Xenia Hotels & Resorts Reports Third Quarter 2024 Results
Xenia Hotels & Resorts (NYSE: XHR) reported Q3 2024 results with a net loss of $7.1 million ($0.07 per share). Key metrics showed mixed performance with Same-Property RevPAR increasing 1.5% to $161.20, while Adjusted EBITDAre decreased 4.4% to $44.3 million compared to Q3 2023. The company experienced higher occupancy (+320 basis points) but lower ADR (-3.3%). Notable events include selling Lorien Hotel & Spa for $30 million and completing major renovations at Grand Hyatt Scottsdale Resort. The company updated its full-year 2024 guidance, projecting RevPAR growth of 1.25-2.25% and Adjusted FFO per share of $1.54-$1.62.
Xenia Hotels & Resorts (NYSE: XHR) ha comunicato i risultati del terzo trimestre del 2024, registrando una perdita netta di 7,1 milioni di dollari (0,07 dollari per azione). I principali indicatori hanno mostrato performance miste, con un aumento del Same-Property RevPAR dell'1,5% a 161,20 dollari, mentre l'Adjusted EBITDAre è diminuito del 4,4% a 44,3 milioni di dollari rispetto al terzo trimestre del 2023. L'azienda ha registrato un tasso di occupazione più elevato (+320 punti base), ma un ADR inferiore (-3,3%). Tra gli eventi notevoli si segnala la vendita del Lorien Hotel & Spa per 30 milioni di dollari e il completamento di importanti lavori di ristrutturazione al Grand Hyatt Scottsdale Resort. L'azienda ha aggiornato le proprie previsioni per l'intero anno 2024, prevedendo una crescita del RevPAR dell'1,25-2,25% e un FFO rettificato per azione di 1,54-1,62 dollari.
Xenia Hotels & Resorts (NYSE: XHR) reportó los resultados del tercer trimestre de 2024, con una pérdida neta de 7,1 millones de dólares (0,07 dólares por acción). Los principales indicadores mostraron un rendimiento mixto, con un aumento del Same-Property RevPAR del 1,5% a 161,20 dólares, mientras que el Adjusted EBITDAre disminuyó un 4,4% a 44,3 millones de dólares en comparación con el tercer trimestre de 2023. La compañía experimentó una mayor ocupación (+320 puntos base) pero un ADR más bajo (-3,3%). Entre los eventos destacados se incluye la venta del Lorien Hotel & Spa por 30 millones de dólares y la finalización de importantes renovaciones en el Grand Hyatt Scottsdale Resort. La empresa actualizó su guía para todo el año 2024, proyectando un crecimiento del RevPAR del 1,25-2,25% y un FFO ajustado por acción de 1,54-1,62 dólares.
Xenia Hotels & Resorts (NYSE: XHR)는 2024년 3분기 실적을 발표했으며, 순손실은 710만 달러(주당 0.07 달러)에 이르렀습니다. 주요 지표는 혼합된 성과를 보여주었으며, Same-Property RevPAR는 1.5% 증가하여 161.20 달러에 달했고, Adjusted EBITDAre는 2023년 3분기 대비 4.4% 감소하여 4430만 달러로 나타났습니다. 회사는 점유율이 증가(+320bp)했지만, ADR은 감소(-3.3%)했습니다. 주목할 만한 사건으로는 Lorien Hotel & Spa를 3000만 달러에 매각한 것과 Grand Hyatt Scottsdale Resort의 주요 리노베이션 작업 완료가 있습니다. 회사는 2024년 전체 가이드를 업데이트하여 RevPAR 성장률을 1.25-2.25%로, 주당 조정된 FFO를 1.54-1.62달러로 예상했습니다.
Xenia Hotels & Resorts (NYSE: XHR) a annoncé les résultats du troisième trimestre 2024, avec une perte nette de 7,1 millions de dollars (0,07 dollar par action). Les indicateurs clés ont montré des performances mixtes, le Same-Property RevPAR ayant augmenté de 1,5 % à 161,20 dollars, tandis que l'Adjusted EBITDAre a diminué de 4,4 % à 44,3 millions de dollars par rapport au troisième trimestre 2023. L'entreprise a connu un taux d'occupation plus élevé (+320 points de base), mais un ADR plus bas (-3,3 %). Parmi les événements notables, on peut citer la vente de l'Lorien Hotel & Spa pour 30 millions de dollars et l'achèvement de travaux de rénovation majeurs au Grand Hyatt Scottsdale Resort. L'entreprise a mis à jour ses prévisions pour l'année 2024, prévoyant une croissance du RevPAR de 1,25 à 2,25 % et un FFO ajusté par action de 1,54 à 1,62 dollar.
Xenia Hotels & Resorts (NYSE: XHR) hat die Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Nettoverlust von 7,1 Millionen US-Dollar (0,07 US-Dollar pro Aktie). Die wichtigsten Kennzahlen zeigten eine gemischte Leistung, da das Same-Property RevPAR um 1,5% auf 161,20 US-Dollar stieg, während das Adjusted EBITDAre im Vergleich zum 3. Quartal 2023 um 4,4% auf 44,3 Millionen US-Dollar fiel. Das Unternehmen erlebte eine höhere Auslastung (+320 Basispunkte), jedoch einen niedrigeren ADR (-3,3%). Bemerkenswerte Ereignisse sind der Verkauf des Lorien Hotel & Spa für 30 Millionen US-Dollar und der Abschluss umfangreicher Renovierungsarbeiten im Grand Hyatt Scottsdale Resort. Das Unternehmen hat seine Prognose für das Gesamtjahr 2024 aktualisiert und rechnet mit einem RevPAR-Wachstum von 1,25-2,25% sowie einem adjustierten FFO pro Aktie von 1,54-1,62 US-Dollar.
