Xenia Hotels & Resorts Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights
-
Net Income: Net income attributable to common stockholders was
$15.3 million , or$0.15 per share -
Adjusted EBITDAre:
$68.4 million , decreased 8.4% compared to the second quarter of 2023 -
Adjusted FFO per Diluted Share:
$0.52 , increased 10.6% compared to the second quarter of 2023 - Same-Property Occupancy: 71.0%, increased 240 basis points compared to the second quarter of 2023
-
Same-Property ADR:
$261.53 , decreased 1.7% compared to the second quarter of 2023 -
Same-Property RevPAR:
$185.69 , increased 1.8% compared to the second quarter of 2023. ExcludingHyatt Regency Scottsdale Resort & Spa atGainey Ranch , which is undergoing a transformative renovation, RevPAR was$191.28 , an increase of 5.0% compared to the second quarter of 2023. -
Same-Property Hotel EBITDA :$73.4 million , decreased 7.5% compared to the second quarter of 2023. ExcludingHyatt Regency Scottsdale Resort & Spa atGainey Ranch ,Same-Property Hotel EBITDA was$74.1 million , an increase of 1.2% compared to the second quarter of 2023. -
Same-Property Hotel EBITDA Margin : 26.9%, decreased 238 basis points compared to the second quarter of 2023. ExcludingHyatt Regency Scottsdale Resort & Spa atGainey Ranch ,Hotel EBITDA Margin was 27.9%, a decrease of 100 basis points compared to the second quarter of 2023. -
Dividends: The Company declared its second quarter dividend of
$0.12 per share to common stockholders of record onJune 28, 2024 .
Year-to-Date 2024 Highlights
-
Net Income: Net income attributable to common stockholders was
$23.9 million , or$0.23 per share -
Adjusted EBITDAre:
$133.7 million , decreased 8.4% compared to the same period in 2023 -
Adjusted FFO per Diluted Share:
$0.95 , increased 9.2% compared to the same period in 2023 - Same-Property Occupancy: 69.2%, increased 190 basis points compared to the same period in 2023
-
Same-Property ADR:
$261.95 , decreased 2.6% compared to the same period in 2023 -
Same-Property RevPAR:
$181.28 , increased 0.1% compared to the same period in 2023. ExcludingHyatt Regency Scottsdale Resort & Spa atGainey Ranch , RevPAR was$184.67 , an increase of 4.4% compared to the same period in 2023. -
Same-Property Hotel EBITDA :$144.1 million , decreased 8.0% compared to the same period in 2023. ExcludingHyatt Regency Scottsdale Resort & Spa atGainey Ranch ,Same-Property Hotel EBITDA was$141.3 million , an increase of 2.8% compared to the same period in 2023. -
Same-Property Hotel EBITDA Margin : 26.7%, decreased 233 basis points compared to the same period in 2023. ExcludingHyatt Regency Scottsdale Resort & Spa atGainey Ranch ,Hotel EBITDA Margin was 27.2%, a decrease of 55 basis points compared to the same period in 2023. -
Capital Markets Activities: The Company repurchased a total of 468,107 shares of common stock at a weighted-average price of
$13.51 per share for a total consideration of approximately$6.3 million .
"Our portfolio produced meaningful RevPAR growth in the second quarter, as Same-Property RevPAR, excluding
"Our transformative renovation and upbranding of
Operating Results
The Company's results include the following:
|
Three Months Ended |
|
|
||
|
2024 |
|
2023 |
|
Change |
|
($ amounts in thousands, except hotel statistics and per share amounts) |
||||
Net income attributable to common stockholders |
$ 15,338 |
|
$ 13,792 |
|
11.2 % |
Net income per share available to common stockholders - basic and |
$ 0.15 |
|
$ 0.12 |
|
25.0 % |
|
|
|
|
|
|
Same-Property Number of Hotels(1) |
32 |
|
32 |
|
— |
Same-Property Number of Rooms(1)(5) |
9,515 |
|
9,511 |
|
4 |
Same-Property Occupancy(1) |
71.0 % |
|
68.6 % |
|
240 bps |
Same-Property Average Daily Rate(1) |
$ 261.53 |
|
$ 265.98 |
|
(1.7) % |
Same-Property RevPAR(1) |
$ 185.69 |
|
$ 182.49 |
|
1.8 % |
|
$ 73,421 |
|
$ 79,385 |
|
(7.5) % |
|
26.9 % |
|
29.3 % |
|
(238) bps |
|
|
|
|
|
|
Total Portfolio Number of Hotels(3) |
32 |
|
32 |
|
— |
Total Portfolio Number of Rooms(3)(5) |
9,515 |
|
9,511 |
|
4 |
Total Portfolio RevPAR(4) |
$ 185.69 |
|
$ 182.49 |
|
1.8 % |
|
|
|
|
|
|
Adjusted EBITDAre(2) |
$ 68,417 |
|
$ 74,668 |
|
(8.4) % |
Adjusted FFO(2) |
$ 53,700 |
|
$ 52,228 |
|
2.8 % |
Adjusted FFO per diluted share(2) |
$ 0.52 |
|
$ 0.47 |
|
10.6 % |
- "Same-Property" includes all hotels owned as of
June 30, 2024 and also includes renovation disruption for multiple capital projects during the periods presented. - EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and
Same-Property Hotel EBITDA andHotel EBITDA Margin are non-GAAP financial measures. See definitions and tables later in this press release for how we define these non-GAAP financial measures and for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO,Same-Property Hotel EBITDA andHotel EBITDA Margin . - As of end of periods presented.
- Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company.
- Three rooms were added at
Marriott Woodlands Waterway Hotel & Convention Center inNovember 2023 , and one room was added atGrand Bohemian Hotel Orlando , Autograph Collection inMarch 2024 .
|
Six Months Ended |
|
|||
|
2024 |
|
2023 |
|
Change |
|
($ amounts in thousands, except hotel statistics and per share amounts) |
||||
Net income attributable to common stockholders |
$ 23,872 |
|
$ 20,072 |
|
18.9 % |
Net income per share available to common stockholders - basic and |
$ 0.23 |
|
$ 0.18 |
|
27.8 % |
|
|
|
|
|
|
Same-Property Number of Hotels(1) |
32 |
|
32 |
|
— |
Same-Property Number of Rooms(1)(5) |
9,515 |
|
9,511 |
|
4 |
Same-Property Occupancy(1) |
69.2 % |
|
67.3 % |
|
190 bps |
Same-Property Average Daily Rate(1) |
$ 261.95 |
|
$ 268.82 |
|
(2.6) % |
Same-Property RevPAR(1) |
$ 181.28 |
|
$ 181.03 |
|
0.1 % |
|
$ 144,089 |
|
$ 156,587 |
|
(8.0) % |
|
26.7 % |
|
29.0 % |
|
(233) bps |
|
|
|
|
|
|
Total Portfolio Number of Hotels(3) |
32 |
|
32 |
|
— |
Total Portfolio Number of Rooms(3)(5) |
9,515 |
|
9,511 |
|
4 |
Total Portfolio RevPAR(4) |
$ 181.28 |
|
$ 181.03 |
|
0.1 % |
|
|
|
|
|
|
Adjusted EBITDAre(2) |
$ 133,668 |
|
$ 145,968 |
|
(8.4) % |
Adjusted FFO(2) |
$ 99,198 |
|
$ 97,458 |
|
1.8 % |
Adjusted FFO per diluted share(2) |
$ 0.95 |
|
$ 0.87 |
|
9.2 % |
- "Same-Property" includes all hotels owned as of
June 30, 2024 and also includes renovation disruption for multiple capital projects during the periods presented. - EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and
Same-Property Hotel EBITDA andHotel EBITDA Margin are non-GAAP financial measures. See definitions and tables later in this press release for how we define these non-GAAP financial measures and for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO,Same-Property Hotel EBITDA andHotel EBITDA Margin . - As of end of periods presented.
- Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company.
- Three rooms were added at
Marriott Woodlands Waterway Hotel & Convention Center inNovember 2023 , and one room was added atGrand Bohemian Hotel Orlando , Autograph Collection inMarch 2024 .
Transactions
As previously announced, subsequent to quarter end, the Company sold the 107-room
Liquidity and Balance Sheet
As of
The Company has no debt maturities until
Capital Markets
The Company did not repurchase any shares of common stock during the quarter and has
Capital Expenditures
During the three and six months ended
In June of last year, the Company commenced the transformative renovation and upbranding of the 491-room
- Pool complex, pool bars, and amenities – Full renovation, including significant redesign of the pool, pool deck, and pool bars. The adult pool and H2Oasis pool bar were completed in mid-January and the remainder of the pool complex was completed and fully operational in early April.
- Guest rooms and corridors – Full renovation of all guest rooms including new case goods, soft goods, and fan coil units. Guest rooms are being completed on a continual phased basis with approximately 434 rooms completed, and the remaining, including the addition of five guest rooms, expected to be completed by the end of the third quarter.
-
Arizona Ballroom expansion and meeting space renovation – Expansion of theArizona Ballroom by approximately 12,000 square feet. Renovation of existing ballrooms, meeting rooms, and pre-function spaces, all expected to be completed by the end of 2024. -
Public spaces and food & beverage outlets – Major renovation of all areas, including lobby, lobby bar, hotel market, and significant expansion of outdoor dining space. Reconcepting and redesign of all food & beverage venues, including the addition of an upscale modern-Italian steak and seafood concept and a global small-plate concept, including a Sushi Bar, all in collaboration with celebrity chef
Richard Blais , and expected to be completed by the end of the third quarter. - Building façade, infrastructure, and grounds – Redesign of several elements of the building façade, replacement of all exterior lighting, redesign of existing solar panels, and new exterior signage, all expected to be completed by the end of 2024.
Other significant capital expenditure projects currently underway and expected to be completed in 2024 include:
-
Westin Oaks Houston at the Galleria – Renovation of the lobby and restaurant, relocation of the fitness facility, Heavenly Bed upgrades, and addition of a concierge lounge. -
Westin Galleria Houston – Renovation of the lobby and Heavenly Bed upgrades. -
Marriott Woodlands Waterway Hotel & Convention Center – Renovation of the lobby, restaurant, and bar and addition of anM Club .
The Company is also making select upgrades to guestrooms at
Current Full Year 2024 Outlook and Guidance
The Company has updated its full year 2024 outlook. The range below reflects the Company's limited visibility in forecasting due to macroeconomic uncertainty and is based on the current economic environment and does not take into account any unanticipated impacts to the business or operations. Furthermore, this guidance assumes no additional acquisitions, dispositions, equity issuances, or share and/or senior note repurchases. The Current Same-Property (31 Hotel) RevPAR change shown includes all hotels owned as of
|
Current Full Year 2024 |
|
Variance to Prior |
||
|
Low End |
High End |
|
Low End |
High End |
|
($ in millions, except stats and per share data) |
||||
Net Income |
|
|
|
|
|
Current Same-Property (31 Hotel) RevPAR Change (vs. 2023) |
2.00 % |
4.00 % |
|
(0.25) % |
(0.75) % |
Excluding |
2.75 % |
4.75 % |
|
— % |
(0.50) % |
Adjusted EBITDAre |
|
|
|
|
|
Adjusted FFO |
|
|
|
|
|
Adjusted FFO per Diluted Share |
|
|
|
|
|
Capital Expenditures |
|
|
|
|
|
Current full year 2024 guidance is inclusive of the following assumptions:
- The recent disposition of the 107-room
Lorien Hotel & Spa - Disruption due to renovations is expected to negatively impact Adjusted EBITDAre and Adjusted FFO by approximately
$17 million - an increase of approximately$1 million from prior guidance - General and administrative expense of approximately
$24 million , excluding non-cash share-based compensation - a decrease of approximately$1 million from prior guidance - Interest expense of approximately
$77 million , excluding non-cash loan related costs - no change from prior guidance - Income tax benefit of approximately
$3 million - an improvement of approximately$5 million from prior guidance -
$70 -$75 million of capital expenditures forHyatt Regency Scottsdale Resort & Spa atGainey Ranch - an increase of$5 million from prior guidance - 104.1 million weighted-average diluted shares/units - no change from prior guidance
Second Quarter 2024 Earnings Call
The Company will conduct its quarterly conference call on
About
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements are generally identifiable by use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," references to "outlook" and "guidance" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include, among others, statements about our plans, strategies, or other future events, the outlook related to macroeconomic factors and general economic and political uncertainty (including as a result of the 2024 U.S presidential election) and a potential contraction in the
For further information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's
All information in this press release is as of the date of its release. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company's expectations.
Availability of Information on Xenia's Website
Investors and others should note that Xenia routinely announces material information to investors and the marketplace using
Contact:
For additional information or to receive press releases via email, please visit our website at www.xeniareit.com.
