ORLANDO,
Fla., May 2, 2023 /PRNewswire/ -- Xenia Hotels
& Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today
announced results for the quarter ended March 31, 2023.
First Quarter 2023 Highlights
- Net Income: Net income attributable to common
stockholders was $6.3 million, or
$0.06 per share
- Adjusted EBITDAre: $71.3
million, increased 42.8% compared to the first quarter of
2022
- Adjusted FFO per Diluted Share: $0.40, increased $0.15 compared to the first quarter of 2022
- Same-Property Occupancy: 66.1%, increased 1,000 basis
points compared to the first quarter of 2022
- Same-Property ADR: $271.80, increased 5.2% compared to the first
quarter of 2022
- Same-Property RevPAR: $179.55, increased 23.9% compared to the first
quarter of 2022
- Same-Property Hotel Net Income: $40.8 million, increased 85.0% compared to the
first quarter of 2022
- Same-Property Hotel EBITDA: $77.2
million, increased 33.6% compared to the first quarter of
2022
- Same-Property Hotel EBITDA Margin: 28.7%, increased 167
basis points compared to the first quarter of 2022
- Financing Activity: As previously disclosed, the Company
entered into a new $675 million
credit facility, proceeds of which were used to pay off the
Company's existing $125 million term
loan and the $99.5 million mortgage
loan collateralized by Renaissance Atlanta Waverly Hotel &
Convention Center. The Company also amended the Andaz Napa mortgage
loan extending its maturity through January
2028.
- Share Repurchases & Dividends: In the first quarter,
the Company repurchased a total of 1,905,820 shares of common stock
at a weighted-average price of $14.03
per share for a total consideration of approximately $26.7 million. Additionally, the Company declared
its first quarter dividend of $0.10
per share to common stockholders of record on March 31, 2023.
"Our portfolio's first quarter performance met the expectations
we outlined at the time of our 2022 earnings report in early
March," commented Marcel Verbaas,
Chairman and Chief Executive Officer of Xenia. "Same-Property
RevPAR increased 10.4% in March as compared to 2022, which resulted
in a RevPAR increase of 23.9% for the quarter, largely driven by
easier comparable performance during January and February of 2022
when the Omicron variant significantly impacted results. RevPAR
growth performance was particularly strong in our markets with
hotels that are more focused on business transient and group demand
and that continue to have the greatest opportunity for earnings
growth in 2023 and beyond, with RevPAR in Santa Clara up more than 70%, Portland up more than 60%, Dallas up over 50% and San Francisco, Houston and Atlanta each up over 30% as compared to the
first quarter of 2022. While leisure demand remains at historically
high levels, we are continuing to see a shift to a more traditional
mix of demand within our portfolio, with business transient and
group demand continuing to improve and primarily driving RevPAR
growth. Despite the uncertainty in the overall economic climate, we
continue to be encouraged by these trends and the resiliency in
demand that we have witnessed over the past several months and
quarters."
Operating Results
The Company's results include the following:
|
Three Months Ended
March 31,
|
|
|
|
2023
|
|
2022
|
|
Change
|
|
($ amounts in
thousands, except hotel statistics and per share
amounts)
|
Net income (loss)
attributable to common stockholders
|
$
6,280
|
|
$
(5,324)
|
|
218.0 %
|
Net income (loss) per
share available to common stockholders - basic and
diluted
|
$
0.06
|
|
$
(0.05)
|
|
220.0 %
|
|
|
|
|
|
|
Same-Property Number of
Hotels(1)
|
32
|
|
32
|
|
—
|
Same-Property Number of
Rooms(1)(5)
|
9,508
|
|
9,510
|
|
(2)
|
Same-Property
Occupancy(1)
|
66.1 %
|
|
56.1 %
|
|
1,000 bps
|
Same-Property Average
Daily Rate(1)
|
$
271.80
|
|
$
258.36
|
|
5.2 %
|
Same-Property
RevPAR(1)
|
$
179.55
|
|
$
144.92
|
|
23.9 %
|
Same-Property Hotel Net
Income(1)
|
$
40,797
|
|
$
22,055
|
|
85.0 %
|
Same-Property Hotel
EBITDA(1)(2)
|
$
77,202
|
|
$
57,775
|
|
33.6 %
|
Same-Property Hotel
EBITDA Margin(1)(2)
|
28.7 %
|
|
27.0 %
|
|
167 bps
|
|
|
|
|
|
|
Total Portfolio Number
of Hotels(3)
|
32
|
|
34
|
|
(2)
|
Total Portfolio Number
of Rooms(3)(5)
|
9,508
|
|
9,814
|
|
(306)
|
Total Portfolio
RevPAR(4)
|
$
179.55
|
|
$
143.99
|
|
24.7 %
|
|
|
|
|
|
|
Adjusted
EBITDAre(2)
|
$
71,300
|
|
$
49,946
|
|
42.8 %
|
Adjusted
FFO(2)
|
$
45,230
|
|
$
29,087
|
|
55.5 %
|
Adjusted FFO per
diluted share(2)
|
$
0.40
|
|
$
0.25
|
|
57.6 %
|
- "Same-Property" includes all hotels owned as of March 31, 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.
- 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 (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.
- 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.
- Two rooms at Hyatt Regency Scottsdale Resort & Spa at
Gainey Ranch were removed from inventory in 2022.
Financings and Balance Sheet
As of March 31, 2023, the Company
had total outstanding debt of approximately $1.4 billion with a weighted-average interest
rate of 5.72%. The Company had approximately $285 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 $735 million as of
March 31, 2023. In addition, the
Company held approximately $58
million of restricted cash and escrows at the end of the
first quarter.
In January 2023, the Company
entered into a new $675 million
credit facility comprised of a $450
million revolving line of credit, a $125 million term loan, and a $100 million term loan. The revolving line of
credit matures in January 2027 and
the term loans mature in March 2026.
The Company has the option to extend each tranche of the credit
facility for up to an additional year. Pricing for the credit
facility ranges between 145 to 275 basis points over the applicable
Term SOFR as determined by the Company's leverage ratio.
Proceeds from the term loans were used to pay off the Company's
existing $125 million term loan and
the $99.5 million mortgage loan
collateralized by Renaissance Atlanta Waverly Hotel &
Convention Center.
Also in January 2023, the Company
amended the Andaz Napa mortgage loan which changed the variable
rate on the $55 million loan from
LIBOR-based to SOFR-based and extended the maturity date through
January 2028.
The Company has no debt maturities until August 2025 and maintains full availability on
its revolving line of credit.
Capital Markets
In the quarter, the Company repurchased a total of 1,905,820
shares of common stock at a weighted-average price of $14.03 per share for a total consideration of
approximately $26.7 million.
In the second quarter-to-date, the Company repurchased an
additional 1,175,286 shares of common stock at a weighted-average
price of $12.75 per share for total
consideration of approximately $15.0
million. The Company currently has $125 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 March 31,
2023.
Capital Expenditures
During the quarter ended March 31,
2023, the Company invested $11.6
million in portfolio improvements. Significant projects in
the Company's portfolio include:
- Hyatt Regency Scottsdale Resort & Spa at Gainey
Ranch – Continued planning work on the comprehensive renovation
and upbranding of the 491-room Hyatt Regency Scottsdale Resort
& Spa at Gainey Ranch to a Grand Hyatt. The renovation is
expected to begin in June 2023 with
completion of all phases by the end of 2024. Upon completion, the
property will have five additional keys, or 496 rooms.
- Kimpton Canary Hotel Santa Barbara – Continued the
comprehensive guest room renovation that began in the fourth
quarter of 2022 and was completed in the second quarter of
2023.
- Grand Bohemian Hotel Orlando, Autograph Collection –
Completed the comprehensive renovation of public spaces including
meeting space, lobby, restaurant, bar, Starbucks, and creation of a
rooftop bar which opened in the second quarter. A comprehensive
renovation of the guest rooms will commence in the second quarter
of 2023.
- Park Hyatt Aviara Resort, Golf Club & Spa –
Continued work on a significant upgrade to the resort's spa and
wellness amenities which will be branded as a Miraval Life in
Balance Spa upon completion late in the second quarter of
2023.
