ORLANDO,
Fla., Oct. 31, 2023 /PRNewswire/ -- Xenia Hotels
& Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today
announced results for the quarter ended September 30, 2023.
Third Quarter 2023 Highlights
- Net Income: Net loss attributable to common
stockholders was $8.5 million, or
$0.08 per share
- Adjusted EBITDAre: $46.3 million, decreased
13.9% compared to the third quarter of 2022
- Adjusted FFO per Diluted Share: $0.26, decreased $0.05 compared to the third quarter of 2022
- Same-Property Occupancy: 63.8%, increased 70 basis
points compared to the third quarter of 2022
- Same-Property ADR: $248.58, decreased 0.6%
compared to the third quarter of 2022
- Same-Property RevPAR: $158.48, increased 0.4% compared to the third
quarter of 2022. Excluding Hyatt Regency Scottsdale Resort &
Spa at Gainey Ranch, which is undergoing a transformative
renovation, RevPAR was $166.14, an
increase of 4.0% compared to the third quarter of 2022.
- Same-Property Hotel Net Income: $16.1 million,
decreased 14.7% compared to the third quarter of 2022. Excluding
Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, which is
undergoing a transformative renovation, Hotel Net Income was
$20.9 million, an increase of 14.2%
compared to the third quarter of 2022.
- Same-Property Hotel EBITDA: $51.2 million,
decreased 7.9% compared to the third quarter of 2022
- Same-Property Hotel EBITDA Margin: 22.1%, decreased
169 basis points compared to the third quarter of 2022.
Excluding Hyatt Regency Scottsdale Resort & Spa at Gainey
Ranch, which is undergoing a transformative renovation, Hotel
EBITDA Margin was 23.4%, a decrease of 60 basis points compared to
the third quarter of 2022.
- Capital Markets Activities & Dividends: The
Company repurchased a total of 2,070,777 shares of common stock at
a weighted-average price of $12.09
per share for a total consideration of approximately $25.0 million. The Company also completed open
market repurchases, and subsequently retired, a total of
approximately $5.3 million in the
aggregate principal amount of its 6.375% Senior Notes due
August 2025. The Company declared its
third quarter dividend of $0.10 per
share to common stockholders of record on September 29, 2023.
"Third quarter results met our expectations as continued
positive momentum in business transient and group demand was offset
by moderating leisure demand and on-going renovation activity,"
said Marcel Verbaas, Chair and Chief
Executive Officer of Xenia. "In the quarter, RevPAR at our
Same-Property portfolio increased 0.4% as compared to the third
quarter of 2022. Excluding Hyatt Regency Scottsdale Resort &
Spa at Gainey Ranch, RevPAR increased 4.0% as compared to the third
quarter of 2022, despite the results at Grand Bohemian Hotel
Orlando and Kimpton Hotel Monaco Salt Lake City also being
negatively impacted by the disruption from their significant
renovation projects. Overall results in the quarter benefited from
solid RevPAR growth in our Texas
markets and the two newest additions to our portfolio as
Houston, Dallas, Portland and Nashville each achieved double-digit
percentage RevPAR growth, while our properties in Pittsburgh and San
Francisco also performed well, with RevPAR growth of 8.9%
and 7.9%, respectively, for the quarter."
"Looking ahead, based on recent RevPAR trends and preliminary
October results we have revised our full-year outlook to reflect
moderately reduced expectations for the fourth quarter," continued
Mr. Verbaas. "In October, we estimate that our Same-Property
portfolio generated RevPAR of approximately $191, or 2.3% below the same month in 2022. We
estimate that Same-Property occupancy was approximately 70% and ADR
approximately $273. Excluding Hyatt
Regency Scottsdale, preliminary October RevPAR is estimated to be
approximately 2.4% above the same month in 2022, further
highlighting the impact of this transformative renovation on our
near-term results. However, we are pleased with the continued
execution of our major capital improvement projects, as the
Salt Lake City project has been
completed, the Orlando project is
nearing completion in the days ahead and the Scottsdale project is
progressing as planned. We remain optimistic that these recently
completed and on-going renovations will drive attractive returns in
the years to come."
Operating Results
The Company's results include the following:
|
Three Months Ended
September 30,
|
|
|
|
2023
|
|
2022
|
|
Change
|
|
($ amounts in
thousands, except hotel statistics and per share
amounts)
|
Net income (loss)
attributable to common stockholders
|
$
(8,529)
|
|
$
(1,663)
|
|
(412.9) %
|
Net income (loss) per
share available to common stockholders - basic and
diluted
|
$
(0.08)
|
|
$
(0.01)
|
|
(700.0) %
|
|
|
|
|
|
|
Same-Property Number of
Hotels(1)
|
32
|
|
32
|
|
—
|
Same-Property Number of
Rooms(1)(5)
|
9,511
|
|
9,508
|
|
3
|
Same-Property
Occupancy(1)
|
63.8 %
|
|
63.1 %
|
|
70 bps
|
Same-Property Average
Daily Rate(1)
|
$
248.58
|
|
$
250.16
|
|
(0.6) %
|
Same-Property
RevPAR(1)
|
$
158.48
|
|
$
157.91
|
|
0.4 %
|
Same-Property Hotel Net
Income(1)
|
$
16,055
|
|
$
18,822
|
|
(14.7) %
|
Same-Property Hotel
EBITDA(1)(2)
|
$
51,221
|
|
$
55,607
|
|
(7.9) %
|
Same-Property Hotel
EBITDA Margin(1)(2)
|
22.1 %
|
|
23.8 %
|
|
(169) bps
|
|
|
|
|
|
|
Total Portfolio Number
of Hotels(3)
|
32
|
|
34
|
|
(2)
|
Total Portfolio Number
of Rooms(3)(5)
|
9,511
|
|
9,812
|
|
(301)
|
Total Portfolio
RevPAR(4)
|
$
158.48
|
|
$
157.91
|
|
0.4 %
|
|
|
|
|
|
|
Adjusted
EBITDAre(2)
|
$
46,330
|
|
$
53,836
|
|
(13.9) %
|
Adjusted
FFO(2)
|
$
28,708
|
|
$
35,590
|
|
(19.3) %
|
Adjusted FFO per
diluted share(2)
|
$
0.26
|
|
$
0.31
|
|
(16.1) %
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of September 30, 2023 and also
includes renovation disruption for multiple capital projects during
the periods presented.
|
2.
|
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.
|
3.
|
As of end of periods
presented.
|
4.
|
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.
|
5.
|
Three rooms were added
at The Ritz-Carlton, Denver in April 2023.
|
|
Nine Months Ended
September 30,
|
|
|
2023
|
|
2022
|
|
Change
|
|
($ amounts in
thousands, except hotel statistics and per share
amounts)
|
Net income (loss)
attributable to common stockholders
|
$
11,543
|
|
$
20,661
|
|
(44.1) %
|
Net income (loss) per
share available to common stockholders - basic and
diluted
|
$
0.10
|
|
$
0.18
|
|
(44.4) %
|
|
|
|
|
|
|
Same-Property Number of
Hotels(1)
|
32
|
|
32
|
|
—
|
Same-Property Number of
Rooms(1)(5)
|
9,511
|
|
9,508
|
|
3
|
Same-Property
Occupancy(1)
|
66.1 %
|
|
62.7 %
|
|
340 bps
|
Same-Property Average
Daily Rate(1)
|
$
262.24
|
|
$
260.13
|
|
0.8 %
|
Same-Property
RevPAR(1)
|
$
173.43
|
|
$
163.04
|
|
6.4 %
|
Same-Property Hotel Net
Income(1)
|
$
100,443
|
|
$
97,690
|
|
2.8 %
|
Same-Property Hotel
EBITDA(1)(2)
|
$
207,808
|
|
$
206,080
|
|
0.8 %
|
Same-Property Hotel
EBITDA Margin(1)(2)
|
26.9 %
|
|
28.5 %
|
|
(154) bps
|
|
|
|
|
|
|
Total Portfolio Number
of Hotels(3)
|
32
|
|
34
|
|
(2)
|
Total Portfolio Number
of Rooms(3)(5)
|
9,511
|
|
9,812
|
|
(301)
|
Total Portfolio
RevPAR(4)
|
$
173.43
|
|
$
162.69
|
|
6.6 %
|
|
|
|
|
|
|
Adjusted
EBITDAre(2)
|
$
192,298
|
|
$
192,405
|
|
(0.1) %
|
Adjusted
FFO(2)
|
$
126,166
|
|
$
130,708
|
|
(3.5) %
|
Adjusted FFO per
diluted share(2)
|
$
1.13
|
|
$
1.13
|
|
— %
|
1.