- Same-Property RevPAR increased 1.5% to $161.20
- Occupancy improved by 320 basis points to 67.0%
- Sold Lorien Hotel & Spa for $30 million
- Strong liquidity position with $611 million available
- Upsized and extended corporate credit facility
- Net loss of $7.1 million in Q3 2024
- Adjusted EBITDAre decreased 4.4% to $44.3 million
- ADR decreased 3.3% to $240.72
- Hotel EBITDA margin declined 200 basis points to 20.3%
- Hurricane impact estimated at $2 million on Hotel EBITDA
Insights
The Q3 2024 results reveal concerning trends for Xenia Hotels & Resorts. The company reported a
Notable pressure points include:
- ADR decline of
3.3% despite occupancy gains - Hotel EBITDA margin compression of 200 basis points
- Higher renovation disruption costs at Grand Hyatt Scottsdale
- Multiple hurricane impacts estimated at
$2 million
The company has lowered its full-year 2024 guidance, reducing Adjusted EBITDAre expectations by
The transformation of Hyatt Regency Scottsdale to Grand Hyatt Scottsdale represents a strategic pivot that could drive future growth, but is creating significant near-term disruption. The extensive renovation scope includes:
- Complete pool complex redesign
- 496 room renovations with 5 additional keys
- 12,000 sq ft ballroom expansion
- New F&B concepts with celebrity chef Richard Blais
While renovation impacts exceeded initial estimates by
Third Quarter 2024 Highlights
- Net Loss: Net loss attributable to common stockholders was
, or$7.1 million per share$0.07 - Adjusted EBITDAre:
, decreased$44.3 million 4.4% compared to the third quarter of 2023 - Adjusted FFO per Diluted Share:
, decreased$0.25 3.8% compared to the third quarter of 2023 - Same-Property Occupancy:
67.0% , increased 320 basis points compared to the third quarter of 2023 - Same-Property ADR:
, decreased$240.72 3.3% compared to the third quarter of 2023 - Same-Property RevPAR:
, increased$161.20 1.5% compared to the third quarter of 2023. Excluding Grand Hyatt Scottsdale Resort, which underwent a transformative renovation, RevPAR was , an increase of$168.48 1.1% compared to the third quarter of 2023. - Same-Property Hotel EBITDA:
, decreased$48.1 million 6.3% compared to the third quarter of 2023. Excluding Grand Hyatt Scottsdale Resort, Same-Property Hotel EBITDA was , a decrease of$52.2 million 3.4% compared to the third quarter of 2023. - Same-Property Hotel EBITDA Margin:
20.3% , decreased 200 basis points compared to the third quarter of 2023. Excluding Grand Hyatt Scottsdale Resort, Hotel EBITDA Margin was22.3% , a decrease of 144 basis points compared to the third quarter of 2023. - Transaction Activity: Sold the 107-room Lorien Hotel & Spa in
Alexandria, VA for .$30.0 million - Dividends: The Company declared its third quarter dividend of
per share to common stockholders of record on September 30, 2024.$0.12 - Capital Markets Activities: The Company repurchased a total of 146,863 shares of common stock at a weighted-average price of
per share for a total consideration of approximately$12.78 .$1.9 million
Year-to-Date 2024 Highlights
- Net Income: Net income attributable to common stockholders was
, or$16.8 million per share$0.16 - Adjusted EBITDAre:
, decreased$178.0 million 7.5% compared to the same period in 2023 - Adjusted FFO per Diluted Share:
, increased$1.20 6.2% compared to the same period in 2023 - Same-Property Occupancy:
68.5% , increased 230 basis points compared to the same period in 2023 - Same-Property ADR:
, decreased$255.15 2.8% compared to the same period in 2023 - Same-Property RevPAR:
, increased$174.66 0.5% compared to the same period in 2023. Excluding Grand Hyatt Scottsdale Resort, RevPAR was , an increase of$179.40 3.3% compared to the same period in 2023. - Same-Property Hotel EBITDA:
, decreased$192.5 million 7.0% compared to the same period in 2023. Excluding Grand Hyatt Scottsdale Resort, Same-Property Hotel EBITDA was , an increase of$193.7 million 1.8% compared to the same period in 2023. - Same-Property Hotel EBITDA Margin:
24.9% , decreased 210 basis points compared to the same period in 2023. Excluding Grand Hyatt Scottsdale Resort, Hotel EBITDA Margin was25.9% , a decrease of 63 basis points compared to the same period in 2023. - Capital Markets Activities: The Company repurchased a total of 614,970 shares of common stock at a weighted-average price of
per share for a total consideration of approximately$13.34 .$8.2 million
"Our third quarter Adjusted EBITDARe came in modestly below our expectations, as greater renovation impact at the now newly branded Grand Hyatt Scottsdale Resort, softer leisure demand, impact from multiple hurricanes and continued expense pressures weighed on our results," said Marcel Verbaas, Chair and Chief Executive Officer of Xenia. "While our portfolio experienced a meaningful occupancy increase compared to the third quarter of last year, a
"Based on preliminary October results, we estimate that RevPAR increased by approximately
"We are thrilled to now have completed the majority of the major components of the transformative renovation and upbranding of Hyatt Regency Scottsdale which was officially relaunched as Grand Hyatt Scottsdale Resort on November 1," said Mr. Verbaas. "As a result of more significant demand displacement during the third quarter and an approximate one-month delay in the opening of the signature restaurants and bars at the resort, we estimate that renovation disruption is approximately
Operating Results
The Company's results include the following:
Three Months Ended September 30, | |||||
2024 | 2023 | Change | |||
($ amounts in thousands, except hotel statistics and per share amounts) | |||||
Net income (loss) attributable to common stockholders | $ (7,091) | $ (8,529) | (16.9) % | ||
Net income (loss) per share available to common stockholders - basic and diluted | $ (0.07) | $ (0.08) | (12.5) % | ||
Same-Property Number of Hotels(1) | 31 | 31 | — | ||
Same-Property Number of Rooms(1)(5) | 9,408 | 9,404 | 4 | ||
Same-Property Occupancy(1) | 67.0 % | 63.8 % | 320 bps | ||
Same-Property Average Daily Rate(1) | $ 240.72 | $ 248.87 | (3.3) % | ||
Same-Property RevPAR(1) | $ 161.20 | $ 158.82 | 1.5 % | ||
Same-Property Hotel EBITDA(1)(2) | $ 48,112 | $ 51,341 | (6.3) % | ||
Same-Property Hotel EBITDA Margin(1)(2) | 20.3 % | 22.3 % | (200) bps | ||
Total Portfolio Number of Hotels(3) | 31 | 32 | (1) | ||
Total Portfolio Number of Rooms(3)(5) | 9,408 | 9,511 | (103) | ||
Total Portfolio RevPAR(4) | $ 160.96 | $ 158.48 | 1.6 % | ||
Adjusted EBITDAre(2) | $ 44,291 | $ 46,330 | (4.4) % | ||
Adjusted FFO(2) | $ 26,114 | $ 28,708 | (9.0) % | ||
Adjusted FFO per diluted share(2) | $ 0.25 | $ 0.26 | (3.8) % |
- "Same-Property" includes all hotels owned as of September 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 and Hotel 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 and Hotel 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 in November 2023, and one room was added at Grand Bohemian Hotel Orlando, Autograph Collection in March 2024.