Xenia Hotels & Resorts, Inc. |
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Condensed Consolidated Balance Sheets |
|||
As of |
|||
($ amounts in thousands, except per share data) |
|||
|
|||
|
|
|
|
Assets: |
(Unaudited) |
|
(Audited) |
Investment properties: |
|
|
|
Land |
$ 455,907 |
|
$ 460,307 |
Buildings and other improvements |
3,128,031 |
|
3,097,711 |
Total |
$ 3,583,938 |
|
$ 3,558,018 |
Less: accumulated depreciation |
(1,012,425) |
|
(963,052) |
Net investment properties |
$ 2,571,513 |
|
$ 2,594,966 |
Cash and cash equivalents |
143,612 |
|
164,725 |
Restricted cash and escrows |
61,490 |
|
58,350 |
Accounts and rents receivable, net of allowance for doubtful accounts |
34,661 |
|
32,432 |
Intangible assets, net of accumulated amortization |
4,870 |
|
4,898 |
Deferred tax assets |
5,041 |
|
— |
Other assets |
57,516 |
|
46,856 |
Assets held for sale |
28,034 |
|
— |
Total assets |
$ 2,906,737 |
|
$ 2,902,227 |
Liabilities: |
|
|
|
Debt, net of loan premiums, discounts and unamortized deferred financing costs |
$ 1,395,324 |
|
$ 1,394,906 |
Accounts payable and accrued expenses |
106,016 |
|
102,389 |
Distributions payable |
12,607 |
|
10,788 |
Other liabilities |
71,764 |
|
76,647 |
Liabilities associated with assets held for sale |
1,034 |
|
— |
Total liabilities |
$ 1,586,745 |
|
$ 1,584,730 |
Commitments and Contingencies |
|
|
|
Stockholders' equity: |
|
|
|
Common stock, |
$ 1,020 |
|
$ 1,024 |
Additional paid in capital |
1,929,304 |
|
1,934,775 |
Accumulated other comprehensive income |
3,068 |
|
2,439 |
Accumulated distributions in excess of net earnings |
(647,658) |
|
(647,246) |
|
$ 1,285,734 |
|
$ 1,290,992 |
Non-controlling interests |
34,258 |
|
26,505 |
Total equity |
$ 1,319,992 |
|
$ 1,317,497 |
Total liabilities and equity |
$ 2,906,737 |
|
$ 2,902,227 |
Xenia Hotels & Resorts, Inc. |
|||||||
Condensed Consolidated Statements of Operations and Comprehensive Income |
|||||||
For the Three and Six Months Ended |
|||||||
(Unaudited) |
|||||||
($ amounts in thousands, except per share data) |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues: |
|
|
|
|
|
|
|
Rooms revenues |
$ 160,786 |
|
$ 157,942 |
|
$ 313,910 |
|
$ 311,587 |
Food and beverage revenues |
89,080 |
|
92,033 |
|
181,853 |
|
188,157 |
Other revenues |
23,038 |
|
21,091 |
|
44,629 |
|
40,295 |
Total revenues |
$ 272,904 |
|
$ 271,066 |
|
$ 540,392 |
|
$ 540,039 |
Expenses: |
|
|
|
|
|
|
|
Rooms expenses |
39,028 |
|
37,153 |
|
77,221 |
|
73,356 |
Food and beverage expenses |
60,634 |
|
59,989 |
|
121,114 |
|
120,676 |
Other direct expenses |
6,757 |
|
6,014 |
|
12,844 |
|
11,712 |
Other indirect expenses |
69,749 |
|
66,255 |
|
137,382 |
|
132,754 |
Management and franchise fees |
9,651 |
|
9,226 |
|
20,284 |
|
19,415 |
Total hotel operating expenses |
$ 185,819 |
|
$ 178,637 |
|
$ 368,845 |
|
$ 357,913 |
Depreciation and amortization |
31,823 |
|
33,490 |
|
63,787 |
|
67,231 |
Real estate taxes, personal property taxes and insurance |
13,340 |
|
12,808 |
|
26,833 |
|
25,278 |
Ground lease expense |
837 |
|
784 |
|
1,623 |
|
1,494 |
General and administrative expenses |
10,341 |
|
9,972 |
|
20,599 |
|
18,755 |
Gain on business interruption insurance |
— |
|
— |
|
(745) |
|
— |
Other operating expenses |
377 |
|
378 |
|
1,207 |
|
610 |
Impairment and other losses |
100 |
|
— |
|
350 |
|
— |
Total expenses |
$ 242,637 |
|
$ 236,069 |
|
$ 482,499 |
|
$ 471,281 |
Operating income |
$ 30,267 |
|
$ 34,997 |
|
$ 57,893 |
|
$ 68,758 |
Other income |
1,945 |
|
2,897 |
|
4,372 |
|
4,181 |
Interest expense |
(20,245) |
|
(21,650) |
|
(40,603) |
|
(43,784) |
Loss on extinguishment of debt |
— |
|
(29) |
|
— |
|
(1,169) |
Net income before income taxes |
$ 11,967 |
|
$ 16,215 |
|
$ 21,662 |
|
$ 27,986 |
Income tax (expense) benefit |
4,146 |
|
(1,803) |
|
3,418 |
|
(7,021) |
Net income |
$ 16,113 |
|
$ 14,412 |
|
$ 25,080 |
|
$ 20,965 |
Net income attributable to non-controlling interests |
(775) |
|
(620) |
|
(1,208) |
|
(893) |
Net income attributable to common stockholders |
$ 15,338 |
|
$ 13,792 |
|
$ 23,872 |
|
$ 20,072 |
Xenia Hotels & Resorts, Inc. |
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Condensed Consolidated Statements of Operations and Comprehensive Income - Continued |
|||||||
For the Three and Six Months Ended |
|||||||
(Unaudited) |
|||||||
($ amounts in thousands, except per share data) |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Basic and diluted income per share: |
|
|
|
|
|
||
Net income per share available to common stockholders - basic and |
$ 0.15 |
|
$ 0.12 |
|
$ 0.23 |
|
$ 0.18 |
Weighted-average number of common shares (basic) |
101,963,677 |
|
109,304,694 |
|
101,961,559 |
|
110,535,092 |
Weighted-average number of common shares (diluted) |
102,348,982 |
|
109,511,862 |
|
102,357,116 |
|
110,768,602 |
|
|
|
|
|
|
|
|
Comprehensive income: |
|
|
|
|
|
|
|
Net income |
$ 16,113 |
|
$ 14,412 |
|
$ 25,080 |
|
$ 20,965 |
Other comprehensive income: |
|
|
|
|
|
|
|
Unrealized gain on interest rate derivative instruments |
694 |
|
5,906 |
|
2,953 |
|
5,906 |
Reclassification adjustment for amounts recognized in net income |
(1,128) |
|
(460) |
|
(2,260) |
|
(460) |
|
$ 15,679 |
|
$ 19,858 |
|
$ 25,773 |
|
$ 26,411 |
Comprehensive income attributable to non-controlling interests |
(754) |
|
(849) |
|
(1,272) |
|
(1,122) |
Comprehensive income attributable to the Company |
$ 14,925 |
|
$ 19,009 |
|
$ 24,501 |
|
$ 25,289 |
Non-GAAP Financial Measures
The Company considers the following non-GAAP financial measures to be useful to investors as key supplemental measures of its operating performance: EBITDA, EBITDAre, Adjusted EBITDAre,
EBITDA, EBITDAre and Adjusted EBITDAre
EBITDA is a commonly used measure of performance in many industries and is defined as net income or loss (calculated in accordance with GAAP) excluding interest expense, provision for income taxes (including income taxes applicable to sale of assets) and depreciation and amortization. The Company considers EBITDA useful to investors in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results, even though EBITDA does not represent an amount that accrues directly to common stockholders. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions and, along with FFO and Adjusted FFO, is used by management in the annual budget process for compensation programs.
The Company calculates EBITDAre in accordance with standards established by the
The Company further adjusts EBITDAre to exclude the impact of non-controlling interests in consolidated entities other than its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company also adjusts EBITDAre for certain additional items such as depreciation and amortization related to corporate assets, terminated transaction and pre-opening expenses, amortization of share-based compensation, non-cash ground rent and straight-line rent expense, the cumulative effect of changes in accounting principles, and other costs it believes do not represent recurring operations and are not indicative of the performance of its underlying hotel property entities. The Company believes it is meaningful for investors to understand Adjusted EBITDAre attributable to all common stock and unit holders. The Company believes Adjusted EBITDAre attributable to common stock and unit holders provides investors with another useful financial measure in evaluating and facilitating comparison of operating performance between periods and between REITs that report similar measures.
