ORLANDO, Fla., May 6, 2021
/PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE: XHR)
("Xenia" or the "Company") today announced results for the quarter
ended March 31, 2021.
First Quarter 2021 Highlights
- Net Loss: Net loss attributable to common stockholders
was $(56.4) million, or $(0.50) per share.
- Adjusted EBITDAre: Adjusted EBITDAre was $(3.6) million.
- Adjusted FFO per Diluted Share: Adjusted FFO per diluted
share was $(0.18).
- Same-Property RevPAR: The Company had its entire
Same-Property portfolio (34 properties) open and operating during
the first quarter. These properties achieved RevPAR of $65.70, as a result of occupancy of 34.8% and an
ADR of $188.68.
- Same-Property Hotel EBITDA: Same-Property Hotel EBITDA
was $95 thousand.
- Same-Property Hotel EBITDA Margin: Same-Property Hotel
EBITDA Margin was 0.1%.
"Our first quarter results substantially exceeded expectations
as the 45.4% occupancy and $91.69
RevPAR in March for our Same-Property Portfolio were well ahead of
our internal forecast," commented Marcel
Verbaas, Chairman and Chief Executive Officer of Xenia.
"Having our entire Same-Property portfolio open for business
allowed us to benefit from the continued strengthening of leisure
demand, particularly in many of our Sunbelt and Southeast locations
where our portfolio is concentrated. As a result of the improved
performance in March, our Same-Property Hotel EBITDA for the
quarter turned positive, which speaks to both the favorable
geographic footprint of our portfolio as well as our continued
outstanding efforts on expense controls. For the full quarter, 17
of our properties achieved positive Hotel EBITDA, while 22 of our
hotels and resorts did so in March."
"Our April results further
improved, as our 34 Same-Property hotels and resorts achieved
approximately 49% occupancy and an approximately $106 RevPAR,"
continued Mr. Verbaas. "Based on the positive trend in April, and
with vaccination rates and willingness to travel continuing to
increase, we now expect the strength in March, when we achieved
positive Adjusted EBITDAre and
Adjusted FFO, to continue. We expect that leisure demand will
remain strong throughout the summer and are hopeful for a
gradual recovery in business
transient and group demand in the second half of the year as we
have witnessed some early signs of improvements in these segments in recent
weeks. We believe that our portfolio remains well-positioned for
the recovery in demand across all segments in the quarters and
years ahead."
Operating Results
The Company's results include the following:
|
Three Months Ended
March 31,
|
|
|
|
2021
|
|
2020
|
|
Change
|
|
($ amounts in
thousands, except hotel statistics and per share
amounts)
|
Net loss attributable
to common stockholders
|
$
|
(56,351)
|
|
|
$
|
(36,138)
|
|
|
55.9
|
%
|
Net loss per share
available to common stockholders - basic and diluted
|
$
|
(0.50)
|
|
|
$
|
(0.32)
|
|
|
56.3
|
%
|
|
|
|
|
|
|
Same-Property Number
of Hotels(1)
|
34
|
|
|
34
|
|
|
—
|
|
Same-Property Number
of Rooms(1)
|
9,411
|
|
|
9,412
|
|
|
(1)
|
|
Same-Property
Occupancy(1)
|
34.8
|
%
|
|
57.1
|
%
|
|
(2,230)
|
bps
|
Same-Property Average
Daily Rate(1)
|
$
|
188.68
|
|
|
$
|
227.63
|
|
|
(17.1)
|
%
|
Same-Property
RevPAR(1)
|
$
|
65.70
|
|
|
$
|
129.93
|
|
|
(49.4)
|
%
|
Same-Property Hotel
EBITDA(1)(2)
|
$
|
95
|
|
|
$
|
31,235
|
|
|
(99.7)
|
%
|
Same-Property Hotel
EBITDA Margin(1)(2)
|
0.1
|
%
|
|
16.0
|
%
|
|
(1,591)
|
bps
|
|
|
|
|
|
|
Total Portfolio
Number of Hotels(3)
|
35
|
|
|
39
|
|
|
(4)
|
|
Total Portfolio
Number of Rooms(3)
|
10,011
|
|
|
11,245
|
|
|
(1,234)
|
|
Total Portfolio
RevPAR(4)
|
$
|
61.76
|
|
|
$
|
121.68
|
|
|
(49.2)
|
%
|
|
|
|
|
|
|
Adjusted
EBITDAre(2)
|
$
|
(3,647)
|
|
|
$
|
24,460
|
|
|
(114.9)
|
%
|
Adjusted
FFO(2)
|
$
|
(20,795)
|
|
|
$
|
19,370
|
|
|
(207.4)
|
%
|
Adjusted FFO per
diluted share(2)
|
$
|
(0.18)
|
|
|
$
|
0.17
|
|
|
(205.9)
|
%
|
|
|
1.
|
"Same-Property" includes all
hotels owned as of March 31, 2021, except for Hyatt Regency
Portland at the Oregon Convention Center. Includes hotels that had
temporarily suspended operations for a portion of the three months
ended March 31, 2020, as if all hotel rooms were available for
sale. "Same-Property" also includes disruption from the COVID-19
pandemic in 2021 and 2020, and renovation disruption for multiple
capital projects during the periods presented.
|
|
|
2.
|
See tables later in
this press release for reconciliations from net loss 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. EBITDA, EBITDAre, Adjusted EBITDAre, FFO,
Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA
Margin are non-GAAP financial measures.
|
|
|
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.
Includes hotels that had temporarily suspended operations for a
portion of or all of the three months ended March 31, 2021 and
2020, as if all hotel rooms were available for
sale.
|
Operations Update
As of March 31, 2021, 34 of the
Company's 35 hotels and resorts were open and operating,
representing 94% of the Company's total room count. The Company
expects to recommence operations at Hyatt Regency Portland at the
Oregon Convention Center by the
end of May.