|
"Same-Property"
includes all hotels owned as of September 30, 2023 and also
includes disruption from the COVID-19 pandemic and renovation
disruption for multiple capital projects during the periods
presented. "Same-Property" also includes pre-acquisition historical
operating results for W Nashville that were obtained from the
seller and/or manager of the hotel for a portion of the nine months
ended September 30, 2022.
|
2.
|
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.
|
3.
|
As of end of periods
presented.
|
4.
|
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.
|
5.
|
Three rooms were added
at The Ritz-Carlton, Denver in April 2023.
|
Liquidity and Balance Sheet
As of September 30, 2023, the
Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest
rate of 5.46%. The Company had approximately $219 million of cash and cash equivalents,
including hotel working capital, and full availability on its
revolving line of credit, resulting in total liquidity of
approximately $669 million as of
September 30, 2023. In addition, the
Company held approximately $57
million of restricted cash and escrows at the end of the
third quarter.
The Company has no debt maturities until August 2025 and maintains full availability on
its revolving line of credit.
Capital Markets
In the third quarter, the Company repurchased a total of
2,070,777 shares of common stock at a weighted-average price of
$12.09 per share for a total
consideration of approximately $25.0
million.
In the fourth quarter-to-date, the Company repurchased an
additional 849,762 shares of common stock at a weighted-average
price of $11.77 per share for total
consideration of approximately $10.0
million. The Company currently has $72.7 million in capacity remaining under its
repurchase authorization.
The Company did not issue any shares of its common stock through
its At-The-Market ("ATM") program in the quarter and had
$200 million of remaining
availability as of September 30,
2023.
Also in the third quarter, the Company repurchased in the open
market, and subsequently retired, a total of approximately
$5.3 million in the aggregate
principal amount of its 6.375% Senior Notes due August 2025 for a total consideration of
$5.2 million exclusive of accrued
interest.
Capital Expenditures
During the three and nine months ended September 30, 2023, the Company invested
$35.5 million and $69.5 million in portfolio improvements,
respectively. Significant projects in the Company's portfolio
include:
- Hyatt Regency Scottsdale Resort & Spa at Gainey
Ranch – In June, commenced the transformative renovation and
upbranding of the 491-room Hyatt Regency Scottsdale Resort &
Spa at Gainey Ranch to a Grand Hyatt with completion of all phases
expected by the end of 2024. Upon completion, the property will
have five additional keys, or 496 rooms.
- Grand Bohemian Hotel Orlando, Autograph Collection –
Earlier in the year, completed the comprehensive renovation of
public spaces including meeting space, lobby, restaurant, bar,
Starbucks, and creation of a rooftop bar. A comprehensive
renovation of the guest rooms began in the second quarter and is
expected to be completed in early November.
- Park Hyatt Aviara Resort, Golf Club & Spa –
Completed the significant upgrade to the resort's spa and wellness
amenities which have reopened as a Miraval Life in Balance
Spa.
- Kimpton Hotel Monaco Salt Lake City – Completed the
comprehensive renovation of meeting space, lobby, restaurant, bar
and guest rooms in the third quarter.
Current Full Year 2023 Outlook and Guidance
The Company has updated its full year outlook. The range below
reflects the Company's limited visibility in forecasting due to
macroeconomic uncertainty and is based on the current economic
environment and does not take into account any unanticipated
impacts to the business or operations. Furthermore, this updated
guidance assumes no additional acquisitions, dispositions, equity
issuances, or share and/or senior note repurchases. The
Same-Property (32 Hotel) RevPAR change shown includes all hotels
owned as of September 30, 2023.
|
Current Full Year
2023 Guidance
|
|
Variance to Prior
Guidance
|
|
Low
End
|
High
End
|
|
Low
End
|
High
End
|
|
($ in millions, except
stats and per share data)
|
Net Income
|
$10
|
$18
|
|
$5
|
$(7)
|
Same-Property (32
Hotel) RevPAR Change (vs. 2022)
|
4.0 %
|
5.0 %
|
|
— %
|
(1.0) %
|
Adjusted
EBITDAre
|
$246
|
$254
|
|
$2
|
$(10)
|
Adjusted FFO
|
$163
|
$171
|
|
$5
|
$(7)
|
Adjusted FFO per
Diluted Share
|
$1.48
|
$1.55
|
|
$0.06
|
$(0.05)
|
Capital
Expenditures
|
$120
|
$130
|
|
$—
|
$(10)
|
Current full year 2023 guidance is inclusive of the following
assumptions:
- Renovation disruption is estimated to result in a negative
impact of 250 basis points to Same-Property (32 Hotel) RevPAR
Change based on the scope and timing of capital improvement
projects - no change from prior guidance. In addition, the Company
expects disruption to non-room revenues. These renovations are
estimated to result in a negative impact of approximately
$18 million to Adjusted EBITDAre and
Adjusted FFO - no change from prior guidance.
- General and administrative expense of approximately
$25 million, excluding non-cash
share-based compensation - no change from prior guidance
- Interest expense of approximately $82
million, excluding non-cash loan related costs - a decrease
of approximately $1 million from
prior guidance
- Income tax expense of approximately $2
million - a decrease of approximately $1 million from prior guidance
- 110.4 million weighted-average diluted shares/units - a
decrease of 0.6 million shares/units from prior guidance due to
share repurchases during the year
Third Quarter 2023 Earnings Call
The Company will conduct its quarterly conference call on
Wednesday, November 1, 2023 at
9:00 AM Eastern Time. To participate
in the conference call, please dial (833) 470-1428, access code
495062. 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 the United States. The Company owns 32 hotels
and resorts comprising 9,511 rooms across 14 states. Xenia's hotels
are in the luxury and upper upscale segments, and are operated
and/or licensed by industry leaders such as Marriott, Hyatt,
Kimpton, Fairmont, Loews, Hilton, The Kessler Collection, and
Davidson. For more information on
Xenia's business, refer to the Company website at
www.xeniareit.com.
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 uncertainty and a
potential contraction in the U.S. or global economy or low levels
of economic growth, including such effects on the demand for
travel, transient and group business, capital expenditures, timing
of renovations, financial performance and potential dividends,
prospects or future events. 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 U.S. or global economy or low levels of economic growth; (ii)
macroeconomic and other factors beyond our control that can
adversely affect and reduce demand for hotel rooms, food and
beverage services, and/or meeting facilities, such as wars,
prolonged geopolitical unrest, actual or threatened terrorist or
cyber-attacks, mass casualty events, government shutdowns and
closures, travel-related health concerns, and natural disasters;
(iii) inflation and inflationary pressures which increases our
labor and other costs of providing services to guests and meeting
hotel brand standards, as well as costs related to construction and
other capital expenditures, property and other taxes, and insurance
which could result in reduced operating profit margins; (iv) bank
failures and concerns over a near-term recession; (v) the pace and
evenness of recovery following the COVID-19 pandemic and the
long-term effects of the pandemic, COVID-19 variants or any future
resurgence, including with respect to global and regional economic
activity, travel limitations or bans, the demand for travel, levels
of spending in transient or group business and leisure segments,
and levels of consumer confidence; (vi) actions that governments,
businesses, and individuals take in response to any resurgence of
COVID-19 including variants of the virus, including limiting or
banning travel; (vii) the Company's dependence on third-party
managers of its hotels, including its inability to implement
strategic business decisions directly; (viii) risks associated with
the hotel industry, including competition, increases in wages and
benefits, energy costs and other operating costs, cyber incidents,
information technology failures, downturns in general and local
economic conditions, prolonged periods of civil unrest in our
markets, and cancellation of or delays in the completion of
anticipated demand generators; (ix) the availability and terms of
financing and capital and the general volatility of securities
markets; (x) risks associated with the real estate industry,
including environmental contamination and costs of complying with
the Americans with Disabilities Act and similar laws; (xi) interest
rate increases; (xii) ability to successfully negotiate amendments
and covenant waivers with its unsecured and secured indebtedness;
(xiii) the Company's ability to comply with covenants,
restrictions, and limitations in any existing or revised loan
agreements with our unsecured and secured lenders; (xiv) the
possible failure of the Company to qualify as a REIT and the risk
of changes in laws affecting REITs; (xv) the possibility of
uninsured or underinsured losses, including those relating to
natural disasters, terrorism, government shutdowns and closures,
civil unrest, or cyber incidents; (xvi) risks associated with
redevelopment and repositioning projects, including delays and cost
overruns; (xvii) levels of spending in business and leisure
segments as well as consumer confidence; (xviii) declines in
occupancy and average daily rate; (xix) the seasonal and cyclical
nature of the real estate and hospitality businesses; (xx) changes
in distribution arrangements, such as through Internet travel
intermediaries; (xxi) relationships with labor unions and changes
in labor laws, including increases to minimum wages; (xxii) the
impact of changes in the tax code and uncertainty as to how some of
those changes may be applied; (xxiii) monthly cash expenditures and
the uncertainty around predictions; (xxiv) labor shortages; (xxv)
disruptions in supply chains resulting in delays or inability to
procure required products; and (xxvi) the risk factors discussed in
the Company's Annual Report on Form 10-K, as updated in its
Quarterly Reports. Accordingly, there is no assurance that the
Company's expectations will be realized. We caution you not to
place undue reliance on any forward-looking statements, which are
made only as of the date of this press release. We do not undertake
or assume any obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable law. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
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 U.S.
