8-K
Xenia Hotels & Resorts, Inc. (XHR)
UNITED STATESSECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 1, 2023
Xenia Hotels & Resorts, Inc.
(Exact Name of Registrant as Specified in its Charter)
| Maryland | 001-36594 | 20-0141677 |
|---|---|---|
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
200 S. Orange Avenue, Suite 2700 Orlando, Florida 32801 (Address of Principal Executive Offices)
(407) 246-8100 (Registrant’s Telephone Number, Including Area Code)
N/A (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Securities registered pursuant to Section 12(b) of the Act: | ||
|---|---|---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock | XHR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ☐ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On March 1, 2023, Xenia Hotels & Resorts, Inc. (the “Company”) issued a press release announcing its results for the quarter and year ended December 31, 2022. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished under Item 2.02 and Exhibit 99.1 in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
On March 1, 2023, the Company published supplemental financial information which may be accessed through the Company’s investor relations website. A copy of the supplemental financial information is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
The information furnished under Item 7.01 and Exhibit 99.2 in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release of Xenia Hotels & Resorts, Inc., dated as of March 1, 2023 (furnished pursuant to Item 2.02) |
| 99.2 | Xenia Hotels & Resorts, Inc. Supplemental Financial Information (furnished pursuant to Item 7.01) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Xenia Hotels & Resorts, Inc. | |||
|---|---|---|---|
| Date: March 1, 2023 | By: | /s/ Atish Shah | |
| Name: | Atish Shah | ||
| Title: | Executive Vice President and Chief Financial Officer |
Document
DATE: March 1, 2023
XENIA HOTELS & RESORTS REPORTS FOURTH QUARTER
AND FULL YEAR 2022 RESULTS
Orlando, FL – March 1, 2023 – Xenia Hotels & Resorts, Inc. (NYSE: XHR) (“Xenia” or the “Company”) today announced results for the quarter and year ended December 31, 2022.
Fourth Quarter 2022 Highlights
•Net Income: Net income attributable to common stockholders was $35.3 million, or $0.31 per share
•Adjusted EBITDAre: $64.6 million, increased 32.0% compared to the fourth quarter of 2021
•Adjusted FFO per Diluted Share: $0.41, increased $0.16 compared to the fourth quarter of 2021
•Same-Property Occupancy: 64.1%, increased 770 basis points compared to the fourth quarter of 2021 and decreased 920 basis points compared to the fourth quarter of 2019
•Same-Property ADR: $260.19, increased 6.9% and 15.0% compared to the fourth quarter of 2021 and 2019, respectively
•Same-Property RevPAR: $166.87, increased 21.5% and 0.6% compared to the fourth quarter of 2021 and 2019, respectively
•Same-Property Hotel EBITDA: $65.4 million, increased 23.5% and 3.3% compared to the fourth quarter of 2021 and 2019, respectively
•Same-Property Hotel EBITDA Margin: 27.3%, decreased 37 basis points and increased 17 basis points compared to the fourth quarter of 2021 and 2019, respectively
•Transaction Activity: Sold the 115-room Bohemian Hotel Celebration, Autograph Collection in Celebration, FL for $27.75 million and the 189-room Kimpton Hotel Monaco Denver for $69.75 million.
•Dividends: The Company declared its fourth quarter dividend of $0.10 per share to common stockholders of record on December 30, 2022.
“We are pleased with our fourth quarter results as the continued transition from a leisure-driven recovery to a more traditional mix of leisure, business transient and group demand resulted in Adjusted EBITDAre and FFO per share that came in near the high end of guidance we provided after our third quarter results,” said Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. “With Same-Property RevPAR increasing by 0.6% over the fourth quarter of 2019, a continued focus on cost controls helped Same-Property Hotel EBITDA Margin grow over the same period in 2019, despite continued cost pressures, particularly in labor and utilities, that are impacting our portfolio and the lodging industry overall. Despite the typical seasonal slowdown in demand as the quarter progressed, December results were
Full Year 2022 Highlights
•Net Income: Net income attributable to common stockholders was $55.9 million, or $0.49 per share.
•Adjusted EBITDAre: $257.0 million, increased 137.8% compared to 2021
•Adjusted FFO per Diluted Share: $1.54, increased $1.26 compared to 2021
•Same-Property Occupancy: 63.9%, increased 1,420 basis points compared to 2021 and decreased 1,270 basis points compared to 2019
•Same-Property ADR: $259.92, increased 15.3% and 13.8% compared to 2021 and 2019, respectively
•Same-Property RevPAR: $166.08, an increase of 48.3% and a decrease of 5.1% compared to 2021 and 2019, respectively
•Same-Property Hotel EBITDA: $256.4 million, an increase of 99.9% and a decrease of 3.0% compared to 2021 and 2019, respectively
•Same-Property Hotel EBITDA Margin: 28.4%, an increase of 623 basis points and 40 basis points compared to 2021 and 2019, respectively
•Transaction Activity: Acquired the 346-room W Nashville for $328.7 million and sold three hotels, reflecting 495 rooms, for $133.5 million in total.
•Balance Sheet: In the first quarter, the Company paid off the $65 million mortgage loan secured by The Ritz-Carlton, Pentagon City.
•Share Repurchases & Dividends: The Company repurchased a total of 1,912,794 shares of common stock at a weighted-average price of $14.74 per share for total consideration of approximately $28.2 million in 2022. Additionally, the Company declared a quarterly dividend in both the third and fourth quarters of $0.10 per share to common stockholders.
“We successfully executed our long-term strategy on several fronts in 2022,” commented Mr. Verbaas. “First, we positioned our portfolio to capitalize on strong leisure demand and a broad-based recovery. Second, we remained engaged through transaction activity, thereby improving the overall quality and growth profile of our portfolio. And finally, we balanced capital allocation priorities by returning capital to shareholders while also initiating several important capital projects.”
“Building on Xenia’s strong track record of successful transformative renovations and expansions, just last month we announced plans to transform and upgrade Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch,” continued Mr. Verbaas. “The property will undergo a comprehensive renovation and upbranding to a Grand Hyatt which we expect to be completed by the end of 2024. While the resort has been a very strong performer since our acquisition in 2017, we intend to maximize the value of this very important strategic asset by increasing the property’s ability to capture premium group and leisure transient business and optimizing its ability to compete effectively with its luxury competitors in the attractive Phoenix/Scottsdale market.”
“Looking ahead, we continue to see opportunities for growth in 2023,” said Mr. Verbaas. “We expect to benefit from continued recovery across our portfolio, the ramping up of recently acquired properties, and favorable returns on
several meaningful capital projects. Despite the current uncertain macro backdrop, lodging demand remains resilient. Our January 2023 Current Same-Property RevPAR increased 49.5%, and February RevPAR is expected to be up approximately 25% compared to the same months in 2022. We expect our high-quality portfolio to benefit from the continued recovery in business transient and group demand as the year progresses.”
Operating Results
The Company’s results include the following:
| Three Months Ended December 31, | Change From | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2019 | 2021 | 2019 | ||||||||
| ( amounts in thousands, except hotel statistics and per share amounts) | ||||||||||||
| Net income (loss) attributable to common stockholders | $ | (22,935) | $ | 15,610 | 253.7 | % | 125.9 | % | ||||
| Net income (loss) per share available to common stockholders - basic and diluted | $ | (0.20) | $ | 0.14 | 255.0 | % | 121.4 | % | ||||
| Same-Property Number of Hotels(1) | 30 | 30 | 30 | — | — | |||||||
| Same-Property Number of Rooms(1)(5) | 8,562 | 8,564 | 8,565 | (2) | (3) | |||||||
| Same-Property Occupancy(1) | 64.1 | % | 56.4 | % | 73.3 | % | 770 | bps | (920) | bps | ||
| Same-Property Average Daily Rate(1) | $ | 243.43 | $ | 226.34 | 6.9 | % | 15.0 | % | ||||
| Same-Property RevPAR(1) | $ | 137.35 | $ | 165.94 | 21.5 | % | 0.6 | % | ||||
| Same-Property Hotel EBITDA(1)(2) | $ | 52,922 | $ | 63,251 | 23.5 | % | 3.3 | % | ||||
| Same-Property Hotel EBITDA Margin(1)(2) | 27.3 | % | 27.7 | % | 27.2 | % | (37) | bps | 17 | bps | ||
| Total Portfolio Number of Hotels(3) | 32 | 34 | 39 | (2) | (7) | |||||||
| Total Portfolio Number of Rooms(3)(5) | 9,508 | 9,659 | 11,245 | (151) | (1,737) | |||||||
| Total Portfolio RevPAR(4) | $ | 128.67 | $ | 158.25 | 26.6 | % | 3.0 | % | ||||
| Adjusted EBITDAre(2) | $ | 48,927 | $ | 71,994 | 32.0 | % | (10.3) | % | ||||
| Adjusted FFO(2) | $ | 28,437 | $ | 65,749 | 63.9 | % | (29.1) | % | ||||
| Adjusted FFO per diluted share(2) | $ | 0.25 | $ | 0.58 | 64.0 | % | (29.3) | % |
All values are in US Dollars.
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic and renovation disruption for multiple capital projects during the periods presented.
2.See tables later in this press release for reconciliations from net income (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 the year ended December 31, 2021.
5.Two rooms at Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch were removed from inventory in 2022 and one room at Grand Bohemian Hotel Mountain Brook, Autograph Collection was removed in 2020.
| Year Ended December 31, | Change From | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2019 | 2021 | 2019 | ||||||||
| ( amounts in thousands, except hotel statistics and per share amounts) | ||||||||||||
| Net income (loss) attributable to common stockholders | $ | (143,517) | $ | 55,400 | 139.0 | % | 0.9 | % | ||||
| Net income (loss) per share available to common stockholders - basic and diluted | $ | (1.26) | $ | 0.49 | 138.9 | % | — | % | ||||
| Same-Property Number of Hotels(1) | 30 | 30 | 30 | — | — | |||||||
| Same-Property Number of Rooms(1)(5) | 8,562 | 8,564 | 8,565 | (2) | (3) | |||||||
| Same-Property Occupancy(1) | 63.9 | % | 49.7 | % | 76.6 | % | 1,420 | bps | (1,270) | bps | ||
| Same-Property Average Daily Rate(1) | $ | 225.39 | $ | 228.43 | 15.3 | % | 13.8 | % | ||||
| Same-Property RevPAR(1) | $ | 111.96 | $ | 175.04 | 48.3 | % | (5.1) | % | ||||
| Same-Property Hotel EBITDA(1)(2) | $ | 128,245 | $ | 264,253 | 99.9 | % | (3.0) | % | ||||
| Same-Property Hotel EBITDA Margin(1)(2) | 28.4 | % | 22.2 | % | 28.0 | % | 623 | bps | 40 | bps | ||
| Total Portfolio Number of Hotels(3) | 32 | 34 | 39 | (2) | (7) | |||||||
| Total Portfolio Number of Rooms(3)(5) | 9,508 | 9,659 | 11,245 | (151) | (1,737) | |||||||
| Total Portfolio RevPAR(4) | $ | 103.64 | $ | 168.43 | 57.0 | % | (3.4) | % | ||||
| Adjusted EBITDAre(2) | $ | 108,058 | $ | 302,118 | 137.8 | % | (14.9) | % | ||||
| Adjusted FFO(2) | $ | 32,007 | $ | 250,598 | 454.0 | % | (29.2) | % | ||||
| Adjusted FFO per diluted share(2) | $ | 0.28 | $ | 2.19 | 450.0 | % | (29.7) | % |
All values are in US Dollars.
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic and renovation disruption for multiple capital projects during the periods presented.
2.See tables later in this press release for reconciliations from net income (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 the year ended December 31, 2021.
5.Two rooms at Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch were removed from inventory in 2022 and one room at Grand Bohemian Hotel Mountain Brook, Autograph Collection was removed in 2020.
Transactions
In the fourth quarter, the Company sold the 115-room Bohemian Hotel Celebration, Autograph Collection in Celebration, FL for $27.75 million and the 189-room Kimpton Hotel Monaco Denver for $69.75 million. Earlier in the year, the Company sold the 191-room Kimpton Hotel Monaco Chicago for $36 million. The total sales price achieved in these transactions equated to a blended 15.4x multiple on the combined 2019 Hotel EBITDA generated by the three hotels.
Financings and Balance Sheet
As of December 31, 2022, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.65%. The Company had approximately $305 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving credit facility, resulting in total liquidity of approximately $755 million as of December 31, 2022. In addition, the Company held approximately $61 million of restricted cash and escrows at the end of the fourth quarter.
Subsequent to year end, the Company entered into a new $675 million credit facility comprised of a $450 million revolving line of credit, a $125 million term loan, and a $100 million delayed draw term loan. The revolving line of credit matures in January 2027 and the term loans mature in March 2026. The Company has the option to extend each tranche of the credit facility for up to an additional year. Pricing for the credit facility ranges between 145 to 275 basis points over the applicable adjusted Term SOFR as determined by the Company’s leverage ratio.
Proceeds from the term loans were used to pay off the Company's existing $125 million term loan and the $99.6 million mortgage loan collateralized by Renaissance Atlanta Waverly Hotel & Convention Center.
Also in January 2023, the Company amended the Andaz Napa mortgage loan which changed the variable rate on the $55 million loan from LIBOR-based to SOFR-based and extended the maturity date through January 2028.
As of March 1, 2023, the Company has no maturities until August 2025 and maintains full availability on its revolving line of credit.
Capital Markets
In the quarter, the Company repurchased a total of 1,791,816 shares of common stock at a weighted-average price of $14.69 per share for a total consideration of approximately $26.4 million. For the year ended December 31, 2022, the Company repurchased a total of 1,912,794 shares of common stock at a weighted-average price of $14.74 per share for total consideration of approximately $28.2 million.
The Company repurchased 1,038,543 shares of common stock year-to-date through February 28, 2023 at a weighted-average price of $14.20 per share for total consideration of approximately $14.8 million. The Company currently has $152 million in capacity remaining under its repurchase authorization.
The Company did not issue any shares of its common stock through its At-The-Market ("ATM") program in 2022 and had $200 million of remaining availability as of December 31, 2022.
Capital Expenditures
During the quarter and year ended December 31, 2022, the Company invested $29.7 million and $70.4 million in portfolio improvements, respectively. During 2022, significant projects in the Company’s portfolio included:
•Kimpton Canary Hotel Santa Barbara – Comprehensive renovation of public spaces including meeting space, lobby, restaurant, bar and rooftop. Began a comprehensive guest room renovation in the fourth quarter which is expected to be completed in the second quarter of 2023.
•Grand Bohemian Hotel Orlando, Autograph Collection – Comprehensive renovation of public spaces including meeting space, lobby, restaurant, bar, Starbucks, and creation of a rooftop bar expected to be completed in the first quarter of 2023. A comprehensive renovation of the guest rooms will commence in the second quarter of 2023.
•Park Hyatt Aviara Resort, Golf Club & Spa – Golf course refurbishment including replacement of turfgrass, bunkers, irrigation heads and controls, cart paths and curbing. Creation of a Combined Heat & Power System which will result in substantial energy savings and is expected to be completed in the first quarter of 2023. Additionally, the Company began work in the fourth quarter on a significant upgrade to the resort’s spa and wellness amenities which will be branded as a Miraval Life in Balance Spa upon completion late in the second quarter of 2023.
•Waldorf Astoria Atlanta Buckhead – Guest room renovation including all softgoods. Renovations of the restaurant & lobby including reconcepting of the restaurant and bar.
•Marriott Dallas Downtown – Renovation of meeting space.
•Marriott San Francisco Airport Waterfront – Refurbishment of the exterior envelope and replacement of signage.
•Marriott Woodlands Waterway Hotel & Convention Center – Renovation of bathrooms including conversion of tubs to showers in 75 percent of guest rooms.
•Royal Palms Resort & Spa, The Unbound Collection by Hyatt – Renovation of meeting space and pre-function areas.
•Fairmont Pittsburgh – Renovation of meeting space and addition of Starbucks to the lobby.
•The Ritz-Carlton, Denver – Renovation and reconfiguration of suites which will result in three additional keys upon completion in the first quarter of 2023.
