Xenia Hotels & Resorts(XHR) - 2024 Q4 - Annual Results

Financial Performance - Net loss attributable to common stockholders for Q4 2024 was $0.6 million, or$ 0.01 per share, compared to a net income of $7.6 million in Q4 2023, representing a 108.4% decline[4] - Adjusted EBITDAre for Q4 2024 was$ 59.2 million, a decrease of 0.5% compared to Q4 2023[4] - For the full year 2024, net income attributable to common stockholders was $16.1 million, or$ 0.15 per share, down 15.7% from $19.1 million in 2023[12] - Total revenues for the year ended December 31, 2024, increased to$ 1,039,047,000, up from $1,025,443,000 in 2023, representing a growth of 1.4%[38] - Net income attributable to common stockholders for the year ended December 31, 2024, was$ 16,143,000, compared to $19,142,000 in 2023, reflecting a decrease of 15.6%[40] - For the year ended December 31, 2024, net income was$ 16,870,000, compared to $19,874,000 in 2023, indicating a decline of about 15.1%[59] - Adjusted FFO for the year ended December 31, 2024, was$ 165,342,000, down from $170,211,000 in 2023, a decrease of approximately 2.5%[66] Occupancy and Revenue Metrics - Same-Property RevPAR increased by 5.1% to$ 165.92 in Q4 2024, with a notable increase of 3.4% to $168.34 when excluding the Grand Hyatt Scottsdale Resort[4] - Same-Property occupancy for the full year 2024 was 67.4%, an increase of 230 basis points compared to 65.1% in 2023[12] - Same-Property RevPAR rose by 5.1% to$ 165.92 in Q4 2024 compared to $157.92 in Q4 2023[86] - Total Same-Property revenues for the year ended December 31, 2024, reached$ 1,033.82 million, a 1.7% increase from $1,016.13 million in 2023[88] - Same-Property Hotel EBITDA for the year ended December 31, 2024, was$ 255.42 million, down 5.5% from $270.21 million in 2023[86] Dividends and Share Repurchase - The company declared a total of$ 0.48 in dividends per share for the full year 2024, yielding 3.5% relative to the stock price on December 29, 2023[6] - The Board of Directors increased the quarterly cash dividend by approximately 17% to $0.14 per share for the first quarter of 2025[18] - The company repurchased 1,130,846 shares of common stock at a weighted-average price of$ 14.02 per share for a total consideration of approximately $15.8 million in 2024[6] - The Company repurchased 515,876 shares of common stock at a weighted-average price of$ 14.83 per share for a total consideration of approximately $7.6 million in the quarter[17] - The Company has$ 117.9 million remaining under its share repurchase authorization and $200 million of remaining availability under its ATM program as of December 31, 2024[17] Debt and Financial Position - Total outstanding debt as of December 31, 2024, was approximately$ 1.3 billion, with a weighted-average interest rate of 5.54%[13] - The company’s total debt as of January 31, 2025, is $1,424.33 million, with a weighted-average interest rate of 5.58%[82] - The company’s total mortgage loans outstanding as of December 31, 2024, amounted to$ 214.28 million, with a weighted-average interest rate of 4.88%[77] - Total liabilities decreased to $1,551,283,000 as of December 31, 2024, from$ 1,584,730,000 in 2023, a reduction of 2.1%[36] - Cash and cash equivalents decreased significantly to $78,201,000 in 2024 from$ 164,725,000 in 2023, a drop of 52.5%[36] Capital Expenditures and Renovations - The company completed significant capital improvement projects, including the renovation and upbranding of the Grand Hyatt Scottsdale, which is expected to drive strong cash flow moving forward[6] - The Company invested $24.4 million in capital expenditures during the quarter and$ 140.6 million for the full year 2024, with ongoing upgrades planned for 2025[21][22] - The transformative renovation of the Grand Hyatt Scottsdale Resort was completed, including a full renovation of 496 guest rooms and the expansion of the Arizona Ballroom by approximately 12,000 square feet[19][20] - Future renovations planned for 2025 include upgrades to guest rooms and public areas at several properties, with minimal disruption expected[22] Guidance and Projections - The company expects Same-Property RevPAR for Q1 2025 to grow by 7.3% compared to the same period in 2024, indicating positive momentum[7] - The full year 2025 guidance includes a net income range of $9 million to$ 29 million and a Same-Property RevPAR change of 3.5% to 6.5% compared to 2024[25] - Adjusted FFO per diluted share is projected to be between $1.55 and$ 1.74 for the full year 2025[25] - The guidance for full year 2025 indicates a net income of $19 million and Adjusted EBITDAre of$ 254 million[70] - Interest expense for the full year 2025 guidance is projected at $85 million[70] - Depreciation and amortization for the full year 2025 guidance is estimated at$ 133 million[70] Other Financial Metrics - Total hotel operating expenses for the year ended December 31, 2024, were $730,414,000, compared to$ 703,770,000 in 2023, an increase of 3.8%[38] - The company reported a loss of $777,000 for the three months ended December 31, 2024, compared to a profit of$ 7,794,000 in the same period of 2023[39] - Basic and diluted net income (loss) per share for the year ended December 31, 2024, was $0.15, down from$ 0.17 in 2023, a decrease of 11.8%[40] - The company’s total equity decreased to $1,280,333,000 as of December 31, 2024, from$ 1,317,497,000 in 2023, a decline of 2.8%[36] - Adjusted FFO for the three months ended December 31, 2024, was $40,030,000, compared to$ 44,045,000 in 2023, reflecting a decrease of approximately 9.1%[62] - Same-Property Hotel EBITDA for the three months ended December 31, 2024, was $62,932,000, slightly down from$ 63,341,000 in 2023[55] - The company reported a Same-Property Hotel EBITDA Margin of 24.0% for Q4 2024, a decrease of 120 basis points from 25.2% in Q4 2023[86]