Securities and Exchange Commission (SEC) filings, press releases,
public conference calls, webcasts, and the Investor Relations
section of Xenia's website. While not all the information that the
Company posts to the Xenia website is of a material nature, some
information could be deemed to be material. Accordingly, the
Company encourages investors, the media, and others interested in
Xenia to review the information that it shares at the Investor
Relations link located on www.xeniareit.com. Users may
automatically receive email alerts and other information about the
Company when enrolling an email address by visiting "Email Alerts /
Investor Information" in the "Corporate Overview" section of
Xenia's Investor Relations website at www.xeniareit.com.
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,
2023 and December 31, 2022
($ amounts in
thousands, except per share data)
|
|
|
September 30,
2023
|
|
December 31,
2022
|
Assets
|
(Unaudited)
|
|
(Audited)
|
Investment
properties:
|
|
|
|
Land
|
$
460,327
|
|
$
460,536
|
Buildings and other
improvements
|
3,157,652
|
|
3,086,785
|
Total
|
$
3,617,979
|
|
$
3,547,321
|
Less: accumulated
depreciation
|
(1,045,656)
|
|
(945,786)
|
Net investment
properties
|
$
2,572,323
|
|
$
2,601,535
|
Cash and cash
equivalents
|
219,165
|
|
305,103
|
Restricted cash and
escrows
|
56,940
|
|
60,807
|
Accounts and rents
receivable, net of allowance for doubtful accounts
|
39,195
|
|
37,562
|
Intangible assets, net
of accumulated amortization
|
4,939
|
|
5,060
|
Other
assets
|
70,154
|
|
69,988
|
Total
assets
|
$
2,962,716
|
|
$
3,080,055
|
Liabilities
|
|
|
|
Debt, net of loan
premiums, discounts and unamortized deferred financing
costs
|
$
1,394,684
|
|
$
1,429,105
|
Accounts payable and
accrued expenses
|
107,363
|
|
107,097
|
Distributions
payable
|
10,870
|
|
11,455
|
Other
liabilities
|
78,852
|
|
72,390
|
Total
liabilities
|
$
1,591,769
|
|
$
1,620,047
|
Commitments and
Contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.01
par value, 500,000,000 shares authorized, 106,050,821 and
112,519,672 shares issued and
outstanding as of
September 30, 2023 and December 31, 2022, respectively
|
$
1,061
|
|
$
1,126
|
Additional paid in
capital
|
1,980,706
|
|
2,063,273
|
Accumulated other
comprehensive income
|
5,779
|
|
—
|
Accumulated
distributions in excess of net earnings
|
(644,287)
|
|
(623,216)
|
Total Company
stockholders' equity
|
$
1,343,259
|
|
$
1,441,183
|
Non-controlling
interests
|
27,688
|
|
18,825
|
Total
equity
|
$
1,370,947
|
|
$
1,460,008
|
Total liabilities and
equity
|
$
2,962,716
|
|
$
3,080,055
|
Xenia Hotels &
Resorts, Inc.
Condensed
Consolidated Statements of Operations and Comprehensive Income
(Loss)
For the Three and
Nine Months Ended September 30, 2023 and 2022
(Unaudited)
($ amounts in
thousands, except per share data)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
|
Rooms
revenues
|
$
138,668
|
|
$
142,604
|
|
$
450,255
|
|
$
431,382
|
Food and beverage
revenues
|
71,815
|
|
76,153
|
|
259,972
|
|
240,669
|
Other
revenues
|
21,541
|
|
21,911
|
|
61,836
|
|
62,415
|
Total
revenues
|
$
232,024
|
|
$
240,668
|
|
$
772,063
|
|
$
734,466
|
Expenses:
|
|
|
|
|
|
|
|
Rooms
expenses
|
35,510
|
|
36,163
|
|
108,866
|
|
101,803
|
Food and beverage
expenses
|
53,769
|
|
55,888
|
|
174,445
|
|
161,796
|
Other direct
expenses
|
5,835
|
|
6,155
|
|
17,547
|
|
17,815
|
Other indirect
expenses
|
65,142
|
|
64,590
|
|
197,896
|
|
181,509
|
Management and
franchise fees
|
7,403
|
|
9,083
|
|
26,818
|
|
27,758
|
Total hotel operating
expenses
|
$
167,659
|
|
$
171,879
|
|
$
525,572
|
|
$
490,681
|
Depreciation and
amortization
|
33,094
|
|
34,311
|
|
100,325
|
|
99,127
|
Real estate taxes,
personal property taxes and insurance
|
12,918
|
|
11,228
|
|
38,196
|
|
33,452
|
Ground lease
expense
|
751
|
|
685
|
|
2,245
|
|
2,035
|
General and
administrative expenses
|
9,625
|
|
9,059
|
|
28,380
|
|
25,603
|
Gain on business
interruption insurance
|
(218)
|
|
(2,487)
|
|
(218)
|
|
(2,487)
|
Other operating
expenses (credit)
|
206
|
|
(87)
|
|
816
|
|
238
|
Impairment and other
losses
|
—
|
|
—
|
|
—
|
|
1,278
|
Total
expenses
|
$
224,035
|
|
$
224,588
|
|
$
695,316
|
|
$
649,927
|
Operating
income
|
$
7,989
|
|
$
16,080
|
|
$
76,747
|
|
$
84,539
|
Other
income
|
2,031
|
|
1,767
|
|
6,212
|
|
2,671
|
Interest
expense
|
(20,524)
|
|
(20,583)
|
|
(64,308)
|
|
(61,474)
|
Loss on extinguishment
of debt
|
(20)
|
|
—
|
|
(1,189)
|
|
(294)
|
Net income (loss)
before income taxes
|
$
(10,524)
|
|
$
(2,736)
|
|
$
17,462
|
|
$
25,442
|
Income tax (expense)
benefit
|
1,639
|
|
1,029
|
|
(5,382)
|
|
(4,148)
|
Net income
(loss)
|
$
(8,885)
|
|
$
(1,707)
|
|
$
12,080
|
|
$
21,294
|
Net (income) loss
attributable to non-controlling interests
|
356
|
|
44
|
|
(537)
|
|
(633)
|
Net income (loss)
attributable to common stockholders
|
$
(8,529)
|
|
$
(1,663)
|
|
$
11,543
|
|
$
20,661
|
Xenia Hotels &
Resorts, Inc.