Same-Property hotel data includes the actual operating results for all hotels owned as of the end of the reporting period. The Company then adjusts the Same-Property hotel data for comparability purposes by including pre-acquisition operating results of asset(s) acquired during the period, which provides investors a basis for understanding the acquisition(s) historical operating trends and seasonality. The pre-acquisition operating results for the comparable period are obtained from the seller and/or manager of the hotel(s) during the acquisition due diligence process and have not been audited or reviewed by our independent auditors. The Company further adjusts the Same-Property hotel data to remove dispositions during the respective reporting periods, and, in certain cases, hotels that are not fully open due to significant renovation, re-positioning, or disruption or whose room counts have materially changed during either the current or prior year as these historical operating results are not indicative of or expected to be comparable to the operating performance of the hotel portfolio on a prospective basis.
As a result of these adjustments the Same-Property hotel data presented does not represent the Company's total revenues, expenses, operating profit or net income and should not be used to evaluate performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of operating performance. Our consolidated statements of operations and comprehensive income include such amounts, all of which should be considered by investors when evaluating our performance.
We include Same-Property hotel data as supplemental information for investors. Management believes that providing Same-Property hotel data is useful to investors because it represents comparable operations for our portfolio as it exists at the end of the respective reporting periods presented, which allows investors and management to evaluate the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at Same-Property hotels or from other factors, such as the effect of acquisitions or dispositions.
FFO and Adjusted FFO
The Company calculates FFO in accordance with standards established by Nareit, as amended in the 2018 Restatement White Paper, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding real estate-related depreciation, amortization and impairments, gains or losses from sales of real estate, the cumulative effect of changes in accounting principles, similar adjustments for unconsolidated partnerships and consolidated variable interest entities, and items classified by GAAP as extraordinary. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. The Company believes that the presentation of FFO provides useful supplemental information to investors regarding operating performance by excluding the effect of real estate depreciation and amortization, gains or losses from sales for real estate, impairments of real estate assets, extraordinary items and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance. The Company believes that the presentation of FFO can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common stockholders. The calculation of FFO may not be comparable to measures calculated by other companies who do not use the Nareit definition of FFO or do not calculate FFO per diluted share in accordance with Nareit guidance. Additionally, FFO may not be helpful when comparing Xenia to non-REITs. The Company presents FFO attributable to common stock and unit holders, which includes its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company believes it is meaningful for investors to understand FFO attributable to common stock and unit holders.
The Company further adjusts FFO for certain additional items that are not in Nareit's definition of FFO such as terminated transaction and pre-opening expenses, amortization of debt origination costs and share-based compensation, non-cash ground rent and straight-line rent expense, and other items we believe do not represent recurring operations. The Company believes that Adjusted FFO provides investors with useful supplemental information that may facilitate comparisons of ongoing operating performance between periods and between REITs that make similar adjustments to FFO and is beneficial to investors' complete understanding of our operating performance.
Adjusted FFO per diluted share
The diluted weighted-average common share count used for the calculation of Adjusted FFO per diluted share differs from diluted weighted-average common share count used to derive net income or loss per share available to common stockholders. The Company calculates Adjusted FFO per diluted share by dividing the Adjusted FFO by the diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units. Any anti-dilutive securities are excluded from the diluted earnings per share calculation.
Xenia Hotels & Resorts, Inc. |
|||
Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and |
|||
For the Three Months Ended |
|||
(Unaudited) |
|||
($ amounts in thousands) |
|||
|
|||
|
Three Months Ended |
||
|
2024 |
|
2023 |
Net income |
$ 16,113 |
|
$ 14,412 |
Adjustments: |
|
|
|
Interest expense |
20,245 |
|
21,650 |
Income tax expense (benefit) |
(4,146) |
|
1,803 |
Depreciation and amortization |
31,823 |
|
33,490 |
EBITDA and EBITDAre |
$ 64,035 |
|
$ 71,355 |
|
|
|
|
Reconciliation to Adjusted EBITDAre |
|
|
|
Depreciation and amortization related to corporate assets |
$ (83) |
|
$ (103) |
Gain on insurance recoveries(1) |
(437) |
|
(535) |
Loss on extinguishment of debt |
— |
|
29 |
Amortization of share-based compensation expense |
4,675 |
|
3,968 |
Non-cash ground rent and straight-line rent expense |
(129) |
|
(46) |
Other non-recurring expenses(2) |
356 |
|
— |
Adjusted EBITDAre attributable to common stock and unit holders |
$ 68,417 |
|
$ 74,668 |
Corporate-level costs and expenses |
5,036 |
|
4,629 |
Pro forma hotel adjustments, net(3) |
(32) |
|
88 |
|
$ 73,421 |
|
$ 79,385 |
- During the three months ended
June 30, 2024 , the Company recorded$0.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. During the three months endedJune 30, 2023 , the Company recorded$0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss sustained at one property. These amounts are included in other income on the condensed consolidated statement of operations and comprehensive income for the periods then ended. - During the three months ended
June 30, 2024 , the Company recognized$0.3 million of pre-opening expenses and$0.1 million of repair and clean up costs related to damage sustained at one property. - Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
- See the reconciliation of Total Revenues and
Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues andTotal Same-Property Hotel Operating Expenses and the calculation ofSame-Property Hotel EBITDA andHotel EBITDA Margin for the three months endedJune 30, 2024 and 2023 on page 20.
Xenia Hotels & Resorts, Inc. |
|||
Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and |
|||
For the Six Months Ended |
|||
(Unaudited) |
|||
($ amounts in thousands) |
|||
|
|||
|
Six Months Ended |
||
|
2024 |
|
2023 |
Net income |
$ 25,080 |
|
$ 20,965 |
Adjustments: |
|
|
|
Interest expense |
40,603 |
|
43,784 |
Income tax expense (benefit) |
(3,418) |
|
7,021 |
Depreciation and amortization |
63,787 |
|
67,231 |
EBITDA and EBITDAre |
$ 126,052 |
|
$ 139,001 |
|
|
|
|
Reconciliation to Adjusted EBITDAre |
|
|
|
Depreciation and amortization related to corporate assets |
$ (163) |
|
$ (176) |
Gain on insurance recoveries(1) |
(1,447) |
|
(535) |
Loss on extinguishment of debt |
— |
|
1,169 |
Amortization of share-based compensation expense |
8,572 |
|
6,559 |
Non-cash ground rent and straight-line rent expense |
(267) |
|
(50) |
Other non-recurring expenses(2) |
921 |
|
— |
Adjusted EBITDAre attributable to common stock and unit holders |
$ 133,668 |
|
$ 145,968 |
Corporate-level costs and expenses |
10,476 |
|
10,834 |
Pro forma hotel level adjustments, net(3) |
(55) |
|
(215) |
|
$ 144,089 |
|
$ 156,587 |
- During the six months ended
June 30, 2024 , the Company recorded$1.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. During the six months endedJune 30, 2023 , the Company recorded$0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss sustained at one property. These amounts are included in other income on the condensed consolidated statement of operations and comprehensive income for the periods then ended. - During the six months ended
June 30, 2024 , the Company recognized$0.6 million of pre-opening expenses and$0.3 million of repair and cleanup costs related to damage sustained at one property. - Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
- See the reconciliation of Total Revenues and
Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues andTotal Same-Property Hotel Operating Expenses and the calculation ofSame-Property Hotel EBITDA andHotel EBITDA Margin for the six months endedJune 30, 2024 and 2023 on page 20.
