Xenia Hotels (NYSE: XHR) reported Q1 EPS of ($0.32), $0.40 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $215.35 million versus the consensus estimate of $236.02 million.

First Quarter 2020 Highlights

• Net Loss: Net loss attributable to common stockholders was $(36.1) million and net loss per diluted share was $(0.32).
• Same-Property RevPAR: Same-Property RevPAR was $126.52, a decrease of 27.6% compared to the first quarter of 2019, as a result of a nearly 20 point decline in occupancy percentage and a 3.3% decrease in ADR.
• Same-Property Hotel EBITDA Margin: Same-Property Hotel EBITDA Margin was 15.0%, which was a decline of 1,441 basis points compared to the first quarter of 2019.
• Total Portfolio RevPAR: Total Portfolio RevPAR was $121.68, a decrease of 28.5% compared to the first quarter of 2019.
• Adjusted EBITDAre: Adjusted EBITDAre declined $53.6 million to $24.5 million, a decrease of 68.7% compared to the first quarter of 2019.
• Adjusted FFO per Diluted Share: Adjusted FFO per diluted share was $0.17, a decrease of $0.36 compared to the first quarter of 2019.
• Financing Activity: The Company drew the remaining $340 million on its $500 million Senior Unsecured Revolving Credit Facility.
• Dividends: The Company declared its first quarter dividend of $0.275 per share to common stockholders of record on March 31, 2020. Xenia expects to suspend its dividend through the balance of the year unless it determines an additional dividend is required to maintain its REIT status.

"Our first quarter results are reflective of the rapidly deteriorating operating fundamentals that affected our industry and our portfolio as the quarter progressed. After starting the year with encouraging results compared to our expectations, the unprecedented impact of the COVID-19 pandemic significantly reduced our occupancy throughout the portfolio in the month of March," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "This impact has further increased in the second quarter as both group and transient demand have been curtailed significantly. In response to the operating conditions throughout our portfolio, we have worked with our operators to adjust operating expenses to reflect demand levels at our hotels and resorts, including temporarily suspending operations at 31 out of our 39 properties. Our primary focus as we manage through this crisis remains on the safety and well-being of our associates, our guests and our operators' associates at our hotels and resorts. These will continue to be guiding principles as we review our strategy regarding temporary closures and potential reopenings of our properties. While we expect the recovery to take time, we anticipate starting to recommence operations at a select number of properties in the weeks ahead."

"As outlined in our communications over the past two months, we have taken significant steps to reduce operating expenses both at our properties and at the corporate level. This has allowed us to minimize our monthly cash outflows while the majority of our hotels and resorts have temporarily suspended operations. We have also substantially reduced our anticipated capital expenditures for the year, while maintaining a focus on most efficiently completing a few large ongoing projects that we believe are prudent to complete from a cost perspective and will provide appropriate returns when business returns to normalized levels," continued Mr. Verbaas. "Preserving liquidity and maintaining operational flexibility are our primary goals as we navigate through this historically difficult time for our company and the lodging industry as a whole. We believe that our diverse portfolio that appeals to various types of demand, our best in class brands and operators, and our experienced management team that has managed through challenges in the past, will allow us to emerge from this period with a bright future ahead. I would like to hereby recognize the extraordinary efforts put forth by our operators and our corporate employees as they continue to focus on value preservation for our shareholders during this unprecedented time in their personal lives."

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