Le Lézard
Classified in: Tourism and vacations, Business, Covid-19 virus
Subject: ERN

Xenia Hotels & Resorts Reports Third Quarter 2021 Results


ORLANDO, Fla., Nov. 2, 2021 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended September 30, 2021.

Third Quarter 2021 Highlights

"The third quarter started with strong operating performance in July, with Same-Property occupancy, ADR and RevPAR reaching the highest levels since the beginning of the pandemic," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "Similar to the overall US lodging industry, we faced slight headwinds in August and September driven by the emergence of the Delta variant, a seasonal decline in leisure demand and a tougher comparison due to the timing of the Jewish holidays. However, the desirable positioning of our portfolio allowed us to benefit from the strength in leisure transient demand throughout the quarter, which drove sequential improvement in our Same-Property RevPAR over the second quarter of 2021, continuing the overall trend our portfolio has experienced throughout the year. We were particularly pleased that our Same-Property portfolio achieved ADR growth of 6.5% over the third quarter of 2019 and generated a Hotel EBITDA margin of 23.8% during the quarter. Our positive Adjusted FFO of $0.13 per diluted share resulted in this metric now also turning positive year-to-date, further highlighting how our high-quality portfolio positions us well for growth during the recovery."

Operating Results

The Company's results include the following:


Three Months Ended September 30,


Change From


2021


2020


2019


2020


2019


($ amounts in thousands, except hotel statistics and per share amounts)

Net (loss) income attributable to common stockholders

$

(22,193)



$

(52,344)



$

10,315



57.6

%


(315.2)

%

Net (loss) income per share available to common
stockholders - basic and diluted

$

(0.20)



$

(0.46)



$

0.09



56.5

%


(322.2)

%











Same-Property Number of Hotels(1)

34



34



34



?



?


Same-Property Number of Rooms(1)

9,411



9,412



9,412



(1)



(1)


Same-Property Occupancy(1)

55.1

%


24.4

%


76.2

%


3,070

 bps


(2,110)

 bps

Same-Property Average Daily Rate(1)

$

224.54



$

172.25



$

210.91



30.4

%


6.5

%

Same-Property RevPAR(1)

$

123.70



$

42.09



$

160.79



193.9

%


(23.1)

%

Same-Property Hotel EBITDA(1)(2)

$

40,272



$

(14,595)



$

53,099



375.9

%


(24.2)

%

Same-Property Hotel EBITDA Margin(1)(2)

23.8

%


(25.3)

%


23.3

%


4,907

 bps


44

 bps











Total Portfolio Number of Hotels(3)

35



39



40



(4)



(5)


Total Portfolio Number of Rooms(3)

10,011



11,245



11,167



(1,234)



(1,156)


Total Portfolio RevPAR(4)

$

119.17



$

39.71



$

164.25



200.1

%


(27.4)

%











Adjusted EBITDAre(2)

$

35,391



$

(21,121)



$

62,579



267.6

%


(43.4)

%

Adjusted FFO(2)

$

15,281



$

(30,557)



$

53,330



150.0

%


(71.3)

%

Adjusted FFO per diluted share(2)

$

0.13



$

(0.27)



$

0.47



148.1

%


(72.3)

%







Nine Months Ended September 30,


Change From


2021


2020


2019


2020


2019





Net (loss) income attributable to common stockholders

$

(120,582)



$

(187,608)



$

39,791



35.7

%


(403.0)

%

Net (loss) income per share available to common
stockholders - basic and diluted

$

(1.06)



$

(1.66)



$

0.35



36.1

%


(402.9)

%











Same-Property Number of Hotels(1)

34



34



34



?



?


Same-Property Number of Rooms(1)

9,411



9,412



9,412



(1)



(1)


Same-Property Occupancy(1)

47.2

%


28.5

%


77.4

%


1,870

 bps


(3,020)

 bps

Same-Property Average Daily Rate(1)

$

212.35



$

209.69



$

223.85



1.3

%


(5.1)

%

Same-Property RevPAR(1)

$

100.16



$

59.67



$

173.30



67.9

%


(42.2)

%

Same-Property Hotel EBITDA(1)(2)

$

76,697



$

(18,889)



$

209,503



506.0

%


(63.4)

%

Same-Property Hotel EBITDA Margin(1)(2)

18.8

%


(7.1)

%


27.8

%


2,587

 bps


(905)

 bps











Total Portfolio Number of Hotels(3)

35



39



40



(4)



(5)


Total Portfolio Number of Rooms(3)

10,011



11,245



11,167



(1,234)



(1,156)


Total Portfolio RevPAR(4)

$

95.35



$

56.00



$

171.85



70.3

%


(44.5)

%











Adjusted EBITDAre(2)

$

59,131



$

(41,637)



$

230,123



242.0

%


(74.3)

%

Adjusted FFO(2)

$

3,570



$

(66,184)



$

184,848



105.4

%


(98.1)

%

Adjusted FFO per diluted share(2)

$

0.03



$

(0.58)



$

1.62



105.2

%


(98.1)

%



1.

"Same-Property" includes all hotels owned as of September 30, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. Includes hotels that had temporarily suspended operations for a portion of the three and nine months ended September 30, 2020, as if all hotel rooms were available for sale. "Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and 2020, and renovation disruption for multiple capital projects during the periods presented.



2.

See tables later in this press release for reconciliations from net loss to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin. EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures.



3.

As of end of periods presented.



4.

Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company. Includes hotels that had temporarily suspended operations for a portion of or all of the three and nine months ended September 30, 2021 and 2020, as if all hotel rooms were available for sale.

