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Jun 30, 2024
Xenia Q2 2024 Earnings Report
Reported results for the quarter ended June 30, 2024.
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
Xenia Revenue by Segment
Revenue by Segment
Rooms Revenue
CapyFin.comFood & Beverage Revenue
CapyFin.comOther Revenue
CapyFin.com 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income