Nine Months Ended September 30, | |||||
2024 | 2023 | Change | |||
($ amounts in thousands, except hotel statistics and per share amounts) | |||||
Net income attributable to common stockholders | $ 16,781 | $ 11,543 | 45.4 % | ||
Net income per share available to common stockholders - basic and diluted | $ 0.16 | $ 0.10 | 60.0 % | ||
Same-Property Number of Hotels(1) | 31 | 31 | — | ||
Same-Property Number of Rooms(1)(5) | 9,408 | 9,404 | 4 | ||
Same-Property Occupancy(1) | 68.5 % | 66.2 % | 230 bps | ||
Same-Property Average Daily Rate(1) | $ 255.15 | $ 262.55 | (2.8) % | ||
Same-Property RevPAR(1) | $ 174.66 | $ 173.73 | 0.5 % | ||
Same-Property Hotel EBITDA(1)(2) | $ 192,483 | $ 206,864 | (7.0) % | ||
Same-Property Hotel EBITDA Margin(1)(2) | 24.9 % | 27.0 % | (210) bps | ||
Total Portfolio Number of Hotels(3) | 31 | 32 | (1) | ||
Total Portfolio Number of Rooms(3)(5) | 9,408 | 9,511 | (103) | ||
Total Portfolio RevPAR(4) | $ 174.50 | $ 173.43 | 0.6 % | ||
Adjusted EBITDAre(2) | $ 177,959 | $ 192,298 | (7.5) % | ||
Adjusted FFO(2) | $ 125,312 | $ 126,166 | (0.7) % | ||
Adjusted FFO per diluted share(2) | $ 1.20 | $ 1.13 | 6.2 % |
- "Same-Property" includes all hotels owned as of September 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 and Hotel 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 and Hotel 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 in November 2023, and one room was added at Grand Bohemian Hotel Orlando, Autograph Collection in March 2024.
Transactions
In July, the Company sold the 107-room Lorien Hotel & Spa in
Liquidity and Balance Sheet
As of September 30, 2024, the Company had total outstanding debt of approximately
Corporate Credit Facility
Subsequent to the end of the third quarter, the Company upsized and extended its corporate credit facility. The amended credit facility is comprised of a
Capital Markets
In the quarter, the Company repurchased a total of 146,863 shares of common stock at a weighted-average price of
Capital Expenditures
During the three and nine months ended September 30, 2024, the Company invested
Grand Hyatt Scottsdale Resort
Subsequent to the end of the third quarter, the Company completed most components of the transformative renovation of the former Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch. On November 1, the property was upbranded to Grand Hyatt Scottsdale Resort.
The status of each component of the transformative renovation, is as follows:
- 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 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 were completed on a continual phased basis with all 496 rooms, including the addition of five guest rooms, fully completed in early November.
- Arizona Ballroom expansion and meeting space renovation – Renovation of existing ballrooms, meeting rooms, and pre-function spaces, all completed in October. Expansion of the Arizona Ballroom by approximately 12,000 square feet is expected to be completed by the end of 2024 and available for groups in early January.
- Public spaces and food and 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 La Zozonna, an upscale modern-Italian steak and seafood concept, Tiki Taka, a global small plate concept, including a sushi bar, Mesa Central, an innovative, three-meal southwestern grill, and Grand Vista Lounge, a reinvention of the hotel's renowned lobby bar. All of these outlets were designed and concepted in collaboration with celebrity chef Richard Blais and were completed in early November.
- 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 with the exception of certain exterior projects to be completed in early 2025.
Other significant capital expenditure projects either recently completed or expected to be completed:
- 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 completed at the end of October.
- Westin Galleria Houston – Renovation of the lobby and Heavenly Bed upgrades completed in early October.
- Marriott Woodlands Waterway Hotel & Convention Center – Renovation of the lobby, restaurant, and bar and addition of an M Club, all expected to be completed by January 2025.
The Company is also continuing to make select upgrades to guestrooms at Hyatt Regency Santa Clara, Marriott San Francisco Airport Waterfront, and Renaissance Atlanta Waverly Hotel & Convention Center.
Additionally, the Company is making significant infrastructure upgrades at Andaz San Diego, Fairmont Dallas, Marriott San Francisco Airport Waterfront, Hyatt Regency Santa Clara, Renaissance Atlanta Waverly Hotel & Convention Center, and The Ritz-Carlton,
Hurricane Update
Hurricanes Debby, Francine, and Helene impacted several of the Company's properties in August and/or September while Hurricane Milton impacted our hotels in
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 Same-Property (31 Hotel) RevPAR change shown includes all hotels owned as of November 6, 2024.
Current Full Year 2024 Guidance | Variance to Prior Guidance | ||||
Low End | High End | Low End | High End | ||
($ in millions, except stats and per share data) | |||||
Net Income | |||||
Same-Property (31 Hotel) RevPAR Change (vs. 2023) | 1.25 % | 2.25 % | (0.75) % | (1.75) % | |
Excluding Grand Hyatt Scottsdale Resort, Same-Property (30 Hotel) RevPAR Change (vs. 2023) | 2.75 % | 3.75 % | — % | (1.00) % | |
Adjusted EBITDAre | |||||
Adjusted FFO | |||||
Adjusted FFO per Diluted Share | |||||
Capital Expenditures |
Current full year 2024 guidance is inclusive of the following assumptions:
- Disruption due to renovations is expected to negatively impact Adjusted EBITDAre and Adjusted FFO by approximately
- an increase of approximately$20 million from prior guidance$3 million - General and administrative expense of approximately
, excluding non-cash share-based compensation - a decrease of approximately$23 million from prior guidance$1 million - Interest expense of approximately
, excluding non-cash loan related costs - no change from prior guidance$77 million - Income tax benefit of approximately
- no change from prior guidance$3 million -$70 of capital expenditures for Grand Hyatt Scottsdale Resort - no change from prior guidance$75 million - 104.0 million weighted-average diluted shares/units - a decrease of 0.1 million shares/units from prior guidance
Third Quarter 2024 Earnings Call
The Company will conduct its quarterly conference call on Thursday, November 7, 2024 at 11:00 AM Eastern Time. To participate in the conference call, please dial (833) 470-1428, access code 348028. Additionally, a live webcast of the conference call will be available through the Company's website, www.xeniareit.com. A replay of the conference call will be archived and available online through the Investor Relations section of the Company's website for 90 days.