•Kimpton Hotel Monaco Salt Lake City – Continued planning work on a comprehensive renovation of meeting space, restaurant, bar and guest rooms that is expected to commence in the second quarter of 2023.
Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch Renovation
In February, the Company announced the comprehensive renovation and upbranding of the 491-room Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch to a Grand Hyatt. The investment is expected to maximize value of this strategic asset, thereby increasing the property’s ability to capture premium group and leisure transient business. The renovation is expected to begin in June 2023 with completion of all phases by the end of 2024. Upon completion, the property will have five additional keys, or 496 rooms.
The resort will undergo extensive renovations and enhancements of its two-acre pool complex, guestrooms, all food and beverage venues, and public areas and amenities, including the expansion of the property’s indoor and outdoor meeting and event spaces. The expansion of the existing 75,000 square feet of meeting space includes doubling the size of the largest existing ballroom to 24,000 square feet, along with the reconfiguration and expansion of pre-function and support space.
Hurricane Update
In late September, Hurricane Ian caused limited property damage and disruption at the Company's Key West, Orlando, Savannah, and Charleston, SC hotels. All hotels remained open during and after the storm. In early November, Hurricane Nicole had a minor impact to one of our hotels in Orlando.
The total impact of both storms, inclusive of revenue disruption and repair and cleanup costs, was less than $2.0 million.
Full Year 2023 Outlook and Guidance
The Company is providing its full year outlook based on the current economic environment. The broad range below reflects the Company's limited visibility in forecasting due to macroeconomic uncertainty and does not take into account any unanticipated impacts to the business or operating environment. Furthermore, this guidance assumes no additional acquisitions, dispositions, equity offerings, or share repurchases. The Current Same-Property (32 Hotel) RevPAR change shown includes all hotels owned as of March 1, 2023.
| Full Year 2023 Guidance | |
|---|---|
| Low End | |
| ( in millions, except stats and per share data) | |
| Net Income | 3 |
| Current Same-Property (32 Hotel) RevPAR Change (vs. 2022) | 4% |
| Adjusted EBITDAre | 243 |
| Adjusted FFO | 154 |
| Adjusted FFO per Diluted Share | 1.36 |
| Capital Expenditures | 130 |
All values are in US Dollars.
Full year 2023 guidance is inclusive of the following assumptions:
•Renovation disruption results in a negative impact of 200 basis points to Current Same-Property (32 Hotel) RevPAR Change based on the scope and timing of capital improvement projects. In addition, the Company expects disruption to non-room revenues. These estimates result in a negative impact of approximately $15 million to Adjusted EBITDAre and Adjusted FFO.
•General and administrative expense of approximately $25 million, excluding non-cash share-based compensation.
•Interest expense of approximately $85 million, excluding non-cash loan related costs.
•Income tax expense of approximately $4 million.
•The three hotels that were sold last year contributed approximately $6 million to Adjusted EBITDAre in 2022.
•113.8 million weighted-average diluted shares/units.
Supplemental Financial Information
Please refer to the Company's Supplemental Financial Information package for the Fourth Quarter 2022 available online through the Press Release section of the Company’s Investor Relations website for additional financial information.
Fourth Quarter 2022 Earnings Call
The Company will conduct its quarterly conference call on Wednesday, March 1, 2023 at 1:00 PM Eastern Time. To participate in the conference call, please dial (844) 200-6205, access code 423277. 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 lodging markets as well as key leisure destinations in the United States. The Company owns 32 hotels and resorts comprising 9,508 rooms across 14 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, The Kessler Collection, and Davidson. 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, or other future events, the outlook related to macroeconomic factors and general economic uncertainty and a potential contraction in the U.S. or global economy or low levels of economic growth , including such effects 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) general economic uncertainty and a contraction in the U.S. or global economy or low levels of economic growth; (ii), macroeconomic and other factors beyond our control that can adversely affect and reduce demand for hotel rooms, food and beverage services, and/or meeting facilities; (iii) inflation and inflationary pressures which increases our labor and other costs of providing services to guests and meeting hotel brand standards, as well as costs related to construction and other capital expenditures, property and other taxes, and insurance which could result in reduced operating profit margins; (iv) the pace and evenness of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, COVID-19 variants or any future resurgence, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, levels of spending in transient or group business and leisure segments, and levels of consumer confidence; (v) actions that governments, businesses, and individuals take in response to any resurgence of COVID-19 including variants of the virus, including limiting or banning travel; (vi) the ability of hotel managers to successfully navigate the continued impacts of the COVID-19 pandemic; (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, cyber incidents, 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) the Company's 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) labor shortages; (xxv) disruptions in supply chains resulting in delays or inability to procure required products; and (xxvi) 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.
Contact:
Atish Shah, Executive Vice President and Chief Financial Officer, Xenia Hotels & Resorts, (407) 246-8100
For additional information or to receive press releases via email, please visit our website at www.xeniareit.com.
Xenia Hotels & Resorts, Inc.
Consolidated Balance Sheets
As of December 31, 2022 and December 31, 2021
($ amounts in thousands, except per share data)
| December 31, 2022 | December 31, 2021 | |||
|---|---|---|---|---|
| Assets | (Unaudited) | (Audited) | ||
| Investment properties: | ||||
| Land | $ | 460,536 | $ | 431,427 |
| Buildings and other improvements | 3,086,785 | 2,856,671 | ||
| Total | $ | 3,547,321 | $ | 3,288,098 |
| Less: accumulated depreciation | (945,786) | (888,717) | ||
| Net investment properties | $ | 2,601,535 | $ | 2,399,381 |
| Cash and cash equivalents | 305,103 | 517,377 | ||
| Restricted cash and escrows | 60,807 | 36,854 | ||
| Accounts and rents receivable, net of allowance for doubtful accounts | 37,562 | 28,528 | ||
| Intangible assets, net of accumulated amortization | 5,060 | 5,446 | ||
| Other assets | 69,988 | 65,109 | ||
| Assets held for sale | — | 34,621 | ||
| Total assets | $ | 3,080,055 | $ | 3,087,316 |
| Liabilities | ||||
| Debt, net of loan premiums, discounts and unamortized deferred financing costs | $ | 1,429,105 | $ | 1,494,231 |
| Accounts payable and accrued expenses | 107,097 | 84,051 | ||
| Distributions payable | 11,455 | 89 | ||
| Other liabilities | 72,390 | 68,559 | ||
| Liabilities associated with assets held for sale | — | 2,305 | ||
| Total liabilities | $ | 1,620,047 | $ | 1,649,235 |
| Commitments and Contingencies | ||||
| Stockholders' equity | ||||
| Common stock, $0.01 par value, 500,000,000 shares authorized, 112,519,672 and 114,306,727 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | $ | 1,126 | $ | 1,143 |
| Additional paid in capital | 2,063,273 | 2,090,393 | ||
| Accumulated other comprehensive loss | — | (4,089) | ||
| Accumulated distributions in excess of net earnings | (623,216) | (656,461) | ||
| Total Company stockholders' equity | $ | 1,441,183 | $ | 1,430,986 |
| Non-controlling interests | 18,825 | 7,095 | ||
| Total equity | $ | 1,460,008 | $ | 1,438,081 |
| Total liabilities and equity | $ | 3,080,055 | $ | 3,087,316 |
Xenia Hotels & Resorts, Inc.
Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months and Years Ended December 31, 2022 and 2021
($ amounts in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||
| Revenues: | ||||||||
| Rooms revenues | $ | 144,897 | $ | 116,426 | $ | 576,279 | $ | 377,020 |
| Food and beverage revenues | 97,123 | 67,296 | 337,792 | 173,035 | ||||
| Other revenues | 21,121 | 19,856 | 83,536 | 66,133 | ||||
| Total revenues | $ | 263,141 | $ | 203,578 | $ | 997,607 | $ | 616,188 |
| Expenses: | ||||||||
| Rooms expenses | 35,786 | 28,514 | 137,589 | 93,538 | ||||
| Food and beverage expenses | 62,595 | 44,699 | 224,391 | 125,233 | ||||
| Other direct expenses | 6,032 | 5,265 | 23,847 | 18,258 | ||||
| Other indirect expenses | 68,483 | 54,241 | 249,992 | 186,517 | ||||
| Management and franchise fees | 8,698 | 7,492 | 36,456 | 22,501 | ||||
| Total hotel operating expenses | $ | 181,594 | $ | 140,211 | $ | 672,275 | $ | 446,047 |
| Depreciation and amortization | 33,521 | 31,112 | 132,648 | 129,393 | ||||
| Real estate taxes, personal property taxes and insurance | 10,936 | 9,620 | 44,388 | 40,888 | ||||
| Ground lease expense | 758 | (34) | 2,793 | 1,153 | ||||
| General and administrative expenses | 8,409 | 8,318 | 34,250 | 30,564 | ||||
| Gain on business interruption insurance | — | (486) | (2,487) | (1,602) | ||||
| Other operating expenses | 1,070 | (25) | 1,070 | 213 | ||||
| Impairment and other losses | — | 16,344 | 1,278 | 30,416 | ||||
| Total expenses | $ | 236,288 | $ | 205,060 | $ | 886,215 | $ | 677,072 |
| Operating income (loss) | $ | 26,853 | $ | (1,482) | $ | 111,392 | $ | (60,884) |
| Gain (loss) on sale of investment properties | 27,286 | (75) | 27,286 | (75) | ||||
| Other income (loss) | 1,507 | 206 | 4,178 | (2,297) | ||||
| Interest expense | (21,253) | (21,486) | (82,727) | (81,285) | ||||
| Loss on extinguishment of debt | — | — | (294) | (1,356) | ||||
| Net income (loss) before income taxes | $ | 34,393 | $ | (22,837) | $ | 59,835 | $ | (145,897) |
| Income tax benefit (expense) | 1,943 | (341) | (2,205) | (718) | ||||
| Net income (loss) | $ | 36,336 | $ | (23,178) | $ | 57,630 | $ | (146,615) |
| Net (income) loss attributable to non-controlling interests | (1,075) | 243 | (1,708) | 3,098 | ||||
| Net income (loss) attributable to common stockholders | $ | 35,261 | $ | (22,935) | $ | 55,922 | $ | (143,517) |
Xenia Hotels & Resorts, Inc.
Consolidated Statements of Operations and Comprehensive Income (Loss) - Continued
For the Three Months and Years Ended December 31, 2022 and 2021
($ amounts in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||
| Basic and diluted income (loss) per share: | ||||||||
| Net income (loss) per share available to common stockholders - basic and diluted | $ | 0.31 | $ | (0.20) | $ | 0.49 | $ | (1.26) |
| Weighted-average number of common shares (basic) | 113,273,383 | 113,811,052 | 114,068,733 | 113,801,862 | ||||
| Weighted-average number of common shares (diluted) | 113,515,951 | 113,811,052 | 114,418,177 | 113,801,862 | ||||
| Comprehensive income (loss): | ||||||||
| Net income (loss) | $ | 36,336 | $ | (23,178) | $ | 57,630 | $ | (146,615) |
| Other comprehensive income (loss): | ||||||||
| Unrealized gain on interest rate derivative instruments | — | 601 | 2,932 | 2,991 | ||||
| Reclassification adjustment for amounts recognized in net income (loss) (interest expense) | (97) | 1,599 | 1,600 | 7,597 | ||||
| $ | 36,239 | $ | (20,978) | $ | 62,162 | $ | (136,027) | |
| Comprehensive (income) loss attributable to non-controlling interests | 3 | 197 | (2,151) | 2,846 | ||||
| Comprehensive income (loss) attributable to the Company | $ | 36,242 | $ | (20,781) | $ | 60,011 | $ | (133,181) |
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 consolidated statements of operations and comprehensive income (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 investors 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 Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA
For the Three Months Ended December 31, 2022, 2021, and 2019
(Unaudited)
($ amounts in thousands)
| Three Months Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2019 | |||||
| Net income (loss) | $ | 36,336 | $ | (23,178) | $ | 16,086 | |
| Adjustments: | |||||||
| Interest expense | 21,253 | 21,486 | 11,345 | ||||
| Income tax (benefit) expense | (1,943) | 341 | (4,477) | ||||
| Depreciation and amortization | 33,521 | 31,112 | 36,367 | ||||
| EBITDA | $ | 89,167 | $ | 29,761 | $ | 59,321 | |
| Impairment of investment properties(1) | — | 15,827 | 9,400 | ||||
| (Gain) loss on sale of investment properties | (27,286) | 75 | 947 | ||||
| EBITDAre | $ | 61,881 | $ | 45,663 | $ | 69,668 | |
| Reconciliation to Adjusted EBITDAre | |||||||
| Depreciation and amortization related to corporate assets | $ | (133) | $ | (103) | $ | (96) | |
| Acquisition, terminated transaction and pre-opening expenses | — | 1 | 7 | ||||
| Amortization of share-based compensation expense | 2,813 | 2,802 | 2,289 | ||||
| Non-cash ground rent and straight-line rent expense | 9 | 34 | 126 | ||||
| Other non-recurring expenses | 13 | 530 | — | ||||
| Adjusted EBITDAre attributable to common stock and unit holders | $ | 64,583 | $ | 48,927 | $ | 71,994 | |
| Corporate-level costs and expenses | 5,820 | 5,167 | 5,579 | ||||
| Pro forma hotel adjustments, net | (5,049) | (1,172) | (14,322) | ||||
| Same-Property Hotel EBITDA attributable to common stock and unit holders(2) | $ | 65,354 | $ | 52,922 | $ | 63,251 |
1.During the three months ended December 31, 2021, the Company recorded a $15.7 million impairment loss related to Kimpton Hotel Monaco Chicago, which was attributed to its net book value exceeding the undiscounted cash flows over a shortened expected hold period. Additionally, the Company wrote off $0.6 million related to previously capitalized design costs for a renovation project that will no longer be completed due to a change of scope. During the three months ended December 31, 2019, the Company recognized a goodwill impairment charge of $9.4 million attributed to Bohemian Hotel Savannah Riverfront, Autograph Collection.
2.See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three months ended December 31, 2022 and 2021 on page 22 and for the three months ended December 31, 2022 and 2019 on page 23.
Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA
For the Years Ended December 31, 2022, 2021 and 2019
(Unaudited)
($ amounts in thousands)
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2019 | |||||
| Net income (loss) | $ | 57,630 | $ | (146,615) | $ | 57,243 | |
| Adjustments: | |||||||
| Interest expense | 82,727 | 81,285 | 48,605 | ||||
| Income tax expense (benefit) | 2,205 | 718 | 5,367 | ||||
| Depreciation and amortization | 132,648 | 129,393 | 155,128 | ||||
| EBITDA | $ | 275,210 | $ | 64,781 | $ | 266,343 | |
| Impairment of investment properties(1) | — | 28,899 | 24,171 | ||||
| (Gain) loss on sale of investment properties | (27,286) | 75 | 947 | ||||
| EBITDAre | $ | 247,924 | $ | 93,755 | $ | 291,461 | |
| Reconciliation to Adjusted EBITDAre | |||||||
| Depreciation and amortization related to corporate assets | $ | (444) | $ | (409) | $ | (399) | |
| Gain on insurance recoveries(2) | (3,550) | — | — | ||||
| Loss on extinguishment of debt | 294 | 1,356 | 214 | ||||
| Acquisition, terminated transaction and pre-opening expenses | — | 1 | 954 | ||||
| Amortization of share-based compensation expense | 11,411 | 11,615 | 9,380 | ||||
| Non-cash ground rent and straight-line rent expense | 44 | 118 | 508 | ||||
| Other non-recurring expenses(3) | 1,309 | 1,622 | — | ||||
| Adjusted EBITDAre attributable to common stock and unit holders | $ | 256,988 | $ | 108,058 | $ | 302,118 | |
| Corporate-level costs and expenses | 22,932 | 20,827 | 21,302 | ||||
| Pro forma hotel level adjustments, net | (23,546) | (640) | (59,167) | ||||
| Same-Property Hotel EBITDA attributable to common stock and unit holders(4) | $ | 256,374 | $ | 128,245 | $ | 264,253 |
1.During the year ended December 31, 2021, the Company recorded a $12.6 million and $15.7 million impairment charge related to Marriott Charleston Town Center and Kimpton Hotel Monaco Chicago, respectively, which were attributed to their respective net book value exceeding the undiscounted cash flows over a shortened hold period. Additionally, during the year ended December 31, 2021, the Company wrote off $0.6 million related to previously capitalized design costs for a renovation project that will no longer be completed due to a change of scope. During the year ended December 31, 2019, the Company recognized a long-lived asset impairment charge of $14.8 million attributed to Marriott Chicago at Medical District/UIC and a goodwill impairment charge of $9.4 million attributed to Bohemian Hotel Savannah Riverfront, Autograph Collection.