The following table provides operating information for the
Company's Same-Property portfolio during the first quarter.
|
January
2021
|
February
2021
|
March
2021
|
First
Quarter
2021
|
Same-Property
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Hotels
|
34
|
|
34
|
|
34
|
|
34
|
|
Number of
Rooms
|
9,411
|
|
9,411
|
|
9,411
|
|
9,411
|
|
Occupancy
|
24.5
|
%
|
34.5
|
%
|
45.4
|
%
|
34.8
|
%
|
Average Daily
Rate
|
$
|
170.41
|
|
$
|
183.58
|
|
$
|
202.07
|
|
$
|
188.68
|
|
RevPAR
|
$
|
41.83
|
|
$
|
63.35
|
|
$
|
91.69
|
|
$
|
65.70
|
|
Capital Markets
The Company did not issue any shares of its common stock through
its At-The-Market ("ATM") program. As of March 31, 2021, the Company had approximately
$62.6 million remaining available for
sale under the ATM program.
Liquidity and Balance Sheet
As of March 31, 2021, the Company
had total outstanding debt of $1.4
billion with a weighted-average interest rate of 4.78%. The
Company had approximately $355
million of cash and cash equivalents, and $360 million available on its $523 million revolving credit facility, resulting
in total liquidity of $715 million as
of March 31, 2021. In addition, the
Company held approximately $35
million of restricted cash and escrows at the end of the
first quarter.
Capital Expenditures
During the three months ended March 31,
2021, the Company invested $7.2
million in portfolio improvements.
Following the completion of the Golf Clubhouse, which included
the conversion of the traditional steakhouse concept at the Golf
Clubhouse to a vintage California
cuisine concept by Richard Blais, at
Park Hyatt Aviara Resort, Golf Club & Spa during the quarter,
the Company has fully completed the transformational renovation.
The total cost of the renovation was approximately $52 million.
Projects for the remainder of the year will include:
- The development of the Regency Court, a new outdoor social
venue, at Hyatt Regency Scottsdale Resort & Spa
- A restaurant and lobby renovation at The Ritz-Carlton, Pentagon
City
- A restaurant and lobby renovation at Waldorf Astoria Atlanta
Buckhead
Additionally, the Company continued the design and planning work
for three significant rooms renovations and one significant resort
pool area renovation.
2021 Outlook and Guidance
The Company does not expect to issue full year earnings guidance
until it has more clarity on fundamentals and trends within the
industry. The Company is providing the following guidance for full
year 2021 on certain corporate expenses:
- General and administrative expenses are projected to be
approximately $19 million, excluding
non-cash share-based compensation.
- Interest expense is projected to be approximately $68 million, excluding non-cash loan related
costs.
- Capital expenditures are projected to be approximately
$40 million, with planned
expenditures more heavily weighted towards the second half of the
year.
First Quarter 2021 Earnings Call
The Company will conduct its quarterly conference call on
Thursday, May 6, 2021 at 1:00 PM
Eastern Time. To participate in the conference call, please
dial (855) 656-0921. 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
U.S. lodging markets as well as key leisure destinations in
the United States. The Company
owns 35 hotels and resorts comprising 10,011 rooms across 15
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, the outlook related to the effects of the COVID-19
pandemic, including on the demand for travel, transient and group
business, the timing of hotel reopenings, the level of expenses
incurred in connection with hotel reopenings, capital expenditures,
timing of renovations, financial performance, 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) the impact of the COVID-19 pandemic, including on the
demand for travel, transient and group business, and levels of
consumer confidence; (ii) actions that governments, businesses, and
individuals take in response to the COVID-19 pandemic or any future
resurgence of COVID-19 including variants of the virus, including
limiting or banning travel; (iii) the impact of the COVID-19
pandemic and actions taken in response to the pandemic or any
future resurgence on global, national, or regional economies,
travel and economic activity, including the duration and magnitude
of its impact on unemployment rates and consumer discretionary
spending; (iv) the ability of hotel managers to successfully
navigate the impacts of the COVID-19 pandemic; (v) the pace of
recovery following the COVID-19 pandemic or any future resurgence;
(vi) Factors such as public health (including a significant
increase in new and variant strains of COVID-19 cases),
availability and effectiveness of COVID-19 vaccines and
therapeutics, the level of acceptance of the vaccine by the general
population and the economic and geopolitical environments may
impact the timing, extent and pace of such recovery; (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, actual or threatened terrorist
attacks, 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) 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) vaccination hesitancy and/or
effectiveness; (xxv) inflationary caution; (xxvi) labor
shortages; and (xxvii) 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 March 31,
2021 and December 31, 2020
($ amounts in
thousands)
|
|
|
March 31,
2021
|
|
December 31,
2020
|
Assets
|
(Unaudited)
|
|
(Audited)
|
Investment
properties:
|
|
|
|
Land
|
$
|
446,805
|
|
|
$
|
446,855
|
|
Buildings and other
improvements
|
2,952,672
|
|
|
2,949,114
|
|
Total
|
$
|
3,399,477
|
|
|
$
|
3,395,969
|
|
Less: accumulated
depreciation
|
(860,331)
|
|
|
(827,501)
|
|
Net investment
properties
|
$
|
2,539,146
|
|
|
$
|
2,568,468
|
|
Cash and cash
equivalents
|
354,597
|
|
|
389,823
|
|
Restricted cash and
escrows
|
34,628
|
|
|
38,963
|
|
Accounts and rents
receivable, net of allowance for doubtful accounts
|
14,567
|
|
|
8,966
|
|
Intangible assets, net
of accumulated amortization
|
6,204
|
|
|
6,456
|
|
Other
assets
|
73,620
|
|
|
66,927
|
|
Total
assets
|
$
|
3,022,762
|
|
|
$
|
3,079,603
|
|
Liabilities
|
|
|
|
Debt, net of loan
premiums, discounts and unamortized deferred financing
costs
|
$
|
1,374,038
|
|
|
$
|
1,374,480
|
|
Accounts payable and
accrued expenses
|
61,635
|
|
|
62,676
|
|
Other
liabilities
|
73,402
|
|
|
75,584
|
|
Total
liabilities
|
$
|
1,509,075
|
|
|
$
|
1,512,740
|
|
Commitments and
Contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.01
par value, 500,000,000 shares authorized, 113,804,074 and
113,755,513 shares issued and outstanding as of March 31, 2021 and
December 31,
2020, respectively
|
$
|
1,138
|
|
|
$
|
1,138
|
|
Additional paid in
capital
|
2,081,091
|
|
|
2,080,364
|
|
Accumulated other
comprehensive loss
|
(12,059)
|
|
|
(14,425)
|
|
Accumulated
distributions in excess of net earnings
|
(569,353)
|
|
|
(513,002)
|
|
Total Company
stockholders' equity
|
$
|
1,500,817
|
|
|
$
|
1,554,075
|
|
Non-controlling
interests
|
12,870
|
|
|
12,788
|
|
Total
equity
|
$
|
1,513,687
|
|
|
$
|
1,566,863
|
|
Total liabilities and
equity
|
$
|
3,022,762
|
|
|
$
|
3,079,603
|
|
Xenia Hotels &
Resorts, Inc.