Xenia Hotels & Resorts, Inc. |
|||
Reconciliation of Net Income to FFO and Adjusted FFO |
|||
For the Three Months Ended |
|||
(Unaudited) |
|||
($ amounts in thousands) |
|||
|
|||
|
Three Months Ended |
||
|
2024 |
|
2023 |
Net income |
$ 16,113 |
|
$ 14,412 |
Adjustments: |
|
|
|
Depreciation and amortization related to investment properties |
31,740 |
|
33,387 |
FFO attributable to common stock and unit holders |
$ 47,853 |
|
$ 47,799 |
|
|
|
|
Reconciliation to Adjusted FFO |
|
|
|
Gain on insurance recoveries(1) |
(437) |
|
(535) |
Loss on extinguishment of debt |
— |
|
29 |
Loan related costs, net of adjustment related to non-controlling interests(2) |
1,382 |
|
1,013 |
Amortization of share-based compensation expense |
4,675 |
|
3,968 |
Non-cash ground rent and straight-line rent expense |
(129) |
|
(46) |
Other non-recurring expenses(3) |
356 |
|
— |
Adjusted FFO attributable to common stock and unit holders |
$ 53,700 |
|
$ 52,228 |
Weighted-average shares outstanding - Diluted(4) |
104,062 |
|
111,344 |
Adjusted FFO per diluted share |
$ 0.52 |
|
$ 0.47 |
- During the three months ended
June 30, 2024 , the Company recorded$0.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. During the three months endedJune 30, 2023 , the Company recorded$0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss sustained at one property. These amounts are included in other income on the condensed consolidated statement of operations and comprehensive income for the periods then ended. - Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.
- During the three months ended
June 30, 2024 , the Company recognized$0.3 million of pre-opening expenses and$0.1 million of repair and clean up costs related to damage sustained at one property. - Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.
Xenia Hotels & Resorts, Inc. |
|||
Reconciliation of Net Income to FFO and Adjusted FFO |
|||
For the Six Months Ended |
|||
(Unaudited) |
|||
($ amounts in thousands) |
|||
|
|||
|
Six Months Ended |
||
|
2024 |
|
2023 |
Net income |
$ 25,080 |
|
$ 20,965 |
Adjustments: |
|
|
|
Depreciation and amortization related to investment properties |
63,624 |
|
67,055 |
FFO attributable to common stock and unit holders |
$ 88,704 |
|
$ 88,020 |
|
|
|
|
Reconciliation to Adjusted FFO |
|
|
|
Gain on insurance recoveries(1) |
(1,447) |
|
(535) |
Loss on extinguishment of debt |
— |
|
1,169 |
Loan related costs, net of adjustment related to non-controlling interests(2) |
2,715 |
|
2,295 |
Amortization of share-based compensation expense |
8,572 |
|
6,559 |
Non-cash ground rent and straight-line rent expense |
(267) |
|
(50) |
Other non-recurring expenses(3) |
921 |
|
— |
Adjusted FFO attributable to common stock and unit holders |
$ 99,198 |
|
$ 97,458 |
Weighted-average shares outstanding - Diluted(4) |
104,034 |
|
112,555 |
Adjusted FFO per diluted share |
$ 0.95 |
|
$ 0.87 |
- During the six months ended
June 30, 2024 , the Company recorded$1.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. During the six months endedJune 30, 2023 , the Company recorded$0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss sustained at one property. These amounts are included in other income on the condensed consolidated statement of operations and comprehensive income for the periods then ended. - Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.
- During the six months ended
June 30, 2024 , the Company recognized$0.6 million of pre-opening expenses and$0.3 million of repair and cleanup costs related to damage sustained at one property. - Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.
Xenia Hotels & Resorts, Inc. |
|
Reconciliation of Net Income to Adjusted EBITDAre |
|
for Current Full Year 2024 Guidance |
|
($ amounts in millions) |
|
|
|
|
Guidance |
|
Full Year |
|
|
Net income |
$ 24 |
Adjustments: |
|
Interest expense(1) |
82 |
Income tax benefit |
(3) |
Depreciation and amortization |
132 |
EBITDA and EBITDAre |
$ 235 |
Amortization of share-based compensation expense |
13 |
Other |
1 |
Adjusted EBITDAre |
$ 249 |
Reconciliation of Net Income to Adjusted FFO |
|
for Current Full Year 2024 Guidance |
|
($ amounts in millions) |
|
|
|
|
Guidance |
|
Full Year |
|
|
Net income |
$ 24 |
Adjustments: |
|
Depreciation and amortization related to investment properties |
132 |
FFO |
$ 156 |
Amortization of share-based compensation expense |
13 |
Other(1) |
6 |
Adjusted FFO |
$ 175 |
- Includes non-cash loan amortization costs.
Xenia Hotels & Resorts, Inc. |
|||||||
Debt Summary as of |
|||||||
(Unaudited) |
|||||||
($ amounts in thousands) |
|||||||
|
|||||||
|
Rate Type |
|
Rate(1) |
|
Maturity Date |
|
Outstanding as |
|
|
|
|
|
|
|
|
Mortgage Loans |
|
|
|
|
|
|
|
|
Fixed |
|
4.53 % |
|
|
|
$ 53,921 |
|
Fixed |
|
4.63 % |
|
|
|
107,053 |
Andaz Napa |
Fixed(2) |
|
5.72 % |
|
|
|
55,000 |
Total Mortgage Loans |
|
|
4.88 % |
(3) |
|
|
$ 215,974 |
Corporate Credit Facilities |
|
|
|
|
|
|
|
Corporate Credit Facility Term Loan |
Fixed(4) |
|
5.65 % |
|
|
|
$ 125,000 |
Corporate Credit Facility Term Loan |
Fixed(4) |
|
5.65 % |
|
|
|
100,000 |
Revolving Line of Credit |
Variable(5) |
|
7.23 % |
|
|
|
— |
Total Corporate Credit Facilities |
|
|
|
|
|
|
$ 225,000 |
2020 Senior Notes |
Fixed |
|
6.38 % |
|
|
|
464,747 |
2021 Senior Notes |
Fixed |
|
4.88 % |
|
|
|
500,000 |
Loan premiums, discounts and unamortized deferred |
|
|
|
|
|
|
(10,397) |
Total Debt, net of loan premiums, discounts and unamortized |
|
|
5.50 % |
(3) |
|
|
$ 1,395,324 |
- Represents annual interest rates.
- A variable interest loan for which SOFR has been fixed through
January 1, 2027 , after which the rate reverts to variable. - Weighted-average interest rate.
- A variable interest loan for which the credit spread may vary, as it is determined by the Company's leverage ratio. SOFR has been fixed through
mid-February 2025 , after which the rate reverts to variable. - The Revolving Line of Credit had undrawn capacity of
$450 million . The spread to SOFR may vary, as it is determined by the Company's leverage ratio. - Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.