2.During the year ended December 31, 2022, the Company recorded $3.6 million of insurance proceeds in excess of recognized losses related to damage sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021 which are included in other income (loss) on the condensed consolidated statement of operations and comprehensive income (loss) for the period then ended.
3.During the year ended December 31, 2022, the Company recorded hurricane-related repair and cleanup costs of $1.3 million and during the year ended December 31, 2021, the Company recorded estimated hurricane-related repair and cleanup costs of $1.1 million related to the damage sustained at Loews New Orleans Hotel during Hurricane Ida and $0.4 million related to Texas winter storm-related repair and cleanup costs at two hotels. These amounts are included in impairment and other losses on the condensed consolidated statement of operations and comprehensive income (loss) for the period then ended.
4.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 years ended December 31, 2022 and 2021 on page 22 and for the years ended December 31, 2022 and 2019 on page 23.
Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO
For the Three Months Ended December 31, 2022, 2021, and 2019
(Unaudited)
(amounts in thousands)
| Three Months Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2019 | |||||
| Net income (loss) | $ | 36,336 | $ | (23,178) | $ | 16,086 | |
| Adjustments: | |||||||
| Depreciation and amortization related to investment properties | 33,388 | 31,009 | 36,271 | ||||
| Impairment of investment properties(1) | — | 15,827 | 9,400 | ||||
| (Gain) loss on sale of investment properties | (27,286) | 75 | 947 | ||||
| FFO attributable to common stock and unit holders | $ | 42,438 | $ | 23,733 | $ | 62,704 | |
| Reconciliation to Adjusted FFO | |||||||
| Acquisition, terminated transaction and pre-opening expenses | — | 1 | 7 | ||||
| Loan related costs, net of adjustment related to non-controlling interests(2) | 1,335 | 1,337 | 623 | ||||
| Amortization of share-based compensation expense | 2,813 | 2,802 | 2,289 | ||||
| Non-cash ground rent and straight-line rent expense | 9 | 34 | 126 | ||||
| Other non-recurring expenses | 13 | 530 | — | ||||
| Adjusted FFO attributable to common stock and unit holders | $ | 46,608 | $ | 28,437 | $ | 65,749 | |
| Weighted-average shares outstanding - Diluted(3) | 114,621 | 114,324 | 114,338 | ||||
| Adjusted FFO per diluted share | $ | 0.41 | $ | 0.25 | $ | 0.58 |
1.During the three months ended December 31, 2021, the Company recorded a $15.7 million impairment loss related to Kimpton Hotel Monaco Chicago, which was attributed to its net book value exceeding the undiscounted cash flows over a shortened expected hold period. Additionally, during the three months ended December 31, 2021, the Company wrote off $0.6 million related to previously capitalized design costs for a renovation project that will no longer be completed due to a change of scope. During the three months ended December 31, 2019, the Company recognized a goodwill impairment charge of $9.4 million attributed to Bohemian Hotel Savannah Riverfront, Autograph Collection.
2.Loan related costs includes amortization of debt premiums, discounts and deferred loan origination costs.
3.Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership units for the respective periods presented in thousands.
Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO
For the Years Ended December 31, 2022, 2021 and 2019
(Unaudited)
($ amounts in thousands)
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2019 | |||||
| Net income (loss) | $ | 57,630 | $ | (146,615) | $ | 57,243 | |
| Adjustments: | |||||||
| Depreciation and amortization related to investment properties | 132,204 | 128,984 | 154,729 | ||||
| Impairment of investment properties(1) | — | 28,899 | 24,171 | ||||
| (Gain) loss on sale of investment properties | (27,286) | 75 | 947 | ||||
| FFO attributable to common stock and unit holders | $ | 162,548 | $ | 11,343 | $ | 237,090 | |
| Reconciliation to Adjusted FFO | |||||||
| Gain on insurance recoveries(2) | (3,550) | — | — | ||||
| Loss on extinguishment of debt | 294 | 1,356 | 214 | ||||
| Acquisition, terminated transaction and pre-opening expenses | — | 1 | 954 | ||||
| Loan related costs, net of adjustment related to non-controlling interests(3) | 5,260 | 5,952 | 2,452 | ||||
| Amortization of share-based compensation expense | 11,411 | 11,615 | 9,380 | ||||
| Non-cash ground rent and straight-line rent expense | 44 | 118 | 508 | ||||
| Other non-recurring expenses(4) | 1,309 | 1,622 | — | ||||
| Adjusted FFO attributable to common stock and unit holders | $ | 177,316 | $ | 32,007 | $ | 250,598 | |
| Weighted-average shares outstanding - Diluted(5) | 115,490 | 114,532 | 114,296 | ||||
| Adjusted FFO per diluted share | $ | 1.54 | $ | 0.28 | $ | 2.19 |
1.During the year ended December 31, 2021, the Company recorded a $12.6 million and $15.7 million impairment charge related to Marriott Charleston Town Center and Kimpton Hotel Monaco Chicago, respectively, which were attributed to their respective net book value exceeding the undiscounted cash flows over a shortened hold period. Additionally, during the year ended December 31, 2021, the Company wrote off $0.6 million related to previously capitalized design costs for a renovation project that will no longer be completed due to a change of scope. During the year ended December 31, 2019, the Company recognized a long-lived asset impairment charge of $14.8 million attributed to Marriott Chicago at Medical District/UIC and a goodwill impairment charge of $9.4 million attributed to Bohemian Hotel Savannah Riverfront, Autograph Collection.
2.During the year ended December 31, 2022, the Company recorded $3.6 million of insurance proceeds in excess of recognized losses related to damage sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021 which are included in other income (loss) on the condensed consolidated statement of operations and comprehensive income (loss) for the period then ended.
3.Loan related costs included amortization of debt premiums, discounts and deferred loan origination costs.
4.During the year ended December 31, 2022, the Company recorded hurricane-related repair and cleanup costs of $1.3 million and during the year ended December 31, 2021, the Company recorded estimated hurricane-related repair and cleanup costs of $1.1 million related to the damage sustained at Loews New Orleans Hotel during Hurricane Ida and $0.4 million related to Texas winter storm-related repair and cleanup costs at two hotels. These amounts are included in impairment and other losses on the condensed consolidated statement of operations and comprehensive income (loss) for the period then ended.
5.Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership units for the respective periods presented in thousands.
Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to Adjusted EBITDAre
for Full Year 2023 Guidance
($ amounts in millions)
| Guidance Midpoint | ||
|---|---|---|
| Net income | $ | 17 |
| Adjustments: | ||
| Interest expense | 90 | |
| Income tax expense | 4 | |
| Depreciation and amortization | 135 | |
| EBITDA | $ | 246 |
| Gain on sale of investment property | — | |
| EBITDAre | $ | 246 |
| Amortization of share-based compensation expense | 11 | |
| Other | — | |
| Adjusted EBITDAre | $ | 257 |
Reconciliation of Net Income to Adjusted FFO
for Full Year 2023 Guidance
($ amounts in millions)
| Guidance Midpoint | ||
|---|---|---|
| Net income | $ | 17 |
| Adjustments: | ||
| Depreciation and amortization related to investment properties | 135 | |
| Gain on sale of investment property | — | |
| FFO | $ | 152 |
| Amortization of share-based compensation expense | 11 | |
| Other(1) | 5 | |
| Adjusted FFO | $ | 168 |
1.Includes loan cost amortization and non-cash ground rent.
Xenia Hotels & Resorts, Inc.
Debt Summary as of December 31, 2022
(Unaudited)
($ amounts in thousands)
| Rate Type | Rate(1) | Maturity Date | Outstanding as of December 31, 2022 | ||||
|---|---|---|---|---|---|---|---|
| Mortgage Loans | |||||||
| Renaissance Atlanta Waverly Hotel & Convention Center | Variable | 7.03 | % | August 2024 | $ | 99,590 | |
| Andaz Napa | Variable | 6.29 | % | September 2024 | 54,560 | ||
| Grand Bohemian Hotel Orlando, Autograph Collection | Fixed | 4.53 | % | March 2026 | 55,685 | ||
| Marriott San Francisco Airport Waterfront | Fixed | 4.63 | % | May 2027 | 110,153 | ||
| Total Mortgage Loans | 5.64 | % | (2) | $ | 319,988 | ||
| Corporate Credit Facilities | |||||||
| Revolving Credit Facility(3) | Variable | 6.14 | % | February 2024 | — | ||
| Corporate Credit Facility Term Loan(4) | Variable | 5.84 | % | 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(5) | (15,883) | ||||||
| Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | 5.65 | % | (2) | $ | 1,429,105 |
1.The rates shown represent annual interest rates. The variable index for the Renaissance Atlanta Waverly Hotel & Convention Center mortgage loan is daily SOFR and for the Andaz Napa mortgage loan is one-month LIBOR. The variable index for the corporate credit facilities reflects a 25 basis point LIBOR floor which is applicable for the value of all corporate credit facilities.
2.Weighted-average interest rate.
3.The Revolving Credit Facility had undrawn capacity of $450 million. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio.
4.A variable interest loan for which the LIBOR spread may vary, as it is determined by the Company's leverage ratio.
5.Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.
Xenia Hotels & Resorts, Inc.
Debt Summary as of January 31, 2023
(Unaudited)
($ amounts in thousands)
| Rate Type | Rate(1) | Maturity Date | Outstanding as of January 31, 2023 | ||||
|---|---|---|---|---|---|---|---|
| Mortgage Loans | |||||||
| Grand Bohemian Hotel Orlando, Autograph Collection | Fixed | 4.53 | % | March 2026 | $ | 55,590 | |
| Marriott San Francisco Airport Waterfront | Fixed | 4.63 | % | May 2027 | 109,986 | ||
| Andaz Napa | Variable | 6.80 | % | January 2028 | 55,000 | ||
| Total Mortgage Loans | 5.15 | % | (2) | $ | 220,576 | ||
| Corporate Credit Facilities | |||||||
| Corporate Credit Facility Term Loan(3) | Variable | 6.05 | % | March 2026 | $ | 125,000 | |
| Corporate Credit Facility Term Loan(3) | Variable | 6.05 | % | March 2026 | 100,000 | ||
| Revolving Credit Facility(4) | Variable | 6.05 | % | January 2027 | — | ||
| Total Corporate Credit Facilities | $ | 225,000 | |||||
| 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(5) | (16,173) | ||||||
| Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | 5.62 | % | (2) | $ | 1,429,403 |
1.The rates shown represent annual interest rates. The variable index for the Andaz Napa mortgage loan is Term SOFR.
2.Weighted-average interest rate.
3.A variable interest loan for which the Term SOFR spread may vary, as it is determined by the Company's leverage ratio.
4.The Revolving Credit Facility had undrawn capacity of $450 million. The spread to Term SOFR may vary, as it is determined by the Company's leverage ratio.
5.Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin
For the Three Months and Years Ended December 31, 2022 and 2021
($ amounts in thousands)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||
| Same-Property Occupancy(1) | 64.1 | % | 56.4 | % | 770 | bps | 63.9 | % | 49.7 | % | 1,420 | bps | ||||
| Same-Property Average Daily Rate(1) | $ | 260.19 | $ | 243.43 | 6.9% | $ | 259.92 | $ | 225.39 | 15.3% | ||||||
| Same-Property RevPAR(1) | $ | 166.87 | $ | 137.35 | 21.5% | $ | 166.08 | $ | 111.96 | 48.3% | ||||||
| Same-Property Revenues(1): | ||||||||||||||||
| Rooms revenues | $ | 131,381 | $ | 108,213 | 21.4% | $ | 519,042 | $ | 349,965 | 48.3% | ||||||
| Food and beverage revenues | 87,472 | 63,627 | 37.5% | 302,640 | 163,696 | 84.9% | ||||||||||
| Other revenues | 20,299 | 19,227 | 5.6% | 79,621 | 63,568 | 25.3% | ||||||||||
| Total Same-Property revenues | $ | 239,152 | $ | 191,067 | 25.2% | $ | 901,303 | $ | 577,229 | 56.1% | ||||||
| Same-Property Expenses(1): | ||||||||||||||||
| Rooms expenses | $ | 32,369 | $ | 26,035 | 24.3% | $ | 124,219 | $ | 85,376 | 45.5% | ||||||
| Food and beverage expenses | 55,192 | 42,026 | 31.3% | 198,009 | 117,707 | 68.2% | ||||||||||
| Other direct expenses | 5,742 | 5,162 | 11.2% | 22,907 | 17,805 | 28.7% | ||||||||||
| Other indirect expenses | 61,526 | 49,261 | 24.9% | 223,655 | 168,477 | 32.8% | ||||||||||
| Management and franchise fees | 7,955 | 7,008 | 13.5% | 33,339 | 20,991 | 58.8% | ||||||||||
| Real estate taxes, personal property taxes and insurance | 10,243 | 8,691 | 17.9% | 39,954 | 37,549 | 6.4% | ||||||||||
| Ground lease expense | 771 | (38) | (2,128.9)% | 2,846 | 1,079 | 163.8% | ||||||||||
| Total Same-Property hotel operating expenses | $ | 173,798 | $ | 138,145 | 25.8% | $ | 644,929 | $ | 448,984 | 43.6% | ||||||
| Same-Property Hotel EBITDA(1) | $ | 65,354 | $ | 52,922 | 23.5% | $ | 256,374 | $ | 128,245 | 99.9% | ||||||
| Same-Property Hotel EBITDA Margin(1) | 27.3 | % | 27.7 | % | (37) | bps | 28.4 | % | 22.2 | % | 623 | bps |
1.“Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2022 and 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 months and years ended December 31, 2022 and 2021.