Condensed
Consolidated Statements of Operations and Comprehensive
Loss
For the Three
Months Ended March 31, 2021 and 2020
(Unaudited)
($ amounts in
thousands, except per share data)
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
Revenues:
|
|
|
|
Rooms
revenues
|
$
|
55,646
|
|
|
$
|
124,515
|
|
Food and beverage
revenues
|
21,592
|
|
|
73,729
|
|
Other
revenues
|
10,614
|
|
|
17,109
|
|
Total
revenues
|
$
|
87,852
|
|
|
$
|
215,353
|
|
Expenses:
|
|
|
|
Rooms
expenses
|
$
|
15,537
|
|
|
$
|
35,076
|
|
Food and beverage
expenses
|
18,178
|
|
|
52,972
|
|
Other direct
expenses
|
3,198
|
|
|
5,392
|
|
Other indirect
expenses
|
37,327
|
|
|
70,088
|
|
Management and
franchise fees
|
2,844
|
|
|
7,330
|
|
Total hotel operating
expenses
|
$
|
77,084
|
|
|
$
|
170,858
|
|
Depreciation and
amortization
|
33,197
|
|
|
37,091
|
|
Real estate taxes,
personal property taxes and insurance
|
10,540
|
|
|
13,675
|
|
Ground lease
expense
|
403
|
|
|
754
|
|
General and
administrative expenses
|
6,922
|
|
|
8,151
|
|
Gain on business
interruption insurance
|
(1,116)
|
|
|
—
|
|
Impairment and other
losses
|
—
|
|
|
16,368
|
|
Total
expenses
|
$
|
127,030
|
|
|
$
|
246,897
|
|
Operating
loss
|
$
|
(39,178)
|
|
|
$
|
(31,544)
|
|
Other
income
|
116
|
|
|
127
|
|
Interest
expense
|
(18,750)
|
|
|
(13,024)
|
|
Net loss before income
taxes
|
$
|
(57,812)
|
|
|
$
|
(44,441)
|
|
Income tax (expense)
benefit
|
(165)
|
|
|
7,311
|
|
Net loss
|
$
|
(57,977)
|
|
|
$
|
(37,130)
|
|
Net loss attributable
to non-controlling interests
|
1,626
|
|
|
992
|
|
Net loss attributable
to common stockholders
|
$
|
(56,351)
|
|
|
$
|
(36,138)
|
|
Xenia Hotels &
Resorts, Inc.
Condensed
Consolidated Statements of Operations and Comprehensive Loss -
Continued
For the Three
Months Ended March 31, 2021 and 2020
(Unaudited)
($ amounts in
thousands, except per share data)
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
Basic and diluted
loss per share:
|
|
|
|
Net loss per share
available to common stockholders - basic and diluted
|
$
|
(0.50)
|
|
|
$
|
(0.32)
|
|
Weighted-average
number of common shares (basic)
|
113,780,388
|
|
|
112,984,868
|
|
Weighted-average
number of common shares (diluted)
|
113,780,388
|
|
|
112,984,868
|
|
|
|
|
|
Comprehensive
Loss:
|
|
|
|
Net loss
|
$
|
(57,977)
|
|
|
$
|
(37,130)
|
|
Other comprehensive
income (loss):
|
|
|
|
Unrealized gain (loss)
on interest rate derivative instruments
|
104
|
|
|
(17,120)
|
|
Reclassification
adjustment for amounts recognized in net loss (interest
expense)
|
2,330
|
|
|
409
|
|
|
$
|
(55,543)
|
|
|
$
|
(53,841)
|
|
Comprehensive loss
attributable to non-controlling interests
|
1,558
|
|
|
1,477
|
|
Comprehensive loss
attributable to the Company
|
$
|
(53,985)
|
|
|
$
|
(52,364)
|
|
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, hotel property acquisition, 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 hotels 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) hotel
acquisition and terminated transaction costs, 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 hotel acquisition
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 condensed
consolidated statements of operations and comprehensive loss
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 the investor 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 hotel property acquisition,
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 (Loss)
Income to EBITDA, EBITDAre, Adjusted EBITDAre and
Same-Property Hotel EBITDA
For the Three
Months Ended March 31, 2021, 2020 and 2019
(Unaudited)
($ amounts in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
2019
|
Net (loss)
income
|
$
|
(57,977)
|
|
|
$
|
(37,130)
|
|
|
$
|
17,276
|
|
Adjustments:
|
|
|
|
|
|
Interest
expense
|
18,750
|
|
|
13,024
|
|
|
12,587
|
|
Income tax expense
(benefit)
|
165
|
|
|
(7,311)
|
|
|
6,093
|
|
Depreciation and
amortization
|
33,197
|
|
|
37,091
|
|
|
40,000
|
|
EBITDA
|
$
|
(5,865)
|
|
|
$
|
5,674
|
|
|
$
|
75,956
|
|
Impairment and other
losses(1)
|
—
|
|
|
16,368
|
|
|
—
|
|
EBITDAre
|
$
|
(5,865)
|
|
|
$
|
22,042
|
|
|
$
|
75,956
|
|
|
|
|
|
|
|
Reconciliation to
Adjusted EBITDAre
|
|
|
|
|
|
Depreciation and
amortization related to corporate assets
|
$
|
(100)
|
|
|
$
|
(96)
|
|
|
$
|
(103)
|
|
Loss on
extinguishment of debt
|
—
|
|
|
—
|
|
|
213
|
|
Amortization of
share-based compensation expense(2)
|
2,295
|
|
|
2,040
|
|
|
1,894
|