Operations Update

The following table provides operating information for the nine months ended September 30, 2021 and preliminary information for the month of October 2021:



Same-Property Portfolio

 (34 Hotels / 9,411 Rooms)


2021 vs 2019

2021


Occupancy
(%)

Average

 Daily Rate
($)

RevPAR
($)


Occupancy

 change in

bps

Average Daily
Rate %
change

RevPAR

% change

January


24.5



170.41



41.83



(4,505)


(24.4)


(73.3)


February


34.5


183.58


63.35



(4,384)


(23.1)


(66.1)


March


45.4


202.07


91.69



(3,564)


(16.0)


(52.9)


1st Quarter


34.8



188.68



65.70



(4,150)


(19.7)


(63.4)


April


48.9


216.03


105.67



(3,238)


(7.0)


(44.0)


May


49.7


216.18


107.46



(2,856)


(6.4)


(40.5)


June


55.5


213.03


118.32



(2,427)


(0.3)


(30.6)


2nd Quarter


51.4



215.01



110.45



(2,840)


(4.7)


(38.7)


July


59.1


224.23


132.53



(1,936)


9.3


(17.7)


August


52.1


218.12


113.56



(2,412)


6.8


(27.0)


September


54.1


231.26


125.06



(1,991)


3.1


(24.7)


3rd Quarter


55.1



224.54



123.70



(2,114)


6.5


(23.1)


October  (preliminary)


58.2


245.56


142.83



(2,242)


2.8


(25.8)


"July proved to be the strongest month of the quarter, driven by strong leisure demand, while RevPAR declines compared to 2019 continued to trend downward in August and September," said Mr. Verbaas. "As a result, our third quarter Same-Property RevPAR decline compared to 2019 was significantly reduced from the decline during the first and second quarters of this year. With 24 of our hotels achieving  higher average daily rates than those in the third quarter of 2019 and occupancy improving to 55.1% for the quarter, this top-line performance flowed through to our bottom line, which resulted in 22 of our hotels exceeding Hotel EBITDA margins generated in the third quarter of 2019. Most encouragingly, 33 of our hotels and resorts achieved positive Hotel EBITDA during the quarter and our Same-Property RevPAR increased 12% over the second quarter of this year, despite the third quarter historically being our seasonally weakest. Following Labor Day, we began to see a meaningful increase in our weekday occupancy driven by business transient and group demand, a trend which has further accelerated in October. Our preliminary operating results for October are better than anticipated, which gives us cause for optimism for the fourth quarter and 2022."

Balance Sheet and Liquidity

As of September 30, 2021, the Company had total outstanding debt of approximately $1.5 billion with a weighted-average interest rate of 5.18%. The Company had approximately $517 million of cash and cash equivalents, including hotel working capital, and full availability on its $523 million revolving credit facility, resulting in total liquidity of over $1.0 billion as of September 30, 2021. In addition, the Company held approximately $35 million of restricted cash and escrows at the end of the third quarter.

Capital Expenditures

During the quarter, the Company invested $7.3 million and $19.2 million year-to-date in portfolio improvements.

Significant projects recently completed and currently in process include:

Additionally, the Company has continued planning work on two projects which have been accelerated to take advantage of current business conditions. These include:

Impact from Hurricane Ida

On August 29, Hurricane Ida impacted Loews New Orleans Hotel, causing damage to the exterior signage and roof as well as water infiltration. The Company is working with its insurers to settle the property damage and related business interruption claim and fully restore the property. The Company expects its out-of-pocket costs to repair property damage to be approximately $4 million, reflecting its insurance deductible, and that the restoration work will continue into 2022.

2021 Outlook and Guidance

The Company does not expect to issue earnings guidance until it has more certainty on trends within the industry. The Company is providing the following guidance for full year 2021 on certain corporate expenses and metrics:

Third Quarter 2021 Earnings Call

The Company will conduct its quarterly conference call on Tuesday, November 2, 2021 at 1:00 PM Eastern Time. To participate in the conference call, please dial (855) 656-0921. Additionally, a live webcast of the conference call will be available through the Company's website, www.xeniareit.com. A replay of the conference call will be archived and available online through the Investor Relations section of the Company's website for 90 days.

About Xenia Hotels & Resorts, Inc.

Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 U.S. lodging markets as well as key leisure destinations in the United States. The Company owns 35 hotels and resorts comprising 10,011 rooms across 15 states. Xenia's hotels are in the luxury and upper upscale segments, and are operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and The Kessler Collection. For more information on Xenia's business, refer to the Company website at www.xeniareit.com.

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements are generally identifiable by use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," references to "outlook" and "guidance," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include, among others, statements about our plans, strategies, the outlook related to the effects of the COVID-19 pandemic, including on the demand for travel, transient and group business, capital expenditures, timing of renovations, financial performance, prospects or future events. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) the impact of the COVID-19 pandemic, including on the demand for travel, transient and group business, and levels of consumer confidence; (ii) actions that governments, businesses, and individuals take in response to the COVID-19 pandemic or any resurgence of COVID-19 including variants of the virus, including limiting or banning travel; (iii) the impact of the COVID-19 pandemic and actions taken in response to the pandemic or any resurgence on global, national, or regional economies, travel and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; (iv) the ability of hotel managers to successfully navigate the impacts of the COVID-19 pandemic; (v) the pace of recovery following the COVID-19 pandemic or any resurgence; (vi) factors such as public health (including a significant increase in new and variant strains of COVID-19 cases), availability and effectiveness of COVID-19 vaccines and therapeutics, the level of acceptance of the vaccine by the general population and the economic and geopolitical environments may impact the timing, extent and pace of such recovery; (vii) the Company's dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly; (viii) risks associated with the hotel industry, including competition, increases in wages and benefits, energy costs and other operating costs, actual or threatened terrorist attacks, information technology failures, downturns in general and local economic conditions, prolonged periods of civil unrest in our markets, and cancellation of or delays in the completion of anticipated demand generators; (ix) the availability and terms of financing and capital and the general volatility of securities markets; (x) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws; (xi) interest rate increases; (xii) ability to successfully negotiate amendments and covenant waivers with its unsecured and secured indebtedness; (xiii) ability to comply with covenants, restrictions, and limitations in any existing or revised loan agreements with our unsecured and secured lenders; (xiv) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs; (xv) the possibility of uninsured or underinsured losses, including those relating to natural disasters, terrorism, government shutdowns and closures, civil unrest, or cyber incidents; (xvi) risks associated with redevelopment and repositioning projects, including delays and cost overruns; (xvii) levels of spending in business and leisure segments as well as consumer confidence; (xviii) declines in occupancy and average daily rate, (xix) the seasonal and cyclical nature of the real estate and hospitality businesses, (xx) changes in distribution arrangements, such as through Internet travel intermediaries; (xxi) relationships with labor unions and changes in labor laws, including increases to minimum wages; (xxii) the impact of changes in the tax code and uncertainty as to how some of those changes may be applied; (xxiii) monthly cash expenditures and the uncertainty around predictions; (xxiv) vaccination hesitancy and/or effectiveness;  (xxv) inflationary caution; (xxvi) labor shortages; (xxvii) disruptions in supply chains resulting in delays or inability to procure required products; and (xxviii) the risk factors discussed in the Company's Annual Report on Form 10-K, as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company's expectations will be realized. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

For further information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company's website at www.xeniareit.com.