- The Ritz-Carlton, Denver – Completed the renovation and
reconfiguration of premium suites resulting in three additional
keys as of April 1, 2023.
- Kimpton Hotel Monaco Salt Lake City – Continued planning
work on a comprehensive renovation of meeting space, restaurant,
bar and guest rooms that is expected to commence in the second
quarter of 2023.
Current Full Year 2023 Outlook and Guidance
The Company has updated its full year outlook based on the
current economic environment. The broad range below reflects the
Company's limited visibility in forecasting due to macroeconomic
uncertainty and does not take into account any unanticipated
impacts to the business or operating environment. Furthermore, this
updated guidance assumes no additional acquisitions, dispositions,
equity issuances, or share repurchases. The Same-Property (32
Hotel) RevPAR change shown includes all hotels owned as of
March 31, 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
|
$2
|
$26
|
|
$(1)
|
$(5)
|
Same-Property (32
Hotel) RevPAR Change (vs. 2022)
|
4 %
|
8 %
|
|
— %
|
— %
|
Adjusted
EBITDAre
|
$245
|
$269
|
|
$2
|
$(2)
|
Adjusted FFO
|
$156
|
$180
|
|
$2
|
$(2)
|
Adjusted FFO per
Diluted Share
|
$1.39
|
$1.60
|
|
$0.03
|
$—
|
Capital
Expenditures
|
$130
|
$150
|
|
$—
|
$—
|
Current full year 2023 guidance is inclusive of the following
assumptions:
- Renovation disruption results in a negative impact of 200 basis
points to Same-Property (32 Hotel) RevPAR Change based on the scope
and timing of capital improvement projects. In addition, the
Company expects disruption to non-room revenues. These estimates
result in a negative impact of approximately $15 million to Adjusted EBITDAre and Adjusted
FFO.
- General and administrative expense of approximately
$25 million, excluding non-cash
share-based compensation.
- Interest expense of approximately $85
million, excluding non-cash loan related costs.
- Income tax expense of approximately $4
million.
- 112.2 million weighted-average diluted shares/units.
First Quarter 2023 Earnings Call
The Company will conduct its quarterly conference call on
Wednesday, May 3, 2023 at
9:00 AM Eastern Time. To participate
in the conference call, please dial (833) 470-1428, access code
337219. 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 9,508 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, 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; (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, actual or
threatened terrorist attacks, 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 March 31, 2023
and December 31, 2022
($ amounts in
thousands, except per share data)
|
|
|
March 31,
2023
|
|
December 31,
2022
|
Assets
|
(Unaudited)
|
|
(Audited)
|
Investment
properties:
|
|
|
|
Land
|
$
460,376
|
|
$
460,536
|
Buildings and other
improvements
|
3,097,866
|
|
3,086,785
|
Total
|
$
3,558,242
|
|
$
3,547,321
|
Less: accumulated
depreciation
|
(979,373)
|
|
(945,786)
|
Net investment
properties
|
$
2,578,869
|
|
$
2,601,535
|
Cash and cash
equivalents
|
283,154
|
|
305,103
|
Restricted cash and
escrows
|
58,206
|
|
60,807
|
Accounts and rents
receivable, net of allowance for doubtful accounts
|
48,255
|
|
37,562
|
Intangible assets, net
of accumulated amortization
|
5,019
|
|
5,060
|
Other
assets
|
77,401
|
|
69,988
|
Total
assets
|
$
3,050,904
|
|
$
3,080,055
|
Liabilities
|
|
|
|
Debt, net of loan
premiums, discounts and unamortized deferred financing
costs
|
$
1,429,516
|
|
$
1,429,105
|
Accounts payable and
accrued expenses
|
95,982
|
|
107,097
|
Distributions
payable
|
11,334
|
|
11,455
|
Other
liabilities
|
83,200
|
|
72,390
|
Total
liabilities
|
$
1,620,032
|
|
$
1,620,047
|
Commitments and
Contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.01
par value, 500,000,000 shares authorized, 110,661,486 and
112,519,672 shares issued and outstanding as of March 31, 2023
and December 31, 2022, respectively
|
$
1,107
|
|
$
1,126
|
Additional paid in
capital
|
2,036,707
|
|
2,063,273
|
Accumulated
distributions in excess of net earnings
|
(628,060)
|
|
(623,216)
|
Total Company
stockholders' equity
|
$
1,409,754
|
|
$
1,441,183
|
Non-controlling
interests
|
21,118
|
|
18,825
|
Total
equity
|
$
1,430,872
|
|
$
1,460,008
|
Total liabilities and
equity
|
$
3,050,904
|
|
$
3,080,055
|
Xenia Hotels &
Resorts, Inc.