|
Non-cash ground rent
and straight-line rent expense
|
19
|
|
|
80
|
|
|
126
|
|
Other non-recurring
expenses(2)
|
4
|
|
|
394
|
|
|
—
|
|
Adjusted EBITDAre
attributable to common stock and unit holders
|
$
|
(3,647)
|
|
|
$
|
24,460
|
|
|
$
|
78,086
|
|
Corporate-level costs
and expenses
|
4,685
|
|
|
6,180
|
|
|
6,638
|
|
Pro forma hotel level
adjustments, net
|
173
|
|
|
875
|
|
|
(5,856)
|
|
Other
|
(1,116)
|
|
|
(280)
|
|
|
—
|
|
Same-Property
Hotel EBITDA attributable to common stock and unit
holders(3)
|
$
|
95
|
|
|
$
|
31,235
|
|
|
$
|
78,868
|
|
|
|
1.
|
During the three
months ended March 31, 2020, we recorded goodwill impairments
totaling $16.4 million for Andaz Savannah and Bohemian Hotel
Savannah Riverfront, Autograph Collection. The goodwill impairments
were directly attributed to existing market weakness due to new
supply and the material adverse impact that the COVID-19 pandemic
had on the results of operations at each hotel.
|
|
|
2.
|
During the three months ended
March 31, 2020, we reduced our corporate personnel in order to
preserve capital over the long-term as a result of the material
adverse impact that COVID-19 has had on our results of operations.
As a result of the corporate personnel reductions, during the three
months ended March 31, 2020, we incurred $0.4 million of
accelerated amortization for related share-based compensation
expense and $0.4 million of other non-recurring expense for
severance related costs.
|
|
|
3.
|
See the
reconciliation of Total Revenues and Total Hotel Operating Expenses
on a consolidated GAAP basis to Total Same-Property Revenues and
Total Same-Property Hotel Operating Expenses and the calculation of
Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three
months ended March 31, 2021 and 2020 on page 14 and for the three
months ended March 31, 2019 on page 15.
|
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Net (Loss)
Income to FFO and Adjusted FFO
For the Three
Months Ended March 31, 2021, 2020 and 2019
(Unaudited)
($ amounts in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
2019
|
Net (loss)
income
|
$
|
(57,977)
|
|
|
$
|
(37,130)
|
|
|
$
|
17,276
|
|
Adjustments:
|
|
|
|
|
|
Depreciation and
amortization related to investment properties
|
33,097
|
|
|
36,995
|
|
|
39,897
|
|
Impairment of
investment properties(1)
|
—
|
|
|
16,368
|
|
|
—
|
|
FFO attributable
to common stock and unit holders
|
$
|
(24,880)
|
|
|
$
|
16,233
|
|
|
$
|
57,173
|
|
Reconciliation to
Adjusted FFO
|
|
|
|
|
|
Loss on extinguishment
of debt
|
—
|
|
|
—
|
|
|
213
|
|
Loan related costs,
net of adjustment related to non-controlling
interests(2)
|
1,767
|
|
|
623
|
|
|
625
|
|
Amortization of
share-based compensation expense
|
2,295
|
|
|
2,040
|
|
|
1,894
|
|
Non-cash ground rent
and straight-line rent expense
|
19
|
|
|
80
|
|
|
126
|
|
Other non-recurring
expenses(3)
|
4
|
|
|
394
|
|
|
—
|
|
Adjusted FFO
attributable to common stock and unit holders
|
$
|
(20,795)
|
|
|
$
|
19,370
|
|
|
$
|
60,031
|
|
Weighted-average
shares outstanding - Diluted(4)
|
114,826
|
|
|
114,478
|
|
|
114,165
|
|
Adjusted FFO per
diluted share
|
$
|
(0.18)
|
|
|
$
|
0.17
|
|
|
$
|
0.53
|
|
|
|
1.
|
During the three
months ended March 31, 2020, we recorded goodwill impairments
totaling $16.4 million for Andaz Savannah and Bohemian Hotel
Savannah Riverfront, Autograph Collection. The goodwill impairments
were directly attributed to existing market weakness due to new
supply and the material adverse impact that the COVID-19 pandemic
had on the results of operations at each hotel.
|
|
|
2.
|
Loan related costs
includes amortization of debt premiums, discounts and deferred loan
origination costs.
|
|
|
3.
|
During the three months ended
March 31, 2020, we reduced our corporate personnel in order to
preserve capital over the long-term as a result of the material
adverse impact that COVID-19 has had on our results of operations.
As a result of the corporate personnel reductions, during the three
months ended March 31, 2020, we incurred $0.4 million of
accelerated amortization for related share-based compensation
expense and $0.4 million of other non-recurring expense for
severance related costs.
|
|
|
4.
|
Diluted
weighted-average number of shares of common stock outstanding plus
the weighted-average vested Operating Partnership units for the
respective periods presented in thousands.
|
Xenia Hotels &
Resorts, Inc.