All information in this press release is as of the date of its release. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company's expectations.

Availability of Information on Xenia's Website

Investors and others should note that Xenia routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts, and the Investor Relations section of Xenia's website. While not all the information that the Company posts to the Xenia website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Xenia to review the information that it shares at the Investor Relations link located on www.xeniareit.com. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Email Alerts / Investor Information" in the "Corporate Overview" section of Xenia's Investor Relations website at www.xeniareit.com.

For additional information or to receive press releases via email, please visit our website at www.xeniareit.com.


 

Xenia Hotels & Resorts, Inc.

Condensed Consolidated Balance Sheets

As of September 30, 2021 and December 31, 2020

($ amounts in thousands)



September 30, 2021


December 31, 2020

Assets

(Unaudited)


(Audited)

Investment properties:




Land

$

446,510



$

446,855


Buildings and other improvements

2,925,556



2,949,114


Total

$

3,372,066



$

3,395,969


Less: accumulated depreciation

(905,463)



(827,501)


Net investment properties

$

2,466,603



$

2,568,468


Cash and cash equivalents

517,464



389,823


Restricted cash and escrows

34,500



38,963


Accounts and rents receivable, net of allowance for doubtful accounts

23,833



8,966


Intangible assets, net of accumulated amortization

5,699



6,456


Other assets

61,119



66,927


Assets held for sale

7,695



?


Total assets

$

3,116,913



$

3,079,603


Liabilities




Debt, net of loan premiums, discounts and unamortized deferred financing costs

$

1,494,287



$

1,374,480


Accounts payable and accrued expenses

89,634



62,676


Other liabilities

73,400



75,584


Liabilities associated with assets held for sale

2,829



?


Total liabilities

$

1,660,150



$

1,512,740


Commitments and Contingencies




Stockholders' equity




Common stock, $0.01 par value, 500,000,000 shares authorized, 114,209,134 and
113,755,513 shares issued and outstanding as of September 30, 2021 and
December 31, 2020, respectively

$

1,142



$

1,138


Additional paid in capital

2,090,329



2,080,364


Accumulated other comprehensive loss

(6,243)



(14,425)


Accumulated distributions in excess of net earnings

(633,584)



(513,002)


Total Company stockholders' equity

$

1,451,644



$

1,554,075


Non-controlling interests

5,119



12,788


Total equity

$

1,456,763



$

1,566,863


Total liabilities and equity

$

3,116,913



$

3,079,603



 

Xenia Hotels & Resorts, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

For the Three and Nine Months Ended September 30, 2021 and 2020

(Unaudited)

($ amounts in thousands, except per share data)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2021


2020


2021


2020

Revenues:








Rooms revenues

$

109,753



$

41,081



$

260,594



$

172,550


Food and beverage revenues

44,004



11,762



105,739



87,587


Other revenues

19,027



11,111



46,277



33,992


Total revenues

$

172,784



$

63,954



$

412,610



$

294,129


Expenses:








Rooms expenses

$

27,099



$

14,267



$

65,024



$

56,458


Food and beverage expenses

33,764



14,730



80,534



75,451


Other direct expenses

5,059



2,863



12,993



9,763


Other indirect expenses

50,902



33,490



132,276



130,297


Management and franchise fees

6,025



2,043



15,009



9,212


Total hotel operating expenses

$

122,849



$

67,393



$

305,836



$

281,181


Depreciation and amortization

32,076



37,307



98,281



111,660


Real estate taxes, personal property taxes and insurance

9,731



13,028



31,268



39,800


Ground lease expense

405



478



1,187



1,604


General and administrative expenses

7,466



6,676



22,484



24,656


Gain on business interruption insurance

?



?



(1,116)



?


Acquisition, terminated transaction and pre-opening expenses

?



146



?



994


Impairment and other losses

1,759



8,942



14,072



29,044


Total expenses

$

174,286



$

133,970



$

472,012



$

488,939


Operating loss

$

(1,502)



$

(70,016)



$

(59,402)



$

(194,810)


Other income (expense)

186



26,965



(2,503)



29,335


Interest expense

(21,358)



(17,006)



(59,799)



(43,601)


Loss on extinguishment of debt

?



?



(1,356)



?


Net loss before income taxes

$

(22,674)



$

(60,057)



$

(123,060)



$

(209,076)


Income tax (expense) benefit

(43)



6,448



(377)



16,849


Net loss

$

(22,717)



$

(53,609)



$

(123,437)



$

(192,227)


Net loss attributable to non-controlling interests

524



1,265



2,855



4,619


Net loss attributable to common stockholders

$

(22,193)



$

(52,344)



$

(120,582)



$

(187,608)


 

Xenia Hotels & Resorts, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss - Continued

For the Three and Nine Months Ended September 30, 2021 and 2020

(Unaudited)

($ amounts in thousands, except per share data)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2021


2020


2021


2020

Basic and diluted loss per share:






Net loss per share available to common stockholders - basic and diluted

$

(0.20)



$

(0.46)



$

(1.06)



$

(1.66)


Weighted-average number of common shares (basic and diluted)

113,809,212



113,730,716



113,798,761



113,407,217










Comprehensive Loss:








Net loss

$

(22,717)



$

(53,609)



$

(123,437)



$

(192,227)


Other comprehensive income (loss):








Unrealized (loss) gain on interest rate derivative instruments

(163)



264



2,389



(18,535)


Reclassification adjustment for amounts recognized in net loss (interest expense)

1,598



2,840



5,999



5,511



$

(21,282)



$

(50,505)



$

(115,049)



$

(205,251)


Comprehensive loss attributable to non-controlling interests

490



1,191



2,649



5,015


Comprehensive loss attributable to the Company

$

(20,792)



$

(49,314)



$

(112,400)



$

(200,236)


 


Non-GAAP Financial Measures

The Company considers the following non-GAAP financial measures to be useful to investors as key supplemental measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDAre, Same-Property Hotel EBITDA, Same-Property Hotel EBITDA Margin, FFO, Adjusted FFO, and Adjusted FFO per diluted share. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss, operating profit, cash from operations, or any other operating performance measure as prescribed per GAAP.