Condensed
Consolidated Statements of Operations and Comprehensive Income
(Loss)
For the Three Months
Ended March 31, 2023 and 2022
(Unaudited)
|
|
($ amounts in
thousands, except per share data)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
Rooms
revenues
|
$
153,645
|
|
$
123,198
|
Food and beverage
revenues
|
96,124
|
|
67,735
|
Other
revenues
|
19,204
|
|
19,414
|
Total
revenues
|
$
268,973
|
|
$
210,347
|
Expenses:
|
|
|
|
Rooms
expenses
|
36,203
|
|
29,217
|
Food and beverage
expenses
|
60,687
|
|
45,610
|
Other direct
expenses
|
5,698
|
|
5,294
|
Other indirect
expenses
|
66,499
|
|
53,860
|
Management and
franchise fees
|
10,189
|
|
7,626
|
Total hotel operating
expenses
|
$
179,276
|
|
$
141,607
|
Depreciation and
amortization
|
33,741
|
|
30,565
|
Real estate taxes,
personal property taxes and insurance
|
12,470
|
|
10,855
|
Ground lease
expense
|
710
|
|
517
|
General and
administrative expenses
|
8,783
|
|
7,611
|
Other operating
expenses
|
232
|
|
175
|
Impairment and other
losses
|
—
|
|
1,278
|
Total
expenses
|
$
235,212
|
|
$
192,608
|
Operating
income
|
$
33,761
|
|
$
17,739
|
Other income
(loss)
|
1,284
|
|
(777)
|
Interest
expense
|
(22,134)
|
|
(20,538)
|
Loss on extinguishment
of debt
|
(1,140)
|
|
(294)
|
Net income (loss)
before income taxes
|
$
11,771
|
|
$
(3,870)
|
Income tax
expense
|
(5,218)
|
|
(1,607)
|
Net income
(loss)
|
$
6,553
|
|
$
(5,477)
|
Net loss (income)
attributable to non-controlling interests
|
(273)
|
|
153
|
Net income (loss)
attributable to common stockholders
|
$
6,280
|
|
$
(5,324)
|
Xenia Hotels &
Resorts, Inc.
Condensed
Consolidated Statements of Operations and Comprehensive Income
(Loss) - Continued
For the Three Months
Ended March 31, 2023 and 2022
(Unaudited)
($ amounts in
thousands, except per share data)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Basic and diluted
income (loss) per share:
|
|
Net income (loss) per
share available to common stockholders - basic and
diluted
|
$
0.06
|
|
$
(0.05)
|
Weighted-average number
of common shares (basic)
|
111,777,894
|
|
114,326,406
|
Weighted-average number
of common shares (diluted)
|
112,037,369
|
|
114,326,406
|
|
|
|
|
Comprehensive income
(loss):
|
|
|
|
Net income
(loss)
|
$
6,553
|
|
$
(5,477)
|
Other comprehensive
income (loss):
|
|
|
|
Unrealized gain on
interest rate derivative instruments
|
—
|
|
2,517
|
Reclassification
adjustment for amounts recognized in net income (loss) (interest
expense)
|
—
|
|
1,152
|
|
$
6,553
|
|
$
(1,808)
|
Comprehensive (income)
loss attributable to non-controlling interests
|
(273)
|
|
(264)
|
Comprehensive income
(loss) attributable to the Company
|
$
6,280
|
|
$
(2,072)
|
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 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) 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 consolidated
statements of operations and comprehensive income (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 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 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 Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and
Same-Property Hotel EBITDA
For the Three Months
Ended March 31, 2023 and 2022
(Unaudited)
($ amounts in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Net income
(loss)
|
$
6,553
|
|
$
(5,477)
|
Adjustments:
|
|
|
|
