controls and Procedures 31
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 32
Risk Factors
Item 1A. Risk Factors 32
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 32
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 32
Other Information
Item 5. Other Information 32
Exhibits
Item 6. Exhibits 33 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) June 30, 2024 December 31, 2023 ASSETS (Unaudited) (Audited) Property and equipment, net $ 2,734,626 $ 2,755,195 Right-of-use assets 96,823 97,692 Restricted cash 45,205 45,576 Due from hotel managers 171,793 144,689 Prepaid and other assets 74,986 73,940 Cash and cash equivalents 125,219 121,595 Total assets $ 3,248,652 $ 3,238,687 LIABILITIES AND EQUITY Liabilities: Debt, net of unamortized debt issuance costs 1,172,479 1,177,005 Lease liabilities 113,779 112,866 Due to hotel managers 131,683 116,522 Deferred rent 71,554 69,209 Unfavorable contract liabilities, net 59,037 59,866 Accounts payable and accrued expenses 36,887 39,563 Distributions declared and unpaid 6,067 6,324 Deferred income related to key money, net 8,134 8,349 Total liabilities 1,599,620 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 June 30, 2024 and December 31, 2023 48 48 Common stock, $ 0.01 par value; 400,000,000 shares authorized; 207,918,179 and 209,627,197 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 2,079 2,096 Additional paid-in capital 2,274,223 2,291,297 Accumulated other comprehensive loss ( 2,077 ) ( 2,036 ) Distributions in excess of earnings ( 633,919 ) ( 649,330 ) Total stockholders' equity 1,640,354 1,642,075 Noncontrolling interests 8,678 6,908 Total equity 1,649,032 1,648,983 Total liabilities and equity $ 3,248,652 $ 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, e