Condensed
Consolidated Statements of Operations and Comprehensive Income
(Loss) - Continued
For the Three and
Nine Months Ended September 30, 2023 and 2022
(Unaudited)
($ amounts in
thousands, except per share data)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Basic and diluted
income (loss) per share:
|
|
|
|
|
|
Net income (loss) per
share available to common stockholders - basic and
diluted
|
$
(0.08)
|
|
$
(0.01)
|
|
$
0.10
|
|
$
0.18
|
Weighted-average number
of common shares (basic)
|
107,006,690
|
|
114,322,269
|
|
109,345,761
|
|
114,334,110
|
Weighted-average number
of common shares (diluted)
|
107,006,690
|
|
114,322,269
|
|
109,568,449
|
|
114,719,309
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss):
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(8,885)
|
|
$
(1,707)
|
|
$
12,080
|
|
$
21,294
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Unrealized gain on
interest rate derivative instruments
|
1,676
|
|
36
|
|
7,582
|
|
2,932
|
Reclassification
adjustment for amounts recognized in net income (loss) (interest
expense)
|
(1,083)
|
|
(147)
|
|
(1,543)
|
|
1,697
|
|
$
(8,292)
|
|
$
(1,818)
|
|
$
18,119
|
|
$
25,923
|
Comprehensive (income)
loss attributable to non-controlling interests
|
325
|
|
47
|
|
(797)
|
|
(1,079)
|
Comprehensive income
(loss) attributable to the Company
|
$
(7,967)
|
|
$
(1,771)
|
|
$
17,322
|
|
$
24,844
|
Non-GAAP Financial Measures
The Company considers the following non-GAAP financial measures
to be useful to investors as key supplemental measures of our
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
our operating performance between periods and between REITs by
removing the impact of our capital structure (primarily interest
expense) and asset base (primarily depreciation and amortization)
from our 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.
We calculate 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.
We further adjust EBITDAre to exclude the impact of
non-controlling interests in consolidated entities other than our
Operating Partnership Units because our Operating Partnership Units
may be redeemed for common stock. We also adjust 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 we believe do not
represent recurring operations and are not indicative of the
performance of our underlying hotel property entities. We believe
it is meaningful for investors to understand Adjusted EBITDAre
attributable to all common stock and unit holders. We believe
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. We then
adjust 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. We
further adjust 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 our 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 our ownership
structure. We believe that Same-Property Hotel EBITDA provides our
investors a useful financial measure to evaluate our hotel
operating performance excluding the impact of our capital structure
(primarily interest expense), our asset base (primarily
depreciation and amortization), income taxes, and our
corporate-level expenses (corporate expenses and terminated
transaction costs). We believe property-level results provide
investors with supplemental information on the ongoing operational
performance of our hotels and the effectiveness of our 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 we
present does not represent our total revenues, expenses, operating
profit or net income and should not be used to evaluate our
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 our 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 December 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.
We further adjust 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. We believe 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 (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and
Same-Property Hotel EBITDA
For the Three Months
Ended September 30, 2023 and 2022
(Unaudited)
($ amounts in
thousands)
|
|
|
Three Months Ended
September 30,
|
|
2023
|
|
2022
|
Net
loss
|
$
(8,885)
|
|
$
(1,707)
|
Adjustments:
|
|
|
|
Interest
expense
|
20,524
|
|
20,583
|
Income tax
benefit
|
(1,639)
|
|
(1,029)
|
Depreciation and
amortization
|
33,094
|
|
34,311
|
EBITDA and
EBITDAre
|
$
43,094
|
|
$
52,158
|
|
|
|
|
Reconciliation to
Adjusted EBITDAre
|
|
|
|
Depreciation and
amortization related to corporate assets
|
$
(94)
|
|
$
(105)
|
Gain on insurance
recoveries(1)
|
—
|
|
(1,037)
|
Loss on extinguishment
of debt
|
20
|
|
—
|
Amortization of
share-based compensation expense
|
3,302
|
|
2,813
|
Non-cash ground rent
and straight-line rent expense
|
8
|
|
3
|
Other non-recurring
expenses
|
—
|
|
4
|
Adjusted EBITDAre
attributable to common stock and unit holders
|
$
46,330
|
|
$
53,836
|
Corporate-level costs
and expenses
|
4,662
|
|
3,490
|
Pro forma hotel
adjustments, net(2)
|
229
|
|
(1,719)
|
Same-Property Hotel
EBITDA attributable to common stock and unit
holders(3)
|
$
51,221
|
|
$
55,607
|
|
|
1.
|
During the three months
ended September 30, 2022, the Company recorded $1.0 million of
insurance proceeds in excess of recognized losses related to damage
sustained at Loews New Orleans Hotel during Hurricane Ida in August
2021. This gain on insurance recovery is included in other income
on the condensed consolidated statement of operations and
comprehensive loss for the period then ended.
|
2.
|
Includes adjustments
for revenues and expenses from hotels that were acquired or sold
during the periods presented.
|
3.
|
See the reconciliation
of Total Revenues and Total Hotel Operating Expenses on a
consolidated GAAP basis to Total Same-Property Revenues and Total
Same-Property Hotel Operating Expenses and the calculation of
Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three
months ended September 30, 2023 and 2022 on page 18.
|
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and
Same-Property Hotel EBITDA
For the Nine Months
Ended September 30, 2023 and 2022
(Unaudited)
($ amounts in
thousands)
|
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
Net
income
|
$
12,080
|
|
$
21,294
|
Adjustments:
|
|
|
|
Interest
expense
|
64,308
|
|
61,474
|
Income tax
expense
|
5,382
|
|
4,148
|
Depreciation and
amortization
|
100,325
|
|
99,127
|
EBITDA and
EBITDAre
|
$
182,095
|
|
$
186,043
|
|
|
|
|
Reconciliation to
Adjusted EBITDAre
|
|
|
|
Depreciation and
amortization related to corporate assets
|
$
(270)
|
|
$
(311)
|
Gain on insurance
recoveries(1)
|
(535)
|
|
(3,550)
|
Loss on extinguishment
of debt
|
1,189
|
|
294
|
Amortization of
share-based compensation expense
|
9,861
|
|
8,598
|
Non-cash ground rent
and straight-line rent expense
|
(42)
|
|
35
|
Other non-recurring
expenses(2)
|
—
|
|
1,296
|
Adjusted EBITDAre
attributable to common stock and unit holders
|
$
192,298
|
|
$
192,405
|
Corporate-level costs
and expenses
|
15,496
|
|
18,123
|
Pro forma hotel level
adjustments, net(3)
|
14
|
|
(4,448)
|
Same-Property Hotel
EBITDA attributable to common stock and unit
holders(4)
|
$
207,808
|
|
$
206,080
|
|
|
1.
|
During the nine months
ended September 30, 2023 and 2022, the Company recorded $0.5
million and $3.6 million, respectively, of insurance proceeds in
excess of recognized losses related to damage sustained at Loews
New Orleans Hotel during Hurricane Ida in August 2021. These gains
on insurance recovery are included in other income on the condensed
consolidated statements of operations and comprehensive income for
the periods then ended.
|
2.
|
During the nine months
ended September 30, 2022, the Company recorded hurricane-related
repair and cleanup costs of $1.3 million which is included in
impairment and other losses on the condensed consolidated statement
of operations and comprehensive income for the period then
ended.
|
3.
|
Includes adjustments
for revenues and expenses from hotels that were acquired or sold
during the periods presented. Includes pre-acquisition historical
operating results for W Nashville that were obtained from the
seller and/or manager of the hotel for a portion of the nine months
ended September 30, 2022.
|
4.
|
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, 2023 and 2022 on page 18.
|
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Net Income (Loss) to FFO and Adjusted FFO
For the Three Months
Ended September 30, 2023 and 2022
(Unaudited)
(amounts in
thousands)
|
|
|
Three Months Ended
September 30,
|
|
2023
|
|
2022
|
Net
loss
|
$
(8,885)
|
|
$
(1,707)
|
Adjustments:
|
|
|
|
Depreciation and
amortization related to investment properties
|
33,000
|
|
34,206
|
FFO attributable to
common stock and unit holders
|
$
24,115
|
|
$
32,499
|
|
|
|
|
Reconciliation to
Adjusted FFO
|
|
|
|
Gain on insurance
recoveries(1)
|
—
|
|
(1,037)
|
Loss on extinguishment
of debt
|
20
|
|
—
|
Loan related costs,
net of adjustment related to non-controlling
interests(2)
|
1,263
|
|
1,308
|
Amortization of
share-based compensation expense
|
3,302
|
|
2,813
|
Non-cash ground rent
and straight-line rent expense
|
8
|
|
3
|
Other non-recurring
expenses
|
—
|
|
4
|
Adjusted FFO
attributable to common stock and unit holders
|
$
28,708
|
|
$
35,590
|
Weighted-average
shares outstanding - Diluted(3)
|
108,867
|
|
115,421
|
Adjusted FFO per
diluted share
|
$
0.26
|
|
$
0.31
|
|
|
1.