Interest
expense
|
22,134
|
|
20,538
|
Income tax
expense
|
5,218
|
|
1,607
|
Depreciation and
amortization
|
33,741
|
|
30,565
|
EBITDA and
EBITDAre
|
$
67,646
|
|
$
47,233
|
|
|
|
|
Reconciliation to
Adjusted EBITDAre
|
|
|
|
Depreciation and
amortization related to corporate assets
|
$
(73)
|
|
$
(102)
|
Gain on insurance
recoveries(1)
|
—
|
|
(994)
|
Loss on extinguishment
of debt
|
1,140
|
|
294
|
Amortization of
share-based compensation expense
|
2,591
|
|
2,207
|
Non-cash ground rent
and straight-line rent expense
|
(4)
|
|
16
|
Other non-recurring
expenses(2)
|
—
|
|
1,292
|
Adjusted EBITDAre
attributable to common stock and unit holders
|
$
71,300
|
|
$
49,946
|
Corporate-level costs
and expenses
|
6,204
|
|
8,650
|
Pro forma hotel
adjustments, net(3)
|
(302)
|
|
(821)
|
Same-Property Hotel
EBITDA attributable to common stock and unit
holders(4)
|
$
77,202
|
|
$
57,775
|
- During the three months ended March 31,
2022, the Company received $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 loss on the
condensed consolidated statement of operations and comprehensive
loss for the period then ended.
- During the three months ended March 31,
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 loss for the
period then ended.
- 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 three months ended
March 31, 2022.
- 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, 2023 and 2022 on page 16.
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Net Income (Loss) to FFO and Adjusted FFO
For the Three Months
Ended March 31, 2023 and 2022
(Unaudited)
(amounts in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Net income
(loss)
|
$
6,553
|
|
$
(5,477)
|
Adjustments:
|
|
|
|
Depreciation and
amortization related to investment properties
|
33,668
|
|
30,463
|
FFO attributable to
common stock and unit holders
|
$
40,221
|
|
$
24,986
|
|
|
|
|
Reconciliation to
Adjusted FFO
|
|
|
|
Gain on insurance
recoveries(1)
|
—
|
|
(994)
|
Loss on extinguishment
of debt
|
1,140
|
|
294
|
Loan related costs,
net of adjustment related to non-controlling
interests(2)
|
1,282
|
|
1,286
|
Amortization of
share-based compensation expense
|
2,591
|
|
2,207
|
Non-cash ground rent
and straight-line rent expense
|
(4)
|
|
16
|
Other non-recurring
expenses(3)
|
—
|
|
1,292
|
Adjusted FFO
attributable to common stock and unit holders
|
$
45,230
|
|
$
29,087
|
Weighted-average
shares outstanding - Diluted(4)
|
113,777
|
|
115,332
|
Adjusted FFO per
diluted share
|
$
0.40
|
|
$
0.25
|
- During the three months ended March 31,
2022, the Company received $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 loss on the
condensed consolidated statement of operations and comprehensive
loss for the period then ended.
- Loan related costs include amortization of debt premiums,
discounts and deferred loan origination costs.
- During the three months ended March 31,
2022, the Company recorded hurricane-related repair and
cleanup costs of $1.3 million which
is included in impairment and other losses on the condensed
consolidated statement of operations and comprehensive loss for the
period then ended.
- Diluted weighted-average number of shares of common stock
outstanding plus the weighted-average vested Operating Partnership
Units for the respective periods presented in thousands.
Xenia Hotels &
Resorts, Inc.
