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Dec 31, 2023
Xenia Q4 2023 Earnings Report
Xenia's Q4 2023 performance saw net income of $7.6 million, with adjusted FFO per share remaining flat year-over-year, and strategic capital allocation through share repurchases and dividend declarations.
Key Takeaways
Xenia Hotels & Resorts reported a net income of $7.6 million for Q4 2023. Adjusted FFO per share was flat compared to the same quarter in the previous year. The company repurchased shares and declared a dividend, demonstrating a commitment to returning capital to shareholders.
Net income attributable to common stockholders was $7.6 million, or $0.07 per share.
Adjusted EBITDAre decreased by 8.0% compared to Q4 2022, totaling $59.4 million.
Adjusted FFO per Diluted Share remained flat at $0.41 compared to Q4 2022.
The company repurchased shares of common stock for a total consideration of approximately $49.0 million and declared a fourth quarter dividend of $0.10 per share.
Forward Guidance
The Company is providing its full year 2024 outlook. The range below reflects the Company's limited visibility in forecasting due to macroeconomic uncertainty and is based on the current economic environment and does not take into account any unanticipated impacts to the business or operations. Furthermore, this guidance assumes no additional acquisitions, dispositions, equity issuances, or share and/or senior note repurchases.
Positive Outlook
- Net Income between $15 million and $35 million
- Same-Property (32 Hotel) RevPAR Change (vs. 2023) between 2.0% and 5.0%
- Excluding Hyatt Regency Scottsdale, Same-Property (31 Hotel) RevPAR Change (vs. 2023) between 2.5% and 5.5%
- Adjusted EBITDAre between $244 million and $264 million
- Adjusted FFO between $165 million and $185 million
Challenges Ahead
- Disruption due to renovations is expected to negatively impact Adjusted EBITDAre and Adjusted FFO by approximately $14 million
- General and administrative expense of approximately $25 million, excluding non-cash share-based compensation
Historical Earnings Impact
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Avg. Return Before/After Earnings
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