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Xenia
🇺🇸 NYSE:XHR
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•
Sep 30, 2024

Xenia Q3 2024 Earnings Report

Xenia's financial performance for Q3 2024 was impacted by renovation disruptions, softer leisure demand and hurricane impact.

Key Takeaways

Xenia Hotels & Resorts reported a net loss of $7.1 million for the third quarter of 2024. Adjusted EBITDAre decreased by 4.4% compared to the same quarter in 2023, and Adjusted FFO per Diluted Share decreased by 3.8%. Same-Property RevPAR increased by 1.5%, while Same-Property Hotel EBITDA decreased by 6.3%.

Net loss attributable to common stockholders was $7.1 million, or $0.07 per share.

Adjusted EBITDAre decreased 4.4% compared to the third quarter of 2023, reaching $44.3 million.

Same-Property RevPAR increased 1.5% compared to the third quarter of 2023, totaling $161.20.

The Company sold the Lorien Hotel & Spa in Alexandria, VA for $30.0 million.

Total Revenue
$237M
Previous year: $232M
+2.1%
EPS
$0.25
Previous year: $0.26
-3.8%
Same-Property RevPAR
$161
Previous year: $158
+1.7%
Same-Property EBITDA Margin
20.3%
Previous year: 22.1%
-8.1%
Gross Profit
$143M
Previous year: $143M
+0.3%
Cash and Equivalents
$161M
Previous year: $219M
-26.3%
Free Cash Flow
$4.31M
Total Assets
$2.9B
Previous year: $2.96B
-2.0%

Xenia

Xenia

Xenia Revenue by Segment

Forward Guidance

The Company has updated its full year 2024 outlook, which anticipates macroeconomic uncertainty and is based on the current economic environment. It assumes no additional acquisitions, dispositions, equity issuances, or share and/or senior note repurchases.

Positive Outlook

  • Same-Property (31 Hotel) RevPAR Change (vs. 2023) is expected to be between 1.25% and 2.25%.
  • Adjusted EBITDAre is projected to be between $234 million and $242 million.
  • Adjusted FFO is expected to range from $160 million to $168 million.
  • Adjusted FFO per Diluted Share is projected to be between $1.54 and $1.62.
  • General and administrative expense of approximately $23 million, excluding non-cash share-based compensation - a decrease of approximately $1 million from prior guidance

Challenges Ahead

  • Net Income is projected to be between $9 million and $17 million.
  • Excluding Grand Hyatt Scottsdale Resort, Same-Property (30 Hotel) RevPAR Change (vs. 2023) is expected to be between 2.75% and 3.75%.
  • Disruption due to renovations is expected to negatively impact Adjusted EBITDAre and Adjusted FFO by approximately $20 million.
  • Interest expense of approximately $77 million, excluding non-cash loan related costs - no change from prior guidance
  • Income tax benefit of approximately $3 million - no change from prior guidance

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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