Reconciliation of
Net Income to Adjusted EBITDAre
for Current Full
Year 2023 Guidance
($ amounts in
millions)
|
|
|
Guidance
Midpoint
|
|
|
Net
income
|
$
14
|
Adjustments:
|
|
Interest
expense
|
90
|
Income tax
expense
|
4
|
Depreciation and
amortization
|
135
|
EBITDA and
EBITDAre
|
$
243
|
Amortization of
share-based compensation expense
|
13
|
Other
(1)
|
1
|
Adjusted
EBITDAre
|
$
257
|
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
|
13
|
Other(2)
|
6
|
Adjusted
FFO
|
$
168
|
1. Includes loss on extinguishment of debt and depreciation of
corporate assets.
2. Includes loan cost amortization and loss on extinguishment of
debt.
Xenia Hotels &
Resorts, Inc.
Debt Summary as of
March 31, 2023
(Unaudited)
($ amounts in
thousands)
|
|
|
Rate
Type
|
|
Rate(1)
|
|
Maturity
Date
|
|
Outstanding as of
March 31, 2023
|
|
|
|
|
|
|
|
|
Mortgage
Loans
|
|
|
|
|
|
|
|
Grand Bohemian Hotel
Orlando, Autograph Collection
|
Fixed
|
|
4.53 %
|
|
March 2026
|
|
$
55,399
|
Marriott San Francisco
Airport Waterfront
|
Fixed
|
|
4.63 %
|
|
May 2027
|
|
109,651
|
Andaz Napa
|
Variable
|
|
7.34 %
|
|
January 2028
|
|
55,000
|
Total Mortgage
Loans
|
|
|
5.28 %
|
(2)
|
|
|
$
220,050
|
Corporate Credit
Facilities
|
|
|
|
|
|
|
|
Corporate Credit
Facility Term Loan(3)
|
Variable
|
|
6.59 %
|
|
March 2026
|
|
$
125,000
|
Corporate Credit
Facility Term Loan(3)
|
Variable
|
|
6.59 %
|
|
March 2026
|
|
100,000
|
Revolving Line of
Credit(4)
|
Variable
|
|
6.59 %
|
|
January 2027
|
|
—
|
Total Corporate Credit
Facilities
|
|
|
|
|
|
|
$
225,000
|
2020 Senior
Notes
|
Fixed
|
|
6.38 %
|
|
August 2025
|
|
500,000
|
2021 Senior
Notes
|
Fixed
|
|
4.88 %
|
|
June 2029
|
|
500,000
|
Loan premiums,
discounts and unamortized deferred financing costs,
net(5)
|
|
|
|
|
|
|
(15,534)
|
Total Debt, net of loan
premiums, discounts and unamortized deferred financing
costs
|
|
|
5.72 %
|
(2)
|
|
|
$
1,429,516
|
- The rates shown represent annual interest rates. The variable
index for the Andaz Napa mortgage loan is Term SOFR.
- Weighted-average interest rate.
- A variable interest loan for which the Term SOFR spread may
vary, as it is determined by the Company's leverage ratio.
- The Revolving Line of Credit had undrawn capacity of
$450 million. The spread to Term SOFR
may vary, as it is determined by the Company's leverage ratio.
- Includes loan premiums, discounts and deferred financing costs,
net of accumulated amortization.
Xenia Hotels &
Resorts, Inc.
