Braemar Hotels & Resorts (BHR) shares were down about 13% in Friday trading, a day after the company provided a portfolio update and its financial outlook for full-year 2027.

The company said its full-year 2027 outlook assumes a projected net debt balance of $405 million and projected preferred equity outstanding of approximately $407 million as of Dec. 31.

Braemar expects full-year 2027 revenue of $407 million to $412 million and adjusted FFO per diluted share of $0.25 to $0.31. A single analyst polled by FactSet expect $400.6 million and $0.36, respectively.

Following the completion of its transition to a self-managed REIT, Braemar said it expects to reduce total annual corporate general and administrative expenses, inclusive of advisory and related fees, from $42 million to $15 million. Also, it intends to pursue targeted refinancing transactions over the next three to six months.

Also, the company said it entered into a settlement agreement with Al Shams Investments, under which the largest shareholder has withdrawn its notice related to the nomination of candidates for election to the board.

Price: 1.30, Change: -0.20, Percent Change: -13.09