Xenia Hotels (NYSE: XHR) reported Q1 EPS of $0.15, in-line with the analyst estimate of $0.15. Revenue for the quarter came in at $293.69 million versus the consensus estimate of $277.52 million.

First Quarter 2019 Highlights

• Net Income: Net income attributable to common stockholders was $16.7 million and net income per diluted share was $0.15.
• Same-Property RevPAR: Same-Property RevPAR increased 4.2% compared to the first quarter of 2018 to $170.28, as a result of a 97 basis point increase in occupancy and a 2.9% increase in ADR.
• Same-Property Hotel EBITDA Margin: Same-Property Hotel EBITDA Margin was 28.9%, an increase of 131 basis points compared to the first quarter of 2018.
• Total Portfolio RevPAR: Total Portfolio RevPAR was $170.28, a 7.2% increase compared to the first quarter of 2018 reflecting portfolio performance and upgrades to overall portfolio quality as a result of transactions that were completed in 2018.
• Adjusted EBITDAre: Adjusted EBITDAre grew $4.4 million to $78.1 million, an increase of 5.9% compared to the first quarter of 2018.
• Adjusted FFO per Diluted Share: Adjusted FFO per diluted share was $0.53, flat compared to the first quarter of 2018, reflecting a 6.8% increase in Adjusted FFO offset by a higher weighted average share and unit count.
• Financing Activity: The Company drew the remaining $85 million on its $150 million unsecured term loan and paid off a $90 million mortgage loan.
• Dividends: The Company declared its first quarter dividend of $0.275 per share to common stockholders of record on March 29, 2019.

"We are pleased with our portfolio's performance during the first quarter as we experienced strong revenue and bottom-line growth, highlighted by our Same-Property RevPAR and Hotel EBITDA increasing by 4.2% and 9.5%, respectively," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "Strong group demand in a number of our core markets, as well as a reduced level of renovation disruption this year as compared to last year, when our current portfolio's Same-Property RevPAR growth was negatively impacted by approximately 150 basis points, allowed us to drive substantial top-line growth during the quarter. We were particularly pleased with the RevPAR growth at our hotels in markets such as San Francisco, Denver, Atlanta, Houston, and Dallas, with increases of 17.5%, 12.8%, 8.8%, 7.1%, and 6.6%, respectively, as well as the continued recovery of the Key West and Napa markets from the aftermath of the natural disasters that impacted performance last year."

"The continued positive results of our focus on expense controls and portfolio improvements were evident through our first quarter performance as Same-Property Hotel EBITDA Margin increased by 131 basis points for the quarter and Total Portfolio RevPAR was 7.2% higher than last year," Mr. Verbaas continued. "With the timing of Easter this year being similar to 2017, it is notable that our Total Portfolio RevPAR increased by 15.7% compared to the first quarter two years ago, highlighting the significant portfolio enhancements we have been able to achieve through our transactions, renovations and asset management practices. We look forward to continuing to reap the benefits as our newly renovated hotels enhance their competitive positioning and our recently acquired hotels are further integrated into our asset management platform."

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