Same-Property(1) Hotel EBITDA and Hotel
EBITDA Margin
For the Three Months
Ended March 31, 2023 and 2022
($ amounts in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
Change
|
Same-Property
Occupancy(1)
|
66.1 %
|
|
56.1 %
|
|
1,000 bps
|
Same-Property Average
Daily Rate(1)
|
$
271.80
|
|
$
258.36
|
|
5.2 %
|
Same-Property
RevPAR(1)
|
$
179.55
|
|
$
144.92
|
|
23.9 %
|
Same-Property
Revenues(1):
|
|
|
|
|
|
Rooms
revenues
|
$
153,645
|
|
$
124,038
|
|
23.9 %
|
Food and beverage
revenues
|
96,144
|
|
70,260
|
|
36.8 %
|
Other
revenues
|
19,203
|
|
19,428
|
|
(1.2) %
|
Total Same-Property
revenues
|
$
268,992
|
|
$
213,726
|
|
25.9 %
|
Same-Property
Expenses(1):
|
|
|
|
|
|
Rooms
expenses
|
$
36,168
|
|
$
29,520
|
|
22.5 %
|
Food and beverage
expenses
|
60,645
|
|
47,807
|
|
26.9 %
|
Other direct
expenses
|
5,727
|
|
5,268
|
|
8.7 %
|
Other indirect
expenses
|
65,854
|
|
54,597
|
|
20.6 %
|
Management and
franchise fees
|
10,190
|
|
7,590
|
|
34.3 %
|
Real estate taxes,
personal property taxes and insurance
|
12,483
|
|
10,638
|
|
17.3 %
|
Ground lease
expense
|
723
|
|
531
|
|
36.2 %
|
Total Same-Property
hotel operating expenses
|
$
191,790
|
|
$
155,951
|
|
23.0 %
|
Same-Property Hotel
EBITDA(1)
|
$
77,202
|
|
$
57,775
|
|
33.6 %
|
Same-Property Hotel
EBITDA Margin(1)
|
28.7 %
|
|
27.0 %
|
|
167 bps
|
- "Same-Property" includes all hotels owned as of March 31,
2023 and 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. 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 months ended
March 31, 2023 and 2022.
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Total Revenues -
GAAP
|
$
268,973
|
|
$
210,347
|
Pro forma hotel level
adjustments(a)
|
19
|
|
3,379
|
Total Same-Property
Revenues
|
$
268,992
|
|
$
213,726
|
|
|
|
|
Total Hotel Operating
Expenses - GAAP
|
$
179,276
|
|
$
141,607
|
Real estate taxes,
personal property taxes and insurance
|
12,470
|
|
10,855
|
Ground lease expense,
net(b)
|
723
|
|
531
|
Other
income
|
(40)
|
|
(52)
|
Corporate-level costs
and expenses
|
(484)
|
|
(385)
|
Pro forma hotel level
adjustments, net(a)
|
(155)
|
|
3,395
|
Total Same-Property
Hotel Operating Expenses
|
$
191,790
|
|
$
155,951
|
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
three months ended March 31,
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 %
|
|
|
|
|
|
|
|
|
ADR
|
|
$
271.80
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$
179.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Revenues
|
|
$ 268,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Net Income (Loss)
- GAAP
|
|
$
40,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
3,255
|
|
|
|
|
|
|
|
|
Depreciation &
Amortization
|
|
33,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
|
$
77,202
|
|
|
|
|
|
|
|
|
Hotel EBITDA
Margin
|
|
28.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 %
|
- "Same-Property" includes all hotels owned as of March 31, 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.
Xenia Hotels
& Resorts, Inc.
Same-Property(1) Portfolio Data by
Market
|
|
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
|
|
202
|
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
|
|
9,508
|
- "Same-Property" includes all hotels owned as of March 31, 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.
- As defined by STR, Inc.
- Hotel EBITDA, Same-Property Hotel EBITDA, and Hotel EBITDA
Margin are non-GAAP financial measures. See definitions earlier in
this press release for how we define these non-GAAP financial
measures and the table on page 20 for reconciliations from Hotel
Net Income (Loss) to Hotel Earnings Before Interest, Taxes,
Depreciation and Amortization ("Hotel EBITDA") and Same-Property
Hotel EBITDA.
- As of March 31, 2023.
- Two rooms at Hyatt Regency Scottsdale Resort & Spa at
Gainey Ranch were removed from inventory in 2022.
Xenia Hotels
& Resorts, Inc.