Xenia Hotels & Resorts, Inc. |
|||||||||||
Same-Property(1) Hotel EBITDA and |
|||||||||||
For the Three and Six Months Ended |
|||||||||||
($ amounts in thousands) |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
Same-Property Occupancy(1) |
71.0 % |
|
68.6 % |
|
240 bps |
|
69.2 % |
|
67.3 % |
|
190 bps |
Same-Property Average Daily Rate(1) |
$ 261.53 |
|
$ 265.98 |
|
(1.7) % |
|
$ 261.95 |
|
$ 268.82 |
|
(2.6) % |
Same-Property RevPAR(1) |
$ 185.69 |
|
$ 182.49 |
|
1.8 % |
|
$ 181.28 |
|
$ 181.03 |
|
0.1 % |
Same-Property Revenues(1): |
|
|
|
|
|
|
|
|
|
|
|
Rooms revenues |
$ 160,786 |
|
$ 157,942 |
|
1.8 % |
|
$ 313,910 |
|
$ 311,587 |
|
0.7 % |
Food and beverage revenues |
89,080 |
|
92,033 |
|
(3.2) % |
|
181,853 |
|
188,176 |
|
(3.4) % |
Other revenues |
23,038 |
|
21,091 |
|
9.2 % |
|
44,629 |
|
40,295 |
|
10.8 % |
Total Same-Property revenues |
$ 272,904 |
|
$ 271,066 |
|
0.7 % |
|
$ 540,392 |
|
$ 540,058 |
|
0.1 % |
Same-Property Expenses(1): |
|
|
|
|
|
|
|
|
|
|
|
Rooms expenses |
$ 39,028 |
|
$ 37,153 |
|
5.0 % |
|
$ 77,221 |
|
$ 73,322 |
|
5.3 % |
Food and beverage expenses |
60,634 |
|
59,989 |
|
1.1 % |
|
121,114 |
|
120,634 |
|
0.4 % |
Other direct expenses |
6,757 |
|
6,014 |
|
12.4 % |
|
12,844 |
|
11,741 |
|
9.4 % |
Other indirect expenses |
69,187 |
|
65,694 |
|
5.3 % |
|
136,321 |
|
131,547 |
|
3.6 % |
Management and franchise fees |
9,651 |
|
9,226 |
|
4.6 % |
|
20,284 |
|
19,415 |
|
4.5 % |
Real estate taxes, personal property taxes and |
13,376 |
|
12,808 |
|
4.4 % |
|
26,869 |
|
25,290 |
|
6.2 % |
Ground lease expense |
850 |
|
797 |
|
6.6 % |
|
1,650 |
|
1,522 |
|
8.4 % |
Total Same-Property hotel operating expenses |
$ 199,483 |
|
$ 191,681 |
|
4.1 % |
|
$ 396,303 |
|
$ 383,471 |
|
3.3 % |
Same-Property Hotel EBITDA(1) |
$ 73,421 |
|
$ 79,385 |
|
(7.5) % |
|
$ 144,089 |
|
$ 156,587 |
|
(8.0) % |
Same-Property Hotel EBITDA Margin(1) |
26.9 % |
|
29.3 % |
|
(238) bps |
|
26.7 % |
|
29.0 % |
|
(233) bps |
- "Same-Property" includes all properties owned as of
June 30, 2024 and includes renovation disruption for multiple capital projects during the periods presented. The following is a reconciliation of Total Revenues andTotal Hotel Operating Expenses consolidated on a GAAP basis to Total Same-Property Revenues andTotal Same-Property Hotel Operating Expenses for the three and six months endedJune 30, 2024 and 2023.
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Total Revenues - GAAP |
$ 272,904 |
|
$ 271,066 |
|
$ 540,392 |
|
$ 540,039 |
Pro forma hotel level adjustments(a) |
— |
|
— |
|
— |
|
19 |
Total Same-Property Revenues |
$ 272,904 |
|
$ 271,066 |
|
$ 540,392 |
|
$ 540,058 |
|
|
|
|
|
|
|
|
|
$ 185,819 |
|
$ 178,637 |
|
$ 368,845 |
|
$ 357,913 |
Real estate taxes, personal property taxes and insurance |
13,340 |
|
12,808 |
|
26,833 |
|
25,278 |
Ground lease expense, net(b) |
850 |
|
796 |
|
1,649 |
|
1,520 |
Other income |
(105) |
|
(35) |
|
(115) |
|
(75) |
Corporate-level costs and expenses |
(453) |
|
(496) |
|
(965) |
|
(980) |
Pro forma hotel level adjustments, net(a) |
32 |
|
(29) |
|
56 |
|
(185) |
|
$ 199,483 |
|
$ 191,681 |
|
$ 396,303 |
|
$ 383,471 |
a. Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
b. Excludes non-cash ground rent expense.
Xenia Hotels & Resorts, Inc. |
||||||||||
Same-Property(1) Historical Operating Data |
||||||||||
($ amounts in thousands, except ADR and RevPAR) |
||||||||||
|
||||||||||
2024 |
|
First |
|
Second |
|
Third |
|
Fourth |
|
Full Year |
Occupancy |
|
67.4 % |
|
71.0 % |
|
|
|
|
|
|
ADR |
|
$ 262.39 |
|
$ 261.53 |
|
|
|
|
|
|
RevPAR |
|
$ 176.86 |
|
$ 185.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 267,488 |
|
$ 272,904 |
|
|
|
|
|
|
|
|
$ 70,669 |
|
$ 73,421 |
|
|
|
|
|
|
|
|
26.4 % |
|
26.9 % |
|
|
|
|
|
|
|
||||||||||
2023 |
|
First |
|
Second |
|
Third |
|
Fourth |
|
Full Year |
Occupancy |
|
66.1 % |
|
68.6 % |
|
63.8 % |
|
61.9 % |
|
65.1 % |
ADR |
|
$ 271.79 |
|
$ 265.98 |
|
$ 248.58 |
|
$ 254.56 |
|
$ 260.40 |
RevPAR |
|
$ 179.55 |
|
$ 182.49 |
|
$ 158.48 |
|
$ 157.69 |
|
$ 169.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 268,992 |
|
$ 271,066 |
|
$ 232,024 |
|
$ 253,380 |
|
$ 1,025,462 |
|
|
$ 77,202 |
|
$ 79,385 |
|
$ 51,221 |
|
$ 63,705 |
|
$ 271,513 |
|
|
28.7 % |
|
29.3 % |
|
22.1 % |
|
25.1 % |
|
26.5 % |
Same-Property(1) Historical Operating Data |
||||||||||
Excluding Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch |
||||||||||
($ amounts in thousands, except ADR and RevPAR) |
||||||||||
|
||||||||||
2024 |
|