EBITDA, EBITDAre and Adjusted EBITDAre

EBITDA is a commonly used measure of performance in many industries and is defined as net income or loss (calculated in accordance with GAAP) excluding interest expense, provision for income taxes (including income taxes applicable to sale of assets) and depreciation and amortization. The Company considers EBITDA useful to investors, in evaluating and facilitating comparisons of our operating performance between periods and between REITs by removing the impact of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results, even though EBITDA does not represent an amount that accrues directly to common stockholders. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions and, along with FFO and Adjusted FFO, is used by management in the annual budget process for compensation programs.

We calculate EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as EBITDA plus or minus losses and gains on the disposition of depreciated property, including gains or losses on change of control, plus impairments of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

We further adjust EBITDAre to exclude the impact of non-controlling interests in consolidated entities other than our Operating Partnership Units because our Operating Partnership Units may be redeemed for common stock. We also adjust EBITDAre for certain additional items such as depreciation and amortization related to corporate assets, hotel property acquisition, terminated transaction and pre-opening expenses, amortization of share-based compensation, non-cash ground rent and straight-line rent expense, the cumulative effect of changes in accounting principles, and other costs we believe do not represent recurring operations and are not indicative of the performance of our underlying hotel property entities. We believe it is meaningful for investors to understand Adjusted EBITDAre attributable to all common stock and unit holders. We believe Adjusted EBITDAre attributable to common stock and unit holders provides investors with another useful financial measure in evaluating and facilitating comparison of operating performance between periods and between REITs that report similar measures.

Same-Property Hotel EBITDA and Same-Property Hotel EBITDA Margin

Same-Property hotel data includes the actual operating results for all hotels owned as of the end of the reporting period. We then adjust the Same-Property hotel data for comparability purposes by including pre-acquisition operating results of asset(s) acquired during the period, which provides investors a basis for understanding the acquisition(s) historical operating trends and seasonality. The pre-acquisition operating results for the comparable period are obtained from the seller and/or manager of the hotels during the acquisition due diligence process and have not been audited or reviewed by our independent auditors. We further adjust the Same-Property hotel data to remove dispositions during the respective reporting periods, and, in certain cases, hotels that are not fully open due to significant renovation, re-positioning, or disruption or whose room counts have materially changed during either the current or prior year as these historical operating results are not indicative of or expected to be comparable to the operating performance of our hotel portfolio on a prospective basis.

Same-Property Hotel EBITDA represents net income or loss excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate-level costs and expenses, (5) hotel acquisition and terminated transaction costs, and (6) certain state and local excise taxes resulting from our ownership structure. We believe that Same-Property Hotel EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance excluding the impact of our capital structure (primarily interest expense), our asset base (primarily depreciation and amortization), income taxes, and our corporate-level expenses (corporate expenses and hotel acquisition and terminated transaction costs). We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and the effectiveness of our third-party management companies that operate our business on a property-level basis. Same-Property Hotel EBITDA Margin is calculated by dividing Same-Property Hotel EBITDA by Same-Property Total Revenues.

As a result of these adjustments the Same-Property hotel data we present does not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our condensed consolidated statements of operations and comprehensive loss include such amounts, all of which should be considered by investors when evaluating our performance.

We include Same-Property hotel data as supplemental information for investors. Management believes that providing Same-Property hotel data is useful to investors because it represents comparable operations for our portfolio as it exists at the end of the respective reporting periods presented, which allows investors and management to evaluate the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at Same-Property hotels or from other factors, such as the effect of acquisitions or dispositions.

FFO and Adjusted FFO

The Company calculates FFO in accordance with standards established by Nareit, as amended in the December 2018 restatement white paper, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding real estate-related depreciation, amortization and impairments, gains or losses from sales of real estate, the cumulative effect of changes in accounting principles, similar adjustments for unconsolidated partnerships and consolidated variable interest entities, and items classified by GAAP as extraordinary. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. The Company believes that the presentation of FFO provides useful supplemental information to investors regarding operating performance by excluding the effect of real estate depreciation and amortization, gains or losses from sales for real estate, impairments of real estate assets, extraordinary items and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance. The Company believes that the presentation of FFO can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common stockholders. The calculation of FFO may not be comparable to measures calculated by other companies who do not use the Nareit definition of FFO or do not calculate FFO per diluted share in accordance with Nareit guidance. Additionally, FFO may not be helpful when comparing Xenia to non-REITs. The Company presents FFO attributable to common stock and unit holders, which includes its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company believes it is meaningful for the investor to understand FFO attributable to common stock and unit holders.

We further adjust FFO for certain additional items that are not in Nareit's definition of FFO such as hotel property acquisition, terminated transaction and pre-opening expenses, amortization of debt origination costs and share-based compensation, non-cash ground rent and straight-line rent expense, and other items we believe do not represent recurring operations. We believe that Adjusted FFO provides investors with useful supplemental information that may facilitate comparisons of ongoing operating performance between periods and between REITs that make similar adjustments to FFO and is beneficial to investors' complete understanding of our operating performance.

Adjusted FFO per diluted share

The diluted weighted-average common share count used for the calculation of Adjusted FFO per diluted share differs from diluted weighted-average common share count used to derive net income or loss per share available to common stockholders. The Company calculates Adjusted FFO per diluted share by dividing the Adjusted FFO by the diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership units. Any anti-dilutive securities are excluded from the diluted earnings per-share calculation.


 

Xenia Hotels & Resorts, Inc.

Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA

For the Three Months Ended September 30, 2021,  2020 and 2019

(Unaudited)

($ amounts in thousands)



Three Months Ended September 30,


2021


2020


2019

Net (loss) income

$

(22,717)



$

(53,609)



$

10,670


Adjustments:






Interest expense

21,358



17,006



12,293


Income tax expense (benefit)

43



(6,448)



(2,442)


Depreciation and amortization

32,076



37,307



39,072


EBITDA

$

30,760



$

(5,744)



$

59,593


Impairment of investment properties(1)

759



8,942



?


EBITDAre

$

31,519



$

3,198



$

59,593








Reconciliation to Adjusted EBITDAre






Depreciation and amortization related to corporate assets

$

(104)



$

(98)



$

(99)


Acquisition, terminated transaction and pre-opening expenses

?



146



662


Amortization of share-based compensation expense

2,875



2,265



2,295


Non-cash ground rent and straight-line rent expense

33



80



128


Other income attributed to forfeited deposits recognized from terminated transactions

?



(26,750)



?


Other non-recurring expenses(1)

1,068



38



?