Same-Property(1) Portfolio Data by
Market (2022)
For the Three Months
Ended March 31, 2023 and 2022
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
|
|
March 31, 2023
|
|
March 31, 2022
|
|
% Change
|
Market(2)
|
Occupancy
|
ADR
|
RevPAR
|
|
Occupancy
|
ADR
|
RevPAR
|
|
RevPAR
|
|
|
|
|
|
|
|
|
|
|
Phoenix, AZ
|
71.1 %
|
$ 503.86
|
$ 358.24
|
|
62.5 %
|
$ 487.46
|
$ 304.50
|
|
17.6 %
|
Orlando, FL
|
80.6 %
|
265.76
|
214.14
|
|
72.6 %
|
243.86
|
177.07
|
|
20.9 %
|
Houston, TX
|
66.4 %
|
228.06
|
151.52
|
|
55.5 %
|
204.01
|
113.31
|
|
33.7 %
|
San Diego,
CA
|
57.6 %
|
358.66
|
206.45
|
|
48.1 %
|
353.01
|
169.81
|
|
21.6 %
|
Dallas, TX
|
69.2 %
|
203.60
|
140.89
|
|
54.5 %
|
169.14
|
92.26
|
|
52.7 %
|
Atlanta, GA
|
66.3 %
|
227.23
|
150.58
|
|
54.7 %
|
205.72
|
112.53
|
|
33.8 %
|
Florida Keys,
FL
|
89.8 %
|
691.66
|
621.15
|
|
94.7 %
|
773.76
|
732.78
|
|
(15.2) %
|
Nashville,
TN
|
53.0 %
|
345.81
|
183.33
|
|
45.7 %
|
317.33
|
145.07
|
|
26.4 %
|
San Francisco/San
Mateo, CA
|
75.4 %
|
209.74
|
158.15
|
|
69.6 %
|
168.22
|
117.16
|
|
35.0 %
|
California North,
CA
|
59.2 %
|
357.02
|
211.43
|
|
61.8 %
|
365.05
|
225.53
|
|
(6.3) %
|
Portland, OR
|
57.8 %
|
190.52
|
110.15
|
|
38.0 %
|
178.72
|
67.91
|
|
62.2 %
|
Savannah, GA
|
76.6 %
|
278.42
|
213.17
|
|
76.6 %
|
259.54
|
198.69
|
|
7.3 %
|
Washington,
DC-MD-VA
|
61.2 %
|
245.08
|
150.06
|
|
45.4 %
|
234.73
|
106.47
|
|
40.9 %
|
Denver, CO
|
63.4 %
|
317.96
|
201.69
|
|
51.9 %
|
323.86
|
168.02
|
|
20.0 %
|
San Jose/Santa Cruz,
CA
|
49.9 %
|
245.62
|
122.61
|
|
37.1 %
|
190.97
|
70.94
|
|
72.8 %
|
Salt Lake City/Ogden,
UT
|
64.7 %
|
220.12
|
142.33
|
|
59.5 %
|
229.29
|
136.43
|
|
4.3 %
|
Birmingham,
AL
|
77.3 %
|
323.90
|
250.43
|
|
77.3 %
|
303.19
|
234.39
|
|
6.8 %
|
Pittsburgh,
PA
|
52.5 %
|
227.78
|
119.69
|
|
47.5 %
|
255.96
|
121.65
|
|
(1.6) %
|
Louisiana South,
LA
|
60.4 %
|
238.94
|
144.38
|
|
48.7 %
|
235.37
|
114.57
|
|
26.0 %
|
Philadelphia,
PA
|
61.6 %
|
201.26
|
123.95
|
|
49.0 %
|
187.20
|
91.77
|
|
35.1 %
|
California Central
Coast, CA
|
34.7 %
|
399.58
|
138.82
|
|
52.0 %
|
422.06
|
219.64
|
|
(36.8) %
|
Charleston,
SC
|
73.1 %
|
405.73
|
296.73
|
|
76.9 %
|
371.26
|
285.37
|
|
4.0 %
|
Same-Property(1)
Portfolio
|
66.1 %
|
$
271.80
|
$
179.55
|
|
56.1 %
|
$
258.36
|
$
144.92
|
|
23.9 %
|
- "Same-Property" includes all hotels owned as of March 31, 2023 and 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.
- 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
|
202
|
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
|
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)
|
9,508
|
$
984,078
|
|
$
130,247
|
$
14,360
|
$
131,007
|
$
275,614
|
- As defined by STR, Inc.
- As of March 31, 2023.
- "Same-Property" includes all hotels owned as of March 31, 2023. "Same-Property" 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/xenia-hotels--resorts-reports-first-quarter-2023-results-301813741.html
SOURCE Xenia Hotels & Resorts, Inc.