Xenia Hotels (XHR) Misses Q4 EPS by 4c, Beats on Revenues

Note: EPS may not be comparable

Xenia Hotels (NYSE: XHR) reported Q4 EPS of $0.09, $0.04 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $259.14 million versus the consensus estimate of $243.14 million.

• Fourth Quarter 2017 Highlights
• Net Income: Net income attributable to common stockholders was $9.7 million and net income per diluted share was $0.09.
• Same-Property RevPAR: Same-Property RevPAR increased 4.4% compared to the fourth quarter of 2016 to $152.18, driven entirely by occupancy which increased 320 basis points, as ADR remained flat.
• Same-Property Hotel EBITDA Margin: Same-Property Hotel EBITDA Margin was 29.8%, an increase of 111 basis points compared to the fourth quarter of 2016.
• Total Portfolio RevPAR: Total Portfolio RevPAR was 9.2% higher than in the fourth quarter of 2016.
• Adjusted EBITDA: Adjusted EBITDA increased $3.9 million to $68.0 million, an increase of 6.1% compared to the fourth quarter of 2016.
• Adjusted FFO per Diluted Share: Adjusted FFO per diluted share was $0.52, a decrease of 5.5% compared to the fourth quarter of 2016 due to increased income tax expense and interest expense.
• Impact from Natural Disasters: The wildfires in California, as well as the continued softness in demand in Key West following Hurricane Irma, negatively impacted Adjusted EBITDA by an estimated $3 million. The Company carries business interruption insurance at each of the four impacted hotels and is currently evaluating its ability to recover proceeds for lost business as a result of these natural disasters.
• Transaction Activity: As previously announced, the Company completed the acquisition of three hotels for total consideration of $410 million. Additionally during the quarter, the Company entered into an agreement to sell the leasehold interest in Aston Waikiki Beach Hotel for $200 million. The buyer has a $10 million deposit at risk and the sale is expected to close in the first quarter 2018, subject to customary closing conditions.
• Financing Activity: The Company fixed LIBOR through September 2022 on its $125 million term loan maturing in September 2024.
• Dividends: The Company declared its fourth quarter dividend of $0.275 per share to common stockholders of record on December 29, 2017.

For earnings history and earnings-related data on Xenia Hotels (XHR) click here.

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