Xenia Hotels & Resorts Reports Third Quarter 2024 Results

ORLANDO, Fla., Nov. 6, 2024 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE:XHR) ("Xenia" or the "Company") today announced results for the quarter ended September 30, 2024.

Third Quarter 2024 Highlights

Net Loss: Net loss attributable to common stockholders was $7.1 million, or $0.07 per share

Adjusted EBITDAre: $44.3 million, decreased 4.4% compared to the third quarter of 2023

Adjusted FFO per Diluted Share: $0.25, decreased 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: $240.72, decreased 3.3% compared to the third quarter of 2023

Same-Property RevPAR: $161.20, increased 1.5% compared to the third quarter of 2023. Excluding Grand Hyatt Scottsdale Resort, which underwent a transformative renovation, RevPAR was $168.48, an increase of 1.1% compared to the third quarter of 2023.

Same-Property Hotel EBITDA: $48.1 million, decreased 6.3% compared to the third quarter of 2023. Excluding Grand Hyatt Scottsdale Resort, Same-Property Hotel EBITDA was $52.2 million, a decrease of 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 was 22.3%, 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 $0.12 per share to common stockholders of record on September 30, 2024.

Capital Markets Activities: The Company repurchased a total of 146,863 shares of common stock at a weighted-average price of $12.78 per share for a total consideration of approximately $1.9 million.

Year-to-Date 2024 Highlights

Net Income: Net income attributable to common stockholders was $16.8 million, or $0.16 per share

Adjusted EBITDAre: $178.0 million, decreased 7.5% compared to the same period in 2023

Adjusted FFO per Diluted Share: $1.20, increased 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: $255.15, decreased 2.8% compared to the same period in 2023

Same-Property RevPAR: $174.66, increased 0.5% compared to the same period in 2023. Excluding Grand Hyatt Scottsdale Resort, RevPAR was $179.40, an increase of 3.3% compared to the same period in 2023.

Same-Property Hotel EBITDA: $192.5 million, decreased 7.0% compared to the same period in 2023. Excluding Grand Hyatt Scottsdale Resort, Same-Property Hotel EBITDA was $193.7 million, an increase of 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 was 25.9%, 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 $13.34 per share for a total consideration of approximately $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 3.3% decrease in ADR negatively impacted Hotel EBITDA Margin."

"Based on preliminary October results, we estimate that RevPAR increased by approximately 4% as compared to last year, which represents an acceleration from our RevPAR growth in the third quarter," continued Mr. Verbaas. "However, the negative impact of Hurricane Milton on demand at a number of our hotels and resorts in the Southeast as well as on-going renovation disruption in Scottsdale muted the growth we had previously projected for the month. Although recent results have trended below our prior expectations, we continue to be optimistic about our portfolio's growth potential in 2025 and beyond due to the unique growth drivers embedded in our portfolio and strong group revenue pace at many of our hotels and resorts."

"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 $3 million greater than our previous estimate. However, we expect financial results at the resort to ramp up gradually over the next few quarters, as its high-quality rooms, upgraded and expanded food and beverage offerings, spectacular pool complex, refreshed meeting spaces and fully renovated spa have significantly improved the resort's competitive positioning in the luxury Phoenix/Scottsdale resort market. As a result, we continue to expect that Grand Hyatt Scottsdale Resort will be a significant driver of the Company's expected earnings growth in the years ahead."

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 Alexandria, VA, for $30.0 million, or approximately $280,000 per key. The sale price represented a 21.3x multiple and a 3.1% capitalization rate on Hotel EBITDA and Net Operating Income, respectively, for the trailing twelve months ended May 31, 2024. Proceeds will be utilized for general corporate purposes, which may include share repurchases, debt repayment, capital expenditures and acquisitions consistent with the Company's long-term strategy.

Liquidity and Balance Sheet

As of September 30, 2024, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.50%. The Company had approximately $161 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 $611 million as of September 30, 2024. In addition, the Company held approximately $63 million of restricted cash and escrows at the end of the third quarter.