|
During the three months
ended September 30, 2022, the Company recorded $1.0 million of
insurance proceeds in excess of recognized losses related to damage
sustained at Loews New Orleans Hotel during Hurricane Ida in August
2021. This gain on insurance recovery is included in other income
on the condensed consolidated statement of operations and
comprehensive loss for the period then ended.
|
2.
|
Loan related costs
include amortization of debt premiums, discounts and deferred loan
origination costs.
|
3.
|
Diluted
weighted-average number of shares of common stock outstanding plus
the weighted-average vested Operating Partnership Units for the
respective periods presented in thousands.
|
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Net Income (Loss) to FFO and Adjusted FFO
For the Nine Months
Ended September 30, 2023 and 2022
(Unaudited)
($ amounts in
thousands)
|
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
Net
income
|
$
12,080
|
|
$
21,294
|
Adjustments:
|
|
|
|
Depreciation and
amortization related to investment properties
|
100,055
|
|
98,816
|
FFO attributable to
common stock and unit holders
|
$
112,135
|
|
$
120,110
|
|
|
|
|
Reconciliation to
Adjusted FFO
|
|
|
|
Gain on insurance
recoveries(1)
|
(535)
|
|
(3,550)
|
Loss on extinguishment
of debt
|
1,189
|
|
294
|
Loan related costs,
net of adjustment related to non-controlling
interests(2)
|
3,558
|
|
3,925
|
Amortization of
share-based compensation expense
|
9,861
|
|
8,598
|
Non-cash ground rent
and straight-line rent expense
|
(42)
|
|
35
|
Other non-recurring
expenses(3)
|
—
|
|
1,296
|
Adjusted FFO
attributable to common stock and unit holders
|
$
126,166
|
|
$
130,708
|
Weighted-average
shares outstanding - Diluted(4)
|
111,380
|
|
115,781
|
Adjusted FFO per
diluted share
|
$
1.13
|
|
$
1.13
|
|
|
1.
|
During the nine months
ended September 30, 2023 and 2022, the Company recorded $0.5
million and $3.6 million, respectively, of insurance proceeds in
excess of recognized losses related to damage sustained at Loews
New Orleans Hotel during Hurricane Ida in August 2021. These gains
on insurance recovery are included in other income on the condensed
consolidated statements of operations and comprehensive income
(loss) for the periods then ended.
|
2.
|
Loan related costs
included amortization of debt premiums, discounts and deferred loan
origination costs.
|
3.
|
During the nine months
ended September 30, 2022, the Company recorded hurricane-related
repair and cleanup costs of $1.3 million which is included in
impairment and other losses on the condensed consolidated statement
of operations and comprehensive income for the period then
ended.
|
4.
|
Diluted
weighted-average number of shares of common stock outstanding plus
the weighted-average vested Operating Partnership units for the
respective periods presented in thousands.
|
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Net Income to Adjusted EBITDAre
for Current Full
Year 2023 Guidance
($ amounts in
millions)
|
|
|
Guidance
Midpoint
|
|
|
Net
income
|
$
14
|
Adjustments:
|
|
Interest
expense(1)
|
86
|
Income tax
expense
|
2
|
Depreciation and
amortization
|
135
|
EBITDA and
EBITDAre
|
$
237
|
Amortization of
share-based compensation expense
|
12
|
Other(2)
|
1
|
Adjusted
EBITDAre
|
$
250
|
Reconciliation of
Net Income to Adjusted FFO
for Current Full
Year 2023 Guidance
($ amounts in
millions)
|
|
|
Guidance
Midpoint
|
|
|
Net
income
|
$
14
|
Adjustments:
|
|
Depreciation and
amortization related to investment properties
|
135
|
FFO
|
$
149
|
Amortization of
share-based compensation expense
|
12
|
Other(3)
|
6
|
Adjusted
FFO
|
$
167
|
|
|
1.
|
Includes non-cash loan
related costs.
|
2.
|
Includes loss on
extinguishment of debt and depreciation of corporate
assets.
|
3.
|
Includes loan cost
amortization and loss on extinguishment of debt.
|
Xenia Hotels &
Resorts, Inc.
Debt Summary as of
September 30, 2023
(Unaudited)
($ amounts in
thousands)
|
|
|
Rate
Type
|
|
Rate(1)
|
|
Maturity
Date
|
|
Outstanding
as
of September 30,
2023
|
|
|
|
|
|
|
|
|
Mortgage
Loans
|
|
|
|
|
|
|
|
Grand Bohemian Hotel
Orlando, Autograph Collection
|
Fixed
|
|
4.53 %
|
|
March 2026
|
|
$
54,818
|
Marriott San Francisco
Airport Waterfront
|
Fixed
|
|
4.63 %
|
|
May 2027
|
|
108,630
|
Andaz
Napa(2)
|
Fixed(2)
|
|
5.72 %
|
|
January 2028
|
|
55,000
|
Total Mortgage
Loans
|
|
|
4.88 %
|
(3)
|
|
|
$
218,448
|
Corporate Credit
Facilities
|
|
|
|
|
|
|
|
Corporate Credit
Facility Term Loan(4)
|
Fixed(5)
|
|
5.45 %
|
|
March 2026
|
|
$
125,000
|
Corporate Credit
Facility Term Loan(4)
|
Fixed(5)
|
|
5.45 %
|
|
March 2026
|
|
100,000
|
Revolving Line of
Credit(6)
|
Variable
|
|
7.02 %
|
|
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)
|
|
|
|
|
|
|
(13,511)
|
Total Debt, net of loan
premiums, discounts and unamortized deferred financing
costs
|
|
|
5.46 %
|
(3)
|
|
|
$
1,394,684
|
|
|
1.
|
Represents annual
interest rates.
|
2.
|
A variable interest
loan for which SOFR has been fixed through January 1, 2027,
after which the rate reverts to variable.
|
3.
|
Weighted-average
interest rate.
|
4.
|
A variable interest
loan for which the credit spread may vary, as it is determined by
the Company's leverage ratio.
|
5.
|
A variable interest
loan for which SOFR has been fixed through mid-February 2025,
after which the rate reverts to variable.
|
6.
|
The Revolving Line of
Credit had undrawn capacity of $450 million. The spread to SOFR may
vary, as it is determined by the Company's leverage
ratio.
|
7.