Adjusted EBITDAre attributable to common stock and unit holders

$

35,391



$

(21,121)



$

62,579


Corporate-level costs and expenses

4,582



4,374



5,205


Pro forma hotel level adjustments, net

204



2,152



(14,685)


Other

95



?



?


Same-Property Hotel EBITDA attributable to common stock and unit holders(2)

$

40,272



$

(14,595)



$

53,099




1.

During the three months ended September 30, 2021, the Company recorded a $0.3 million impairment loss related to Marriott Charleston Town Center attributed to its net book value exceeding the undiscounted cash flows over its shortened expected hold period. Additionally, during the third quarter of 2021, Loews New Orleans Hotel was impacted by Hurricane Ida, and as a result, the Company recorded an impairment loss of $0.5 million, which represents the write off of assets damaged during the storm.  The Company also expensed an estimated $1.0 million of hurricane-related repair and cleanup costs.



2.

See the reconciliation of Total Revenues and Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three months ended September 30, 2021 and 2020 on page 17 and for the three months ended September 30, 2021 and 2019 on page 18.


 

Xenia Hotels & Resorts, Inc.

Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA

For the Nine Months Ended September 30, 2021,  2020 and 2019

(Unaudited)

($ amounts in thousands)



Nine Months Ended September 30,


2021


2020


2019

Net (loss) income

$

(123,437)



$

(192,227)



$

41,157


Adjustments:






Interest expense

59,799



43,601



37,260


Income tax expense (benefit)

377



(16,849)



9,844


Depreciation and amortization

98,281



111,660



118,760


EBITDA

$

35,020



$

(53,815)



$

207,021


Impairment of investment properties(1)

13,072



29,044



14,771


EBITDAre

$

48,092



$

(24,771)



$

221,792








Reconciliation to Adjusted EBITDAre






Depreciation and amortization related to corporate assets

$

(306)



$

(292)



$

(303)


Loss on extinguishment of debt

1,356



?



214


Acquisition, terminated transaction and pre-opening expenses

?



994



947


Amortization of share-based compensation expense

8,813



8,574



7,091


Non-cash ground rent and straight-line rent expense

84



237



382


Other income attributed to forfeited deposits recognized from terminated transactions

?



(28,750)



?


Other non-recurring expenses(1)

1,092



2,371



?


Adjusted EBITDAre attributable to common stock and unit holders

$

59,131



$

(41,637)



$

230,123


Corporate-level costs and expenses

16,691



16,394



16,571


Pro forma hotel level adjustments, net

1,896



6,634



(36,369)


Other

(1,021)



(280)



(822)


Same-Property Hotel EBITDA attributable to common stock and unit holders(2)

$

76,697



$

(18,889)



$

209,503




1.

During the nine months ended September 30, 2021, the Company recorded a $12.6 million impairment loss related to Marriott Charleston Town Center attributed to its net book value exceeding the undiscounted cash flows over its shortened expected hold period. Additionally, during the nine months ended September 30, 2021, Loews New Orleans Hotel was impacted by Hurricane Ida, and as a result, the Company recorded an impairment loss of $0.5 million, which represents the write off of assets damaged during the storm.  The Company also expensed an estimated $1.0 million of hurricane-related repair and cleanup costs.



2.

See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the nine months ended  September 30, 2021 and 2020 on page 17 and for the nine months ended September 30, 2021 and 2019 on page 18.


 

Xenia Hotels & Resorts, Inc.

Reconciliation of Net (Loss) Income to FFO and Adjusted FFO

For the Three Months Ended September 30, 2021, 2020 and 2019

(Unaudited)

($ amounts in thousands)



Three Months Ended September 30,


2021


2020


2019

Net (loss) income

$

(22,717)



$

(53,609)



$

10,670


Adjustments:






Depreciation and amortization related to investment properties

31,972



37,209



38,973


Impairment of investment properties(1)

759



8,942



?


FFO attributable to common stock and unit holders

$

10,014



$

(7,458)



$

49,643


Reconciliation to Adjusted FFO






Acquisition, terminated transaction and pre-opening expenses

?



146



662


Loan related costs, net of adjustment related to non-controlling interests(2)

1,291



1,122



602


Amortization of share-based compensation expense

2,875



2,265



2,295


Non-cash ground rent and straight-line rent expense

33



80



128


Other income attributed to forfeited deposits recognized from terminated transactions

?



(26,750)



?


Other non-recurring expenses(1)

1,068



38



?


Adjusted FFO attributable to common stock and unit holders

$

15,281



$

(30,557)



$

53,330


Weighted-average shares outstanding - Diluted(3)

113,809



114,398



114,353


Adjusted FFO per diluted share

$

0.13



$

(0.27)



$

0.47




1.

During the three months ended September 30, 2021, the Company recorded a $0.3 million impairment loss related to Marriott Charleston Town Center attributed to its net book value exceeding the undiscounted cash flows over its shortened expected hold period. Additionally, during the third quarter of 2021, Loews New Orleans Hotel was impacted by Hurricane Ida, and as a result, the Company recorded an impairment loss of $0.5 million, which represents the write off of assets damaged during the storm.  The Company also expensed an estimated $1.0 million of hurricane-related repair and cleanup costs. 



2.

Loan related costs includes amortization of debt premiums, discounts and deferred loan origination costs.



3.

Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership units for the respective periods presented in thousands.


 

Xenia Hotels & Resorts, Inc.

Reconciliation of Net (Loss) Income to FFO and Adjusted FFO

For the Nine Months Ended September 30, 2021, 2020 and 2019

(Unaudited)

($ amounts in thousands)



Nine Months Ended September 30,


2021


2020


2019

Net (loss) income

$

(123,437)



$

(192,227)



$

41,157


Adjustments:






Depreciation and amortization related to investment properties

97,975



111,368



118,457


Impairment of investment properties(1)

13,072



29,044



14,771


FFO attributable to common stock and unit holders

$

(12,390)



$

(51,815)



$

174,385


Reconciliation to Adjusted FFO






Loss on extinguishment of debt

1,356



?



214


Acquisition, terminated transaction and pre-opening expenses

?



994



947


Loan related costs, net of adjustment related to non-controlling interests(2)

4,615



2,205



1,829


Amortization of share-based compensation expense

8,813



8,574



7,091


Non-cash ground rent and straight-line rent expense

84



237



382


Other income attributed to forfeited deposits recognized from terminated transactions

?



(28,750)



?


Other non-recurring expenses(1)

1,092



2,371



?