Debt Summary as of
March 31, 2021
($ amounts in
thousands)
|
|
|
Rate
Type
|
|
Rate(1)
|
|
Maturity
Date
|
|
Outstanding as
of
March 31, 2021
|
|
|
|
|
|
|
|
|
Mortgage
Loans
|
|
|
|
|
|
|
|
Kimpton Hotel Palomar
Philadelphia
|
Fixed(2)
|
|
4.14
|
%
|
|
January
2023
|
|
$
|
57,000
|
|
Renaissance Atlanta
Waverly Hotel & Convention Center
|
Partially
Fixed(3)
|
|
3.74
|
%
|
|
August
2024
|
|
100,000
|
|
Andaz Napa
|
Partially Fixed
(4)
|
|
3.55
|
%
|
|
September
2024
|
|
56,000
|
|
The Ritz-Carlton,
Pentagon City
|
Fixed(5)
|
|
4.95
|
%
|
|
January
2025
|
|
65,000
|
|
Grand Bohemian Hotel Orlando,
Autograph Collection
|
Fixed
|
|
4.53
|
%
|
|
March 2026
|
|
57,597
|
|
Marriott San Francisco Airport
Waterfront
|
Fixed
|
|
4.63
|
%
|
|
May 2027
|
|
115,325
|
|
Total Mortgage
Loans
|
|
|
4.27
|
%
|
(6)
|
|
|
$
|
450,922
|
|
Corporate Credit
Facilities
|
|
|
|
|
|
|
|
Revolving Credit
Facility(7)
|
Variable
|
|
2.93
|
%
|
|
February
2024
|
|
163,093
|
|
Corporate Credit
Facility Term Loan $150M
|
Partially
Fixed(8)
|
|
3.77
|
%
|
|
August
2023
|
|
150,000
|
|
Corporate Credit
Facility Term Loan $125M
|
Partially
Fixed(9)
|
|
3.92
|
%
|
|
September
2024
|
|
125,000
|
|
Total Corporate
Credit Facilities
|
|
|
3.50
|
%
|
(6)
|
|
|
$
|
438,093
|
|
Senior Notes
$500M
|
Fixed
|
|
6.38
|
%
|
|
August
2025
|
|
500,000
|
|
Loan premiums,
discounts and unamortized deferred premium financing costs,
net(10)
|
|
|
|
|
|
|
(14,977)
|
|
Total Debt, net of
loan premiums, discounts and unamortized deferred financing
costs
|
|
|
4.78
|
%
|
(6)
|
|
|
$
|
1,374,038
|
|
|
|
1.
|
The rates shown
represent the annual interest rates as of March 31, 2021. The
variable index for secured mortgage loans is one-month LIBOR and
the variable index for corporate credit facilities reflects a 25
basis point LIBOR floor which is applicable for the value of all
corporate credit facilities not subject to an interest rate
hedge.
|
|
|
2.
|
A variable interest
loan for which the interest rate has been fixed through
maturity.
|
|
|
3.
|
A variable interest
loan for which the interest rate has been fixed on $90 million of
the balance through January 2022, after which the rate reverts to
variable.
|
|
|
4.
|
A variable interest
loan for which the interest rate has been fixed on $51 million of
the balance through January 2022, after which the rate reverts to
variable.
|
|
|
5.
|
A variable interest
loan for which the interest rate has been fixed through January
2023.
|
|
|
6.
|
Weighted-average
interest rate as of March 31, 2021.
|
|
|
7.
|
The Revolving Credit
Facility has total commitments of $523 million through
February 2022, after which the total commitments will decrease to
$450 million through February 2024.
|
|
|
8.
|
A variable interest
loan for which LIBOR has been fixed for $125 million of the
balance through October 2022. The spread to LIBOR may vary, as it
is determined by the Company's leverage ratio. The applicable
interest rate has been set to the highest level of grid-based
pricing during the covenant waiver period.
|
|
|
9.
|
A variable interest
loan for which LIBOR has been fixed through September 2022. The
spread to LIBOR may vary, as it is determined by the Company's
leverage ratio. The applicable interest rate has been set to the
highest level of grid-based pricing during the covenant waiver
period.
|
|
|
10.
|
Includes loan
premiums, discounts and deferred financing costs, net of
accumulated amortization.