About Xenia Hotels & Resorts, Inc.
Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in
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, our beliefs or expectations relating to our future performance, results of operations and financial conditions, and the timing of renovations and capital expenditures projects. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic uncertainty and a 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 SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company's website at www.xeniareit.com.
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:
Atish Shah, Executive Vice President and Chief Financial Officer, Xenia Hotels & Resorts, (407) 246-8100
For additional information or to receive press releases via email, please visit our website at www.xeniareit.com.
Xenia Hotels & Resorts, Inc. Condensed Consolidated Balance Sheets As of September 30, 2024 and December 31, 2023 ($ amounts in thousands, except per share data) | |||
September 30, 2024 | December 31, 2023 | ||
Assets: | (Unaudited) | (Audited) | |
Investment properties: | |||
Land | $ 455,907 | $ 460,307 | |
Buildings and other improvements | 3,177,915 | 3,097,711 | |
Total | $ 3,633,822 | $ 3,558,018 | |
Less: accumulated depreciation | (1,043,949) | (963,052) | |
Net investment properties | $ 2,589,873 | $ 2,594,966 | |
Cash and cash equivalents | 161,469 | 164,725 | |
Restricted cash and escrows | 63,158 | 58,350 | |
Accounts and rents receivable, net of allowance for doubtful accounts | 31,976 | 32,432 | |
Intangible assets, net of accumulated amortization | 4,863 | 4,898 | |
Deferred tax assets | 5,212 | — | |
Other assets | 47,930 | 46,856 | |
Total assets | $ 2,904,481 | $ 2,902,227 | |
Liabilities: | |||
Debt, net of loan premiums, discounts and unamortized deferred financing costs | $ 1,395,522 | $ 1,394,906 | |
Accounts payable and accrued expenses | 116,632 | 102,389 | |
Distributions payable | 12,614 | 10,788 | |
Other liabilities | 81,412 | 76,647 | |
Total liabilities | $ 1,606,180 | $ 1,584,730 | |
Commitments and Contingencies | |||
Stockholders' equity: | |||
Common stock, | $ 1,019 | $ 1,024 | |
Additional paid in capital | 1,928,063 | 1,934,775 | |
Accumulated other comprehensive income | 665 | 2,439 | |
Accumulated distributions in excess of net earnings | (667,025) | (647,246) | |
Total Company stockholders' equity | $ 1,262,722 | $ 1,290,992 | |
Non-controlling interests | 35,579 | 26,505 | |
Total equity | $ 1,298,301 | $ 1,317,497 | |
Total liabilities and equity | $ 2,904,481 | $ 2,902,227 |
Xenia Hotels & Resorts, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) For the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) ($ amounts in thousands, except per share data) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Rooms revenues | $ 139,577 | $ 138,668 | $ 453,487 | $ 450,255 | |||
Food and beverage revenues | 74,790 | 71,815 | 256,643 | 259,972 | |||
Other revenues | 22,439 | 21,541 | 67,068 | 61,836 | |||
Total revenues | $ 236,806 | $ 232,024 | $ 777,198 | $ 772,063 | |||
Expenses: | |||||||
Rooms expenses | 37,535 | 35,510 | 114,756 | 108,866 | |||
Food and beverage expenses | 56,473 | 53,769 | 177,587 | 174,445 | |||
Other direct expenses | 5,980 | 5,835 | 18,824 | 17,547 | |||
Other indirect expenses | 68,332 | 65,142 | 205,714 | 197,896 | |||
Management and franchise fees | 7,362 | 7,403 | 27,646 | 26,818 | |||
Total hotel operating expenses | $ 175,682 | $ 167,659 | $ 544,527 | $ 525,572 | |||
Depreciation and amortization | 31,839 | 33,094 | 95,626 | 100,325 | |||
Real estate taxes, personal property taxes and insurance | 13,112 | 12,918 | 39,945 | 38,196 | |||
Ground lease expense | 788 | 751 | 2,411 | 2,245 | |||
General and administrative expenses | 7,817 | 9,625 | 28,416 | 28,380 | |||
Gain on business interruption insurance | — | (218) | (745) | (218) | |||
Other operating expenses (credits) | (103) | 206 | 1,104 | 816 | |||
Impairment and other losses | 121 | — | 471 | — | |||
Total expenses | $ 229,256 | $ 224,035 | $ 711,755 | $ 695,316 | |||
Operating income | $ 7,550 | $ 7,989 | $ 65,443 | $ 76,747 | |||
Gain on sale of investment properties | 1,628 | — | 1,628 | — | |||
Other income | 2,924 | 2,031 | 7,296 | 6,212 | |||
Interest expense | (20,144) | (20,524) | (60,747) | (64,308) | |||
Loss on extinguishment of debt | — | (20) | — | (1,189) | |||
Net income (loss) before income taxes | $ (8,042) | $ (10,524) | $ 13,620 | $ 17,462 | |||
Income tax benefit (expense) | 609 | 1,639 | 4,027 | (5,382) | |||
Net income (loss) | $ (7,433) | $ (8,885) | $ 17,647 | $ 12,080 | |||
Net (income) loss attributable to non-controlling interests | 342 | 356 | (866) | (537) | |||
Net income (loss) attributable to common stockholders | $ (7,091) | $ (8,529) | $ 16,781 | $ 11,543 |
Xenia Hotels & Resorts, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - Continued For the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) ($ amounts in thousands, except per share data) | |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Basic and diluted income (loss) per share: | |||||||
Net income (loss) per share available to common stockholders - basic and diluted | $ (0.07) | $ (0.08) | $ 0.16 | $ 0.10 | |||
Weighted-average number of common shares (basic) | 101,884,090 | 107,006,690 | 101,935,744 | 109,345,761 | |||
Weighted-average number of common shares (diluted) | 101,884,090 | 107,006,690 | 102,342,037 | 109,568,449 | |||
Comprehensive income (loss): | |||||||
Net income (loss) | $ (7,433) | $ (8,885) | $ 17,647 | $ 12,080 | |||
Other comprehensive income (loss): | |||||||
Unrealized gain (loss) on interest rate derivative instruments | (1,406) | 1,676 | 1,547 | 7,582 | |||
Reclassification adjustment for amounts recognized in net income (loss) (interest expense) | (1,118) | (1,083) | (3,378) | (1,543) | |||
$ (9,957) | $ (8,292) | $ 15,816 | $ 18,119 | ||||
Comprehensive (income) loss attributable to non-controlling interests | 463 | 325 | (809) | (797) | |||
Comprehensive income (loss) attributable to the Company | $ (9,494) | $ (7,967) | $ 15,007 | $ 17,322 |
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, Same-Property Hotel EBITDA, Same-Property Hotel EBITDA Margin, FFO, Adjusted FFO, and Adjusted FFO per diluted share. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss, operating profit, cash from operations, or any other operating performance measure as prescribed per GAAP.
