Xenia Hotels (NYSE: XHR) reported Q3 EPS of $0.09, $0.01 better than the analyst estimate of $0.08. Revenue for the quarter came in at $268.93 million versus the consensus estimate of $260.97 million.

Third Quarter 2019 Highlights

• Net Income: Net income attributable to common stockholders was $10.3 million and net income per diluted share was $0.09.
• Same-Property RevPAR: Same-Property RevPAR was $164.25, an increase of 2.5% compared to the third quarter of 2018, as a result of a 140 basis point increase in occupancy and a 0.6% increase in ADR.
• Same-Property Hotel EBITDA Margin: Same-Property Hotel EBITDA Margin was 25.2%, which was a decline of 16 basis points compared to the third quarter of 2018.
• Total Portfolio RevPAR: Total Portfolio RevPAR was $164.25, a 5.4% increase compared to the third quarter of 2018.
• Adjusted EBITDAre: Adjusted EBITDAre grew $2.0 million to $62.6 million, an increase of 3.4% compared to the third quarter of 2018.
• Adjusted FFO per Diluted Share: Adjusted FFO per diluted share was $0.47, a $0.01 increase compared to the third quarter of 2018.
• Financing Activity: The Company amended its existing $125 million unsecured term loan maturing in September 2024 to lower its borrowing cost.
• Dividends: The Company declared its third quarter dividend of $0.275 per share to common stockholders of record on September 30, 2019.

"Strong RevPAR growth in our portfolio in July and August contributed to a solid quarter from a top-line and bottom-line perspective, resulting in a 2.5% Same-Property RevPAR increase and a 3.4% increase in Adjusted EBITDAre for the quarter," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "Strength in transient room demand throughout our portfolio helped offset weaker group contributions, particularly in food and beverage revenues, where we faced difficult comparisons to significant growth in the third quarter last year. We remain pleased with the results of our focus on expense controls, as our Same-Property Hotel EBITDA Margin contracted by only 16 basis points on a Total Same-Property Revenue increase of 1.6%. Our operators continue to find efficiencies in the rooms and food and beverage departments, helping offset increases in fixed expenses that continue to put pressure on operating margins. These efforts resulted in an increase of only 1.8% in Same-Property hotel operating expenses, despite taxes and insurance increasing by 8.4% for the quarter, an outstanding result in this challenging operating environment."

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