|
|
|
|
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Hotel EBITDA and Hotel
EBITDA Margin
For the Three
Months Ended March 31, 2021 and 2020
($ amounts in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
Change
|
Same-Property
Occupancy(1)
|
34.8
|
%
|
|
57.1
|
%
|
|
(2,230)
|
bps
|
Same-Property Average
Daily Rate(1)
|
$
|
188.68
|
|
|
$
|
227.63
|
|
|
(17.1)
|
%
|
Same-Property
RevPAR(1)
|
$
|
65.70
|
|
|
$
|
129.93
|
|
|
(49.4)
|
%
|
Same-Property
Revenues(1):
|
|
|
|
|
|
Rooms
revenues
|
$
|
55,646
|
|
|
$
|
111,287
|
|
|
(50.0)
|
%
|
Food and beverage
revenues
|
21,589
|
|
|
67,928
|
|
|
(68.2)
|
%
|
Other
revenues
|
10,585
|
|
|
15,807
|
|
|
(33.0)
|
%
|
Total
Same-Property revenues
|
$
|
87,820
|
|
|
$
|
195,022
|
|
|
(55.0)
|
%
|
Same-Property
Expenses(1):
|
|
|
|
|
|
Rooms
expenses
|
$
|
15,463
|
|
|
$
|
30,321
|
|
|
(49.0)
|
%
|
Food and beverage
expenses
|
18,051
|
|
|
48,516
|
|
|
(62.8)
|
%
|
Other direct
expenses
|
3,198
|
|
|
5,030
|
|
|
(36.4)
|
%
|
Other indirect
expenses
|
36,514
|
|
|
61,114
|
|
|
(40.3)
|
%
|
Management and
franchise fees
|
2,843
|
|
|
6,415
|
|
|
(55.7)
|
%
|
Real estate taxes,
personal property taxes and insurance
|
11,240
|
|
|
11,699
|
|
|
(3.9)
|
%
|
Ground lease
expense
|
416
|
|
|
692
|
|
|
(39.9)
|
%
|
Total
Same-Property hotel operating expenses
|
$
|
87,725
|
|
|
$
|
163,787
|
|
|
(46.4)
|
%
|
|
|
|
|
|
|
Same-Property
Hotel EBITDA(1)
|
$
|
95
|
|
|
$
|
31,235
|
|
|
(99.7)
|
%
|
Same-Property
Hotel EBITDA Margin(1)
|
0.1
|
%
|
|
16.0
|
%
|
|
(1,590)
|
bps
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of March 31, 2021, except for
Hyatt Regency Portland at the Oregon Convention Center. Includes
hotels that had temporarily suspended operations for a portion of
the three months ended March 31, 2020. "Same-Property" also
includes disruption from the COVID-19 pandemic in 2021 and 2020
results and renovation disruption for multiple capital projects
during the periods presented. The following is a reconciliation of
Total Revenues and Total Hotel Operating Expenses consolidated on a
GAAP basis to Total Same-Property Revenues and Total Same-Property
Hotel Operating Expenses for three months ended March 31, 2021
and 2020:
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
Total Revenues -
GAAP
|
$
|
87,852
|
|
|
$
|
215,353
|
|
Total revenues from
sold hotels
|
—
|
|
|
(16,931)
|
|
Other
revenues
|
(32)
|
|
|
(3,400)
|
|
Total Same-Property
Revenues
|
$
|
87,820
|
|
|
$
|
195,022
|
|
|
|
|
|
Total Hotel Operating
Expenses - GAAP
|
$
|
77,084
|
|
|
$
|
170,858
|
|
Real estate taxes,
personal property taxes and insurance
|
10,540
|
|
|
13,675
|
|
Ground lease expense,
net(a)
|
416
|
|
|
692
|
|
Other
income
|
(64)
|
|
|
(53)
|
|
Corporate-level costs
and expenses
|
(47)
|
|
|
(461)
|
|
Pro forma hotel level
adjustments, net(b)
|
(204)
|
|
|
(20,924)
|
|
Total Same-Property
Hotel Operating Expenses
|
$
|
87,725
|
|
|
$
|
163,787
|
|
|
|
a.
|
Excludes non-cash
ground rent expense.
|
b.
|
Includes adjustments
for hotel expenses from sold hotels and for Hyatt Regency Portland
at the Oregon Convention Center, which is not included in
Same-Property amounts.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Hotel EBITDA and Hotel
EBITDA Margin
For the Three
Months Ended March 31, 2021 and 2019
($ amounts in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2019
|
|
Change
|
Same-Property
Occupancy(1)
|
34.8
|
%
|
|
76.3
|
%
|
|
(4,150)
|
bps
|
Same-Property Average
Daily Rate(1)
|
$
|
188.68
|
|
|
$
|
235.10
|
|
|
(19.7)
|
%
|
Same-Property
RevPAR(1)
|
$
|
65.70
|
|
|
$
|
179.27
|
|
|
(63.4)
|
%
|
Same-Property
Revenues(1):
|
|
|
|
|
|
Rooms
revenues
|
$
|
55,646
|
|
|
$
|
151,856
|
|
|
(63.4)
|
%
|
Food and beverage
revenues
|
21,589
|
|
|
95,227
|
|
|
(77.3)
|
%
|
Other
revenues
|
10,585
|
|
|
17,115
|
|
|
(38.2)
|
%
|
Total
Same-Property revenues
|
$
|
87,820
|
|
|
$
|
264,198
|
|
|
(66.8)
|
%
|
Same-Property
Expenses(1):
|
|
|
|
|
|
Rooms
expenses
|
$
|
15,463
|
|
|
$
|
35,587
|
|
|
(56.5)
|
%
|
Food and beverage
expenses
|
18,051
|
|
|
58,722
|
|
|
(69.3)
|
%
|
Other direct
expenses
|
3,198
|
|
|
6,355
|
|
|
(49.7)
|
%
|
Other indirect
expenses
|
36,514
|
|
|
62,224
|
|
|
(41.3)
|
%
|
Management and
franchise fees
|
2,843
|
|
|
10,687
|
|
|
(73.4)
|
%
|
Real estate taxes,
personal property taxes and insurance
|
11,240
|
|
|
10,776
|
|
|
4.3
|
%
|
Ground lease
expense
|
416
|
|
|
979
|
|
|
(57.5)
|
%
|
Total
Same-Property hotel operating expenses
|
$
|
87,725
|
|
|
$
|
185,330
|
|
|
(52.7)
|
%
|
Same-Property
Hotel EBITDA(1)
|
$
|
95
|
|
|
$
|
78,868
|
|
|
(99.9)
|
%
|
Same-Property
Hotel EBITDA Margin(1)
|
0.1
|
%
|
|
29.9
|
%
|
|
(2,980)
|
bps
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of March 31, 2021, except for
Hyatt Regency Portland at the Oregon Convention Center. Includes
disruption from the COVID-19 pandemic in 2021 results and
renovation disruption for multiple capital projects during the
periods presented. The following is a reconciliation of Total
Revenues and Total Hotel Operating Expenses consolidated on a GAAP
basis to Total Same-Property Revenues and Total Same-Property Hotel
Operating Expenses for three months ended March 31, 2021 and
2019:
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2019
|
Total Revenues -
GAAP
|
$
|
87,852
|
|
|
$
|
293,687
|
|
Total revenues from
sold hotels
|
—
|
|
|
(29,489)
|
|
Other
revenues
|
(32)
|
|
|
—
|
|
Total Same-Property
Revenues
|
$
|
87,820
|
|
|
$
|
264,198
|
|
|
|
|
|
Total Hotel Operating
Expenses - GAAP
|
$
|
77,084
|
|
|
$
|
195,889
|
|
Real estate taxes,
personal property taxes and insurance
|
10,540
|
|
|
13,059
|
|
Ground lease expense,
net(a)
|
416
|
|
|
979
|
|
Other
income
|
(64)
|
|
|
(62)
|
|
Pre-opening
expenses
|
—
|
|
|
(19)
|
|
Corporate-level costs
and expenses
|
(47)
|
|
|
(883)
|
|
Pro forma hotel level
adjustments, net(b)
|
(204)
|
|
|
(23,633)
|
|
Total Same-Property
Hotel Operating Expenses
|
$
|
87,725
|
|
|
$
|
185,330
|
|
|
|
a.