|
Includes loan premiums,
discounts and deferred financing costs, net of accumulated
amortization.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Hotel EBITDA and Hotel
EBITDA Margin
For the Three and
Nine Months Ended September 30, 2023 and 2022
($ amounts in
thousands)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
Same-Property
Occupancy(1)
|
63.8 %
|
|
63.1 %
|
|
70 bps
|
|
66.1 %
|
|
62.7 %
|
|
340 bps
|
Same-Property Average
Daily Rate(1)
|
$
248.58
|
|
$
250.16
|
|
(0.6) %
|
|
$
262.24
|
|
$
260.13
|
|
0.8 %
|
Same-Property
RevPAR(1)
|
$
158.48
|
|
$
157.91
|
|
0.4 %
|
|
$
173.43
|
|
$
163.04
|
|
6.4 %
|
Same-Property
Revenues(1):
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenues
|
$
138,668
|
|
$
138,184
|
|
0.4 %
|
|
$
450,255
|
|
$
423,293
|
|
6.4 %
|
Food and beverage
revenues
|
71,815
|
|
74,260
|
|
(3.3) %
|
|
259,991
|
|
239,282
|
|
8.7 %
|
Other
revenues
|
21,541
|
|
21,524
|
|
0.1 %
|
|
61,836
|
|
61,699
|
|
0.2 %
|
Total Same-Property
revenues
|
$
232,024
|
|
$
233,968
|
|
(0.8) %
|
|
$
772,082
|
|
$
724,274
|
|
6.6 %
|
Same-Property
Expenses(1):
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
expenses
|
$
35,510
|
|
$
35,164
|
|
1.0 %
|
|
$
108,831
|
|
$
100,128
|
|
8.7 %
|
Food and beverage
expenses
|
53,769
|
|
54,416
|
|
(1.2) %
|
|
174,403
|
|
161,061
|
|
8.3 %
|
Other direct
expenses
|
5,835
|
|
6,030
|
|
(3.2) %
|
|
17,577
|
|
17,551
|
|
0.1 %
|
Other indirect
expenses
|
64,605
|
|
62,359
|
|
3.6 %
|
|
196,152
|
|
177,723
|
|
10.4 %
|
Management and
franchise fees
|
7,403
|
|
8,791
|
|
(15.8) %
|
|
26,819
|
|
27,108
|
|
(1.1) %
|
Real estate taxes,
personal property taxes and insurance
|
12,918
|
|
10,902
|
|
18.5 %
|
|
38,208
|
|
32,548
|
|
17.4 %
|
Ground lease
expense
|
763
|
|
699
|
|
9.2 %
|
|
2,284
|
|
2,075
|
|
10.1 %
|
Total Same-Property
hotel operating expenses
|
$
180,803
|
|
$
178,361
|
|
1.4 %
|
|
$
564,274
|
|
$
518,194
|
|
8.9 %
|
Same-Property Hotel
EBITDA(1)
|
$
51,221
|
|
$
55,607
|
|
(7.9) %
|
|
$
207,808
|
|
$
206,080
|
|
0.8 %
|
Same-Property Hotel
EBITDA Margin(1)
|
22.1 %
|
|
23.8 %
|
|
(169) bps
|
|
26.9 %
|
|
28.5 %
|
|
(154) bps
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of September 30, 2023 and includes
disruption from the COVID-19 pandemic in the nine months ended
September 30, 2022 and renovation disruption for multiple capital
projects during the periods presented. "Same-Property" also
includes pre-acquisition historical operating results for W
Nashville that were obtained from the seller and/or manager of the
hotel for a portion of the nine months ended September 30, 2022.
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, 2023 and
2022.
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Total Revenues -
GAAP
|
$
232,024
|
|
$
240,668
|
|
$
772,063
|
|
$
734,466
|
Pro forma hotel level
adjustments(a)
|
—
|
|
(6,700)
|
|
19
|
|
(10,192)
|
Total Same-Property
Revenues
|
$
232,024
|
|
$
233,968
|
|
$
772,082
|
|
$
724,274
|
|
|
|
|
|
|
|
|
Total Hotel Operating
Expenses - GAAP
|
$
167,659
|
|
$
171,879
|
|
$
525,572
|
|
$
490,681
|
Real estate taxes,
personal property taxes and insurance
|
12,918
|
|
11,228
|
|
38,196
|
|
33,452
|
Ground lease expense,
net(b)
|
765
|
|
699
|
|
2,284
|
|
2,075
|
Other
income
|
(148)
|
|
(74)
|
|
(223)
|
|
(195)
|
Corporate-level costs
and expenses
|
(370)
|
|
(407)
|
|
(1,350)
|
|
(1,271)
|
Pro forma hotel level
adjustments, net(a)
|
(21)
|
|
(4,964)
|
|
(205)
|
|
(6,548)
|
Total Same-Property
Hotel Operating Expenses
|
$
180,803
|
|
$
178,361
|
|
$
564,274
|
|
$
518,194
|
|
|
a.
|
Includes adjustments
for revenues and expenses from hotels that were acquired or sold
during the periods presented. Includes pre-acquisition historical
operating results for W Nashville that were obtained from the
seller and/or manager of the hotel for a portion of the nine months
ended September 30, 2022.
|
b.
|
Excludes non-cash
ground rent expense.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Historical Operating
Data and Reconciliation to Hotel Net Income (Loss)
($ amounts in
thousands, except ADR and RevPAR)
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Full
Year
|
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Occupancy
|
|
66.1 %
|
|
68.6 %
|
|
63.8 %
|
|
|
|
|
ADR
|
|
$
271.79
|
|
$
265.98
|
|
$
248.58
|
|
|
|
|
RevPAR
|
|
$
179.55
|
|
$
182.49
|
|
$
158.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Revenues
|
|
$ 268,992
|
|
$
271,066
|
|
$
232,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Net Income (Loss)
- GAAP
|
|
$
40,797
|
|
$
43,591
|
|
$
16,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
3,255
|
|
2,945
|
|
2,726
|
|
|
|
|
Depreciation &
Amortization
|
|
33,150
|
|
32,849
|
|
32,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
|
$
77,202
|
|
$
79,385
|
|
$
51,221
|
|
|
|
|
Hotel EBITDA
Margin
|
|
28.7 %
|
|
29.3 %
|
|
22.1 %
|
|
|
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Full
Year
|
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Occupancy
|
|
56.1 %
|
|
68.7 %
|
|
63.1 %
|
|
62.4 %
|
|
62.6 %
|
ADR
|
|
$
258.36
|
|
$
270.81
|
|
$
250.16
|
|
$
261.70
|
|
$
260.52
|
RevPAR
|
|
$
144.92
|
|
$
186.16
|
|
$
157.91
|
|
$
163.32
|
|
$
163.11
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Revenues
|
|
$ 213,726
|
|
$
276,580
|
|
$
233,968
|
|
$
259,804
|
|
$
984,078
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Net Income (Loss)
- GAAP
|
|
$
22,055
|
|
$
56,813
|
|
$
18,822
|
|
$
32,557
|
|
$
130,247
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
3,155
|
|
3,171
|
|
3,936
|
|
4,098
|
|
14,360
|
Depreciation &
Amortization
|
|
32,565
|
|
32,715
|
|
32,849
|
|
32,878
|
|
131,007
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
|
$
57,775
|
|
$
92,699
|
|
$
55,607
|
|
$
69,533
|
|
$
275,614
|
Hotel EBITDA
Margin
|
|
27.0 %
|
|
33.5 %
|
|
23.8 %
|
|
26.8 %
|
|
28.0 %
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of September 30, 2023 and also
includes disruption from the COVID-19 pandemic and renovation
disruption for multiple capital projects during the periods
presented. "Same-Property" also includes pre-acquisition historical
