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Xenia
🇺🇸 NYSE:XHR
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•
Mar 31, 2021

Xenia Q1 2021 Earnings Report

Xenia's first quarter results substantially exceeded expectations due to the strengthening of leisure demand, particularly in Sunbelt and Southeast locations.

Key Takeaways

Xenia Hotels & Resorts reported a net loss of $(56.4) million, or $(0.50) per share, for the quarter ended March 31, 2021. However, the company's results substantially exceeded expectations due to the strengthening of leisure demand. Same-Property RevPAR was $65.70, resulting from occupancy of 34.8% and an ADR of $188.68. Same-Property Hotel EBITDA turned positive at $95 thousand.

Net loss attributable to common stockholders was $(56.4) million, or $(0.50) per share.

Adjusted EBITDAre was $(3.6) million.

Adjusted FFO per diluted share was $(0.18).

Same-Property Hotel EBITDA was $95 thousand with a margin of 0.1%.

Total Revenue
$87.9M
Previous year: $215M
-59.2%
EPS
-$0.18
Previous year: $0.17
-205.9%
Same-Property RevPAR
$65.7
Previous year: $127
-48.1%
Same-Property EBITDA Margin
0.1%
Previous year: 15%
-99.3%
Gross Profit
-$175K
Previous year: $30.1M
-100.6%
Cash and Equivalents
$355M
Previous year: $397M
-10.6%
Total Assets
$3.02B
Previous year: $3.52B
-14.0%

Xenia

Xenia

Forward Guidance

The Company does not expect to issue full year earnings guidance until it has more clarity on fundamentals and trends within the industry. However, they are providing guidance for full year 2021 on certain corporate expenses.

Positive Outlook

  • Leisure demand will remain strong throughout the summer.
  • Hopeful for a gradual recovery in business transient demand in the second half of the year.
  • Witnessed some early signs of improvement in business transient and group demand in recent weeks.
  • Portfolio remains well-positioned for the recovery in demand across all segments in the quarters and years ahead.
  • Expect the strength in March, when they achieved positive Adjusted EBITDAre and Adjusted FFO, to continue.

Challenges Ahead

  • The Company does not expect to issue full year earnings guidance until it has more clarity on fundamentals and trends within the industry.
  • 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.
  • Still uncertainty around the material adverse impact that COVID-19 has had on our results of operations.

Company Overview

Full financial data and analysis

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