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 National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as EBITDA plus or minus losses and gains on the disposition of depreciated property, including gains or losses on change of control, plus impairments of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.
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 EBITDA and Same-Property Hotel EBITDA Margin
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.
Same-Property Hotel EBITDA represents net income or loss excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate-level costs and expenses, (5) terminated transaction and pre-opening expenses, and (6) certain state and local excise taxes resulting from ownership structure. The Company believes that Same-Property Hotel EBITDA provides investors a useful financial measure to evaluate hotel operating performance excluding the impact of capital structure (primarily interest expense), asset base (primarily depreciation and amortization), income taxes, and corporate-level expenses (corporate expenses and terminated transaction costs). The Company believes property-level results provide investors with supplemental information on the ongoing operational performance of its hotels and the effectiveness of third-party management companies that operate our business on a property-level basis. Same-Property Hotel EBITDA Margin is calculated by dividing Same-Property Hotel EBITDA by Same-Property Total Revenues.
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 Loss to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA For the Three Months Ended September 30, 2024 and 2023 (Unaudited) ($ amounts in thousands) | |||
Three Months Ended September 30, | |||
2024 | 2023 | ||
Net loss | $ (7,433) | $ (8,885) | |
Adjustments: | |||
Interest expense | 20,144 | 20,524 | |
Income tax benefit (expense) | (609) | (1,639) | |
Depreciation and amortization | 31,839 | 33,094 | |
EBITDA | $ 43,941 | $ 43,094 | |
Gain on sale of investment properties | (1,628) | — | |
EBITDAre | $ 42,313 | $ 43,094 | |
Reconciliation to Adjusted EBITDAre | |||
Depreciation and amortization related to corporate assets | $ (86) | $ (94) | |
Gain on insurance recoveries(1) | (900) | — | |
Loss on extinguishment of debt | — | 20 | |
Amortization of share-based compensation expense | 2,543 | 3,302 | |
Non-cash ground rent and straight-line rent expense | (117) | 8 | |
Other non-recurring expenses(2) | 538 | — | |
Adjusted EBITDAre attributable to common stock and unit holders | $ 44,291 | $ 46,330 | |
Corporate-level costs and expenses | 3,774 | 4,875 | |
Pro forma hotel adjustments, net(3) | 47 | 136 | |
Same-Property Hotel EBITDA attributable to common stock and unit holders(4) | $ 48,112 | $ 51,341 |
- During the three months ended September 30, 2024, the Company recorded
of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. This amount is included in other income on the condensed consolidated statement of operations and comprehensive loss for the period then ended.$0.9 million - During the three months ended September 30, 2024, the Company recognized
of pre-opening expenses and$0.4 million of repair and clean up costs related to damage sustained at one property.$0.1 million - Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
- See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three months ended September 30, 2024 and 2023 on page 20.
Xenia Hotels & Resorts, Inc. Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA For the Nine Months Ended September 30, 2024 and 2023 (Unaudited) ($ amounts in thousands) | |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Net income | $ 17,647 | $ 12,080 | |
Adjustments: | |||
Interest expense | 60,747 | 64,308 | |
Income tax benefit (expense) | (4,027) | 5,382 | |
Depreciation and amortization | 95,626 | 100,325 | |
EBITDA | $ 169,993 | $ 182,095 | |
Gain on sale of investment properties | (1,628) | — | |
EBITDAre | $ 168,365 | $ 182,095 | |
Reconciliation to Adjusted EBITDAre | |||
Depreciation and amortization related to corporate assets | $ (249) | $ (270) | |
Gain on insurance recoveries(1) | (2,347) | (535) | |
Loss on extinguishment of debt | — | 1,189 | |
Amortization of share-based compensation expense | 11,115 | 9,861 | |
Non-cash ground rent and straight-line rent expense | (384) | (42) | |
Other non-recurring expenses(2) | 1,459 | — | |
Adjusted EBITDAre attributable to common stock and unit holders | $ 177,959 | $ 192,298 | |
Corporate-level costs and expenses | 15,552 | 15,696 | |
Pro forma hotel level adjustments, net(3) | (1,028) | (1,130) | |
Same-Property Hotel EBITDA attributable to common stock and unit holders(4) | $ 192,483 | $ 206,864 |
- During the nine months ended September 30, 2024, the Company recorded
of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. During the nine months ended September 30, 2023, the Company recorded$2.3 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 statements of operations and comprehensive income for the periods then ended.$0.5 million - During the nine months ended September 30, 2024, the Company recognized
of pre-opening expenses and$1.0 million of repair and cleanup costs related to damage sustained at one property.$0.5 million - Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
- See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the nine months ended September 30, 2024 and 2023 on page 20.