operating results for W Nashville that were obtained from the
seller and/or manager of the hotel for a portion of the three
months ended March 31, 2022 and the year ended December 31,
2022.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Historical Operating
Data and Reconciliation to Hotel Net Income (Loss)
Excluding Hyatt
Regency Scottsdale Resort & Spa at Gainey Ranch
($ amounts in
thousands, except ADR and RevPAR)
|
|
|
|
|
Third
Quarter
|
|
|
|
2023
|
Occupancy
|
|
|
66.8 %
|
ADR
|
|
|
$
248.57
|
RevPAR
|
|
|
$
166.14
|
|
|
|
|
Hotel
Revenues
|
|
|
$
229,889
|
|
|
|
|
Hotel Net Income (Loss)
- GAAP
|
|
|
$
20,919
|
|
|
|
|
Interest
Expense
|
|
|
2,726
|
Depreciation &
Amortization
|
|
|
30,244
|
|
|
|
|
Hotel
EBITDA
|
|
|
$
53,889
|
Hotel EBITDA
Margin
|
|
|
23.4 %
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
|
|
2022
|
Occupancy
|
|
|
63.9 %
|
ADR
|
|
|
$
250.17
|
RevPAR
|
|
|
$
159.80
|
|
|
|
|
Hotel
Revenues
|
|
|
$
220,632
|
|
|
|
|
Hotel Net Income (Loss)
- GAAP
|
|
|
$
18,310
|
|
|
|
|
Interest
Expense
|
|
|
3,936
|
Depreciation &
Amortization
|
|
|
30,688
|
|
|
|
|
Hotel
EBITDA
|
|
|
$
52,934
|
Hotel EBITDA
Margin
|
|
|
24.0 %
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of September 30, 2023 and also
includes disruption from the COVID-19 pandemic and renovation
disruption for multiple capital projects during the periods
presented.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Portfolio Data by
Market (2022)
|
|
Market(2)
|
% of
2022
Hotel Net
Income
(Loss) -
GAAP
|
|
% of
2022
Hotel
EBITDA(3)
|
|
Number
of
Hotels
|
|
Number
of
Rooms (4)(5)
|
Phoenix, AZ
|
21 %
|
|
14 %
|
|
2
|
|
610
|
Orlando, FL
|
16 %
|
|
14 %
|
|
2
|
|
1,026
|
Houston, TX
|
9 %
|
|
11 %
|
|
3
|
|
1,220
|
San Diego,
CA
|
8 %
|
|
8 %
|
|
2
|
|
486
|
Dallas, TX
|
10 %
|
|
7 %
|
|
2
|
|
961
|
Atlanta, GA
|
5 %
|
|
6 %
|
|
2
|
|
649
|
Florida Keys,
FL
|
9 %
|
|
5 %
|
|
1
|
|
120
|
Nashville,
TN
|
(2) %
|
|
4 %
|
|
1
|
|
346
|
San Francisco/San
Mateo, CA
|
2 %
|
|
4 %
|
|
1
|
|
688
|
California North,
CA
|
4 %
|
|
3 %
|
|
1
|
|
141
|
Portland, OR
|
— %
|
|
3 %
|
|
2
|
|
685
|
Savannah, GA
|
5 %
|
|
3 %
|
|
2
|
|
226
|
Washington,
DC-MD-VA
|
(1) %
|
|
3 %
|
|
2
|
|
472
|
Denver, CO
|
2 %
|
|
2 %
|
|
1
|
|
205
|
San Jose/Santa Cruz,
CA
|
2 %
|
|
2 %
|
|
1
|
|
505
|
Salt Lake City/Ogden,
UT
|
2 %
|
|
2 %
|
|
1
|
|
225
|
Birmingham,
AL
|
2 %
|
|
2 %
|
|
1
|
|
99
|
Pittsburgh,
PA
|
2 %
|
|
2 %
|
|
1
|
|
185
|
Louisiana South,
LA
|
1 %
|
|
2 %
|
|
1
|
|
285
|
Philadelphia,
PA
|
1 %
|
|
1 %
|
|
1
|
|
230
|
California Central
Coast, CA
|
1 %
|
|
1 %
|
|
1
|
|
97
|
Charleston,
SC
|
1 %
|
|
1 %
|
|
1
|
|
50
|
Same-Property
Portfolio(1)
|
100 %
|
|
100 %
|
|
32
|
|
9,511
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of September 30, 2023 and also
includes disruption from the COVID-19 pandemic and renovation
disruption for multiple capital projects during the period
presented. "Same-Property" also includes pre-acquisition historical
operating results for W Nashville that were obtained from the
seller and/or manager of the hotel for a portion of the year ended
December 31, 2022.
|
2.
|
As defined by STR,
Inc.
|
3.
|
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 and the table
on page 24 for reconciliations from Hotel Net Income (Loss) to
Hotel Earnings Before Interest, Taxes, Depreciation and
Amortization ("Hotel EBITDA") and Same-Property Hotel
EBITDA.
|
4.
|
As of September 30,
2023.
|
5.
|
Two rooms at Hyatt
Regency Scottsdale Resort & Spa at Gainey Ranch were removed
from inventory in 2022 and three rooms at The Ritz-Carlton, Denver
were added in April 2023.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Portfolio Data by
Market (2022)
For the Three Months
Ended September 30, 2023 and 2022
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
September 30,
2023
|
|
September 30,
2022
|
|
%
Change
|
Market(2)
|
Occupancy
|
ADR
|
RevPAR
|
|
Occupancy
|
ADR
|
RevPAR
|
|
RevPAR
|
Phoenix, AZ
|
15.6 %
|
$
291.19
|
$
45.31
|
|
49.1 %
|
$
267.69
|
$
131.35
|
|
(65.5) %
|
Orlando, FL
|
65.1 %
|
191.34
|
124.66
|
|
71.4 %
|
187.74
|
134.13
|
|
(7.1) %
|
Houston, TX
|
55.9 %
|
214.40
|
119.77
|
|
46.6 %
|
205.07
|
95.64
|
|
25.2 %
|
San Diego,
CA
|
70.7 %
|
418.47
|
295.77
|
|
64.0 %
|
444.37
|
284.36
|
|
4.0 %
|
Dallas, TX
|
63.7 %
|
182.17
|
116.10
|
|
58.9 %
|
172.75
|
101.70
|
|
14.2 %
|
Atlanta, GA
|
66.4 %
|
245.50
|
163.03
|
|
69.1 %
|
237.54
|
164.05
|
|
(0.6) %
|
Florida Keys,
FL
|
85.4 %
|
377.26
|
322.01
|
|
75.6 %
|
418.72
|
316.39
|
|
1.8 %
|
Nashville,
TN
|
69.8 %
|
375.66
|
262.39
|
|
56.2 %
|
397.92
|
223.70
|
|
17.3 %
|
San Francisco/San
Mateo, CA
|
82.9 %
|
209.44
|
173.67
|
|
75.7 %
|
212.74
|
161.00
|
|
7.9 %
|
California North,
CA
|
72.4 %
|
444.51
|
321.80
|
|
79.2 %
|
485.62
|
384.73
|
|
(16.4) %
|
Portland, OR
|
71.8 %
|
197.77
|
142.03
|
|
59.1 %
|
201.78
|
119.21
|
|
19.1 %
|
Savannah, GA
|
76.1 %
|
225.47
|
171.49
|
|
81.8 %
|
245.76
|
201.04
|
|
(14.7) %
|
Washington,
DC-MD-VA
|
67.4 %
|
240.76
|
162.18
|
|
67.9 %
|
233.96
|
158.79
|
|
2.1 %
|
Denver, CO
|
75.2 %
|
387.40
|
291.15
|
|
76.1 %
|
378.56
|
288.26
|
|
1.0 %
|
San Jose/Santa Cruz,
CA
|
57.1 %
|
237.92
|
135.83
|
|
57.2 %
|
227.18
|
129.92
|
|
4.5 %
|
Salt Lake City/Ogden,
UT
|
48.2 %
|
215.04
|
103.75
|
|
66.6 %
|
217.13
|
144.59
|
|
(28.2) %
|
Birmingham,
AL
|
78.0 %
|
330.79
|
258.04
|
|
77.6 %
|
314.00
|
243.60
|
|
5.9 %
|
Pittsburgh,
PA
|
78.1 %
|
291.05
|
227.18
|
|
72.1 %
|
289.24
|
208.57
|
|
8.9 %
|
Louisiana South,
LA
|
59.8 %
|
165.36
|
98.92
|
|
55.3 %
|
184.82
|
102.17
|
|
(3.2) %
|
Philadelphia,
PA
|
73.0 %
|
217.35
|
158.77
|
|
73.2 %
|
221.33
|
162.08
|
|
(2.0) %
|
California Central
Coast, CA
|
83.8 %
|
479.09
|
401.25
|
|
84.3 %
|
520.78
|
438.90
|
|
(8.6) %
|
Charleston,
SC
|
82.1 %
|
360.27
|
295.89
|
|
74.7 %
|
377.23
|
281.78
|
|
5.0 %
|
Same-Property(1)
Portfolio
|
63.8 %
|
$
248.58
|
$
158.48
|
|
63.1 %
|
$
250.16
|
$
157.91
|
|
0.4 %
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of September 30, 2023 and also
includes renovation disruption for multiple capital projects during
the periods presented.
|
2.