| Three Months Ended December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||
| Total Revenues - GAAP | $ | 263,141 | $ | 203,578 | $ | 997,607 | $ | 616,188 |
| Pro forma hotel level adjustments | (23,989) | (12,511) | (96,304) | (38,959) | ||||
| Total Same-Property Revenues | $ | 239,152 | $ | 191,067 | $ | 901,303 | $ | 577,229 |
| Total Hotel Operating Expenses - GAAP | $ | 181,594 | $ | 140,211 | $ | 672,275 | $ | 446,047 |
| Real estate taxes, personal property taxes and insurance | 10,936 | 9,620 | 44,388 | 40,888 | ||||
| Ground lease expense, net(a) | 771 | (39) | 2,846 | 1,079 | ||||
| Other income | (32) | (65) | (227) | (259) | ||||
| Corporate-level costs and expenses | (539) | (283) | (1,813) | (663) | ||||
| Pro forma hotel level adjustments, net(b) | (18,932) | (11,299) | (72,540) | (38,108) | ||||
| Total Same-Property Hotel Operating Expenses | $ | 173,798 | $ | 138,145 | $ | 644,929 | $ | 448,984 |
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 and W Nashville, which are not included in Same-Property amounts.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Hotel EBITDA and Hotel EBITDA Margin
For the Three Months and Years Ended December 31, 2022 and 2019
($ amounts in thousands)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2019 | Change | 2022 | 2019 | Change | |||||||||||
| Same-Property Occupancy(1) | 64.1% | 73.3% | (920) | bps | 63.9% | 76.6% | (1,270) | bps | ||||||||
| Same-Property Average Daily Rate(1) | $ | 260.19 | $ | 226.34 | 15.0% | $ | 259.92 | $ | 228.43 | 13.8% | ||||||
| Same-Property RevPAR(1) | $ | 166.87 | $ | 165.94 | 0.6% | $ | 166.08 | $ | 175.04 | (5.1)% | ||||||
| Same-Property Revenues(1): | ||||||||||||||||
| Rooms revenues | $ | 131,381 | $ | 130,758 | 0.5% | $ | 519,042 | $ | 547,208 | (5.1)% | ||||||
| Food and beverage revenues | 87,472 | 84,656 | 3.3% | 302,640 | 326,208 | (7.2)% | ||||||||||
| Other revenues | 20,299 | 17,503 | 16.0% | 79,621 | 68,715 | 15.9% | ||||||||||
| Total Same-Property revenues | $ | 239,152 | $ | 232,917 | 2.7% | $ | 901,303 | $ | 942,131 | (4.3)% | ||||||
| Same-Property Expenses(1): | ||||||||||||||||
| Rooms expenses | $ | 32,369 | $ | 31,828 | 1.7% | $ | 124,219 | $ | 130,958 | (5.1)% | ||||||
| Food and beverage expenses | 55,192 | 54,281 | 1.7% | 198,009 | 212,569 | (6.8)% | ||||||||||
| Other direct expenses | 5,742 | 6,493 | (11.6)% | 22,907 | 25,897 | (11.5)% | ||||||||||
| Other indirect expenses | 61,526 | 57,025 | 7.9% | 223,655 | 228,453 | (2.1)% | ||||||||||
| Management and franchise fees | 7,955 | 9,222 | (13.7)% | 33,339 | 36,572 | (8.8)% | ||||||||||
| Real estate taxes, personal property taxes and insurance | 10,243 | 9,879 | 3.7% | 39,954 | 39,613 | 0.9% | ||||||||||
| Ground lease expense | 771 | 938 | (17.8)% | 2,846 | 3,816 | (25.4)% | ||||||||||
| Total Same-Property hotel operating expenses | $ | 173,798 | $ | 169,666 | 2.4% | $ | 644,929 | $ | 677,878 | (4.9)% | ||||||
| Same-Property Hotel EBITDA(1) | $ | 65,354 | $ | 63,251 | 3.3% | $ | 256,374 | $ | 264,253 | (3.0)% | ||||||
| Same-Property Hotel EBITDA Margin(1) | 27.3 | % | 27.2 | % | 17 | bps | 28.4 | % | 28.0 | % | 40 | bps |
1.“Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. Includes disruption from the COVID-19 pandemic in 2022 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 months and years ended December 31, 2022 and 2019.
| Three Months Ended December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2019 | 2022 | 2019 | |||||
| Total Revenues - GAAP | $ | 263,141 | $ | 282,185 | $ | 997,607 | $ | 1,149,087 |
| Pro forma hotel level adjustments | (23,989) | (49,268) | (96,304) | (206,956) | ||||
| Total Same-Property Revenues | $ | 239,152 | $ | 232,917 | $ | 901,303 | $ | 942,131 |
| Total Hotel Operating Expenses - GAAP | $ | 181,594 | $ | 192,805 | $ | 672,275 | $ | 772,857 |
| Real estate taxes, personal property taxes and insurance | 10,936 | 11,216 | 44,388 | 50,184 | ||||
| Ground lease expense, net(a) | 771 | 938 | 2,846 | 3,816 | ||||
| Other income | (32) | (62) | (227) | (268) | ||||
| Pre-opening expenses | — | — | — | 277 | ||||
| Corporate-level costs and expenses | (539) | (285) | (1,813) | (1,286) | ||||
| Pro forma hotel level adjustments, net(b) | (18,932) | (34,946) | (72,540) | (147,702) | ||||
| Total Same-Property Hotel Operating Expenses | $ | 173,798 | $ | 169,666 | $ | 644,929 | $ | 677,878 |
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 and W Nashville, which are not included in Same-Property amounts.
23
Document
This supplemental is being furnished in conjunction with the earnings release dated March 1, 2023 which contains additional reconciliations of Non-GAAP measures to Net Income (loss) on a consolidated GAAP basis for the three months and years ended December 31, 2022, 2021, & 2019.
| TABLE OF CONTENTS | Page |
|---|---|
| Same-Property(1) Portfolio Data by Top Markets, Ranked by 2022 and 2019 Hotel EBITDA | 2 - 3 |
| Same-Property(1) Portfolio Data by Top Markets, for the Three Months and Year Ended 2022, 2021, and 2019 | 4 - 7 |
| Same-Property(1) Historical Operating Data (2022, 2021, and 2019) | 8 |
| Current Same-Property(2) Historical Operating Data (2022) | 9 |
| Same-Property(1) Monthly Operations Information (2022 and 2021 versus 2019) | 10 - 11 |
| Statistical Data by Property (2022 versus 2021 and 2019) | 12 - 15 |
| Financial Data by Property (2022 versus 2021 and 2019) | 16 - 19 |
| Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Property (2022, 2021, and 2019) | 20 - 25 |
| Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Top Market (2022 and 2019) | 26 - 27 |
| Non-GAAP Financial Measures & Disclosures | 28 - 32 |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes renovation disruption for multiple capital projects and disruption from the COVID-19 pandemic during the periods presented.
2."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects and disruption from the COVID-19 pandemic during the periods presented. "Current Same-Property" also includes operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Top Markets, Ranked by Hotel EBITDA
| Market(2) | % of 2022 Hotel EBITDA(3) | Number of Hotels | Number of Rooms (4)(5) |
|---|---|---|---|
| Phoenix, AZ | 15% | 2 | 610 |
| Orlando, FL | 15% | 2 | 1,026 |
| Houston, TX | 11% | 3 | 1,220 |
| San Diego, CA | 9% | 2 | 486 |
| Dallas, TX | 7% | 2 | 961 |
| Atlanta, GA | 7% | 2 | 649 |
| Florida Keys, FL | 5% | 1 | 120 |
| San Francisco/San Mateo, CA | 5% | 1 | 688 |
| Savannah, GA | 3% | 2 | 226 |
| California North, CA(6) | 3% | 1 | 141 |
| Other | 20% | 12 | 2,435 |
| Same-Property(1) | 100% | 30 | 8,562 |
| Hyatt Regency Portland at the Oregon Convention Center | 1 | 600 | |
| W Nashville | 1 | 346 | |
| Total Portfolio | 32 | 9,508 |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville.
2.As defined by STR, Inc.
3.See tables beginning on page 20 of this supplemental for reconciliations from Hotel Net Income (loss) to Hotel Earnings Before Interest, Taxes, Depreciation and Amortization ("Hotel EBITDA"), Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin. Hotel EBITDA, Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures.
4.As of December 31, 2022.
5.Two rooms at Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch were removed from inventory in 2022.
6.Reflects Andaz Napa.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Top Markets, Ranked by Hotel EBITDA
| Market(2) | % of 2019 Hotel EBITDA(3) | Number of Hotels | Number of Rooms (4)(5) |
|---|---|---|---|
| Houston, TX | 12% | 3 | 1,220 |
| Orlando, FL | 11% | 2 | 1,026 |
| Phoenix, AZ | 11% | 2 | 610 |
| Dallas, TX | 9% | 2 | 961 |
| San Francisco/San Mateo, CA | 9% | 1 | 688 |
| San Jose/Santa Cruz, CA | 7% | 1 | 505 |
| Atlanta, GA | 7% | 2 | 649 |
| San Diego, CA | 5% | 2 | 486 |
| Washington, DC-MD-VA | 4% | 2 | 472 |
| Florida Keys, FL | 4% | 1 | 120 |
| Other | 21% | 12 | 1,825 |
| Same-Property(1) | 100% | 30 | 8,562 |
| Hyatt Regency Portland at the Oregon Convention Center | 1 | 600 | |
| W Nashville | 1 | 346 | |
| Total Portfolio | 32 | 9,508 |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville.
2.As defined by STR, Inc.
3.See tables beginning on page 20 of this supplemental for reconciliations from Hotel Net Income (loss) to Hotel Earnings Before Interest, Taxes, Depreciation and Amortization ("Hotel EBITDA"), Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin. Hotel EBITDA, Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures.
4.As of December 31, 2022.
5.Two rooms at Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch were removed from inventory in 2022.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Top Markets (2022)
For the Three Months Ended December 31, 2022, 2021, and 2019
| Three Months Ended | Three Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2022 | December 31, 2021 | % Change | ||||||||||||
| Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||||||
| Phoenix, AZ | 61.2 | % | $ | 392.71 | $ | 240.52 | 56.9 | % | $ | 361.92 | $ | 205.79 | 16.9 | % |
| Orlando, FL | 71.2 | % | 221.38 | 157.65 | 65.3 | % | 207.11 | 135.29 | 16.5 | % | ||||
| Houston, TX | 61.6 | % | 217.93 | 134.31 | 50.7 | % | 203.08 | 102.86 | 30.6 | % | ||||
| San Diego, CA | 58.7 | % | 350.30 | 205.80 | 52.4 | % | 343.65 | 180.03 | 14.3 | % | ||||
| Dallas, TX | 61.3 | % | 187.73 | 115.16 | 55.4 | % | 155.43 | 86.16 | 33.7 | % | ||||
| Atlanta, GA | 56.3 | % | 243.29 | 136.97 | 50.1 | % | 229.52 | 114.89 | 19.2 | % | ||||
| Florida Keys, FL | 83.0 | % | 552.32 | 458.27 | 85.7 | % | 595.02 | 509.92 | (10.1) | % | ||||
| San Francisco/San Mateo, CA | 71.8 | % | 194.99 | 140.07 | 58.0 | % | 156.06 | 90.46 | 54.8 | % | ||||
| Savannah, GA | 78.8 | % | 275.20 | 216.81 | 79.9 | % | 260.89 | 208.39 | 4.0 | % | ||||
| California North, CA(3) | 71.4 | % | 430.77 | 307.50 | 75.9 | % | 420.11 | 318.77 | (3.5) | % | ||||
| Other | 62.5 | % | 271.43 | 169.65 | 53.2 | % | 251.59 | 133.74 | 26.9 | % | ||||
| Total | 64.1 | % | $ | 260.19 | $ | 166.87 | 56.4 | % | $ | 243.43 | $ | 137.35 | 21.5 | % |
| Three Months Ended | Three Months Ended | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, 2022 | December 31, 2019 | % Change | ||||||||||||
| Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||||||
| Phoenix, AZ | 61.2 | % | $ | 392.71 | $ | 240.52 | 68.9 | % | $ | 282.53 | $ | 194.62 | 23.6 | % |
| Orlando, FL | 71.2 | % | 221.38 | 157.65 | 78.4 | % | 196.15 | 153.79 | 2.5 | % | ||||
| Houston, TX | 61.6 | % | 217.93 | 134.31 | 69.9 | % | 174.06 | 121.74 | 10.3 | % | ||||
| San Diego, CA | 58.7 | % | 350.30 | 205.80 | 61.2 | % | 228.62 | 139.89 | 47.1 | % | ||||
| Dallas, TX | 61.3 | % | 187.73 | 115.16 | 64.2 | % | 187.68 | 120.56 | (4.5) | % | ||||
| Atlanta, GA | 56.3 | % | 243.29 | 136.97 | 67.7 | % | 198.93 | 134.61 | 1.8 | % | ||||
| Florida Keys, FL | 83.0 | % | 552.32 | 458.27 | 89.4 | % | 397.55 | 355.27 | 29.0 | % | ||||
| San Francisco/San Mateo, CA | 71.8 | % | 194.99 | 140.07 | 84.9 | % | 242.91 | 206.16 | (32.1) | % | ||||
| Savannah, GA | 78.8 | % | 275.20 | 216.81 | 78.0 | % | 221.14 | 172.42 | 25.7 | % | ||||
| California North, CA(3) | 71.4 | % | 430.77 | 307.50 | 85.2 | % | 312.51 | 266.14 | 15.5 | % | ||||
| Other | 62.5 | % | 271.43 | 169.65 | 76.3 | % | 249.43 | 190.35 | (10.9) | % | ||||
| Total | 64.1 | % | $ | 260.19 | $ | 166.87 | 73.3 | % | $ | 226.34 | $ | 165.94 | 0.6 | % |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville.
2.As defined by STR, Inc.
3.Reflects Andaz Napa.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Top Markets (2022)
For the Year Ended December 31, 2022, 2021, and 2019
| Year Ended | Year Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2022 | December 31, 2021 | % Change | ||||||||||||
| Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||||||
| Phoenix, AZ | 61.5 | % | $ | 383.41 | $ | 235.70 | 49.2 | % | $ | 323.48 | $ | 159.07 | 48.2 | % |
| Orlando, FL | 73.9 | % | 218.77 | 161.71 | 56.6 | % | 184.07 | 104.18 | 55.2 | % | ||||
| Houston, TX | 54.7 | % | 212.69 | 116.37 | 50.7 | % | 182.77 | 92.67 | 25.6 | % | ||||
| San Diego, CA | 58.9 | % | 391.52 | 230.42 | 40.8 | % | 362.53 | 147.81 | 55.9 | % | ||||
| Dallas, TX | 60.4 | % | 179.89 | 108.69 | 45.2 | % | 133.94 | 60.51 | 79.6 | % | ||||
| Atlanta, GA | 61.9 | % | 230.64 | 142.72 | 48.7 | % | 205.56 | 100.14 | 42.5 | % | ||||
| Florida Keys, FL | 86.3 | % | 590.44 | 509.79 | 85.7 | % | 535.03 | 458.77 | 11.1 | % | ||||
| San Francisco/San Mateo, CA | 73.0 | % | 195.24 | 142.49 | 42.2 | % | 151.35 | 63.84 | 123.2 | % | ||||
| Savannah, GA | 81.6 | % | 270.13 | 220.39 | 77.1 | % | 238.65 | 184.01 | 19.8 | % | ||||
| California North, CA(3) | 73.7 | % | 448.07 | 330.40 | 67.1 | % | 371.99 | 249.56 | 32.4 | % | ||||
| Other | 61.9 | % | 269.06 | 166.56 | 47.0 | % | 236.82 | 111.20 | 49.8 | % | ||||
| Total | 63.9 | % | $ | 259.92 | $ | 166.08 | 49.7 | % | $ | 225.39 | $ | 111.96 | 48.3 | % |
| Year Ended | Year Ended | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, 2022 | December 31, 2019 | % Change | ||||||||||||
| Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||||||
| Phoenix, AZ | 61.5 | % | $ | 383.41 | $ | 235.70 | 72.9 | % | $ | 278.33 | $ | 203.02 | 16.1 | % |
| Orlando, FL | 73.9 | % | 218.77 | 161.71 | 78.2 | % | 195.64 | 153.01 | 5.7 | % | ||||
| Houston, TX | 54.7 | % | 212.69 | 116.37 | 71.2 | % | 177.67 | 126.58 | (8.1) | % | ||||
| San Diego, CA | 58.9 | % | 391.52 | 230.42 | 71.5 | % | 257.94 | 184.35 | 25.0 | % | ||||
| Dallas, TX | 60.4 | % | 179.89 | 108.69 | 69.1 | % | 188.85 | 130.55 | (16.7) | % | ||||
| Atlanta, GA | 61.9 | % | 230.64 | 142.72 | 75.1 | % | 197.98 | 148.77 | (4.1) | % | ||||
| Florida Keys, FL | 86.3 | % | 590.44 | 509.79 | 88.5 | % | 392.94 | 347.80 | 46.6 | % | ||||
| San Francisco/San Mateo, CA | 73.0 | % | 195.24 | 142.49 | 91.0 | % | 244.08 | 222.13 | (35.9) | % | ||||
| Savannah, GA | 81.6 | % | 270.13 | 220.39 | 79.8 | % | 224.29 | 179.09 | 23.1 | % | ||||
| California North, CA(3) | 73.7 | % | 448.07 | 330.40 | 84.6 | % | 324.55 | 274.44 | 20.4 | % | ||||
| Other | 61.9 | % | 269.06 | 166.56 | 78.6 | % | 249.91 | 196.31 | (15.2) | % | ||||
| Total | 63.9 | % | $ | 259.92 | $ | 166.08 | 76.6 | % | $ | 228.43 | $ | 175.04 | (5.1) | % |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville.
2.As defined by STR, Inc.
3.Reflects Andaz Napa.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Top Markets (2019)
For the Three Months Ended December 31, 2022, 2021, and 2019
| Three Months Ended | Three Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2022 | December 31, 2021 | % Change | ||||||||||||
| Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||||||
| Houston, TX | 61.6 | % | $ | 217.93 | $ | 134.31 | 50.7 | % | $ | 203.08 | $ | 102.86 | 30.6 | % |
| Orlando, FL | 71.2 | % | 221.38 | 157.65 | 65.3 | % | 207.11 | 135.29 | 16.5 | % | ||||
| Phoenix, AZ | 61.2 | % | 392.71 | 240.52 | 56.9 | % | 361.92 | 205.79 | 16.9 | % | ||||
| Dallas, TX | 61.3 | % | 187.73 | 115.16 | 55.4 | % | 155.43 | 86.16 | 33.7 | % | ||||
| San Francisco/San Mateo, CA | 71.8 | % | 194.99 | 140.07 | 58.0 | % | 156.06 | 90.46 | 54.8 | % | ||||
| San Jose/Santa Cruz, CA | 54.0 | % | 245.20 | 132.51 | 44.0 | % | 179.07 | 78.81 | 68.1 | % | ||||
| Atlanta, GA | 56.3 | % | 243.29 | 136.97 | 50.1 | % | 229.52 | 114.89 | 19.2 | % | ||||
| San Diego, CA | 58.7 | % | 350.30 | 205.80 | 52.4 | % | 343.65 | 180.03 | 14.3 | % | ||||
| Washington, DC-MD-VA | 66.5 | % | 258.04 | 171.62 | 51.1 | % | 229.81 | 117.55 | 46.0 | % | ||||
| Florida Keys, FL | 83.0 | % | 552.32 | 458.27 | 85.7 | % | 595.02 | 509.92 | (10.1) | % | ||||
| Other | 66.5 | % | 294.52 | 195.91 | 61.3 | % | 288.32 | 176.67 | 10.9 | % | ||||
| Total | 64.1 | % | $ | 260.19 | $ | 166.87 | 56.4 | % | $ | 243.43 | $ | 137.35 | 21.5 | % |
| Three Months Ended | Three Months Ended | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, 2022 | December 31, 2019 | % Change | ||||||||||||
| Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||||||
| Houston, TX | 61.6 | % | $ | 217.93 | $ | 134.31 | 69.9 | % | $ | 174.06 | $ | 121.74 | 10.3 | % |
| Orlando, FL | 71.2 | % | 221.38 | 157.65 | 78.4 | % | 196.15 | 153.79 | 2.5 | % | ||||
| Phoenix, AZ | 61.2 | % | 392.71 | 240.52 | 68.9 | % | 282.53 | 194.62 | 23.6 | % | ||||
| Dallas, TX | 61.3 | % | 187.73 | 115.16 | 64.2 | % | 187.68 | 120.56 | (4.5) | % | ||||
| San Francisco/San Mateo, CA | 71.8 | % | 194.99 | 140.07 | 84.9 | % | 242.91 | 206.16 | (32.1) | % | ||||
| San Jose/Santa Cruz, CA | 54.0 | % | 245.20 | 132.51 | 78.7 | % | 246.62 | 194.13 | (31.7) | % | ||||
| Atlanta, GA | 56.3 | % | 243.29 | 136.97 | 67.7 | % | 198.93 | 134.61 | 1.8 | % | ||||
| San Diego, CA | 58.7 | % | 350.30 | 205.80 | 61.2 | % | 228.62 | 139.89 | 47.1 | % | ||||
| Washington, DC-MD-VA | 66.5 | % | 258.04 | 171.62 | 75.0 | % | 252.03 | 188.94 | (9.2) | % | ||||
| Florida Keys, FL | 83.0 | % | 552.32 | 458.27 | 89.4 | % | 397.55 | 355.27 | 29.0 | % | ||||
| Other | 66.5 | % | 294.52 | 195.91 | 76.9 | % | 251.42 | 193.30 | 1.4 | % | ||||
| Total | 64.1 | % | $ | 260.19 | $ | 166.87 | 73.3 | % | $ | 226.34 | $ | 165.94 | 0.6 | % |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville.
2.As defined by STR, Inc.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Portfolio Data by Top Markets (2019)
For the Year Ended December 31, 2022, 2021, and 2019
| Year Ended | Year Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2022 | December 31, 2021 | % Change | ||||||||||||
| Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||||||
| Houston, TX | 54.7 | % | $ | 212.69 | $ | 116.37 | 50.7 | % | $ | 182.77 | $ | 92.67 | 25.6 | % |
| Orlando, FL | 73.9 | % | 218.77 | 161.71 | 56.6 | % | 184.07 | 104.18 | 55.2 | % | ||||
| Phoenix, AZ | 61.5 | % | 383.41 | 235.70 | 49.2 | % | 323.48 | 159.07 | 48.2 | % | ||||
| Dallas, TX | 60.4 | % | 179.89 | 108.69 | 45.2 | % | 133.94 | 60.51 | 79.6 | % | ||||
| San Francisco/San Mateo, CA | 73.0 | % | 195.24 | 142.49 | 42.2 | % | 151.35 | 63.84 | 123.2 | % | ||||
| San Jose/Santa Cruz, CA | 52.6 | % | 223.27 | 117.50 | 29.0 | % | 146.09 | 42.39 | 177.2 | % | ||||
| Atlanta, GA | 61.9 | % | 230.64 | 142.72 | 48.7 | % | 205.56 | 100.14 | 42.5 | % | ||||
| San Diego, CA | 58.9 | % | 391.52 | 230.42 | 40.8 | % | 362.53 | 147.81 | 55.9 | % | ||||
| Washington, DC-MD-VA | 63.3 | % | 253.51 | 160.60 | 46.7 | % | 210.79 | 98.54 | 63.0 | % | ||||
| Florida Keys, FL | 86.3 | % | 590.44 | 509.79 | 85.7 | % | 535.03 | 458.77 | 11.1 | % | ||||
| Other | 67.5 | % | 298.00 | 201.01 | 57.3 | % | 267.57 | 153.23 | 31.2 | % | ||||
| Total | 63.9 | % | $ | 259.92 | $ | 166.08 | 49.7 | % | $ | 225.39 | $ | 111.96 | 48.3 | % |
| Year Ended | Year Ended | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, 2022 | December 31, 2019 | % Change | ||||||||||||
| Market(2) | Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR | |||||||
| Houston, TX | 54.7 | % | $ | 212.69 | $ | 116.37 | 71.2 | % | $ | 177.67 | $ | 126.58 | (8.1) | % |
| Orlando, FL | 73.9 | % | 218.77 | 161.71 | 78.2 | % | 195.64 | 153.01 | 5.7 | % | ||||
| Phoenix, AZ | 61.5 | % | 383.41 | 235.70 | 72.9 | % | 278.33 | 203.02 | 16.1 | % | ||||
| Dallas, TX | 60.4 | % | 179.89 | 108.69 | 69.1 | % | 188.85 | 130.55 | (16.7) | % | ||||
| San Francisco/San Mateo, CA | 73.0 | % | 195.24 | 142.49 | 91.0 | % | 244.08 | 222.13 | (35.9) | % | ||||
| San Jose/Santa Cruz, CA | 52.6 | % | 223.27 | 117.50 | 81.9 | % | 256.87 | 210.38 | (44.1) | % | ||||
| Atlanta, GA | 61.9 | % | 230.64 | 142.72 | 75.1 | % | 197.98 | 148.77 | (4.1) | % | ||||
| San Diego, CA | 58.9 | % | 391.52 | 230.42 | 71.5 | % | 257.94 | 184.35 | 25.0 | % | ||||
| Washington, DC-MD-VA | 63.3 | % | 253.51 | 160.60 | 77.5 | % | 238.71 | 184.95 | (13.2) | % | ||||
| Florida Keys, FL | 86.3 | % | 590.44 | 509.79 | 88.5 | % | 392.94 | 347.80 | 46.6 | % | ||||
| Other | 67.5 | % | 298.00 | 201.01 | 78.5 | % | 253.73 | 199.25 | 0.9 | % | ||||
| Total | 63.9 | % | $ | 259.92 | $ | 166.08 | 76.6 | % | $ | 228.43 | $ | 175.04 | (5.1) | % |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville.
2.As defined by STR, Inc.
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 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2022 | 2022 | 2022 | 2022 | |||||||||||
| Occupancy | 57.8 | % | 69.6 | % | 63.9 | % | 64.1 | % | 63.9 | % | |||||
| ADR | $ | 260.45 | $ | 269.43 | $ | 248.94 | $ | 260.19 | $ | 259.92 | |||||
| RevPAR | $ | 150.65 | $ | 187.60 | $ | 159.10 | $ | 166.87 | $ | 166.08 | |||||
| Hotel Revenues | $ | 199,614 | $ | 251,498 | $ | 211,039 | $ | 239,152 | $ | 901,303 | |||||
| Hotel EBITDA(2) | $ | 56,030 | $ | 84,568 | $ | 50,422 | $ | 65,354 | $ | 256,374 | |||||
| Hotel EBITDA Margin(2) | 28.1 | % | 33.6 | % | 23.9 | % | 27.3 | % | 28.4 | % | |||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2021 | 2021 | 2021 | 2021 | 2021 | |||||||||||
| Occupancy | 35.3 | % | 51.6 | % | 55.1 | % | 56.4 | % | 49.7 | % | |||||
| ADR | $ | 194.69 | $ | 222.02 | $ | 229.25 | $ | 243.43 | $ | 225.39 | |||||
| RevPAR | $ | 68.64 | $ | 114.60 | $ | 126.34 | $ | 137.35 | $ | 111.96 | |||||
| Hotel Revenues | $ | 83,811 | $ | 143,642 | $ | 158,709 | $ | 191,067 | $ | 577,229 | |||||
| Hotel EBITDA(2) | $ | 1,704 | $ | 35,522 | $ | 38,097 | $ | 52,922 | $ | 128,245 | |||||
| Hotel EBITDA Margin(2) | 2.0 | % | 24.7 | % | 24.0 | % | 27.7 | % | 22.2 | % | |||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2019 | 2019 | 2019 | 2019 | 2019 | |||||||||||
| Occupancy | 77.4 | % | 79.7 | % | 76.1 | % | 73.3 | % | 76.6 | % | |||||
| ADR | $ | 242.03 | $ | 230.52 | $ | 214.76 | $ | 226.34 | $ | 228.43 | |||||
| RevPAR | $ | 187.39 | $ | 183.77 | $ | 163.41 | $ | 165.94 | $ | 175.04 | |||||
| Hotel Revenues | $ | 252,252 | $ | 244,872 | $ | 212,090 | $ | 232,917 | $ | 942,131 | |||||
| Hotel EBITDA(2) | $ | 77,939 | $ | 73,365 | $ | 49,698 | $ | 63,251 | $ | 264,253 | |||||
| Hotel EBITDA Margin(2) | 30.9 | % | 30.0 | % | 23.4 | % | 27.2 | % | 28.0 | % |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2021, 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 2022.
2.See tables beginning on page 20 of this supplemental for reconciliations from Hotel Net Income (loss) to Hotel Earnings Before Interest, Taxes, Depreciation and Amortization ("Hotel EBITDA"), Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin. Hotel EBITDA, Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures.
Xenia Hotels & Resorts, Inc.
Current Same-Property Portfolio(1) Historical Operating Data
($ amounts in thousands, except ADR and RevPAR)
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2022 | 2022 | 2022 | 2022 | |||||||||||
| Occupancy | 56.1 | % | 68.7 | % | 63.1 | % | 62.4 | % | 62.6 | % | |||||
| ADR | $ | 258.36 | $ | 270.81 | $ | 250.16 | $ | 261.70 | $ | 260.52 | |||||
| RevPAR | $ | 144.92 | $ | 186.16 | $ | 157.91 | $ | 163.32 | $ | 163.11 | |||||
| Hotel Revenues | $ | 213,726 | $ | 276,580 | $ | 233,968 | $ | 259,803 | $ | 984,078 | |||||
| Hotel EBITDA(2) | $ | 57,775 | $ | 92,699 | $ | 55,607 | $ | 69,533 | $ | 275,613 | |||||
| Hotel EBITDA Margin(2) | 27.0 | % | 33.5 | % | 23.8 | % | 26.8 | % | 28.0 | % |
1."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic. "Current Same-Property" also includes operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
2.See tables beginning on page 20 of this supplemental for reconciliations from Hotel Net Income (loss) to Hotel Earnings Before Interest, Taxes, Depreciation and Amortization ("Hotel EBITDA"), Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin. Hotel EBITDA, Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Monthly Operations Information
| vs 2019 | ||||||
|---|---|---|---|---|---|---|
| 2022 | Occupancy (%) | ADR<br> ($) | RevPAR ($) | Occupancy change in bps | ADR<br> % change | RevPAR <br>% change |
| January | 44.1 | 235.36 | 103.68 | (2,663) | 1.5 | (36.7) |
| February | 60.6 | 260.85 | 158.19 | (1,936) | 6.3 | (19.4) |
| March | 69.1 | 276.13 | 190.82 | (1,273) | 11.4 | (6.0) |
| 1st Quarter | 57.8 | 260.45 | 150.65 | (1,958) | 7.6 | (19.6) |
| April | 72.1 | 282.54 | 203.75 | (986) | 18.6 | 4.3 |
| May | 68.9 | 266.80 | 183.84 | (928) | 12.9 | (0.5) |
| June | 67.9 | 258.24 | 175.32 | (1,115) | 19.3 | 2.5 |
| 2nd Quarter | 69.6 | 269.43 | 187.60 | (1,009) | 16.9 | 2.1 |
| July | 63.1 | 248.21 | 156.71 | (1,491) | 18.5 | (4.2) |
| August | 61.7 | 239.18 | 147.51 | (1,444) | 15.3 | (6.6) |
| September | 67.0 | 258.94 | 173.53 | (703) | 13.5 | 2.7 |
| 3rd Quarter | 63.9 | 248.94 | 159.10 | (1,218) | 15.9 | (2.6) |
| October | 70.9 | 277.01 | 196.43 | (987) | 13.8 | (0.1) |
| November | 64.8 | 256.25 | 166.02 | (934) | 14.0 | (0.4) |
| December | 56.7 | 243.55 | 138.17 | (833) | 17.7 | 2.6 |
| 4th Quarter | 64.1 | 260.19 | 166.87 | (918) | 15.0 | 0.6 |
| FY 2022 | 63.9 | 259.92 | 166.08 | (1,273) | 13.8 | (5.1) |
1."Same-Property” reflects all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2022.
Xenia Hotels & Resorts, Inc.
Same-Property(1) Monthly Operations Information
| vs 2019 | ||||||
|---|---|---|---|---|---|---|
| 2021 | Occupancy (%) | ADR<br> ($) | RevPAR ($) | Occupancy change in bps | ADR<br> % change | RevPAR <br>% change |
| January | 24.9 | 175.06 | 43.61 | (4,577) | (24.5) | (73.4) |
| February | 34.6 | 189.82 | 65.77 | (4,536) | (22.6) | (66.5) |
| March | 46.1 | 208.59 | 96.25 | (3,569) | (15.9) | (52.6) |
| 1st Quarter | 35.3 | 194.69 | 68.64 | (4,217) | (19.6) | (63.4) |
| April | 49.8 | 222.93 | 110.97 | (3,220) | (6.4) | (43.2) |
| May | 49.9 | 223.47 | 111.54 | (2,828) | (5.5) | (39.7) |
| June | 55.2 | 219.85 | 121.40 | (2,382) | 1.5 | (29.1) |
| 2nd Quarter | 51.6 | 222.02 | 114.60 | (2,810) | (3.7) | (37.6) |
| July | 58.8 | 229.69 | 135.08 | (1,924) | 9.6 | (17.4) |
| August | 52.1 | 222.66 | 115.94 | (2,405) | 7.3 | (26.6) |
| September | 54.4 | 235.26 | 128.05 | (1,962) | 3.1 | (24.2) |
| 3rd Quarter | 55.1 | 229.25 | 126.34 | (2,098) | 6.7 | (22.7) |
| October | 58.4 | 250.11 | 146.18 | (2,234) | 2.8 | (25.6) |
| November | 58.7 | 240.70 | 141.39 | (1,539) | 7.1 | (15.1) |
| December | 52.2 | 238.92 | 124.60 | (1,291) | 15.5 | (7.4) |
| 4th Quarter | 56.4 | 243.43 | 137.35 | (1,690) | 7.6 | (17.2) |
| FY 2021 | 49.7 | 225.39 | 111.96 | (2,695) | (1.3) | (36.0) |
1."Same-Property” reflects all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021.
Xenia Hotels & Resorts, Inc.
Statistical Data by Property
For the Year Ended December 31, 2022 and 2021
| December 31, 2022 | December 31, 2021 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR Change | ||||||||
| Andaz Napa | 73.7 | % | $ | 448.07 | $ | 330.40 | 67.1 | % | $ | 371.99 | $ | 249.56 | 32.4 | % |
| Andaz San Diego | 70.9 | % | 263.49 | 186.79 | 52.1 | % | 209.82 | 109.40 | 70.7 | % | ||||
| Andaz Savannah | 81.1 | % | 236.93 | 192.11 | 76.2 | % | 201.51 | 153.47 | 25.2 | % | ||||
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 82.6 | % | 335.77 | 277.34 | 79.0 | % | 310.73 | 245.51 | 13.0 | % | ||||
| Fairmont Dallas | 55.3 | % | 191.52 | 105.96 | 38.2 | % | 146.53 | 55.91 | 89.5 | % | ||||
| Fairmont Pittsburgh | 63.2 | % | 278.33 | 176.01 | 53.0 | % | 251.19 | 133.09 | 32.2 | % | ||||
| Grand Bohemian Hotel Charleston, Autograph Collection | 78.2 | % | 408.64 | 319.59 | 81.5 | % | 362.48 | 295.39 | 8.2 | % | ||||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 79.4 | % | 316.13 | 251.03 | 78.1 | % | 292.61 | 228.64 | 9.8 | % | ||||
| Grand Bohemian Hotel Orlando, Autograph Collection | 65.4 | % | 250.30 | 163.71 | 59.3 | % | 206.66 | 122.63 | 33.5 | % | ||||
| Hyatt Centric Key West Resort & Spa | 86.3 | % | 590.44 | 509.79 | 85.7 | % | 535.03 | 458.77 | 11.1 | % | ||||
| Hyatt Regency Grand Cypress | 76.6 | % | 210.24 | 161.08 | 55.7 | % | 176.44 | 98.32 | 63.8 | % | ||||
| Hyatt Regency Santa Clara | 52.6 | % | 223.27 | 117.50 | 29.0 | % | 146.09 | 42.39 | 177.2 | % | ||||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 61.0 | % | 352.36 | 215.00 | 47.3 | % | 294.26 | 139.05 | 54.6 | % | ||||
| Kimpton Canary Hotel Santa Barbara | 66.5 | % | 476.07 | 316.65 | 58.9 | % | 458.69 | 270.10 | 17.2 | % | ||||
| Kimpton Hotel Monaco Salt Lake City | 62.2 | % | 218.62 | 135.88 | 49.2 | % | 191.83 | 94.41 | 43.9 | % | ||||
| Kimpton Hotel Palomar Philadelphia | 65.5 | % | 228.46 | 149.66 | 46.8 | % | 191.51 | 89.59 | 67.0 | % | ||||
| Kimpton RiverPlace Hotel | 65.7 | % | 268.79 | 176.71 | 53.3 | % | 273.74 | 145.88 | 21.1 | % | ||||
| Loews New Orleans Hotel | 58.2 | % | 230.02 | 133.93 | 44.3 | % | 175.09 | 77.60 | 72.6 | % | ||||
| Lorien Hotel & Spa | 53.2 | % | 235.32 | 125.23 | 52.2 | % | 183.58 | 95.87 | 30.6 | % | ||||
| Marriott Dallas Downtown | 67.1 | % | 167.32 | 112.28 | 54.4 | % | 122.37 | 66.54 | 68.7 | % | ||||
| Marriott San Francisco Airport Waterfront | 73.0 | % | 195.24 | 142.49 | 42.2 | % | 151.35 | 63.84 | 123.2 | % | ||||
| Marriott Woodlands Waterway Hotel & Convention Center | 60.6 | % | 224.44 | 135.93 | 57.0 | % | 172.26 | 98.12 | 38.5 | % |
Xenia Hotels & Resorts, Inc.
Statistical Data by Property (Continued)
For the Year Ended December 31, 2022 and 2021
| December 31, 2022 | December 31, 2021 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR Change | ||||||||
| Park Hyatt Aviara Resort, Golf Club & Spa | 53.0 | % | $ | 474.79 | $ | 251.64 | 35.2 | % | $ | 472.37 | $ | 166.49 | 51.1 | % |
| Renaissance Atlanta Waverly Hotel & Convention Center | 62.0 | % | 182.18 | 112.97 | 47.7 | % | 149.73 | 71.48 | 58.1 | % | ||||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 63.4 | % | 506.89 | 321.22 | 57.1 | % | 423.60 | 242.02 | 32.7 | % | ||||
| The Ritz-Carlton, Denver | 64.9 | % | 367.33 | 238.36 | 56.0 | % | 338.51 | 189.47 | 25.8 | % | ||||
| The Ritz-Carlton, Pentagon City | 66.3 | % | 257.79 | 170.96 | 45.1 | % | 220.02 | 99.32 | 72.1 | % | ||||
| Waldorf Astoria Atlanta Buckhead | 61.3 | % | 432.01 | 265.01 | 52.7 | % | 413.30 | 217.96 | 21.6 | % | ||||
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 52.4 | % | 207.33 | 108.65 | 48.2 | % | 187.70 | 90.50 | 20.0 | % | ||||
| Same-Property Portfolio(1) | 63.9 | % | $ | 259.92 | $ | 166.08 | 49.7 | % | $ | 225.39 | $ | 111.96 | 48.3 | % |
| Hyatt Regency Portland at the Oregon Convention Center(2) | 48.8 | % | $ | 183.42 | $ | 89.49 | 17.0 | % | $ | 147.19 | $ | 25.05 | 257.2 | % |
| W Nashville(3) | 54.8 | % | 397.02 | 217.37 | 39.2 | % | 347.06 | 135.89 | 60.0 | % | ||||
| Current Same-Property Portfolio(4) | 62.6 | % | $ | 260.52 | $ | 163.11 | 47.5 | % | $ | 224.39 | $ | 106.51 | 53.1 | % |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and 2022 and renovation disruption for multiple capital projects during the periods presented.
2.Hyatt Regency Portland, which opened in late December 2019, suspended operations in March 2020 due to the COVID-19 pandemic and recommenced in May 2021. Metrics for the year ending December 31, 2021 are for the full year and include periods when operations were temporarily suspended.
3.W Nashville opened in October 2021 and was acquired by the Company in March 2022. Metrics shown for the years ending December 31, 2022 and 2021 include operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
4."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021 and 2022. "Current Same-Property" also includes operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel.
Xenia Hotels & Resorts, Inc.
Statistical Data by Property
For the Year Ended December 31, 2022 and 2019
| December 31, 2022 | December 31, 2019 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR Change | ||||||||
| Andaz Napa | 73.7 | % | $ | 448.07 | $ | 330.40 | 84.6 | % | $ | 324.55 | $ | 274.44 | 20.4 | % |
| Andaz San Diego | 70.9 | % | 263.49 | 186.79 | 83.1 | % | 228.28 | 189.81 | (1.6) | % | ||||
| Andaz Savannah | 81.1 | % | 236.93 | 192.11 | 79.4 | % | 202.24 | 160.64 | 19.6 | % | ||||
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 82.6 | % | 335.77 | 277.34 | 80.7 | % | 267.97 | 216.24 | 28.3 | % | ||||
| Fairmont Dallas | 55.3 | % | 191.52 | 105.96 | 72.0 | % | 183.09 | 131.82 | (19.6) | % | ||||
| Fairmont Pittsburgh | 63.2 | % | 278.33 | 176.01 | 73.2 | % | 247.45 | 181.20 | (2.9) | % | ||||
| Grand Bohemian Hotel Charleston, Autograph Collection | 78.2 | % | 408.64 | 319.59 | 82.3 | % | 319.67 | 263.16 | 21.4 | % | ||||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 79.4 | % | 316.13 | 251.03 | 82.8 | % | 253.12 | 209.62 | 19.8 | % | ||||
| Grand Bohemian Hotel Orlando, Autograph Collection | 65.4 | % | 250.30 | 163.71 | 78.6 | % | 226.86 | 178.36 | (8.2) | % | ||||
| Hyatt Centric Key West Resort & Spa | 86.3 | % | 590.44 | 509.79 | 88.5 | % | 392.94 | 347.80 | 46.6 | % | ||||
| Hyatt Regency Grand Cypress | 76.6 | % | 210.24 | 161.08 | 78.1 | % | 185.68 | 144.98 | 11.1 | % | ||||
| Hyatt Regency Santa Clara | 52.6 | % | 223.27 | 117.50 | 81.9 | % | 256.87 | 210.38 | (44.1) | % | ||||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 61.0 | % | 352.36 | 215.00 | 72.8 | % | 269.04 | 195.80 | 9.8 | % | ||||
| Kimpton Canary Hotel Santa Barbara | 66.5 | % | 476.07 | 316.65 | 75.8 | % | 356.73 | 270.32 | 17.1 | % | ||||
| Kimpton Hotel Monaco Salt Lake City | 62.2 | % | 218.62 | 135.88 | 74.7 | % | 197.44 | 147.52 | (7.9) | % | ||||
| Kimpton Hotel Palomar Philadelphia | 65.5 | % | 228.46 | 149.66 | 83.5 | % | 243.78 | 203.55 | (26.5) | % | ||||
| Kimpton RiverPlace Hotel | 65.7 | % | 268.79 | 176.71 | 84.7 | % | 249.54 | 211.37 | (16.4) | % | ||||
| Loews New Orleans Hotel | 58.2 | % | 230.02 | 133.93 | 72.7 | % | 194.70 | 141.48 | (5.3) | % | ||||
| Lorien Hotel & Spa | 53.2 | % | 235.32 | 125.23 | 80.1 | % | 199.73 | 159.99 | (21.7) | % | ||||
| Marriott Dallas Downtown | 67.1 | % | 167.32 | 112.28 | 65.4 | % | 197.17 | 128.88 | (12.9) | % | ||||
| Marriott San Francisco Airport Waterfront | 73.0 | % | 195.24 | 142.49 | 91.0 | % | 244.08 | 222.13 | (35.9) | % | ||||
| Marriott Woodlands Waterway Hotel & Convention Center | 60.6 | % | 224.44 | 135.93 | 69.9 | % | 206.83 | 144.64 | (6.0) | % |
Xenia Hotels & Resorts, Inc.
Statistical Data by Property (Continued)
For the Year Ended December 31, 2022 and 2019
| December 31, 2022 | December 31, 2019 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | RevPAR Change | ||||||||
| Park Hyatt Aviara Resort, Golf Club & Spa | 53.0 | % | $ | 474.79 | $ | 251.64 | 65.8 | % | $ | 276.16 | $ | 181.69 | 38.5 | % |
| Renaissance Atlanta Waverly Hotel & Convention Center | 62.0 | % | 182.18 | 112.97 | 75.5 | % | 162.39 | 122.53 | (7.8) | % | ||||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 63.4 | % | 506.89 | 321.22 | 73.6 | % | 316.39 | 232.91 | 37.9 | % | ||||
| The Ritz-Carlton, Denver | 64.9 | % | 367.33 | 238.36 | 80.2 | % | 324.02 | 259.91 | (8.3) | % | ||||
| The Ritz-Carlton, Pentagon City | 66.3 | % | 257.79 | 170.96 | 76.7 | % | 250.65 | 192.27 | (11.1) | % | ||||
| Waldorf Astoria Atlanta Buckhead | 61.3 | % | 432.01 | 265.01 | 73.9 | % | 347.40 | 256.65 | 3.3 | % | ||||
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 52.4 | % | 207.33 | 108.65 | 71.8 | % | 166.46 | 119.46 | (9.0) | % | ||||
| Same-Property Portfolio(1) | 63.9 | % | $ | 259.92 | $ | 166.08 | 76.6 | % | $ | 228.43 | $ | 175.04 | (5.1) | % |
| Hyatt Regency Portland at the Oregon Convention Center(2) | 48.8 | % | $ | 183.42 | $ | 89.49 | 6.5 | % | $ | 121.60 | $ | 7.90 | 1,032.2 | % |
| W Nashville(3) | 54.8 | % | $ | 397.02 | $ | 217.37 | NA | NA | NA | NA | ||||
| Current Same-Property Portfolio(4) | 62.6 | % | $ | 260.52 | $ | 163.11 | 76.5 | % | $ | 228.41 | $ | 174.62 | (6.6) | % |
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2022 and renovation disruption for multiple capital projects during the periods presented.
2.Hyatt Regency Portland opened in late December 2019.
3.W Nashville opened in October 2021 and was acquired by the Company in March 2022. Metrics shown for the year ending December 31, 2022 include operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
4."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2022. "Current Same-Property" also includes operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
Xenia Hotels & Resorts, Inc.
Financial Data by Property(1)
For the Year Ended December 31, 2022 and 2021
| Year Ended December 31, 2022 | Year Ended December 31, 2021 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA (000s) | EBITDA / Key | EBITDA Margin | EBITDA (000s) | EBITDA / Key | EBITDA Margin | EBITDA Change | Margin Change | |||||||
| Andaz Napa | $ | 62,312 | 41.4 | % | $ | 45,927 | 41.0 | % | 35.7 | % | 39 | bps | ||
| Andaz San Diego | 3,759 | 23,642 | 23.5 | % | 691 | 4,344 | 7.4 | % | 444.3 | % | 1,610 | bps | ||
| Andaz Savannah | 5,182 | 34,318 | 38.3 | % | 2,753 | 18,233 | 28.0 | % | 88.2 | % | 1,025 | bps | ||
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 3,569 | 47,587 | 28.4 | % | 4,041 | 53,880 | 34.2 | % | (11.7) | % | (577) | bps | ||
| Fairmont Dallas | 10,457 | 19,187 | 27.1 | % | 2,200 | 4,037 | 11.4 | % | 375.3 | % | 1,567 | bps | ||
| Fairmont Pittsburgh | 4,353 | 23,530 | 21.8 | % | 2,242 | 12,121 | 15.0 | % | 94.1 | % | 683 | bps | ||
| Grand Bohemian Hotel Charleston, Autograph Collection | 2,753 | 55,060 | 24.4 | % | 2,636 | 52,717 | 26.5 | % | 4.4 | % | (209) | bps | ||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 4,470 | 45,152 | 26.9 | % | 3,875 | 39,137 | 27.7 | % | 15.4 | % | (77) | bps | ||
| Grand Bohemian Hotel Orlando, Autograph Collection | 6,088 | 24,648 | 25.4 | % | 5,059 | 20,483 | 26.2 | % | 20.3 | % | (84) | bps | ||
| Hyatt Centric Key West Resort & Spa | 13,141 | 109,508 | 46.1 | % | 12,546 | 104,553 | 49.3 | % | 4.7 | % | (312) | bps | ||
| Hyatt Regency Grand Cypress | 32,008 | 41,089 | 33.0 | % | 13,924 | 17,875 | 26.6 | % | 129.9 | % | 633 | bps | ||
| Hyatt Regency Santa Clara | 5,602 | 11,093 | 16.4 | % | (2,824) | (5,591) | (23.6) | % | 298.4 | % | 3,997 | bps | ||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 29,625 | 60,336 | 38.5 | % | 15,151 | 30,857 | 32.4 | % | 95.5 | % | 604 | bps | ||
| Kimpton Canary Hotel Santa Barbara | 3,941 | 40,629 | 25.4 | % | 4,420 | 45,571 | 33.9 | % | (10.8) | % | (856) | bps | ||
| Kimpton Hotel Monaco Salt Lake City | 4,852 | 21,564 | 31.2 | % | 3,079 | 13,686 | 28.7 | % | 57.6 | % | 259 | bps | ||
| Kimpton Hotel Palomar Philadelphia | 3,956 | 17,200 | 24.5 | % | 1,137 | 4,943 | 12.0 | % | 248.0 | % | 1,251 | bps | ||
| Kimpton RiverPlace Hotel | 1,399 | 16,459 | 15.4 | % | 1,264 | 14,872 | 20.0 | % | 10.7 | % | (460) | bps | ||
| Loews New Orleans Hotel | 4,291 | 15,056 | 22.5 | % | 975 | 3,421 | 9.7 | % | 340.1 | % | 1,278 | bps | ||
| Lorien Hotel & Spa | 1,271 | 11,879 | 15.6 | % | 757 | 7,075 | 13.0 | % | 67.9 | % | 266 | bps | ||
| Marriott Dallas Downtown | 8,097 | 19,464 | 33.1 | % | 2,812 | 6,761 | 20.3 | % | 187.9 | % | 1,273 | bps | ||
| Marriott San Francisco Airport Waterfront | 11,521 | 16,746 | 23.8 | % | 940 | 1,367 | 4.3 | % | 1,125.1 | % | 1,948 | bps | ||
| Marriott Woodlands Waterway Hotel & Convention Center | 13,405 | 38,855 | 37.9 | % | 6,341 | 18,381 | 29.7 | % | 111.4 | % | 821 | bps |
All values are in US Dollars.
Xenia Hotels & Resorts, Inc.
Financial Data by Property(1) (Continued)
For the Year Ended December 31, 2022 and 2021
| Year Ended December 31, 2022 | Year Ended December 31, 2021 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA (000s) | EBITDA / Key | EBITDA Margin | EBITDA (000s) | EBITDA / Key | EBITDA Margin | EBITDA Change | Margin Change | |||||||
| Park Hyatt Aviara Resort, Golf Club & Spa | $ | 58,758 | 22.5 | % | $ | 20,453 | 12.0 | % | 187.3 | % | 1,042 | bps | ||
| Renaissance Atlanta Waverly Hotel & Convention Center | 13,019 | 24,941 | 35.4 | % | 6,341 | 12,148 | 28.8 | % | 105.3 | % | 654 | bps | ||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 9,478 | 79,647 | 29.8 | % | 6,110 | 51,340 | 25.7 | % | 55.1 | % | 417 | bps | ||
| The Ritz-Carlton, Denver | 6,564 | 32,495 | 19.2 | % | 4,441 | 21,983 | 16.4 | % | 47.8 | % | 286 | bps | ||
| The Ritz-Carlton, Pentagon City | 5,674 | 15,545 | 15.3 | % | 131 | 359 | 0.7 | % | 4,230.0 | % | 1,464 | bps | ||
| Waldorf Astoria Atlanta Buckhead | 3,962 | 31,197 | 19.7 | % | 3,504 | 27,593 | 23.6 | % | 13.1 | % | (385) | bps | ||
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 15,937 | 18,214 | 29.8 | % | 10,535 | 12,040 | 25.9 | % | 51.3 | % | 398 | bps | ||
| Same-Property Portfolio(2) | $ | 29,943 | 28.4 | % | $ | 14,978 | 22.2 | % | 99.9 | % | 622 | bps | ||
| Hyatt Regency Portland at the Oregon Convention Center(3) | $ | 12,273 | 24.1 | % | $ | (5,288) | (41.8) | % | 332.1 | % | 6,591 | bps | ||
| W Nashville(4) | $ | 34,321 | 22.7 | % | $ | (1,066) | (5.0) | % | 3,318.2 | % | 2,770 | bps | ||
| Current Same-Property Portfolio(5) | $ | 28,987 | 28.0 | % | $ | 13,116 | 21.1 | % | 121.0 | % | 690 | bps |
All values are in US Dollars.
1.See tables beginning on page 20 of this supplemental for reconciliations from Hotel Net Income (loss) to Hotel Earnings Before Interest, Taxes, Depreciation and Amortization ("Hotel EBITDA"), Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin. Hotel EBITDA, Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures.
2."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and 2022 and renovation disruption for multiple capital projects during the periods presented.
3.Hyatt Regency Portland, which opened in late December 2019, suspended operations in March 2020 due to the COVID-19 pandemic and recommenced in May 2021. Metrics for the year ending December 31, 2021 are for the full year and include periods when operations were temporarily suspended.
4.W Nashville opened in October 2021 and was acquired by the Company in March 2022. Metrics shown for the years ending December 31, 2022 and 2021 include operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
5."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021 and 2022. "Current Same-Property" also includes operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
Xenia Hotels & Resorts, Inc.
Financial Data by Property(1)
For the Year Ended December 31, 2022 and 2019
| Year Ended December 31, 2022 | Year Ended December 31, 2019 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA (000s) | EBITDA / Key | EBITDA Margin | EBITDA (000s) | EBITDA / Key | EBITDA Margin | EBITDA Change | Margin Change | |||||||
| Andaz Napa | $ | 62,312 | 41.4 | % | $ | 52,362 | 39.7 | % | 19.0 | % | 170 | bps | ||
| Andaz San Diego | 3,759 | 23,642 | 23.5 | % | 4,052 | 25,484 | 24.1 | % | (7.2) | % | (61) | bps | ||
| Andaz Savannah | 5,182 | 34,318 | 38.3 | % | 3,375 | 22,351 | 31.0 | % | 53.5 | % | 727 | bps | ||
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 3,569 | 47,587 | 28.4 | % | 2,916 | 38,880 | 25.9 | % | 22.4 | % | 253 | bps | ||
| Fairmont Dallas | 10,457 | 19,187 | 27.1 | % | 14,075 | 25,826 | 29.7 | % | (25.7) | % | (268) | bps | ||
| Fairmont Pittsburgh | 4,353 | 23,530 | 21.8 | % | 2,909 | 15,724 | 13.3 | % | 49.6 | % | 853 | bps | ||
| Grand Bohemian Hotel Charleston, Autograph Collection | 2,753 | 55,060 | 24.4 | % | 1,825 | 36,500 | 20.6 | % | 50.8 | % | 384 | bps | ||
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 4,470 | 45,152 | 26.9 | % | 4,335 | 43,788 | 27.9 | % | 3.1 | % | (99) | bps | ||
| Grand Bohemian Hotel Orlando, Autograph Collection | 6,088 | 24,648 | 25.4 | % | 8,938 | 36,186 | 32.8 | % | (31.9) | % | (740) | bps | ||
| Hyatt Centric Key West Resort & Spa | 13,141 | 109,508 | 46.1 | % | 9,185 | 76,542 | 44.6 | % | 43.1 | % | 157 | bps | ||
| Hyatt Regency Grand Cypress | 32,008 | 41,089 | 33.0 | % | 21,143 | 27,141 | 25.9 | % | 51.4 | % | 703 | bps | ||
| Hyatt Regency Santa Clara | 5,602 | 11,093 | 16.4 | % | 18,194 | 36,028 | 30.9 | % | (69.2) | % | (1,450) | bps | ||
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 29,625 | 60,336 | 38.5 | % | 23,001 | 46,845 | 32.0 | % | 28.8 | % | 645 | bps | ||
| Kimpton Canary Hotel Santa Barbara | 3,941 | 40,629 | 25.4 | % | 4,107 | 42,340 | 25.0 | % | (4.0) | % | 32 | bps | ||
| Kimpton Hotel Monaco Salt Lake City | 4,852 | 21,564 | 31.2 | % | 6,193 | 27,524 | 33.1 | % | (21.7) | % | (188) | bps | ||
| Kimpton Hotel Palomar Philadelphia | 3,956 | 17,200 | 24.5 | % | 7,748 | 33,687 | 35.9 | % | (48.9) | % | (1,138) | bps | ||
| Kimpton RiverPlace Hotel | 1,399 | 16,459 | 15.4 | % | 2,713 | 31,918 | 23.7 | % | (48.4) | % | (828) | bps | ||
| Loews New Orleans Hotel | 4,291 | 15,056 | 22.5 | % | 4,595 | 16,123 | 21.0 | % | (6.6) | % | 151 | bps | ||
| Lorien Hotel & Spa | 1,271 | 11,879 | 15.6 | % | 2,364 | 22,093 | 20.2 | % | (46.2) | % | (455) | bps | ||
| Marriott Dallas Downtown | 8,097 | 19,464 | 33.1 | % | 9,843 | 23,661 | 36.4 | % | (17.7) | % | (336) | bps | ||
| Marriott San Francisco Airport Waterfront | 11,521 | 16,746 | 23.8 | % | 23,840 | 34,651 | 32.2 | % | (51.7) | % | (838) | bps | ||
| Marriott Woodlands Waterway Hotel & Convention Center | 13,405 | 38,855 | 37.9 | % | 15,879 | 46,026 | 39.3 | % | (15.6) | % | (142) | bps |
All values are in US Dollars.
Xenia Hotels & Resorts, Inc.
Financial Data by Property(1) (Continued)
For the Year Ended December 31, 2022 and 2019
| Year Ended December 31, 2022 | Year Ended December 31, 2019 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA (000s) | EBITDA / Key | EBITDA Margin | EBITDA (000s) | EBITDA / Key | EBITDA Margin | EBITDA Change | Margin Change | |||||||
| Park Hyatt Aviara Resort, Golf Club & Spa | $ | 58,758 | 22.5 | % | $ | 26,171 | 13.5 | % | 124.5 | % | 892 | bps | ||
| Renaissance Atlanta Waverly Hotel & Convention Center | 13,019 | 24,941 | 35.4 | % | 14,536 | 27,847 | 34.8 | % | (10.4) | % | 59 | bps | ||
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 9,478 | 79,647 | 29.8 | % | 6,748 | 56,706 | 25.5 | % | 40.5 | % | 439 | bps | ||
| The Ritz-Carlton, Denver | 6,564 | 32,495 | 19.2 | % | 7,540 | 37,327 | 20.8 | % | (12.9) | % | (161) | bps | ||
| The Ritz-Carlton, Pentagon City | 5,674 | 15,545 | 15.3 | % | 9,276 | 25,414 | 23.4 | % | (38.8) | % | (810) | bps | ||
| Waldorf Astoria Atlanta Buckhead | 3,962 | 31,197 | 19.7 | % | 2,542 | 20,016 | 12.6 | % | 55.9 | % | 713 | bps | ||
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 15,937 | 18,214 | 29.8 | % | 16,440 | 18,789 | 27.4 | % | (3.1) | % | 241 | bps | ||
| Same-Property Portfolio(2) | $ | 29,943 | 28.4 | % | $ | 30,863 | 28.0 | % | (3.0) | % | 44 | bps | ||
| Hyatt Regency Portland at the Oregon Convention Center(3) | $ | 12,273 | 24.1 | % | $ | (563) | (341.9) | % | 2,278.7 | % | 36,598 | bps | ||
| W Nashville(4) | $ | 34,321 | 22.7 | % | NA | NA | NA | NA | NA | |||||
| Current Same-Property Portfolio(5) | $ | 28,987 | 28.0 | % | $ | 27,757 | 28.0 | % | 4.4 | % | — | bps |
All values are in US Dollars.
1.See tables beginning on page 20 of this supplemental for reconciliations from Hotel Net Income (loss) to Hotel Earnings Before Interest, Taxes, Depreciation and Amortization ("Hotel EBITDA"), Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin. Hotel EBITDA, Same-Property Hotel EBITDA, Current Same-Property Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures.
2."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2022 and renovation disruption for multiple capital projects during the periods presented.
3.Hyatt Regency Portland opened in late December 2019.
4.W Nashville opened in October 2021 and was acquired by the Company in March 2022. Metrics shown for the year ending December 31, 2022 include operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
5."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2022. "Current Same-Property" also includes operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
Xenia Hotels & Resorts, Inc.
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Property
For the Year Ended December 31, 2022
| For the Year Ended December 31, 2022 | ||||||
|---|---|---|---|---|---|---|
| Keys | Total Revenues (000s) | Hotel Net Income (Loss) GAAP(000s) | Plus: Interest Expense (000s) | Plus: Depr. & Amort. (000s) | Equals: Hotel EBITDA (000s) | |
| Andaz Napa | 141 | |||||
| Andaz San Diego | 159 | 15,983 | 1,917 | — | 1,843 | 3,759 |
| Andaz Savannah | 151 | 13,545 | 3,064 | 229 | 1,888 | 5,182 |
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 75 | 12,568 | 2,702 | — | 867 | 3,569 |
| Fairmont Dallas | 545 | 38,648 | 7,762 | — | 2,695 | 10,457 |
| Fairmont Pittsburgh | 185 | 19,945 | 2,943 | — | 1,410 | 4,353 |
| Grand Bohemian Hotel Charleston, Autograph Collection | 50 | 11,264 | 1,914 | — | 840 | 2,753 |
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 99 | 16,592 | 3,190 | — | 1,280 | 4,470 |
| Grand Bohemian Hotel Orlando, Autograph Collection | 247 | 23,992 | 898 | 2,619 | 2,571 | 6,088 |
| Hyatt Centric Key West Resort & Spa | 120 | 28,481 | 11,536 | — | 1,605 | 13,141 |
| Hyatt Regency Grand Cypress | 779 | 97,114 | 19,459 | — | 12,548 | 32,008 |
| Hyatt Regency Santa Clara | 505 | 34,268 | 1,877 | — | 3,725 | 5,602 |
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 491 | 76,986 | 21,006 | — | 8,619 | 29,625 |
| Kimpton Canary Hotel Santa Barbara | 97 | 15,540 | 1,895 | — | 2,046 | 3,941 |
| Kimpton Hotel Monaco Salt Lake City | 225 | 15,531 | 2,948 | — | 1,904 | 4,852 |
| Kimpton Hotel Palomar Philadelphia | 230 | 16,144 | 952 | — | 3,003 | 3,956 |
| Kimpton RiverPlace Hotel | 85 | 9,090 | (324) | — | 1,723 | 1,399 |
| Loews New Orleans Hotel | 285 | 19,056 | 1,527 | — | 2,765 | 4,291 |
| Lorien Hotel & Spa | 107 | 8,136 | (227) | — | 1,498 | 1,271 |
| Marriott Dallas Downtown | 416 | 24,494 | 4,768 | — | 3,329 | 8,097 |
| Marriott San Francisco Airport Waterfront | 688 | 48,463 | 2,908 | 5,226 | 3,386 | 11,521 |
| Marriott Woodlands Waterway Hotel & Convention Center | 345 | 35,351 | 7,372 | — | 6,034 | 13,405 |
All values are in US Dollars.
Xenia Hotels & Resorts, Inc.
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Property (Continued)
For the Year Ended December 31, 2022
| For the Year Ended December 31, 2022 | ||||||
|---|---|---|---|---|---|---|
| Keys | Total Revenues (000s) | Hotel Net Income (Loss) GAAP(000s) | Plus: Interest Expense (000s) | Plus: Depr. & Amort. (000s) | Equals: Hotel EBITDA (000s) | |
| Park Hyatt Aviara Resort, Golf Club & Spa | 327 | |||||
| Renaissance Atlanta Waverly Hotel & Convention Center | 522 | 36,829 | 5,398 | 4,048 | 3,573 | 13,019 |
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 119 | 31,764 | 6,256 | — | 3,222 | 9,478 |
| The Ritz-Carlton, Denver | 202 | 34,125 | 2,414 | — | 4,149 | 6,564 |
| The Ritz-Carlton, Pentagon City | 365 | 37,082 | (602) | 166 | 6,110 | 5,674 |
| Waldorf Astoria Atlanta Buckhead | 127 | 20,110 | 893 | — | 3,069 | 3,962 |
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 875 | 53,413 | 4,240 | — | 11,697 | 15,937 |
| Same-Property Portfolio(1) | 8,562 | |||||
| Hyatt Regency Portland at the Oregon Convention Center | 600 | 30,564 | 52 | — | 7,311 | 7,364 |
| W Nashville(2) | 346 | 52,211 | (2,195) | — | 14,070 | 11,875 |
| Current Same-Property Portfolio(3) | 9,508 |
All values are in US Dollars.
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2022 and renovation disruption for multiple capital projects during the period presented.
2.W Nashville opened in October 2021 and was acquired by the Company in March 2022. Metrics shown for the year ending December 31, 2022 include operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
3."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2022. "Current Same-Property" also includes operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
Xenia Hotels & Resorts, Inc.
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Property
For the Year Ended December 31, 2021
| For the Year Ended December 31, 2021 | ||||||
|---|---|---|---|---|---|---|
| Keys | Total Revenues (000s) | Hotel Net Income (Loss) GAAP(000s) | Plus: Interest Expense (000s) | Plus: Depr. & Amort. (000s) | Equals: Hotel EBITDA (000s) | |
| Andaz Napa | 141 | |||||
| Andaz San Diego | 159 | 9,313 | (1,241) | — | 1,932 | 691 |
| Andaz Savannah | 151 | 9,832 | 643 | 227 | 1,883 | 2,753 |
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 75 | 11,825 | 3,185 | — | 856 | 4,041 |
| Fairmont Dallas | 545 | 19,317 | (505) | — | 2,705 | 2,200 |
| Fairmont Pittsburgh | 185 | 14,945 | 920 | — | 1,321 | 2,242 |
| Grand Bohemian Hotel Charleston, Autograph Collection | 50 | 9,937 | 1,477 | — | 1,159 | 2,636 |
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 99 | 13,982 | 1,726 | — | 2,149 | 3,875 |
| Grand Bohemian Hotel Orlando, Autograph Collection | 247 | 19,304 | (200) | 2,668 | 2,593 | 5,059 |
| Hyatt Centric Key West Resort & Spa | 120 | 25,468 | 10,861 | — | 1,686 | 12,546 |
| Hyatt Regency Grand Cypress | 779 | 52,286 | 1,486 | — | 12,438 | 13,924 |
| Hyatt Regency Santa Clara | 505 | 11,954 | (6,756) | — | 3,932 | (2,824) |
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 491 | 46,710 | 6,699 | — | 8,452 | 15,151 |
| Kimpton Canary Hotel Santa Barbara | 97 | 13,031 | 1,929 | — | 2,491 | 4,420 |
| Kimpton Hotel Monaco Salt Lake City | 225 | 10,747 | 1,132 | — | 1,947 | 3,079 |
| Kimpton Hotel Palomar Philadelphia | 230 | 9,485 | (3,906) | 1,026 | 4,016 | 1,137 |
| Kimpton RiverPlace Hotel | 85 | 6,323 | (1,083) | — | 2,347 | 1,264 |
| Loews New Orleans Hotel | 285 | 10,005 | (1,689) | — | 2,664 | 975 |
| Lorien Hotel & Spa | 107 | 5,834 | (758) | — | 1,515 | 757 |
| Marriott Dallas Downtown | 416 | 13,831 | (537) | — | 3,348 | 2,812 |
| Marriott San Francisco Airport Waterfront | 688 | 21,903 | (8,528) | 5,351 | 4,116 | 940 |
| Marriott Woodlands Waterway Hotel & Convention Center | 345 | 21,344 | 247 | — | 6,095 | 6,341 |
All values are in US Dollars.
Xenia Hotels & Resorts, Inc.
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Property (Continued)
For the Year Ended December 31, 2021
| For the Year Ended December 31, 2021 | ||||||
|---|---|---|---|---|---|---|
| Keys | Total Revenues (000s) | Hotel Net Income (Loss) GAAP(000s) | Plus: Interest Expense (000s) | Plus: Depr. & Amort. (000s) | Equals: Hotel EBITDA (000s) | |
| Park Hyatt Aviara Resort, Golf Club & Spa | 327 | |||||
| Renaissance Atlanta Waverly Hotel & Convention Center | 522 | 22,008 | (596) | 3,235 | 3,702 | 6,341 |
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 119 | 23,798 | 2,944 | — | 3,165 | 6,110 |
| The Ritz-Carlton, Denver | 202 | 27,119 | 379 | — | 4,062 | 4,441 |
| The Ritz-Carlton, Pentagon City | 365 | 19,943 | (9,300) | 3,493 | 5,938 | 131 |
| Waldorf Astoria Atlanta Buckhead | 127 | 14,882 | 977 | — | 2,528 | 3,504 |
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 875 | 40,738 | (1,319) | — | 11,854 | 10,535 |
| Same-Property Portfolio(1) | 8,562 | |||||
| Hyatt Regency Portland at the Oregon Convention Center(2) | 600 | 7,586 | (11,084) | — | 7,911 | (3,173) |
| W Nashville(3) | 346 | 7,429 | (3,300) | — | 2,931 | (369) |
| Current Same-Property Portfolio(4) | 9,508 |
All values are in US Dollars.
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2021 and renovation disruption for multiple capital projects during the period presented.
2.Hyatt Regency Portland, which opened in late December 2019, suspended operations in March 2020 due to the COVID-19 pandemic and recommenced in May 2021. Metrics for the year ending December 31, 2021 are for the full year and include periods when operations were temporarily suspended.
3.W Nashville opened in October 2021 and was acquired by the Company in March 2022. Metrics shown for the year ending December 31, 2021 include operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
4."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2021. "Current Same-Property" also includes operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
Xenia Hotels & Resorts, Inc.
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Property
For the Year Ended December 31, 2019
| For the Year Ended December 31, 2019 | ||||||
|---|---|---|---|---|---|---|
| Keys | Total Revenues (000s) | Hotel Net Income (Loss) GAAP(000s) | Plus: Interest Expense (000s) | Plus: Depr. & Amort. (000s) | Equals: Hotel EBITDA (000s) | |
| Andaz Napa | 141 | |||||
| Andaz San Diego | 159 | 16,793 | 1,822 | — | 2,229 | 4,052 |
| Andaz Savannah | 151 | 10,895 | 968 | 230 | 2,177 | 3,375 |
| Bohemian Hotel Savannah Riverfront, Autograph Collection | 75 | 11,271 | 2,045 | — | 871 | 2,916 |
| Fairmont Dallas | 545 | 47,331 | 11,016 | — | 3,059 | 14,075 |
| Fairmont Pittsburgh | 185 | 21,876 | 1,629 | — | 1,280 | 2,909 |
| Grand Bohemian Hotel Charleston, Autograph Collection | 50 | 8,858 | 479 | — | 1,346 | 1,825 |
| Grand Bohemian Hotel Mountain Brook, Autograph Collection | 99 | 15,519 | 2,045 | — | 2,290 | 4,335 |
| Grand Bohemian Hotel Orlando, Autograph Collection | 247 | 27,280 | 3,488 | 2,734 | 2,716 | 8,938 |
| Hyatt Centric Key West Resort & Spa | 120 | 20,609 | 6,581 | — | 2,604 | 9,185 |
| Hyatt Regency Grand Cypress | 779 | 81,534 | 10,377 | — | 10,767 | 21,143 |
| Hyatt Regency Santa Clara | 505 | 58,975 | 10,927 | 712 | 6,555 | 18,194 |
| Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | 491 | 71,801 | 14,509 | — | 8,493 | 23,001 |
| Kimpton Canary Hotel Santa Barbara | 97 | 16,405 | 1,253 | — | 2,854 | 4,107 |
| Kimpton Hotel Monaco Salt Lake City | 225 | 18,695 | 3,057 | — | 3,136 | 6,193 |
| Kimpton Hotel Palomar Philadelphia | 230 | 21,593 | 466 | 2,621 | 4,661 | 7,748 |
| Kimpton RiverPlace Hotel | 85 | 11,462 | (27) | — | 2,741 | 2,713 |
| Loews New Orleans Hotel | 285 | 21,868 | 642 | — | 3,953 | 4,595 |
| Lorien Hotel & Spa | 107 | 11,714 | (336) | — | 2,700 | 2,364 |
| Marriott Dallas Downtown | 416 | 27,024 | 4,287 | 2,139 | 3,418 | 9,843 |
| Marriott San Francisco Airport Waterfront | 688 | 74,161 | 12,152 | 5,409 | 6,279 | 23,840 |
| Marriott Woodlands Waterway Hotel & Convention Center | 345 | 40,358 | 10,760 | — | 5,118 | 15,879 |
All values are in US Dollars.
Xenia Hotels & Resorts, Inc.
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Property (Continued)
For the Year Ended December 31, 2019
| For the Year Ended December 31, 2019 | ||||||
|---|---|---|---|---|---|---|
| Keys | Total Revenues (000s) | Hotel Net Income (Loss) GAAP(000s) | Plus: Interest Expense (000s) | Plus: Depr. & Amort. (000s) | Equals: Hotel EBITDA (000s) | |
| Park Hyatt Aviara Resort, Golf Club & Spa | 327 | |||||
| Renaissance Atlanta Waverly Hotel & Convention Center | 522 | 41,816 | 6,053 | 4,338 | 4,144 | 14,536 |
| Royal Palms Resort & Spa, The Unbound Collection by Hyatt | 119 | 26,512 | 3,628 | — | 3,120 | 6,748 |
| The Ritz-Carlton, Denver | 202 | 36,177 | 3,296 | — | 4,244 | 7,540 |
| The Ritz-Carlton, Pentagon City | 365 | 39,638 | 630 | 3,297 | 5,348 | 9,276 |
| Waldorf Astoria Atlanta Buckhead | 127 | 20,224 | 10 | — | 2,532 | 2,542 |
| Westin Galleria Houston & Westin Oaks Houston at The Galleria | 875 | 59,927 | 1,919 | — | 14,521 | 16,440 |
| Same-Property Portfolio(1) | 8,562 | |||||
| Hyatt Regency Portland at the Oregon Convention Center(2) | 600 | 99 | (338) | — | — | (338) |
| W Nashville(3) | 346 | — | — | — | — | — |
| Current Same-Property Portfolio(4) | 9,508 |
All values are in US Dollars.
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes renovation disruption for multiple capital projects during the period presented.
2.Hyatt Regency Portland opened in late December 2019.
3.W Nashville opened in October 2021.
4."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented.
Xenia Hotels & Resorts, Inc.
Xenia Hotels & Resorts, Inc.
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Top Market (2022)
For the Year Ended December 31, 2022
| For the Year Ended December 31, 2022 | ||||||
|---|---|---|---|---|---|---|
| Keys | Total Revenues (000s) | Hotel Net Income (Loss) GAAP(000s) | Plus: Interest Expense (000s) | Plus: Depr. & Amort. (000s) | Equals: Hotel EBITDA (000s) | |
| Phoenix, AZ | 610 | |||||
| Orlando, FL | 1,026 | 121,107 | 20,357 | 2,619 | 15,119 | 38,095 |
| Houston, TX | 1,220 | 88,764 | 11,611 | — | 17,730 | 29,342 |
| San Diego, CA | 486 | 101,527 | 10,450 | — | 12,523 | 22,974 |
| Dallas, TX | 961 | 63,142 | 12,530 | — | 6,024 | 18,554 |
| Atlanta, GA | 649 | 56,939 | 6,292 | 4,048 | 6,642 | 16,981 |
| Florida Keys, FL | 120 | 28,481 | 11,536 | — | 1,605 | 13,141 |
| San Francisco/San Mateo, CA | 688 | 48,463 | 2,908 | 5,226 | 3,386 | 11,521 |
| Savannah, GA | 226 | 26,113 | 5,766 | 229 | 2,755 | 8,751 |
| California North, CA | 141 | 21,246 | 5,169 | 2,072 | 1,546 | 8,786 |
| Other | 2,435 | 236,771 | 18,508 | 166 | 30,454 | 49,126 |
| Same-Property Portfolio(1) | 8,562 | |||||
| Nashville, TN(2) | 346 | 52,211 | (2,195) | — | 14,070 | 11,875 |
| Portland, OR(3) | 600 | 30,564 | 52 | — | 7,311 | 7,364 |
| Current Same-Property Portfolio(4) | 9,508 |
All values are in US Dollars.
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic in 2022 and renovation disruption for multiple capital projects during the period presented.
2.W Nashville opened in October 2021 and was acquired by the Company in March 2022. Metrics shown for the year ending December 31, 2022 include operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
3.Reflects Hyatt Regency Portland at the Oregon Convention Center.
4."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented and disruption from the COVID-19 pandemic in 2022. "Current Same-Property" also includes operating performance for W Nashville that occurred prior to the Company's acquisition of the hotel which was obtained from the prior owner.
Xenia Hotels & Resorts, Inc.
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA by Top Market (2019)
For the Year Ended December 31, 2019
| For the Year Ended December 31, 2019 | ||||||
|---|---|---|---|---|---|---|
| Keys | Total Revenues (000s) | Hotel Net Income (Loss) GAAP(000s) | Plus: Interest Expense (000s) | Plus: Depr. & Amort. (000s) | Equals: Hotel EBITDA (000s) | |
| Houston, TX | 1,220 | |||||
| Orlando, FL | 1,026 | 108,814 | 13,865 | 2,734 | 13,483 | 30,082 |
| Phoenix, AZ | 610 | 98,312 | 18,136 | — | 11,613 | 29,749 |
| Dallas, TX | 961 | 74,356 | 15,303 | 2,138 | 6,477 | 23,918 |
| San Francisco/San Mateo, CA | 688 | 74,161 | 12,151 | 5,409 | 6,279 | 23,840 |
| San Jose/Santa Cruz, CA | 505 | 58,975 | 10,927 | 712 | 6,555 | 18,194 |
| Atlanta, GA | 649 | 62,040 | 6,064 | 4,338 | 6,676 | 17,078 |
| San Diego, CA | 486 | 79,995 | 3,283 | — | 9,326 | 12,609 |
| Washington, DC-MD-VA | 472 | 51,352 | 295 | 3,297 | 8,048 | 11,640 |
| Florida Keys, FL | 120 | 20,609 | 6,581 | — | 2,604 | 9,185 |
| Other | 1,825 | 213,232 | 17,056 | 5,229 | 33,355 | 55,639 |
| Same-Property Portfolio(1) | 8,562 | |||||
| Nashville, TN(2) | 346 | — | — | — | — | — |
| Portland, OR(3) | 600 | 99 | (338) | — | — | (338) |
| Current Same-Property Portfolio(4) | 9,508 |
All values are in US Dollars.
1."Same-Property” includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes renovation disruption for multiple capital projects during the period presented.
2.W Nashville opened in October 2021.
3.Hyatt Regency Portland opened in late December 2019.
4."Current Same-Property" reflects all hotels owned as of March 1, 2023 and includes renovation disruption for multiple capital projects during the periods presented.
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 lodging markets as well as key leisure destinations in the United States. The Company owns 32 hotels and resorts comprising 9,508 rooms across 14 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, The Kessler Collection, and Davidson. For more information on Xenia’s business, refer to the Company website at www.xeniareit.com.
Forward-Looking Statements
This supplemental, 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 supplemental include, among others, statements about our plans, strategies, or other future events, the outlook related to macroeconomic factors and general economic uncertainty and a potential contraction in the U.S. or global economy or low levels of economic growth , including such effects 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) general economic uncertainty and a contraction in the U.S. or global economy or low levels of economic growth (ii) , macroeconomic and other factors beyond our control that can adversely affect and reduce demand for hotel rooms, food and beverage services, and/or meeting facilities, (iii) inflation and inflationary pressures which increases our labor and other costs of providing services to guests and meeting hotel brand standards, as well as costs related to construction and other capital expenditures, property and other taxes, and insurance which could result in reduced operating profit margins, (iv) the pace and evenness of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, COVID-19 variants or any future resurgence, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, levels of spending in transient or group business and leisure segments, and levels of consumer confidence; (v) actions that governments, businesses, and individuals take in response to any resurgence of COVID-19 including variants of the virus, including limiting or banning travel; (vi) the ability of hotel managers to successfully navigate the continued impacts of the COVID-19 pandemic; (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, cyber incidents, 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) labor shortages; (xxv) disruptions in supply chains resulting in delays or inability to procure required products; and (xxvi) 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 supplemental. 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 supplemental is as of the date of its release. The Company undertakes no duty to update the statements in this supplemental 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.
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 consolidated statements of operations and comprehensive income (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.
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