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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.
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, 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