First |
|
Second |
|
Third |
|
Fourth |
|
Full Year |
Occupancy |
|
68.9 % |
|
73.3 % |
|
|
|
|
|
|
ADR |
|
$ 258.38 |
|
$ 260.87 |
|
|
|
|
|
|
RevPAR |
|
$ 178.07 |
|
$ 191.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 254,791 |
|
$ 265,303 |
|
|
|
|
|
|
|
|
$ 67,157 |
|
$ 74,106 |
|
|
|
|
|
|
|
|
26.4 % |
|
27.9 % |
|
|
|
|
|
|
|
||||||||||
2023 |
|
First |
|
Second |
|
Third |
|
Fourth |
|
Full Year |
Occupancy |
|
65.8 % |
|
69.4 % |
|
66.8 % |
|
64.0 % |
|
66.5 % |
ADR |
|
$ 260.96 |
|
$ 262.26 |
|
$ 248.57 |
|
$ 253.90 |
|
$ 256.45 |
RevPAR |
|
$ 171.69 |
|
$ 182.11 |
|
$ 166.14 |
|
$ 162.51 |
|
$ 170.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 242,063 |
|
$ 253,727 |
|
$ 229,889 |
|
$ 246,428 |
|
$ 972,107 |
|
|
$ 64,152 |
|
$ 73,239 |
|
$ 53,889 |
|
$ 63,372 |
|
$ 254,651 |
|
|
26.5 % |
|
28.9 % |
|
23.4 % |
|
25.7 % |
|
26.2 % |
Xenia Hotels & Resorts, Inc. |
||||||||||
Current Same-Property(1) Historical Operating Data |
||||||||||
($ amounts in thousands, except ADR and RevPAR) |
||||||||||
|
||||||||||
2024 |
|
First |
|
Second |
|
Third |
|
Fourth |
|
Full Year |
Occupancy |
|
67.5 % |
|
70.9 % |
|
|
|
|
|
|
ADR |
|
$ 263.03 |
|
$ 261.44 |
|
|
|
|
|
|
RevPAR |
|
$ 177.50 |
|
$ 185.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 265,426 |
|
$ 269,831 |
|
|
|
|
|
|
|
|
$ 70,649 |
|
$ 72,406 |
|
|
|
|
|
|
|
|
26.6 % |
|
26.8 % |
|
|
|
|
|
|
|
||||||||||
2023 |
|
First |
|
Second |
|
Third |
|
Fourth |
|
Full Year |
Occupancy |
|
66.2 % |
|
68.5 % |
|
63.8 % |
|
61.9 % |
|
65.1 % |
ADR |
|
$ 272.30 |
|
$ 266.13 |
|
$ 248.87 |
|
$ 255.01 |
|
$ 260.74 |
RevPAR |
|
$ 180.24 |
|
$ 182.36 |
|
$ 158.82 |
|
$ 157.92 |
|
$ 169.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 266,903 |
|
$ 268,174 |
|
$ 230,017 |
|
$ 251,039 |
|
$ 1,016,133 |
|
|
$ 76,949 |
|
$ 78,574 |
|
$ 51,124 |
|
$ 63,340 |
|
$ 269,987 |
|
|
28.8 % |
|
29.3 % |
|
22.2 % |
|
25.2 % |
|
26.6 % |
Xenia Hotels & Resorts, Inc. |
||||||||||
Current Same-Property(1) Historical Operating Data |
||||||||||
Excluding Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch |
||||||||||
($ amounts in thousands, except ADR and RevPAR) |
||||||||||
|
||||||||||
2024 |
|
First |
|
Second |
|
Third |
|
Fourth |
|
Full Year |
Occupancy |
|
69.0 % |
|
73.3 % |
|
|
|
|
|
|
ADR |
|
$ 259.00 |
|
$ 260.77 |
|
|
|
|
|
|
RevPAR |
|
$ 178.76 |
|
$ 191.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 252,729 |
|
$ 262,230 |
|
|
|
|
|
|
|
|
$ 67,137 |
|
$ 73,092 |
|
|
|
|
|
|
|
|
26.6 % |
|
27.9 % |
|
|
|
|
|
|
|
||||||||||
2023 |
|
First |
|
Second |
|
Third |
|
Fourth |
|
Full Year |
Occupancy |
|
65.9 % |
|
69.4 % |
|
66.9 % |
|
64.0 % |
|
66.6 % |
ADR |
|
$ 261.39 |
|
$ 262.37 |
|
$ 248.86 |
|
$ 254.35 |
|
$ 256.76 |
RevPAR |
|
$ 172.32 |
|
$ 181.97 |
|
$ 166.60 |
|
$ 162.81 |
|
$ 170.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 239,974 |
|
$ 250,835 |
|
$ 227,882 |
|
$ 244,088 |
|
$ 962,779 |
|
|
$ 63,899 |
|
$ 72,428 |
|
$ 53,792 |
|
$ 63,007 |
|
$ 253,126 |
|
|
26.6 % |
|
28.9 % |
|
23.6 % |
|
25.8 % |
|
26.3 % |
- "Current Same-Property" includes all hotels owned as of
August 1, 2024 and also includes disruption from multiple capital projects during the periods presented.
Xenia Hotels & Resorts, Inc. |
||||||
Same-Property(1) Portfolio Data by Market, Ranked by |
||||||
|
||||||
Market(2) |
|
% of 2023 |
|
Number of |
|
Number of |
|
|
15 % |
|
2 |
|
1,027 |
|
|
14 % |
|
3 |
|
1,223 |
|
|
10 % |
|
2 |
|
610 |
|
|
8 % |
|
2 |
|
961 |
|
|
8 % |
|
2 |
|
486 |
|
|
7 % |
|
2 |
|
649 |
|
|
5 % |
|
1 |
|
346 |
|
|
4 % |
|
1 |
|
688 |
|
|
4 % |
|
1 |
|
120 |
|
|
4 % |
|
2 |
|
685 |
|
|
3 % |
|
2 |
|
472 |
California North, CA |
|
3 % |
|
1 |
|
141 |
|
|
3 % |
|
2 |
|
226 |
|
|
2 % |
|
1 |
|
505 |
|
|
2 % |
|
1 |
|
205 |
|
|
2 % |
|
1 |
|
99 |
|
|
1 % |
|
1 |
|
185 |
Louisiana South, LA |
|
1 % |
|
1 |
|
285 |
|
|
1 % |
|
1 |
|
230 |
|
|
1 % |
|
1 |
|
50 |
|
|
1 % |
|
1 |
|
97 |
Salt |
|
1 % |
|
1 |
|
225 |
Same-Property Portfolio(1) |
|
100 % |
|
32 |
|
9,515 |
- "Same-Property" includes all hotels owned as of
June 30, 2024 and also includes renovation disruption for multiple capital projects during the period presented. - As defined by
STR, Inc. -
Hotel EBITDA ,Same-Property Hotel EBITDA , andHotel EBITDA Margin are non-GAAP financial measures. See definitions earlier in this press release for how we define these non-GAAP financial measures. - As of
June 30, 2024 . - One room was added at
Grand Bohemian Hotel Orlando , Autograph Collection inMarch 2024 .