|
Excludes non-cash
ground rent expense.
|
b.
|
Includes adjustments
for hotel expenses from sold hotels and for Hyatt Regency Portland
at the Oregon Convention Center, which is not included in
Same-Property amounts.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Portfolio Data by
Market
|
|
Market(2)
|
% of 2019
Hotel EBITDA(3)
|
|
Number of
Hotels
|
|
Number
of
Rooms
|
Houston,
TX
|
12%
|
|
3
|
|
1,220
|
Orlando,
FL
|
12%
|
|
3
|
|
1,141
|
Phoenix,
AZ
|
11%
|
|
2
|
|
612
|
Dallas, TX
|
9%
|
|
2
|
|
961
|
San Francisco/San
Mateo, CA
|
9%
|
|
1
|
|
688
|
San Jose/Santa Cruz,
CA
|
7%
|
|
1
|
|
505
|
Atlanta,
GA
|
6%
|
|
2
|
|
649
|
San Diego,
CA
|
5%
|
|
2
|
|
486
|
Denver, CO
|
4%
|
|
2
|
|
391
|
Washington,
DC-MD-VA
|
4%
|
|
2
|
|
472
|
Other
|
21%
|
|
14
|
|
2,286
|
Same-Property(1)
|
100%
|
|
34
|
|
9,411
|
Hyatt Regency
Portland at the Oregon Convention Center
|
|
|
1
|
|
600
|
Total
Portfolio
|
|
|
35
|
|
10,011
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of March 31, 2021, except for Hyatt
Regency Portland at the Oregon Convention Center.
|
|
|
2.
|
As defined by STR,
Inc.
|
|
|
3.
|
Based on Hotel EBITDA
for the year ended December 31, 2019 as results for the year ended
December 31, 2020 are not representative of typical operating
results.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Portfolio Data by
Market
For the Three
Months Ended March 31, 2021, 2020 and 2019
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2021
|
|
March 31,
2020
|
|
%
Change
|
|
Occupancy
|
ADR
|
RevPAR
|
|
Occupancy
|
ADR
|
RevPAR
|
|
RevPAR
|
Market
|
|
|
|
|
|
|
|
|
|
Houston,
TX
|
46.8
|
%
|
$
|
151.22
|
|
$
|
70.77
|
|
|
55.4
|
%
|
$
|
186.56
|
|
$
|
103.42
|
|
|
(31.6)
|
%
|
Orlando,
FL
|
41.7
|
%
|
156.31
|
|
65.21
|
|
|
64.0
|
%
|
227.77
|
|
145.75
|
|
|
(55.3)
|
%
|
Phoenix,
AZ
|
40.9
|
%
|
366.68
|
|
149.90
|
|
|
59.4
|
%
|
367.35
|
|
218.06
|
|
|
(31.3)
|
%
|
Dallas, TX
|
29.3
|
%
|
104.96
|
|
30.71
|
|
|
51.5
|
%
|
205.53
|
|
105.84
|
|
|
(71.0)
|
%
|
San Francisco/San
Mateo, CA
|
17.5
|
%
|
134.27
|
|
23.50
|
|
|
67.3
|
%
|
238.72
|
|
160.62
|
|
|
(85.4)
|
%
|
San Jose/Santa Cruz,
CA
|
13.4
|
%
|
97.62
|
|
13.12
|
|
|
53.5
|
%
|
258.35
|
|
138.26
|
|
|
(90.5)
|
%
|
Atlanta,
GA
|
38.3
|
%
|
170.05
|
|
65.13
|
|
|
58.0
|
%
|
203.45
|
|
117.98
|
|
|
(44.8)
|
%
|
San Diego,
CA
|
17.3
|
%
|
237.51
|
|
41.05
|
|
|
40.9
|
%
|
221.53
|
|
90.59
|
|
|
(54.7)
|
%
|
Denver, CO
|
37.6
|
%
|
215.73
|
|
81.16
|
|
|
57.0
|
%
|
240.10
|
|
136.78
|
|
|
(40.7)
|
%
|
Washington,
DC-MD-VA
|
29.5
|
%
|
175.33
|
|
51.78
|
|
|
55.1
|
%
|
203.68
|
|
112.22
|
|
|
(53.9)
|
%
|
Other
|
39.0
|
%
|
218.93
|
|
85.35
|
|
|
57.6
|
%
|
218.66
|
|
125.90
|
|
|
(32.2)
|
%
|
Total
|
34.8
|
%
|
$
|
188.68
|
|
$
|
65.70
|
|
|
57.1
|
%
|
$
|
227.63
|
|
$
|
129.93
|
|
|
(49.4)
|
%
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2021
|
|
March 31,
2019
|
|
%
Change
|
|
Occupancy
|
ADR
|
RevPAR
|
|
Occupancy
|
ADR
|
RevPAR
|
|
RevPAR
|
Market
|
|
|
|
|
|
|
|
|
|
Houston,
TX
|
46.8
|
%
|
$
|
151.22
|
|
$
|
70.77
|
|
|
73.7
|
%
|
$
|
181.84
|
|
$
|
133.96
|
|
|
(47.2)
|
%
|
Orlando,
FL
|
41.7
|
%
|
156.31
|
|
65.21
|
|
|
83.7
|
%
|
226.91
|
|
189.84
|
|
|
(65.7)
|
%
|
Phoenix,
AZ
|
40.9
|
%
|
366.68
|
|
149.90
|
|
|
81.8
|
%
|
374.44
|
|
306.38
|
|
|
(51.1)
|
%
|
Dallas, TX
|
29.3
|
%
|
104.96
|
|
30.71
|
|
|
72.2
|
%
|
199.60
|
|
144.06
|
|
|
(78.7)
|
%
|
San Francisco/San
Mateo, CA
|
17.5
|
%
|
134.27
|
|
23.50
|
|