Xenia Hotels & Resorts, Inc. Reconciliation of Net Loss to FFO and Adjusted FFO For the Three Months Ended September 30, 2024 and 2023 (Unaudited) ($ amounts in thousands) | |||
Three Months Ended September 30, | |||
2024 | 2023 | ||
Net loss | $ (7,433) | $ (8,885) | |
Adjustments: | |||
Depreciation and amortization related to investment properties | 31,753 | 33,000 | |
Gain on sale of investment properties | (1,628) | — | |
FFO attributable to common stock and unit holders | $ 22,692 | $ 24,115 | |
Reconciliation to Adjusted FFO | |||
Gain on insurance recoveries(1) | (900) | — | |
Loss on extinguishment of debt | — | 20 | |
Loan related costs, net of adjustment related to non-controlling interests(2) | 1,358 | 1,263 | |
Amortization of share-based compensation expense | 2,543 | 3,302 | |
Non-cash ground rent and straight-line rent expense | (117) | 8 | |
Other non-recurring expenses(3) | 538 | — | |
Adjusted FFO attributable to common stock and unit holders | $ 26,114 | $ 28,708 | |
Weighted-average shares outstanding - Diluted(4) | 103,619 | 108,867 | |
Adjusted FFO per diluted share | $ 0.25 | $ 0.26 |
- During the three months ended September 30, 2024, the Company recorded
of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. This amount is included in other income on the condensed consolidated statement of operations and comprehensive loss for the period then ended.$0.9 million - Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.
- During the three months ended September 30, 2024, the Company recognized
of pre-opening expenses and$0.4 million of repair and clean up costs related to damage sustained at one property.$0.1 million - Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.
Xenia Hotels & Resorts, Inc. Reconciliation of Net Income to FFO and Adjusted FFO For the Nine Months Ended September 30, 2024 and 2023 (Unaudited) ($ amounts in thousands) | |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Net income | $ 17,647 | $ 12,080 | |
Adjustments: | |||
Depreciation and amortization related to investment properties | 95,377 | 100,055 | |
Gain on sale of investment properties | (1,628) | — | |
FFO attributable to common stock and unit holders | $ 111,396 | $ 112,135 | |
Reconciliation to Adjusted FFO | |||
Gain on insurance recoveries(1) | (2,347) | (535) | |
Loss on extinguishment of debt | — | 1,189 | |
Loan related costs, net of adjustment related to non-controlling interests(2) | 4,073 | 3,558 | |
Amortization of share-based compensation expense | 11,115 | 9,861 | |
Non-cash ground rent and straight-line rent expense | (384) | (42) | |
Other non-recurring expenses(3) | 1,459 | — | |
Adjusted FFO attributable to common stock and unit holders | $ 125,312 | $ 126,166 | |
Weighted-average shares outstanding - Diluted(4) | 104,039 | 111,380 | |
Adjusted FFO per diluted share | $ 1.20 | $ 1.13 |
- During the nine months ended September 30, 2024, the Company recorded
of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. During the nine months ended September 30, 2023, the Company recorded$2.3 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 statements of operations and comprehensive income for the periods then ended.$0.5 million - Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.
- During the nine months ended September 30, 2024, the Company recognized
of pre-opening expenses and$1.0 million of repair and cleanup costs related to damage sustained at one property.$0.5 million - Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.
Xenia Hotels & Resorts, Inc. Reconciliation of Net Income to Adjusted EBITDAre for Current Full Year 2024 Guidance ($ amounts in millions) | |
Guidance | |
Full Year | |
Net income | $ 13 |
Adjustments: | |
Interest expense(1) | 82 |
Income tax benefit | (3) |
Depreciation and amortization | 132 |
EBITDA and EBITDAre | $ 224 |
Amortization of share-based compensation expense | 13 |
Other | 1 |
Adjusted EBITDAre | $ 238 |
Reconciliation of Net Income to Adjusted FFO for Current Full Year 2024 Guidance ($ amounts in millions) | |
Guidance | |
Full Year | |
Net income | $ 13 |
Adjustments: | |
Depreciation and amortization related to investment properties | 132 |
FFO | $ 145 |
Amortization of share-based compensation expense | 13 |
Other(1) | 6 |
Adjusted FFO | $ 164 |
1. Includes non-cash loan amortization costs. |
Xenia Hotels & Resorts, Inc. Debt Summary as of September 30, 2024 (Unaudited) ($ amounts in thousands) | |||||||
Rate Type | Rate(1) | Maturity Date | Outstanding as | ||||
Mortgage Loans | |||||||
Grand Bohemian Hotel Orlando, Autograph Collection | Fixed | 4.53 % | March 2026 | $ 53,615 | |||
Marriott San Francisco Airport Waterfront | Fixed | 4.63 % | May 2027 | 106,516 | |||
Andaz Napa | Fixed(2) | 5.72 % | January 2028 | 55,000 | |||
Total Mortgage Loans | 4.88 % | (3) | $ 215,131 | ||||
Corporate Credit Facilities(4) | |||||||
Corporate Credit Facility Term Loan | Fixed(5) | 5.65 % | March 2026 | $ 125,000 | |||
Corporate Credit Facility Term Loan | Fixed(5) | 5.65 % | March 2026 | 100,000 | |||
Revolving Line of Credit | Variable(6) | 6.74 % | January 2027 | — | |||
Total Corporate Credit Facilities | $ 225,000 | ||||||
2020 Senior Notes | Fixed | 6.38 % | August 2025 | 464,747 | |||
2021 Senior Notes | Fixed | 4.88 % | June 2029 | 500,000 | |||
Loan premiums, discounts and unamortized deferred financing costs, net(7) | (9,356) | ||||||
Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | 5.50 % | (3) | $ 1,395,522 |
- 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.
- In November, the Company successfully amended its corporate credit facility. The amended facility consists of a
revolving line of credit which remains undrawn, a new$500 million term loan, and a$225 million delayed draw term loan available to be drawn at the Company's election within 90 days of closing. Pricing on the amended facility remains the same and both the line of credit and the term loans mature in November 2028.$100 million - 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
. The spread to SOFR may vary, as it is determined by the Company's leverage ratio.$450 million - Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.
