DiamondRock Hospitality Files Q3 2024 10-Q
Ticker: DRH · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 1298946
Sentiment: neutral
Topics: 10-Q, real estate, hospitality, financials
TL;DR
DRH Q3 10-Q filed. Hotel occupancy & F&B revenue data for 2024 vs 2023.
AI Summary
DiamondRock Hospitality Co. filed its 10-Q for the period ending September 30, 2024. The company, a real estate investment trust, reported financial data for its hotel properties. Key metrics like occupancy and food and beverage revenue are tracked for the third quarter and year-to-date periods of 2024 compared to 2023.
Why It Matters
This filing provides investors with a detailed look at DiamondRock's financial performance and operational metrics for its hotel portfolio during the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.
Key Numbers
- 2024-09-30 — Reporting Period End Date (This is the end date for the financial data presented in the 10-Q.)
- 2024-11-08 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- DiamondRock Hospitality Co (company) — Filer
- 2024-09-30 (date) — Reporting Period End Date
- 2024-11-08 (date) — Filing Date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 30, 2024.
What is the filing date of this 10-Q?
This 10-Q was filed on November 8, 2024.
What type of company is DiamondRock Hospitality Co?
DiamondRock Hospitality Co. is a real estate investment trust (REIT).
What key operational metrics are tracked in this filing?
The filing tracks metrics such as occupancy, and food and beverage revenue.
What periods are being compared in the filing?
The filing compares the third quarter and year-to-date periods of 2024 with the corresponding periods in 2023.
Filing Stats: 4,971 words · 20 min read · ~17 pages · Grade level 14.4 · Accepted 2024-11-08 11:05:14
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value per share DRH New York Stock
- $300M — t September 30, 2024 December 31, 2023 $300M Senior unsecured term loans Swap (1) 1
- $500M — 8, 2022 July 25, 2024 $ 87,500 — 1,658 $500M Senior unsecured term loans Swap 3.36 %
Filing Documents
- drh-20240930.htm (10-Q) — 1465KB
- drh_ex311xseptember302024.htm (EX-31.1) — 10KB
- drh_ex312xseptember302024.htm (EX-31.2) — 11KB
- drh_ex321xseptember302024.htm (EX-32.1) — 7KB
- 0001298946-24-000107.txt ( ) — 6305KB
- drh-20240930.xsd (EX-101.SCH) — 43KB
- drh-20240930_cal.xml (EX-101.CAL) — 54KB
- drh-20240930_def.xml (EX-101.DEF) — 241KB
- drh-20240930_lab.xml (EX-101.LAB) — 571KB
- drh-20240930_pre.xml (EX-101.PRE) — 387KB
- drh-20240930_htm.xml (XML) — 768KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited): Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 2 Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 18
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 33
Controls and Procedures
Item 4. Controls and Procedures 33
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 34
Risk Factors
Item 1A. Risk Factors 34
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 34
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 34
Other Information
Item 5. Other Information 34
Exhibits
Item 6. Exhibits 35 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) September 30, 2024 December 31, 2023 ASSETS (Unaudited) (Audited) Property and equipment, net $ 2,727,299 $ 2,755,195 Right-of-use assets 96,512 97,692 Restricted cash 44,493 45,576 Due from hotel managers 167,959 144,689 Prepaid and other assets 69,773 73,940 Cash and cash equivalents 75,287 121,595 Total assets $ 3,181,323 $ 3,238,687 LIABILITIES AND EQUITY Liabilities: Debt, net of unamortized debt issuance costs 1,097,215 1,177,005 Lease liabilities 114,387 112,866 Due to hotel managers 126,011 116,522 Deferred rent 72,576 69,209 Unfavorable contract liabilities, net 58,622 59,866 Accounts payable and accrued expenses 39,944 39,563 Distributions declared and unpaid 6,664 6,324 Deferred income related to key money, net 8,026 8,349 Total liabilities 1,523,445 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 September 30, 2024 and December 31, 2023 48 48 Common stock, $ 0.01 par value; 400,000,000 shares authorized; 207,276,487 and 209,627,197 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 2,073 2,096 Additional paid-in capital 2,269,938 2,291,297 Accumulated other comprehensive loss ( 5,997 ) ( 2,036 ) Distributions in excess of earnings ( 616,934 ) ( 649,330 ) Total stockholders' equity 1,649,128 1,642,075 Noncontrolling interests 8,750 6,908 Total equity 1,657,878 1,648,983 Total liabilities and equity $ 3,181,323 $ 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 (I