|
As defined by STR,
Inc.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Portfolio Data by
Market (2022)
For the Nine Months
Ended September 30, 2023 and 2022
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September 30,
2023
|
|
September 30,
2022
|
|
%
Change
|
Market(2)
|
Occupancy
|
ADR
|
RevPAR
|
|
Occupancy
|
ADR
|
RevPAR
|
|
RevPAR
|
Phoenix, AZ
|
47.2 %
|
$
432.29
|
$
203.84
|
|
61.6 %
|
$
380.29
|
$
234.08
|
|
(12.9) %
|
Orlando, FL
|
74.0 %
|
230.02
|
170.18
|
|
74.8 %
|
217.93
|
163.08
|
|
4.4 %
|
Houston, TX
|
61.6 %
|
227.03
|
139.80
|
|
52.4 %
|
210.61
|
110.32
|
|
26.7 %
|
San Diego,
CA
|
62.6 %
|
385.18
|
240.94
|
|
58.9 %
|
405.38
|
238.72
|
|
0.9 %
|
Dallas, TX
|
66.6 %
|
192.65
|
128.23
|
|
60.1 %
|
177.19
|
106.51
|
|
20.4 %
|
Atlanta, GA
|
68.7 %
|
236.30
|
162.41
|
|
63.8 %
|
226.88
|
144.66
|
|
12.3 %
|
Florida Keys,
FL
|
85.0 %
|
541.22
|
459.87
|
|
87.5 %
|
602.63
|
527.15
|
|
(12.8) %
|
Nashville,
TN
|
66.1 %
|
381.82
|
252.49
|
|
56.0 %
|
385.56
|
215.93
|
|
16.9 %
|
San Francisco/San
Mateo, CA
|
80.6 %
|
205.13
|
165.29
|
|
73.4 %
|
195.32
|
143.31
|
|
15.3 %
|
California North,
CA
|
67.6 %
|
428.77
|
289.84
|
|
74.5 %
|
453.66
|
338.11
|
|
(14.3) %
|
Portland, OR
|
66.2 %
|
198.25
|
131.21
|
|
52.2 %
|
198.49
|
103.58
|
|
26.7 %
|
Savannah, GA
|
80.0 %
|
265.51
|
212.32
|
|
82.5 %
|
268.50
|
221.60
|
|
(4.2) %
|
Washington,
DC-MD-VA
|
66.1 %
|
257.64
|
170.33
|
|
62.3 %
|
251.90
|
156.92
|
|
8.5 %
|
Denver, CO
|
69.9 %
|
363.14
|
253.75
|
|
66.7 %
|
371.24
|
247.51
|
|
2.5 %
|
San Jose/Santa Cruz,
CA
|
54.2 %
|
239.98
|
130.06
|
|
52.2 %
|
215.61
|
112.45
|
|
15.7 %
|
Salt Lake City/Ogden,
UT
|
51.3 %
|
217.41
|
111.61
|
|
63.8 %
|
225.61
|
143.87
|
|
(22.4) %
|
Birmingham,
AL
|
78.5 %
|
334.77
|
262.94
|
|
79.6 %
|
318.61
|
253.59
|
|
3.7 %
|
Pittsburgh,
PA
|
69.0 %
|
270.14
|
186.43
|
|
63.9 %
|
274.19
|
175.11
|
|
6.5 %
|
Louisiana South,
LA
|
60.6 %
|
205.91
|
124.81
|
|
57.2 %
|
227.08
|
129.85
|
|
(3.9) %
|
Philadelphia,
PA
|
71.1 %
|
221.16
|
157.17
|
|
63.5 %
|
220.35
|
139.95
|
|
12.3 %
|
California Central
Coast, CA
|
62.8 %
|
449.00
|
281.77
|
|
67.6 %
|
485.84
|
328.35
|
|
(14.2) %
|
Charleston,
SC
|
81.4 %
|
406.39
|
330.97
|
|
79.4 %
|
406.83
|
323.14
|
|
2.4 %
|
Same-Property(1)
Portfolio
|
66.1 %
|
$
262.24
|
$
173.43
|
|
62.7 %
|
$
260.13
|
$
163.04
|
|
6.4 %
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of September 30, 2023 and also
includes disruption from the COVID-19 pandemic in the nine months
ended September 30, 2022 and renovation disruption for multiple
capital projects during the periods presented. "Same-Property" also
includes pre-acquisition historical operating results for W
Nashville that were obtained from the seller and/or manager of the
hotel for a portion of the nine months ended September 30,
2022.
|
2.
|
As defined by STR,
Inc.
|
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Hotel Net Income (Loss) to Hotel EBITDA by Market
(2022)
For the Year Ended
December 31, 2022
|
|
|
For the Year Ended
December 31, 2022
|
Market(1)
|
Keys(2)
|
Total
Revenues
($000s)
|
|
Hotel
Net
Income
(Loss)
GAAP
($000s)
|
Plus:
Interest
Expense
($000s)
|
Plus:
Depr.
&
Amort.
($000s)
|
Equals:
Hotel
EBITDA
($000s)
|
Phoenix, AZ
|
610
|
$ 108,750
|
|
$
27,262
|
$
—
|
$
11,841
|
$
39,103
|
Orlando, FL
|
1,026
|
121,107
|
|
20,357
|
2,619
|
15,119
|
38,095
|
Houston, TX
|
1,220
|
88,764
|
|
11,612
|
—
|
17,730
|
29,342
|
San Diego,
CA
|
486
|
101,527
|
|
10,451
|
—
|
12,523
|
22,974
|
Dallas, TX
|
961
|
63,142
|
|
12,530
|
—
|
6,024
|
18,554
|
Atlanta, GA
|
649
|
56,939
|
|
6,291
|
4,048
|
6,642
|
16,981
|
Florida Keys,
FL
|
120
|
28,481
|
|
11,536
|
—
|
1,605
|
13,141
|
Nashville,
TN
|
346
|
52,211
|
|
(2,194)
|
—
|
14,070
|
11,876
|
San Francisco/San
Mateo, CA
|
688
|
48,463
|
|
2,909
|
5,226
|
3,386
|
11,521
|
California North,
CA
|
141
|
21,246
|
|
5,168
|
2,072
|
1,546
|
8,786
|
Portland, OR
|
685
|
39,654
|
|
(272)
|
—
|
9,035
|
8,763
|
Savannah, GA
|
226
|
26,113
|
|
5,767
|
229
|
2,756
|
8,752
|
Washington,
DC-MD-VA
|
472
|
45,217
|
|
(829)
|
166
|
7,608
|
6,945
|
Denver, CO
|
205
|
34,124
|
|
2,414
|
—
|
4,149
|
6,563
|
San Jose/Santa Cruz,
CA
|
505
|
34,268
|
|
1,877
|
—
|
3,725
|
5,602
|
Salt Lake City/Ogden,
UT
|
225
|
15,531
|
|
2,948
|
—
|
1,904
|
4,852
|
Birmingham,
AL
|
99
|
16,592
|
|
3,191
|
—
|
1,280
|
4,471
|
Pittsburgh,
PA
|
185
|
19,945
|
|
2,943
|
—
|
1,410
|
4,353
|
Louisiana South,
LA
|
285
|
19,056
|
|
1,526
|
—
|
2,765
|
4,291
|
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Hotel Net Income (Loss) to Hotel EBITDA by Market (2022) -
Continued
For the Year Ended
December 31, 2022
|
|
|
For the Year Ended
December 31, 2022
|
Market(1)
|
Keys(2)
|
Total
Revenues
($000s)
|
|
Hotel
Net
Income
(Loss)
GAAP
($000s)
|
Plus:
Interest
Expense
($000s)
|
Plus:
Depr.
&
Amort.
($000s)
|
Equals:
Hotel
EBITDA
($000s)
|
Philadelphia,
PA
|
230
|
$
16,144
|
|
$
952
|
$
—
|
$
3,003
|
$
3,955
|
California Central
Coast, CA
|
97
|
15,540
|
|
1,895
|
—
|
2,046
|
3,941
|
Charleston,
SC
|
50
|
11,264
|
|
1,913
|
—
|
840
|
2,753
|
Same-Property
Portfolio(3)
|
9,511
|
$ 984,078
|
|
$
130,247
|
$
14,360
|
$
131,007
|
$
275,614
|
|
|
1.
|
As defined by STR,
Inc.
|
2.
|
As of September 30,
2023.
|
3.
|
"Same-Property"
includes all hotels owned as of September 30, 2023 and also
includes disruption from the COVID-19 pandemic and renovation
disruption for multiple capital projects during the period
presented. "Same-Property" also includes pre-acquisition historical
operating results for W Nashville that were obtained from the
seller and/or manager of the hotel for a portion of the year ended
December 31, 2022.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/xenia-hotels--resorts-reports-third-quarter-2023-results-301973178.html
SOURCE Xenia Hotels & Resorts, Inc.