Xenia Hotels & Resorts, Inc. Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin For the Three and Nine Months Ended September 30, 2024 and 2023 ($ amounts in thousands) | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
Same-Property Occupancy(1) | 67.0 % | 63.8 % | 320 bps | 68.5 % | 66.2 % | 230 bps | |||||
Same-Property Average Daily Rate(1) | $ 240.72 | $ 248.87 | (3.3) % | $ 255.15 | $ 262.55 | (2.8) % | |||||
Same-Property RevPAR(1) | $ 161.20 | $ 158.82 | 1.5 % | $ 174.66 | $ 173.73 | 0.5 % | |||||
Same-Property Revenues(1): | |||||||||||
Rooms revenues | $ 139,523 | $ 137,410 | 1.5 % | $ 450,233 | $ 445,960 | 1.0 % | |||||
Food and beverage revenues | 74,776 | 71,355 | 4.8 % | 255,506 | 258,394 | (1.1) % | |||||
Other revenues | 22,415 | 21,252 | 5.5 % | 66,233 | 60,740 | 9.0 % | |||||
Total Same-Property revenues | $ 236,714 | $ 230,017 | 2.9 % | $ 771,972 | $ 765,094 | 0.9 % | |||||
Same-Property Expenses(1): | |||||||||||
Rooms expenses | $ 37,486 | $ 35,131 | 6.7 % | $ 113,775 | $ 107,625 | 5.7 % | |||||
Food and beverage expenses | 56,445 | 53,247 | 6.0 % | 176,552 | 172,852 | 2.1 % | |||||
Other direct expenses | 5,955 | 5,675 | 4.9 % | 18,395 | 17,068 | 7.8 % | |||||
Other indirect expenses | 67,462 | 63,874 | 5.6 % | 201,746 | 193,998 | 4.0 % | |||||
Management and franchise fees | 7,358 | 7,346 | 0.2 % | 27,498 | 26,621 | 3.3 % | |||||
Real estate taxes, personal property taxes and insurance | 13,094 | 12,856 | 1.9 % | 39,817 | 37,999 | 4.8 % | |||||
Ground lease expense | 802 | 765 | 4.8 % | 2,451 | 2,285 | 7.3 % | |||||
Gain on business interruption insurance | $ — | $ (218) | (100.0) % | $ (745) | $ (218) | 241.7 % | |||||
Total Same-Property hotel operating expenses | $ 188,602 | $ 178,676 | 5.6 % | $ 579,489 | $ 558,230 | 3.8 % | |||||
Same-Property Hotel EBITDA(1) | $ 48,112 | $ 51,341 | (6.3) % | $ 192,483 | $ 206,864 | (7.0) % | |||||
Same-Property Hotel EBITDA Margin(1) | 20.3 % | 22.3 % | (200) bps | 24.9 % | 27.0 % | (210) bps |
- "Same-Property" includes all properties owned as of September 30, 2024 and includes renovation disruption for multiple capital projects during the periods presented. The following is a reconciliation of Total Revenues and Total Hotel Operating Expenses consolidated on a GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses for the three and nine months ended September 30, 2024 and 2023.
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Total Revenues - GAAP | $ 236,806 | $ 232,024 | $ 777,198 | $ 772,063 | |||
Pro forma hotel level adjustments(a) | (92) | (2,007) | (5,226) | (6,969) | |||
Total Same-Property Revenues | $ 236,714 | $ 230,017 | $ 771,972 | $ 765,094 | |||
Total Hotel Operating Expenses - GAAP | $ 175,682 | $ 167,659 | $ 544,527 | $ 525,572 | |||
Real estate taxes, personal property taxes and insurance | 13,112 | 12,918 | 39,945 | 38,196 | |||
Ground lease expense, net(b) | 802 | 765 | 2,451 | 2,284 | |||
Other income | (507) | (148) | (1,193) | (223) | |||
Gain on business interruption insurance | — | (218) | (745) | (218) | |||
Corporate-level costs and expenses | (354) | (370) | (1,319) | (1,350) | |||
Pro forma hotel level adjustments, net(a) | (133) | (1,930) | (4,177) | (6,031) | |||
Total Same-Property Hotel Operating Expenses | $ 188,602 | $ 178,676 | $ 579,489 | $ 558,230 |
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 | 67.5 % | 70.9 % | 67.0 % | |||||||
ADR | $ 263.03 | $ 261.44 | $ 240.72 | |||||||
RevPAR | $ 177.50 | $ 185.44 | $ 161.20 | |||||||
Hotel Revenues | $ 265,426 | $ 269,831 | $ 236,714 | |||||||
Hotel EBITDA | $ 71,709 | $ 72,662 | $ 48,112 | |||||||
Hotel EBITDA Margin | 27.0 % | 26.9 % | 20.3 % | |||||||
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 | |||||
Hotel Revenues | $ 266,903 | $ 268,174 | $ 230,017 | $ 251,039 | $ 1,016,133 | |||||
Hotel EBITDA | $ 76,949 | $ 78,574 | $ 51,341 | $ 63,340 | $ 270,205 | |||||
Hotel EBITDA Margin | 28.8 % | 29.3 % | 22.3 % | 25.2 % | 26.6 % |
Xenia Hotels & Resorts, Inc. Same-Property(1) Historical Operating Data Excluding Grand Hyatt Scottsdale Resort ($ amounts in thousands, except ADR and RevPAR)
| ||||||||||
2024 | First | Second | Third | Fourth | Full Year | |||||
Occupancy | 69.0 % | 73.3 % | 69.9 % | |||||||
ADR | $ 259.00 | $ 260.77 | $ 241.13 | |||||||
RevPAR | $ 178.76 | $ 191.08 | $ 168.48 | |||||||
Hotel Revenues | $ 252,729 | $ 262,230 | $ 234,373 | |||||||
Hotel EBITDA | $ 68,197 | $ 73,348 | $ 52,164 | |||||||
Hotel EBITDA Margin | 27.0 % | 28.0 % | 22.3 % | |||||||
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 | |||||
Hotel Revenues | $ 239,974 | $ 250,835 | $ 227,882 | $ 244,088 | $ 962,779 | |||||
Hotel EBITDA | $ 63,899 | $ 72,428 | $ 54,009 | $ 63,007 | $ 253,343 | |||||
Hotel EBITDA Margin | 26.6 % | 28.9 % | 23.7 % | 25.8 % | 26.3 % |
- "Same-Property" includes all hotels owned as of September 30, 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 Hotel EBITDA
| ||||||
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 | ||||
Florida Keys, FL | 4 % | 1 | 120 | |||
4 % | 2 | 685 | ||||
3 % | 1 | 365 | ||||
California Wine Country, 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 | ||||
California Central Coast, CA | 1 % | 1 | 97 | |||
1 % | 1 | 225 | ||||
Same-Property Portfolio(1) | 100 % | 31 | 9,408 |
- "Same-Property" includes all hotels owned as of September 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, and Hotel 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 September 30, 2024.
- One room was added at Grand Bohemian Hotel Orlando, Autograph Collection in March 2024.