Xenia Hotels & Resorts, Inc. |
|||||||||
Same-Property(1) Portfolio Data by Market (2023) |
|||||||||
For the Three Months Ended |
|||||||||
|
|||||||||
|
Three Months Ended |
|
Three Months Ended |
|
|
||||
|
|
|
|
|
% Change |
||||
Market(2) |
Occupancy |
ADR |
RevPAR |
|
Occupancy |
ADR |
RevPAR |
|
RevPAR |
|
79.1 % |
$ 222.22 |
$ 175.88 |
|
76.4 % |
$ 226.11 |
$ 172.71 |
|
1.8 % |
|
69.3 % |
227.68 |
157.89 |
|
62.5 % |
237.36 |
148.45 |
|
6.4 % |
|
36.8 % |
352.20 |
129.76 |
|
55.4 % |
381.53 |
211.40 |
|
(38.6) % |
|
75.4 % |
202.53 |
152.76 |
|
66.8 % |
191.53 |
127.97 |
|
19.4 % |
|
69.1 % |
347.00 |
239.66 |
|
59.3 % |
370.52 |
219.62 |
|
9.1 % |
|
74.9 % |
242.35 |
181.52 |
|
73.5 % |
235.99 |
173.47 |
|
4.6 % |
|
73.0 % |
401.42 |
293.03 |
|
75.3 % |
412.65 |
310.89 |
|
(5.7) % |
|
79.3 % |
209.95 |
166.42 |
|
83.3 % |
196.67 |
163.88 |
|
1.5 % |
|
80.1 % |
531.09 |
425.45 |
|
79.8 % |
551.06 |
439.74 |
|
(3.2) % |
|
69.6 % |
205.20 |
142.88 |
|
68.8 % |
205.18 |
141.10 |
|
1.3 % |
|
75.3 % |
297.35 |
223.98 |
|
69.7 % |
285.06 |
198.64 |
|
12.8 % |
California North, CA |
76.9 % |
434.39 |
333.95 |
|
71.0 % |
471.73 |
335.07 |
|
(0.3) % |
|
85.6 % |
274.63 |
235.17 |
|
87.3 % |
289.59 |
252.75 |
|
(7.0) % |
|
57.9 % |
245.53 |
142.16 |
|
55.5 % |
237.09 |
131.59 |
|
8.0 % |
|
73.1 % |
387.05 |
283.08 |
|
70.8 % |
376.54 |
266.68 |
|
6.1 % |
|
81.0 % |
363.55 |
294.34 |
|
80.3 % |
349.03 |
280.26 |
|
5.0 % |
|
75.4 % |
274.31 |
206.81 |
|
76.2 % |
277.39 |
211.23 |
|
(2.1) % |
Louisiana South, LA |
59.0 % |
199.71 |
117.79 |
|
61.6 % |
213.68 |
131.62 |
|
(10.5) % |
|
75.7 % |
242.06 |
183.21 |
|
78.4 % |
240.19 |
188.42 |
|
(2.8) % |
|
89.1 % |
455.20 |
405.58 |
|
89.0 % |
449.95 |
400.31 |
|
1.3 % |
|
77.3 % |
452.18 |
349.47 |
|
69.2 % |
436.72 |
302.35 |
|
15.6 % |
Salt |
76.2 % |
204.34 |
155.71 |
|
41.3 % |
216.01 |
89.17 |
|
74.6 % |
Same-Property(1) Portfolio |
71.0 % |
$ 261.53 |
$ 185.69 |
|
68.6 % |
$ 265.98 |
$ 182.49 |
|
1.8 % |
- "Same-Property" includes all hotels owned as of
June 30, 2024 and also includes renovation disruption for multiple capital projects during the periods presented. - As defined by
STR, Inc.
Xenia Hotels & Resorts, Inc. |
|||||||||
Same-Property(1) Portfolio Data by Market (2023) |
|||||||||
For the Six Months Ended |
|||||||||
|
|||||||||
|
Six Months Ended |
|
Six Months Ended |
|
|
||||
|
|
|
|
|
% Change |
||||
Market(2) |
Occupancy |
ADR |
RevPAR |
|
Occupancy |
ADR |
RevPAR |
|
RevPAR |
|
82.0 % |
$ 246.28 |
$ 201.92 |
|
78.5 % |
$ 246.33 |
$ 193.31 |
|
4.5 % |
|
69.1 % |
233.44 |
161.33 |
|
64.5 % |
232.59 |
149.98 |
|
7.6 % |
|
41.9 % |
410.63 |
172.17 |
|
63.2 % |
449.95 |
284.41 |
|
(39.5) % |
|
72.8 % |
204.74 |
149.05 |
|
68.0 % |
197.64 |
134.39 |
|
10.9 % |
|
64.7 % |
340.80 |
220.62 |
|
58.4 % |
364.71 |
213.07 |
|
3.5 % |
|
69.9 % |
241.58 |
168.85 |
|
69.9 % |
231.86 |
162.09 |
|
4.2 % |
|
65.0 % |
369.58 |
240.41 |
|
64.2 % |
385.22 |
247.46 |
|
(2.8) % |
|
78.3 % |
212.32 |
166.22 |
|
79.4 % |
202.84 |
161.03 |
|
3.2 % |
|
86.0 % |
600.85 |
516.59 |
|
84.8 % |
625.12 |
529.94 |
|
(2.5) % |
|
67.5 % |
195.27 |
131.87 |
|
63.3 % |
198.53 |
125.71 |
|
4.9 % |
|
68.6 % |
276.19 |
189.35 |
|
65.5 % |
266.47 |
174.48 |
|
8.5 % |
California North, CA |
70.1 % |
372.45 |
261.03 |
|
65.2 % |
419.89 |
273.59 |
|
(4.6) % |
|
83.1 % |
263.85 |
219.26 |
|
82.0 % |
284.40 |
233.07 |
|
(5.9) % |
|
59.4 % |
250.01 |
148.49 |
|
52.7 % |
241.11 |
127.13 |
|
16.8 % |
|
66.3 % |
355.93 |
236.03 |
|
67.2 % |
349.24 |
234.60 |
|
0.6 % |
|
75.5 % |
356.39 |
269.08 |
|
78.8 % |
336.77 |
265.43 |
|
1.4 % |
|
66.1 % |
255.67 |
169.10 |
|
64.4 % |
257.26 |
165.71 |
|
2.0 % |
Louisiana South, LA |
60.9 % |
211.19 |
128.72 |
|
61.0 % |
226.12 |
137.97 |
|
(6.7) % |
|
68.5 % |
208.39 |
142.83 |
|
70.1 % |
223.17 |
156.36 |
|
(8.7) % |
|
84.8 % |
415.37 |
352.43 |
|
81.1 % |
430.12 |
348.80 |
|
1.0 % |
|
68.7 % |
426.94 |
293.18 |
|
52.1 % |
424.40 |
221.04 |
|
32.6 % |
Salt |
71.5 % |
202.84 |
145.06 |
|
52.9 % |
218.51 |
115.60 |
|
25.5 % |
Same-Property(1) Portfolio |
69.2 % |
$ 261.95 |
$ 181.28 |
|
67.3 % |
$ 268.82 |
$ 181.03 |
|
0.1 % |
- "Same-Property" includes all hotels owned as of
June 30, 2024 and also includes renovation disruption for multiple capital projects during the periods presented. - As defined by
STR, Inc.
View original content to download multimedia:https://www.prnewswire.com/news-releases/xenia-hotels--resorts-reports-second-quarter-2024-results-302212837.html
SOURCE