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 $500 million revolving line of credit (currently undrawn) and a $325 million term loan (of which, $225 million continues to be outstanding and $100 million is available to be drawn within 90 days of close). The sizing of the revolving line of credit and term loan represent a $50 million and a $100 million increase to prior levels, respectively. The amended credit facility matures in November 2028 and can be extended to November 2029.

Capital Markets

In the quarter, the Company repurchased a total of 146,863 shares of common stock at a weighted-average price of $12.78 per share for a total consideration of approximately $1.9 million. The Company currently has $125.5 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, 2024.

Capital Expenditures

During the three and nine months ended September 30, 2024, the Company invested $46.9 million and $116.2 million in portfolio improvements, respectively.

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, Denver.

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 Orlando in October. While no hurricane caused significant damage to any single property, the Company estimates that lost revenues and higher operating expenses from repair and cleanup will result in an approximate $2 million impact to Hotel EBITDA over the third and fourth quarters. Due to named wind storm deductible amounts, the Company does not anticipate any insurance recoveries from these hurricanes.

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

$9

$17

$(9)

$(13)

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

$234

$242

$(9)

$(13)

Adjusted FFO

$160

$168

$(9)

$(13)

Adjusted FFO per Diluted Share

$1.54

$1.62

$(0.08)

$(0.12)

Capital Expenditures

$130

$140

$5

$5

 

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 $20 million - an increase of approximately $3 million from prior guidance

General and administrative expense of approximately $23 million, excluding non-cash share-based compensation - a decrease of approximately $1 million from prior guidance

Interest expense of approximately $77 million, excluding non-cash loan related costs - no change from prior guidance

Income tax benefit of approximately $3 million - no change from prior guidance

$70 - $75 million of capital expenditures for Grand Hyatt Scottsdale Resort - no change from prior guidance

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 the United States. The Company owns 31 hotels and resorts comprising 9,408 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, and The Kessler Collection. 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, 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 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, global conflicts and geopolitical unrest, other political conditions or uncertainty, actual or threatened terrorist or cyber-attacks, mass casualty events, government shutdowns and closures, travel-related health concerns, global outbreaks of pandemics (such as the COVID-19 pandemic) or contagious diseases, or fear of such outbreaks, weather and climate-related events, such as hurricanes, tornadoes, floods, wildfires, and droughts, and natural or man-made disasters; (iii) inflation and inflationary pressures which increases labor costs and other costs of providing services to guests and complying with hotel brand standards, as well as costs related to construction and other capital expenditures, property and other taxes, and insurance costs which could result in reduced operating profit margins; (iv) bank failures and concerns over a  potential domestic and/or global recession; (v) the Company's dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly; (vi) 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 disruption caused by cancellation of or delays in the completion of anticipated demand generators; (vii) the availability and terms of financing and capital and the general volatility of securities markets; (viii) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws; (ix) interest rate increases; (x) ability to successfully negotiate amendments and covenant waivers with its unsecured and secured indebtedness; (xi) the Company's ability to comply with covenants, restrictions, and limitations in any existing or revised loan agreements with our unsecured and secured lenders; (xii) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs; (xiii) the possibility of uninsured or underinsured losses, including those relating to natural disasters, terrorism, government shutdowns and closures, civil unrest, or cyber incidents; (xiv) risks associated with redevelopment and repositioning projects, including disruption, delays and cost overruns; (xv) levels of spending in business and leisure segments as well as consumer confidence; (xvi) declines in occupancy and average daily rate; (xvii) the seasonal and cyclical nature of the real estate and hospitality businesses; (xviii) changes in distribution arrangements, such as through Internet travel intermediaries; (xix) relationships with labor unions and changes in labor laws, including increases to minimum wages and/or work rule requirements; (xx) the impact of changes in the tax code and uncertainty as to how some of those changes may be applied; (xxi) monthly cash expenditures and the uncertainty around predictions; (xxii) labor shortages; (xxiii) disruptions in supply chains resulting in delays or inability to procure required products; and (xiv) 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.

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, $0.01 par value, 500,000,000 shares authorized, 101,816,814 and 102,372,589 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

$                           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)