Xenia Hotels & Resorts, Inc. Same-Property(1) Portfolio Data by Market (2023) For the Three Months Ended September 30, 2024 and 2023 | |||||||||
Three Months Ended | Three Months Ended | ||||||||
September 30, 2024 | September 30, 2023 | % Change | |||||||
Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | ||
69.3 % | $ 186.74 | $ 129.42 | 65.1 % | $ 191.34 | $ 124.66 | 3.8 % | |||
66.9 % | 211.80 | 141.75 | 55.9 % | 214.40 | 119.77 | 18.4 % | |||
21.7 % | 231.62 | 50.33 | 15.6 % | 291.18 | 45.31 | 11.1 % | |||
63.9 % | 179.50 | 114.62 | 63.7 % | 182.17 | 116.10 | (1.3) % | |||
69.5 % | 398.90 | 277.06 | 70.7 % | 418.47 | 295.77 | (6.3) % | |||
71.2 % | 238.11 | 169.53 | 66.4 % | 245.50 | 163.03 | 4.0 % | |||
69.6 % | 352.24 | 245.24 | 69.8 % | 375.66 | 262.39 | (6.5) % | |||
85.5 % | 209.60 | 179.29 | 82.9 % | 209.44 | 173.67 | 3.2 % | |||
Florida Keys, FL | 84.7 % | 339.52 | 287.45 | 85.4 % | 377.26 | 322.01 | (10.7) % | ||
71.2 % | 188.95 | 134.63 | 71.8 % | 197.77 | 142.03 | (5.2) % | |||
71.2 % | 254.35 | 181.17 | 70.1 % | 245.65 | 172.22 | 5.2 % | |||
California Wine Country, CA | 69.2 % | 415.57 | 287.72 | 72.4 % | 444.51 | 321.80 | (10.6) % | ||
71.2 % | 211.82 | 150.78 | 76.1 % | 225.47 | 171.49 | (12.1) % | |||
60.3 % | 230.93 | 139.33 | 57.1 % | 237.92 | 135.83 | 2.6 % | |||
79.6 % | 392.98 | 312.88 | 75.2 % | 387.40 | 291.15 | 7.5 % | |||
77.6 % | 335.82 | 260.64 | 78.0 % | 330.79 | 258.04 | 1.0 % | |||
77.5 % | 296.90 | 230.09 | 78.1 % | 291.05 | 227.18 | 1.3 % | |||
Louisiana South, LA | 45.6 % | 165.99 | 75.73 | 59.8 % | 165.36 | 98.92 | (23.4) % | ||
78.6 % | 204.50 | 160.71 | 73.0 % | 217.35 | 158.77 | 1.2 % | |||
77.4 % | 358.58 | 277.66 | 82.1 % | 360.27 | 295.89 | (6.2) % | |||
California Central Coast, CA | 86.9 % | 506.91 | 440.56 | 83.8 % | 479.09 | 401.25 | 9.8 % | ||
73.1 % | 188.64 | 137.92 | 48.2 % | 215.04 | 103.75 | 32.9 % | |||
Same-Property(1) Portfolio | 67.0 % | $ 240.72 | $ 161.20 | 63.8 % | $ 248.87 | $ 158.82 | 1.5 % |
- "Same-Property" includes all hotels owned as of September 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 Nine Months Ended September 30, 2024 and 2023 | |||||||||
Nine Months Ended | Nine Months Ended | ||||||||
September 30, 2024 | September 30, 2023 | % Change | |||||||
Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | ||
77.7 % | $ 228.45 | $ 177.57 | 74.0 % | $ 230.02 | $ 170.18 | 4.3 % | |||
68.4 % | 226.33 | 154.76 | 61.6 % | 227.03 | 139.80 | 10.7 % | |||
35.1 % | 373.47 | 131.26 | 47.2 % | 432.29 | 203.84 | (35.6) % | |||
69.8 % | 196.99 | 137.49 | 66.6 % | 192.65 | 128.23 | 7.2 % | |||
66.3 % | 361.23 | 239.57 | 62.6 % | 385.18 | 240.94 | (0.6) % | |||
70.3 % | 240.40 | 169.08 | 68.7 % | 236.30 | 162.41 | 4.1 % | |||
66.6 % | 363.49 | 242.03 | 66.1 % | 381.82 | 252.49 | (4.1) % | |||
80.7 % | 211.35 | 170.61 | 80.6 % | 205.13 | 165.29 | 3.2 % | |||
Florida Keys, FL | 85.5 % | 514.00 | 439.65 | 85.0 % | 541.22 | 459.87 | (4.4) % | ||
68.8 % | 193.07 | 132.79 | 66.2 % | 198.25 | 131.21 | 1.2 % | |||
69.4 % | 275.96 | 191.48 | 67.0 % | 264.28 | 177.16 | 8.1 % | |||
California Wine Country, CA | 69.8 % | 386.81 | 269.99 | 67.6 % | 428.77 | 289.84 | (6.8) % | ||
79.1 % | 248.13 | 196.27 | 80.0 % | 265.51 | 212.32 | (7.6) % | |||
59.7 % | 243.54 | 145.41 | 54.2 % | 239.98 | 130.06 | 11.8 % | |||
70.8 % | 369.92 | 261.83 | 69.9 % | 363.14 | 253.75 | 3.2 % | |||
76.2 % | 349.35 | 266.25 | 78.5 % | 334.77 | 262.94 | 1.3 % | |||
70.0 % | 271.01 | 189.58 | 69.0 % | 270.14 | 186.43 | 1.7 % | |||
Louisiana South, LA | 55.8 % | 198.78 | 110.93 | 60.6 % | 205.91 | 124.81 | (11.1) % | ||
71.9 % | 206.96 | 148.84 | 71.1 % | 221.16 | 157.17 | (5.3) % | |||
82.4 % | 397.44 | 327.32 | 81.4 % | 406.39 | 330.97 | (1.1) % | |||
California Central Coast, CA | 74.8 % | 458.14 | 342.67 | 62.8 % | 449.00 | 281.77 | 21.6 % | ||
72.1 % | 198.00 | 142.66 | 51.3 % | 217.41 | 111.61 | 27.8 % | |||
Same-Property(1) Portfolio | 68.5 % | $ 255.15 | $ 174.66 | 66.2 % | $ 262.55 | $ 173.73 | 0.5 % |
- "Same-Property" includes all hotels owned as of September 30, 2024 and also includes renovation disruption for multiple capital projects during the periods presented.
- As defined by STR, Inc.
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SOURCE Xenia Hotels & Resorts, Inc.
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