|
90.3
|
%
|
254.31
|
|
229.67
|
|
|
(89.8)
|
%
|
San Jose/Santa Cruz,
CA
|
13.4
|
%
|
97.62
|
|
13.12
|
|
|
79.6
|
%
|
278.77
|
|
221.99
|
|
|
(94.1)
|
%
|
Atlanta,
GA
|
38.3
|
%
|
170.05
|
|
65.13
|
|
|
75.6
|
%
|
217.23
|
|
164.26
|
|
|
(60.3)
|
%
|
San Diego,
CA
|
17.3
|
%
|
237.51
|
|
41.05
|
|
|
69.4
|
%
|
267.98
|
|
186.08
|
|
|
(77.9)
|
%
|
Denver, CO
|
37.6
|
%
|
215.73
|
|
81.16
|
|
|
70.9
|
%
|
243.97
|
|
172.88
|
|
|
(53.1)
|
%
|
Washington,
DC-MD-VA
|
29.5
|
%
|
175.33
|
|
51.78
|
|
|
71.4
|
%
|
224.59
|
|
160.46
|
|
|
(67.7)
|
%
|
Other
|
39.0
|
%
|
218.93
|
|
85.35
|
|
|
72.7
|
%
|
222.96
|
|
162.14
|
|
|
(47.4)
|
%
|
Total
|
34.8
|
%
|
$
|
188.68
|
|
$
|
65.70
|
|
|
76.3
|
%
|
$
|
235.10
|
|
$
|
179.27
|
|
|
(63.4)
|
%
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of March 31, 2021, except for Hyatt
Regency Portland at the Oregon Convention Center.
|
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Historical Operating
Data
($ amounts in
thousands, except ADR and RevPAR)
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Full
Year
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
34.8
|
%
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
188.68
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
|
65.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Revenues
|
|
$
|
87,820
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
|
$
|
95
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
Margin
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Full
Year
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
Occupancy
|
|
57.1
|
%
|
|
3.9
|
%
|
|
24.4
|
%
|
|
27.8
|
%
|
|
28.3
|
%
|
ADR
|
|
$
|
227.63
|
|
|
$
|
184.17
|
|
|
$
|
172.25
|
|
|
$
|
182.64
|
|
|
$
|
203.00
|
|
RevPAR
|
|
$
|
129.93
|
|
|
$
|
7.19
|
|
|
$
|
42.09
|
|
|
$
|
50.82
|
|
|
$
|
57.45
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Revenues
|
|
$
|
195,022
|
|
|
$
|
13,860
|
|
|
$
|
57,710
|
|
|
$
|
73,723
|
|
|
$
|
340,314
|
|
Hotel
EBITDA
|
|
$
|
31,235
|
|
|
$
|
(35,529)
|
|
|
$
|
(14,595)
|
|
|
$
|
(2,938)
|
|
|
$
|
(21,826)
|
|
Hotel EBITDA
Margin
|
|
16.0
|
%
|
|
(256.3)
|
%
|
|
(25.3)
|
%
|
|
(4.0)
|
%
|
|
(6.4)
|
%
|
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Full
Year
|
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Occupancy
|
|
76.3
|
%
|
|
79.8
|
%
|
|
76.2
|
%
|
|
72.9
|
%
|
|
76.3
|
%
|
ADR
|
|
$
|
235.10
|
|
|
$
|
225.71
|
|
|
$
|
210.91
|
|
|
$
|
221.40
|
|
|
$
|
223.26
|
|
RevPAR
|
|
$
|
179.27
|
|
|
$
|
180.05
|
|
|
$
|
160.79
|
|
|
$
|
161.36
|
|
|
$
|
170.29
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Revenues
|
|
$
|
264,198
|
|
|
$
|
261,163
|
|
|
$
|
227,522
|
|
|
$
|
247,313
|
|
|
$
|
1,000,197
|
|
Hotel
EBITDA
|
|
$
|
78,868
|
|
|
$
|
77,536
|
|
|
$
|
53,099
|
|
|
$
|
66,149
|
|
|
$
|
275,652
|
|
Hotel EBITDA
Margin
|
|
29.9
|
%
|
|
29.7
|
%
|
|
23.3
|
%
|
|
26.7
|
%
|
|
27.6
|
%
|
|
|
1.
|
"Same-Property"
includes all hotels owned as of March 31, 2021, except for Hyatt
Regency Portland at the Oregon Convention Center. Includes hotels
that had temporarily suspended operations for a portion of the year
ended December 31, 2020, as if all hotels rooms were available for
sale. "Same-Property" also includes renovation disruption for
multiple capital projects during the periods presented and
disruption from the COVID-19 pandemic in 2021 and 2020.
|
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SOURCE Xenia Hotels & Resorts, Inc.