Xenia Q2 2024 Earnings Report
Key Takeaways
Xenia Hotels & Resorts reported a net income of $15.3 million, or $0.15 per share. Same-Property RevPAR increased by 1.8%, and Adjusted FFO per Diluted Share increased by 10.6% compared to the second quarter of 2023. The company updated its full year 2024 outlook, reflecting macroeconomic uncertainty.
Net income attributable to common stockholders was $15.3 million, or $0.15 per share.
Adjusted EBITDAre was $68.4 million, a decrease of 8.4% compared to Q2 2023.
Adjusted FFO per Diluted Share was $0.52, an increase of 10.6% compared to Q2 2023.
Same-Property RevPAR increased 1.8% compared to the second quarter of 2023.
Xenia
Xenia
Forward Guidance
The Company has updated its full year 2024 outlook. Current full year 2024 guidance is inclusive of the recent disposition of the 107-room Lorien Hotel & Spa.
Positive Outlook
- Net Income between $18 million and $30 million.
- Current Same-Property (31 Hotel) RevPAR Change (vs. 2023) between 2.00% and 4.00%.
- Excluding Hyatt Regency Scottsdale, Current Same-Property (30 Hotel) RevPAR Change (vs. 2023) between 2.75% and 4.75%.
- Adjusted EBITDAre between $243 million and $255 million.
- Adjusted FFO between $169 million and $181 million.
Challenges Ahead
- Disruption due to renovations is expected to negatively impact Adjusted EBITDAre and Adjusted FFO by approximately $17 million.
- General and administrative expense of approximately $24 million, excluding non-cash share-based compensation.
- Interest expense of approximately $77 million, excluding non-cash loan related costs.
- Income tax benefit of approximately $3 million.
- $70 - $75 million of capital expenditures for Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch.