On October 31, 2023, Xenia Hotels & Resorts Inc (XHR, Financial) announced its earnings for the quarter ended September 30, 2023. The company reported a net loss attributable to common stockholders of $8.5 million, or $0.08 per share. Adjusted EBITDAre for the quarter was $46.3 million, marking a decrease of 13.9% compared to the third quarter of 2022. Adjusted FFO per Diluted Share was $0.26, a decrease of $0.05 compared to the same quarter of the previous year.
Performance Highlights
Same-Property Occupancy for the quarter was 63.8%, an increase of 70 basis points compared to the third quarter of 2022. Same-Property ADR was $248.58, a decrease of 0.6% compared to the same period in 2022. Same-Property RevPAR increased by 0.4% to $158.48 compared to the third quarter of 2022. Excluding the Hyatt Regency Scottsdale Resort & Spa, which is undergoing a transformative renovation, RevPAR was $166.14, an increase of 4.0% compared to the third quarter of 2022.
Capital Markets Activities & Dividends
The company repurchased a total of 2,070,777 shares of common stock at a weighted-average price of $12.09 per share for a total consideration of approximately $25.0 million. The company also completed open market repurchases, and subsequently retired, a total of approximately $5.3 million in the aggregate principal amount of its 6.375% Senior Notes due August 2025. The company declared its third quarter dividend of $0.10 per share to common stockholders of record on September 29, 2023.
Company's Outlook
CEO Marcel Verbaas stated that the third quarter results met the company's expectations as continued positive momentum in business transient and group demand was offset by moderating leisure demand and on-going renovation activity. Looking ahead, the company has revised its full-year outlook to reflect moderately reduced expectations for the fourth quarter.
Financial Tables
For the three months ended September 30, 2023, the company reported a net loss attributable to common stockholders of $8.5 million, a significant increase from the net loss of $1.6 million reported for the same period in 2022. The company's Same-Property Hotel Net Income was $16.1 million, a decrease of 14.7% compared to the third quarter of 2022. The company's Same-Property Hotel EBITDA was $51.2 million, a decrease of 7.9% compared to the same period in 2022.
For the nine months ended September 30, 2023, the company reported a net income attributable to common stockholders of $11.5 million, a decrease of 44.1% compared to the same period in 2022. The company's Same-Property Hotel Net Income was $100.4 million, an increase of 2.8% compared to the same period in 2022. The company's Same-Property Hotel EBITDA was $207.8 million, an increase of 0.8% compared to the same period in 2022.
Balance Sheet and Liquidity
As of September 30, 2023, the company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.46%. The company had approximately $219 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving line of credit, resulting in total liquidity of approximately $669 million as of September 30, 2023.
Explore the complete 8-K earnings release (here) from Xenia Hotels & Resorts Inc for further details.