Adjusted FFO attributable to common stock and unit holders

$

3,570



$

(66,184)



$

184,848


Weighted-average shares outstanding - Diluted(3)

114,603



114,403



114,282


Adjusted FFO per diluted share

$

0.03



$

(0.58)



$

1.62




1.

During the nine months ended September 30, 2021, the Company recorded a $12.6 million impairment loss related to Marriott Charleston Town Center attributed to its net book value exceeding the undiscounted cash flows over its shortened expected hold period. Additionally, during the nine months ended September 30, 2021, Loews New Orleans Hotel was impacted by Hurricane Ida, and as a result, the Company recorded an impairment loss of $0.5 million, which represents the write off of assets damaged during the storm.  The Company also expensed an estimated $1.0 million of hurricane-related repair and cleanup costs.



2.

Loan related costs includes amortization of debt premiums, discounts and deferred loan origination costs.



3.

Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership units for the respective periods presented in thousands.


 

Xenia Hotels & Resorts, Inc.

Debt Summary as of September 30, 2021

(Unaudited)

($ amounts in thousands)



Rate Type


Rate(1)


Maturity Date


Outstanding as of

September 30, 2021









Mortgage Loans








Renaissance Atlanta Waverly Hotel & Convention Center

Fixed(2)


4.45

%


August 2024


$

100,000


Andaz Napa

Partially Fixed (3)


2.76

%


September 2024


56,000


The Ritz-Carlton, Pentagon City

Fixed(4)


5.47

%


January 2025


65,000


Grand Bohemian Hotel Orlando, Autograph Collection

 Fixed


4.53

%


March 2026


57,066


Marriott San Francisco Airport Waterfront

 Fixed


4.63

%


May 2027


112,576


Total Mortgage Loans



4.44

%

(5)



$

390,642


Corporate Credit Facilities








Revolving Credit Facility(6)

 Variable


2.93

%


February 2024


?


Corporate Credit Facility Term Loan

Partially Fixed(7)


3.92

%


September 2024


125,000


Total Corporate Credit Facilities







$

125,000


2020 Senior Notes

Fixed


6.38

%


August 2025


500,000


2021 Senior Notes

Fixed


4.88

%


June 2029


500,000


Loan premiums, discounts and unamortized deferred financing costs, net(8)







(21,355)


Total Debt, net of loan premiums, discounts and unamortized deferred financing costs



5.18

%

(5)



$

1,494,287




1.

The rates shown represent the annual interest rates as of September 30, 2021. The variable index for secured mortgage loans is one-month LIBOR or daily SOFR and the variable index for corporate credit facilities reflects a 25 basis point LIBOR floor which is applicable for the value of all corporate credit facilities not subject to an interest rate hedge.



2.

A variable interest loan for which the interest rate has been fixed through October 2022, after which the rate reverts to variable.



3.

A variable interest loan for which the interest rate has been fixed on $25 million of the balance through October 2022, after which the rate reverts to variable.



4.

A variable interest loan for which the interest rate has been fixed through January 2023.



5.

Weighted-average interest rate as of September 30, 2021.



6.

The Revolving Credit Facility has total commitments of $523 million through February 2022, after which the total commitments will decrease to $450 million through February 2024.



7.

A variable interest loan for which LIBOR has been fixed through September 2022. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio. The applicable interest rate has been set to the highest level of grid-based pricing during the covenant waiver period.



8.

Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.


 

Xenia Hotels & Resorts, Inc.

Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin

For the Three and Nine Months Ended September 30, 2021 and 2020

($ amounts in thousands)




Three Months Ended September 30,


Nine Months Ended September 30,



2021


2020


Change


2021


2020


Change

Same-Property Occupancy(1)


55.1%



24.4%



3,070 bps


47.2%



28.5%



1,870 bps

Same-Property Average Daily Rate(1)


$

224.54



$

172.25



30.4%


$

212.35



$

209.69



1.3%

Same-Property RevPAR(1)


$

123.70



$

42.09



193.9%


$

100.16



$

59.67



67.9%

Same-Property Revenues(1):













Rooms revenues


$

107,104



$

36,449



193.8%


$

257,337



$

153,894



67.2%

Food and beverage revenues


43,359



11,440



279.0%


105,009



81,429



29.0%

Other revenues


18,912



9,821



92.6%


46,027



31,269



47.2%

Total Same-Property revenues


$

169,375



$

57,710



193.5%


$

408,373



$

266,592



53.2%

Same-Property Expenses(1):













Rooms expenses


$

26,129



$

12,816



103.9%


$

63,703



$

49,344



29.1%

Food and beverage expenses


33,111



14,060



135.5%


79,590



69,746



14.1%

Other direct expenses


5,059



2,757



83.5%


12,993



9,227



40.8%

Other indirect expenses


49,023



29,847



64.2%


128,219



114,142



12.3%

Management and franchise fees


5,922



1,671



254.4%


14,882



7,898



88.4%

Real estate taxes, personal property taxes and insurance


9,441



10,739



(12.1)%


31,062



33,707



(7.8)%

Ground lease expense


418



415



0.7%


1,227



1,417



(13.4)%

Total Same-Property hotel operating expenses


$

129,103



$

72,305



78.6%


$

331,676



$

285,481



16.2%

Same-Property Hotel EBITDA(1)


$

40,272



$

(14,595)



375.9%


$

76,697



$

(18,889)



506.0%

Same-Property Hotel EBITDA Margin(1)


23.8%



(25.3)%



4,907 bps


18.8%



(7.1)%



2,587 bps



1.

"Same-Property" includes all hotels owned as of September 30, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. Includes hotels that had temporarily suspended operations for a portion of the three and nine months ended September 30, 2020. "Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and 2020 results and renovation disruption for multiple capital projects during the periods presented. The following is a reconciliation of Total Revenues and Total Hotel Operating Expenses consolidated on a GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses for the three and nine months ended September 30, 2021 and 2020:





Three Months Ended September 30,


Nine Months Ended September 30,



2021


2020


2021


2020

Total Revenues - GAAP


$

172,784



$

63,954



$

412,610



$

294,129


Total revenues from sold hotels


?



(6,109)



?



(23,972)


Pro forma other revenues adjustments


(3,409)



(135)



(4,237)



(3,565)


Total Same-Property Revenues


$

169,375



$

57,710



$

408,373



$

266,592











Total Hotel Operating Expenses - GAAP


$

122,849



$

67,393



$

305,836



$

281,181


Real estate taxes, personal property taxes and insurance


9,731



13,028



31,268



39,800


Ground lease expense, net(a)


418



415



1,227



1,417


Other income


(67)



(63)



(195)



(192)


Corporate-level costs and expenses


(249)



(13)



(502)



(777)


Pro forma hotel level adjustments, net(b)


(3,579)



(8,455)



(5,958)



(35,948)


Total Same-Property Hotel Operating Expenses


$

129,103



$

72,305



$

331,676



$

285,481




a.

Excludes non-cash ground rent expense.



b. 

Includes adjustments for hotel expenses from sold hotels and for Hyatt Regency Portland at the Oregon Convention Center, which is not included in Same-Property amounts.


 

Xenia Hotels & Resorts, Inc.

Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin

For the Three and Nine Months Ended September 30, 2021 and 2019

($ amounts in thousands)




Three Months Ended September 30,


Nine Months Ended September 30,



2021


2019


Change


2021


2019


Change

Same-Property Occupancy(1)


55.1%



76.2%



(2,110) bps


47.2%



77.4%



(3,020) bps

Same-Property Average Daily Rate(1)


$

224.54



$

210.91



6.5%


$

212.35



$

223.85



(5.1)%

Same-Property RevPAR(1)


$

123.70



$

160.79



(23.1)%


$

100.16



$

173.30



(42.2)%

Same-Property Revenues(1):













Rooms revenues


$

107,104



$

139,228



(23.1)%


$

257,337



$

445,295



(42.2)%

Food and beverage revenues


43,359



70,502



(38.5)%


105,009



254,464



(58.7)%

Other revenues


18,912



17,792



6.3%


46,027



53,125



(13.4)%

Total Same-Property revenues


$

169,375



$

227,522



(25.6)%


$

408,373



$

752,884



(45.8)%

Same-Property Expenses(1):













Rooms expenses


$

26,129



$

35,023



(25.4)%


$

63,703



$

106,316



(40.1)%

Food and beverage expenses


33,111



52,041



(36.4)%


79,590



168,595



(52.8)%

Other direct expenses


5,059



6,460



(21.7)%


12,993



19,570



(33.6)%

Other indirect expenses


49,023



60,615



(19.1)%


128,219



184,555



(30.5)%

Management and franchise fees


5,922



8,424



(29.7)%


14,882



29,097



(48.9)%

Real estate taxes, personal property taxes and insurance


9,441



10,899



(13.4)%


31,062



32,261



(3.7)%

Ground lease expense


418



961



(56.5)%


1,227



2,987



(58.9)%

Total Same-Property hotel operating expenses


$

129,103



$

174,423



(26.0)%


$

331,676



$

543,381



(39.0)%

Same-Property Hotel EBITDA(1)


$

40,272



$

53,099



(24.2)%


$

76,697



$

209,503



(63.4)%

Same-Property Hotel EBITDA Margin(1)


23.8%



23.3%



44 bps


18.8%



27.8%



(905) bps



1.

"Same-Property" includes all hotels owned as of September 30, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. Includes disruption from the COVID-19 pandemic in 2021 results and renovation disruption for multiple capital projects during the periods presented. The following is a reconciliation of Total Revenues and Total Hotel Operating Expenses consolidated on a GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses for the three and nine months ended September 30, 2021 and 2019:





Three Months Ended September 30,


Nine Months Ended September 30,



2021


2019


2021


2019

Total Revenues - GAAP


$

172,784



$

268,931



$

412,610



$

866,903


Total revenues from sold hotels


?



(41,409)



?



(114,019)


Pro forma other revenues adjustments


(3,409)



?



(4,237)



?


Total Same-Property Revenues


$

169,375



$

227,522



$

408,373



$

752,884











Total Hotel Operating Expenses - GAAP


$

122,849



$

187,180



$

305,836



$

580,053


Real estate taxes, personal property taxes and insurance


9,731



13,331



31,268



38,968


Ground lease expense, net(a)


418



961



1,227



2,987


Other income


(67)



(80)



(195)



(205)


Pre-opening expenses


?



135



?



277


Corporate-level costs and expenses


(249)



(338)



(502)



(1,158)


Pro forma hotel level adjustments, net(b)


(3,579)



(26,766)



(5,958)



(77,541)


Total Same-Property Hotel Operating Expenses


$

129,103



$

174,423



$

331,676



$

543,381




a.

Excludes non-cash ground rent expense.



b.

Includes adjustments for hotel expenses from sold hotels and for Hyatt Regency Portland at the Oregon Convention Center, which is not included in Same-Property amounts.


 

Xenia Hotels & Resorts, Inc.

Same-Property(1) Portfolio Data by Market


Market(2)

% of 2019 Hotel
EBITDA(3)


Number of
Hotels


Number of
Rooms

Houston, TX

12%


3


1,220

Orlando, FL

12%


3


1,141

Phoenix, AZ

11%


2


612

Dallas, TX

9%


2


961

San Francisco/San Mateo, CA

9%


1


688

San Jose/Santa Cruz, CA

7%


1


505

Atlanta, GA

6%


2


649

San Diego, CA

5%


2


486

Denver, CO

4%


2


391

Washington, DC-MD-VA

4%


2


472

Other

21%


14


2,286

Same-Property(1)

100%


34


9,411

Hyatt Regency Portland at the Oregon Convention Center



1


600

Total Portfolio



35


10,011



1.

"Same-Property" includes all hotels owned as of September 30, 2021, except for Hyatt Regency Portland at the Oregon Convention Center.



2.

As defined by STR, Inc.



3.

Based on Hotel EBITDA for the year ended December 31, 2019 as results for the year ended December 31, 2020 are not representative of typical operating results.


 


Xenia Hotels & Resorts, Inc.

Same-Property(1) Portfolio Data by Market

For the Three and Nine Months Ended September 30, 2021 and 2019



Three Months Ended


Three Months Ended




September 30, 2021


September 30, 2019


% Change


Occupancy

ADR

RevPAR


Occupancy

ADR

RevPAR


RevPAR

Market










Houston, TX

50.5

%

$

182.47


$

92.13



67.5

%

$

168.56


$

113.85



(19.1)

%

Orlando, FL

57.2

%

178.99


102.43



71.8

%

161.71


116.09



(11.8)

%

Phoenix, AZ

43.9

%

249.10


109.30



65.1

%

178.00


115.92



(5.7)

%

Dallas, TX

50.0

%

132.72


66.38



65.2

%

178.76


116.54



(43.0)

%

San Francisco/San Mateo, CA

54.6

%

154.55


84.34



95.1

%

238.98


227.36



(62.9)

%

San Jose-Santa Cruz, CA

34.9

%

144.43


50.35



82.6

%

247.76


204.52



(75.4)

%

Atlanta, GA

54.8

%

216.71


118.77



78.1

%

190.51


148.86



(20.2)

%

San Diego, CA

54.2

%

442.19


239.80



79.9

%

269.32


215.29



11.4

%

Denver, CO

69.2

%

287.40


198.85



88.1

%

289.28


254.99



(22.0)

%

Washington, DC-MD-VA

61.9

%

204.68


126.78



81.7

%

218.37


178.39



(28.9)

%

Other

62.7

%

271.84


170.40



79.1

%

228.87


181.12



(5.9)

%

Total

55.1

%

$

224.54


$

123.70



76.2

%

$

210.91


$

160.79



(23.1)

%




Nine Months Ended


Nine Months Ended




September 30, 2021


September 30, 2019


% Change


Occupancy

ADR

RevPAR


Occupancy

ADR

RevPAR


RevPAR

Market










Houston, TX

50.7

%

$

175.94


$

89.24



71.7

%

$

178.85


$

128.21



(30.4)

%

Orlando, FL

53.8

%

173.31


93.25



77.6

%

194.43


150.80



(38.2)

%

Phoenix, AZ

46.6

%

307.67


143.33



74.3

%

277.02


205.85



(30.4)

%

Dallas, TX

41.7

%

124.32


51.87



70.8

%

189.21


133.91



(61.3)

%

San Francisco/San Mateo, CA

36.9

%

148.86


54.87



93.1

%

244.44


227.52



(75.9)

%

San Jose-Santa Cruz, CA

24.0

%

125.68


30.11



83.0

%

260.15


215.85



(86.1)

%

Atlanta, GA

48.3

%

197.19


95.17



77.7

%

197.70


153.55



(38.0)

%

San Diego, CA

36.9

%

371.57


136.96



74.9

%

266.00


199.33



(31.3)

%

Denver, CO

54.3

%

263.46


143.03



81.2

%

269.82


219.04



(34.7)

%

Washington, DC-MD-VA

45.3

%

203.55


92.13



78.3

%

234.42


183.60



(49.8)

%

Other

53.7

%

251.84


135.22



77.7

%

232.68


180.85



(25.2)

%

Total

47.2

%

$

212.35


$

100.16



77.4

%

$

223.85


$

173.30



(42.2)

%



1.

"Same-Property" includes all hotels owned as of September 30, 2021, except for Hyatt Regency Portland at the Oregon Convention Center.

 

Xenia Hotels & Resorts, Inc.

Same-Property(1) Historical Operating Data

($ amounts in thousands, except ADR and RevPAR)




First Quarter


Second Quarter


Third Quarter


Fourth Quarter


Full Year



2021


2021


2021


2021


2021

Occupancy


34.8

%


51.4

%



55.1

%





ADR


$

188.68



$

215.01



$

224.54






RevPAR


$

65.70



$

110.45



$

123.70

















Hotel Revenues


$

87,820



$

151,178



$

169,375






Hotel EBITDA


$

95



$

36,330



$

40,272






Hotel EBITDA Margin


0.1

%


24.0

%


23.8

%








First Quarter


Second Quarter


Third Quarter


Fourth Quarter


Full Year



2020


2020


2020


2020


2020

Occupancy


57.1

%


3.9

%


24.4

%


27.8

%


28.3

%

ADR


$

227.63



$

184.17



$

172.25



$

182.64



$

203.00


RevPAR


$

129.93



$

7.19



$

42.09



$

50.82



$

57.45













Hotel Revenues


$

195,022



$

13,860



$

57,710



$

73,723



$

340,314


Hotel EBITDA


$

31,235



$

(35,529)



$

(14,595)



$

(2,938)



$

(21,826)


Hotel EBITDA Margin


16.0

%


(256.3)

%


(25.3)

%


(4.0)

%


(6.4)

%




First Quarter


Second Quarter


Third Quarter


Fourth Quarter


Full Year



2019


2019


2019


2019


2019

Occupancy


76.3

%


79.8

%


76.2

%


72.9

%


76.3

%

ADR


$

235.10



$

225.71



$

210.91



$

221.40



$

223.26


RevPAR


$

179.27



$

180.05



$

160.79



$

161.36



$

170.29













Hotel Revenues


$

264,198



$

261,164



$

227,522



$

247,313



$

1,000,197


Hotel EBITDA


$

78,868



$

77,536



$

53,099



$

66,149



$

275,652


Hotel EBITDA Margin


29.9

%


29.7

%


23.3

%


26.7

%


27.6

%



1.

"Same-Property" includes all hotels owned as of September 30, 2021, except for Hyatt Regency Portland at the Oregon Convention Center. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2020, as if all hotels rooms were available for sale. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021 and 2020.

 

SOURCE Xenia Hotels & Resorts, Inc.


These press releases may also interest you

at 11:19
On 29 March 2024, BTR New Material Group Co., Ltd. ("BTR")(835185.BJ), a global leader in battery materials, inked an investment agreement with the Moroccan government to erect a lithium battery ternary cathode material facility in the country. The...

at 11:08
AERKOMM Inc. (Euronext: AKOM, OTCQX: AKOM, "AERKOMM"), an innovative satellite technology company providing multi-orbit broadband connectivity solutions, and IX Acquisition Corp , a SPAC focused on the technology, media and telecommunications...

at 11:00
American Bureau of Shipping, CALAMCO, Fleet Management Limited, Sumitomo Corporation and TOTE Services, LLC ("TOTE Services") today announced the execution of a Memorandum of Understanding (MOU) to jointly conduct a feasibility study (hereinafter...

at 10:30
Unifi Aviation is making a pledge to employ 500 refugees over the next three years, a commitment the company made at the second annual TENT U.S. Business Summit on Refugees hosted by Pfizer at its global headquarters in New York City on March 26....

at 10:15
Today, Investopedia announced the winners of its 2024 Best Online Broker Awards, featuring 14 categories highlighting winners whose products and services helped investors navigate rising but volatile markets, a crypto resurgence, and new assets like...

at 10:12
NerdsToGo®, a leading information technology (IT) solutions and technology repair services franchise for both business and home, announced today plans for its strategic expansion throughout the greater Chicago area with 20 new territories available...



News published on and distributed by: