Xenia Hotels & Resorts Inc XHR

Three Months Ended June 30,

2023

2022

Change

($ amounts in thousands, except hotel statistics and per share amounts)

Net income attributable to common stockholders

$               13,792

$               27,648

(50.1) %

Net income per share available to common stockholders - basic and diluted

$                   0.12

$                   0.24

(50.0) %

Same-Property Number of Hotels⁽¹⁾

32

32

—

Same-Property Number of Rooms⁽¹⁾⁽⁵⁾

9,511

9,508

3

Same-Property Occupancy⁽¹⁾

68.6 %

68.7 %

                   (10) bps

Same-Property Average Daily Rate⁽¹⁾

$               265.98

$               270.81

(1.8) %

Same-Property RevPAR⁽¹⁾

$               182.49

$               186.16

(2.0) %

Same-Property Hotel Net Income⁽¹⁾

$               43,591

$               56,813

(23.3) %

Same-Property Hotel EBITDA⁽¹⁾⁽²⁾

$               79,385

$               92,699

(14.4) %

Same-Property Hotel EBITDA Margin⁽¹⁾⁽²⁾

29.3 %

33.5 %

                 (423) bps

Total Portfolio Number of Hotels⁽³⁾

32

34

(2)

Total Portfolio Number of Rooms⁽³⁾⁽⁵⁾

9,511

9,812

(301)

Total Portfolio RevPAR⁽⁴⁾

$               182.49

$               185.44

(1.6) %

Adjusted EBITDAre⁽²⁾

$               74,668

$               88,623

(15.7) %

Adjusted FFO⁽²⁾

$               52,228

$               66,031

(20.9) %

Adjusted FFO per diluted share⁽²⁾

$                   0.47

$                   0.57

(17.7) %

1.

"Same-Property" includes all hotels owned as of June 30, 2023 and also includes renovation disruption for multiple capital projects during the periods presented.

2.

EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures. See definitions and tables later in this press release for how we define these non-GAAP financial measures and for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin.

3.

As of end of periods presented.

4.

Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company.

5.

Three rooms were added at The Ritz-Carlton, Denver in April 2023.

Six Months Ended June 30,

2023

2022

Change

($ amounts in thousands, except hotel statistics and per share amounts)

Net income attributable to common stockholders

$               20,072

$               22,324

(10.1) %

Net income per share available to common stockholders - basic and diluted

$                    0.18

$                    0.19

(5.3) %

Same-Property Number of Hotels⁽¹⁾

32

32

—

Same-Property Number of Rooms⁽¹⁾⁽⁵⁾

9,511

9,508

3

Same-Property Occupancy⁽¹⁾

67.3 %

62.5 %

                   480 bps

Same-Property Average Daily Rate⁽¹⁾

$               268.82

$               265.25

1.3 %

Same-Property RevPAR⁽¹⁾

$               181.03

$               165.65

9.3 %

Same-Property Hotel Net Income⁽¹⁾

$               84,388

$               78,868

7.0 %

Same-Property Hotel EBITDA⁽¹⁾⁽²⁾

$             156,587

$             150,474

4.1 %

Same-Property Hotel EBITDA Margin⁽¹⁾⁽²⁾

29.0 %

30.7 %

                 (170) bps

Total Portfolio Number of Hotels⁽³⁾

32

34

(2)

Total Portfolio Number of Rooms⁽³⁾⁽⁵⁾

9,511

9,812

(301)

Total Portfolio RevPAR⁽⁴⁾

$               181.03

$               165.16

9.6 %

Adjusted EBITDAre⁽²⁾

$             145,968

$             138,569

5.3 %

Adjusted FFO⁽²⁾

$               97,458

$               95,118

2.5 %

Adjusted FFO per diluted share⁽²⁾

$                    0.87

$                    0.82

6.1 %

1.

"Same-Property" includes all hotels owned as of June 30, 2023 and also includes disruption from the COVID-19 pandemic and renovation disruption for multiple capital projects during the periods presented. "Same-Property" also includes pre-acquisition historical operating results for W Nashville that were obtained from the seller and/or manager of the hotel for a portion of the six months ended June 30, 2022.

2.

EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures. See definitions and tables later in this press release for how we define these non-GAAP financial measures and for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin.

3.

As of end of periods presented.

4.

Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company.

5.

Three rooms were added at The Ritz-Carlton, Denver in April 2023.

Current Full Year 2023 Guidance

Variance to Prior Guidance

Low End

High End

Low End

High End

($ in millions, except stats and per share data)

Net Income

$5

$25

$3

$(1)

Same-Property (32 Hotel) RevPAR Change (vs. 2022)

4 %

6 %

— %

(2) %

Adjusted EBITDAre

$244

$264

$(1)

$(5)

Adjusted FFO

$158

$178

$2

$(2)

Adjusted FFO per Diluted Share

$1.42

$1.60

$0.03

$—

Capital Expenditures

$120

$140

$(10)

$(10)

Xenia Hotels & Resorts, Inc.

Condensed Consolidated Balance Sheets

As of June 30, 2023 and December 31, 2022

($ amounts in thousands, except per share data)

June 30, 2023

December 31, 2022

Assets

(Unaudited)

(Audited)

Investment properties:

Land

$                      460,342

$                    460,536

Buildings and other improvements

3,123,142

3,086,785

Total

$                   3,583,484

$                 3,547,321

Less: accumulated depreciation

(1,012,707)

(945,786)

Net investment properties

$                   2,570,777

$                 2,601,535

Cash and cash equivalents

255,291

305,103

Restricted cash and escrows

61,021

60,807

Accounts and rents receivable, net of allowance for doubtful accounts

33,237

37,562

Intangible assets, net of accumulated amortization

4,979

5,060

Other assets

77,294

69,988

Total assets

$                   3,002,599

$                 3,080,055

Liabilities

Debt, net of loan premiums, discounts and unamortized deferred financing costs

$                   1,399,744

$                 1,429,105

Accounts payable and accrued expenses

99,755

107,097

Distributions payable

11,101

11,455

Other liabilities

80,228

72,390

Total liabilities

$                   1,590,828

$                 1,620,047

Commitments and Contingencies

Stockholders' equity

Common stock, $0.01 par value, 500,000,000 shares authorized, 108,121,598 and

112,519,672 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

$                           1,082

$                        1,126

Additional paid in capital

2,005,265

2,063,273

Accumulated other comprehensive income

5,217

—

Accumulated distributions in excess of net earnings

(625,118)

(623,216)

Total Company stockholders' equity

$                   1,386,446

$                 1,441,183

Non-controlling interests

25,325

18,825

Total equity

$                   1,411,771

$                 1,460,008

Total liabilities and equity

$                   3,002,599

$                 3,080,055

Xenia Hotels & Resorts, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income

For the Three and Six Months Ended June 30, 2023 and 2022

(Unaudited)

 ($ amounts in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

Revenues:

Rooms revenues

$                 157,942

$             165,580

$         311,587

$         288,778

Food and beverage revenues

92,033

96,781

188,157

164,516

Other revenues

21,091

21,090

40,295

40,504

Total revenues

$                 271,066

$             283,451

$         540,039

$         493,798

Expenses:

Rooms expenses

37,153

36,423

73,356

65,640

Food and beverage expenses

59,989

60,298

120,676

105,908

Other direct expenses

6,014

6,366

11,712

11,660

Other indirect expenses

66,255

63,059

132,754

116,919

Management and franchise fees

9,226

11,049

19,415

18,675

Total hotel operating expenses

$                 178,637

$             177,195

$         357,913

$         318,802

Depreciation and amortization

33,490

34,251

67,231

64,816

Real estate taxes, personal property taxes and insurance

12,808

11,369

25,278

22,224

Ground lease expense

784

833

1,494

1,350

General and administrative expenses

9,972

8,933

18,755

16,544

Other operating expenses

378

150

610

325

Impairment and other losses

—

—

—

1,278

Total expenses

$                 236,069

$             232,731

$         471,281

$         425,339

Operating income

$                   34,997

$               50,720

$           68,758

$           68,459

Other income

2,897

1,681

4,181

904

Interest expense

(21,650)

(20,353)

(43,784)

(40,891)

Loss on extinguishment of debt

(29)

—

(1,169)

(294)

Net income before income taxes

$                   16,215

$               32,048

$           27,986

$           28,178

Income tax expense

(1,803)

(3,570)

(7,021)

(5,177)

Net income

$                   14,412

$               28,478

$           20,965

$           23,001

Net income attributable to non-controlling interests

(620)

(830)

(893)

(677)

Net income attributable to common stockholders

$                   13,792

$               27,648

$           20,072

$           22,324

Xenia Hotels & Resorts, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income - Continued

For the Three and Six Months Ended June 30, 2023 and 2022

(Unaudited)

 ($ amounts in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

Basic and diluted income per share:

Net income per share available to common stockholders - basic and diluted

$                        0.12

$                  0.24

$              0.18

$               0.19

Weighted-average number of common shares (basic)

109,304,694

114,353,273

110,535,092

114,339,989

Weighted-average number of common shares (diluted)

109,511,862

114,733,593

110,768,602

114,741,779

Comprehensive income:

Net income

$                   14,412

$             28,478

$          20,965

$          23,001

Other comprehensive income:

Unrealized gain on interest rate derivative instruments

5,906

379

5,906

2,896

Reclassification adjustment for amounts recognized in net income (interest expense)

(460)

692

(460)

1,844

$                   19,858

$             29,549

$          26,411

$          27,741

Comprehensive income attributable to non-controlling interests

(849)

(862)

(1,122)

(1,126)

Comprehensive income attributable to the Company

$                   19,009

$             28,687

$          25,289

$          26,615

Xenia Hotels & Resorts, Inc.

Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA

For the Three Months Ended June 30, 2023 and 2022

(Unaudited)

($ amounts in thousands)

Three Months Ended June 30,

2023

2022

Net income

$                14,412

$                28,478

Adjustments:

Interest expense

21,650

20,353

Income tax expense

1,803

3,570

Depreciation and amortization

33,490

34,251

EBITDA and EBITDAre

$                71,355

$                86,652

Reconciliation to Adjusted EBITDAre

Depreciation and amortization related to corporate assets

$                   (103)

$                   (104)

Gain on insurance recoveries⁽¹⁾

(535)

(1,519)

Loss on extinguishment of debt

29

—

Amortization of share-based compensation expense

3,968

3,578

Non-cash ground rent and straight-line rent expense

(46)

16

Adjusted EBITDAre attributable to common stock and unit holders

$                74,668

$                88,623

Corporate-level costs and expenses

4,629

5,984

Pro forma hotel adjustments, net⁽²⁾

88

(1,908)

Same-Property Hotel EBITDA attributable to common stock and unit holders⁽³⁾

$                79,385

$                92,699

1.

During the three months ended June 30, 2023 and 2022, the Company recorded $0.5 million and $1.5 million, respectively, of insurance proceeds in excess of recognized losses related to damage sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021. These gains on insurance recovery are included in other income on the condensed consolidated statements of operations and comprehensive income for the periods then ended.

2.

Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.

3.

See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three months ended June 30, 2023 and 2022 on page 19.

Xenia Hotels & Resorts, Inc.

Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA

For the Six Months Ended June 30, 2023 and 2022

(Unaudited)

($ amounts in thousands)

Six Months Ended June 30,

2023

2022

Net income

$                20,965

$                23,001

Adjustments:

Interest expense

43,784

40,891

Income tax expense

7,021

5,177

Depreciation and amortization

67,231

64,816

EBITDA and EBITDAre

$              139,001

$              133,885

Reconciliation to Adjusted EBITDAre

Depreciation and amortization related to corporate assets

$                   (176)

$                   (206)

Gain on insurance recoveries⁽¹⁾

(535)

(2,513)

Loss on extinguishment of debt

1,169

294

Amortization of share-based compensation expense

6,559

5,785

Non-cash ground rent and straight-line rent expense

(50)

32

Other non-recurring expenses⁽²⁾

—

1,292

Adjusted EBITDAre attributable to common stock and unit holders

$              145,968

$              138,569

Corporate-level costs and expenses

10,834

14,633

Pro forma hotel level adjustments, net⁽³⁾

(215)

(2,728)

Same-Property Hotel EBITDA attributable to common stock and unit holders⁽⁴⁾

$              156,587

$              150,474

1.

During the six months ended June 30, 2023 and 2022, the Company recorded $0.5 million and $2.5 million, respectively, of insurance proceeds in excess of recognized losses related to damage sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021. These gains on insurance recovery are included in other income on the condensed consolidated statements of operations and comprehensive income for the periods then ended.

2.

During the six months ended June 30, 2022, the Company recorded hurricane-related repair and cleanup costs of $1.3 million which is included in impairment and other losses on the condensed consolidated statement of operations and comprehensive income for the period then ended.

3.

Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented. Includes pre-acquisition historical operating results for W Nashville that were obtained from the seller and/or manager of the hotel for a portion of the six months ended June 30, 2022.

4.

See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the six months ended June 30, 2023 and 2022 on page 19.

Xenia Hotels & Resorts, Inc.

Reconciliation of Net Income to FFO and Adjusted FFO

For the Three Months Ended June 30, 2023 and 2022

(Unaudited)

(amounts in thousands)

Three Months Ended June 30,

2023

2022

Net income

$                14,412

$                28,478

Adjustments:

Depreciation and amortization related to investment properties

33,387

34,147

FFO attributable to common stock and unit holders

$                47,799

$                62,625

Reconciliation to Adjusted FFO

Gain on insurance recoveries⁽¹⁾

(535)

(1,519)

Loss on extinguishment of debt

29

—

Loan related costs, net of adjustment related to non-controlling interests⁽²⁾

1,013

1,331

Amortization of share-based compensation expense

3,968

3,578

Non-cash ground rent and straight-line rent expense

(46)

16

Adjusted FFO attributable to common stock and unit holders

$                52,228

$                66,031

Weighted-average shares outstanding - Diluted⁽³⁾

111,344

115,812

Adjusted FFO per diluted share

$                     0.47

$                     0.57

1.

During the three months ended June 30, 2023 and 2022, the Company recorded $0.5 million and $1.5 million, respectively, of insurance proceeds in excess of recognized losses related to damage sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021. These gains on insurance recovery are included in other income on the condensed consolidated statements of operations and comprehensive income for the periods then ended.

2.

Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.

3.

Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.

Xenia Hotels & Resorts, Inc.

Reconciliation of Net Income to FFO and Adjusted FFO

For the Six Months Ended June 30, 2023 and 2022

(Unaudited)

($ amounts in thousands)

Six Months Ended June 30,

2023

2022

Net income

$                20,965

$                23,001

Adjustments:

Depreciation and amortization related to investment properties

67,055

64,610

FFO attributable to common stock and unit holders

$                88,020

$                87,611

Reconciliation to Adjusted FFO

Gain on insurance recoveries⁽¹⁾

(535)

(2,513)

Loss on extinguishment of debt

1,169

294

Loan related costs, net of adjustment related to non-controlling interests⁽²⁾

2,295

2,617

Amortization of share-based compensation expense

6,559

5,785

Non-cash ground rent and straight-line rent expense

(50)

32

Other non-recurring expenses⁽³⁾

—

1,292

Adjusted FFO attributable to common stock and unit holders

$                97,458

$                95,118

Weighted-average shares outstanding - Diluted⁽⁴⁾

112,555

115,784

Adjusted FFO per diluted share

$                     0.87

$                     0.82

1.

During the six months ended June 30, 2023 and 2022, the Company recorded $0.5 million and $2.5 million, respectively, of insurance proceeds in excess of recognized losses related to damage sustained at Loews New Orleans Hotel during Hurricane Ida in August 2021. These gains on insurance recovery are included in other income on the condensed consolidated statements of operations and comprehensive income for the periods then ended.

2.

Loan related costs included amortization of debt premiums, discounts and deferred loan origination costs.

3.

During the six months ended June 30, 2022, the Company recorded hurricane-related repair and cleanup costs of $1.3 million which is included in impairment and other losses on the condensed consolidated statement of operations and comprehensive income for the period then ended.

4.

Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership units for the respective periods presented in thousands.

Xenia Hotels & Resorts, Inc.

Reconciliation of Net Income to Adjusted EBITDAre

for Current Full Year 2023 Guidance

($ amounts in millions)

Guidance Midpoint

Net income

$                15

Adjustments:

Interest expense⁽¹⁾

88

Income tax expense

3

Depreciation and amortization

135

EBITDA and EBITDAre

$             241

Amortization of share-based compensation expense

12

Other⁽²⁾

1

Adjusted EBITDAre

$             254

Reconciliation of Net Income to Adjusted FFO

for Current Full Year 2023 Guidance

($ amounts in millions)

Guidance Midpoint

Net income

$                15

Adjustments:

Depreciation and amortization related to investment properties

135

FFO

$             150

Amortization of share-based compensation expense

12

Other⁽³⁾

6

Adjusted FFO

$             168

1.

Includes non-cash loan related costs.

2.

Includes loss on extinguishment of debt and depreciation of corporate assets.

3.

Includes loan cost amortization and loss on extinguishment of debt.

Xenia Hotels & Resorts, Inc.

Debt Summary as of June 30, 2023

(Unaudited)

($ amounts in thousands)

Rate Type

Rate⁽¹⁾

Maturity Date

Outstanding as

of June 30, 2023

Mortgage Loans

Grand Bohemian Hotel Orlando, Autograph Collection

Fixed

4.53 %

March 2026

$               55,110

Marriott San Francisco Airport Waterfront

Fixed

4.63 %

May 2027

109,143

Andaz Napa⁽²⁾

    Fixed⁽²⁾

5.72 %

January 2028

55,000

Total Mortgage Loans

4.88 %

⁽³⁾

$             219,253

Corporate Credit Facilities

Corporate Credit Facility Term Loan⁽⁴⁾

   Fixed⁽⁵⁾

5.45 %

March 2026

$             125,000

Corporate Credit Facility Term Loan⁽⁴⁾

   Fixed⁽⁵⁾

5.45 %

March 2026

100,000

Revolving Line of Credit⁽⁶⁾

Variable

6.80 %

January 2027

—

Total Corporate Credit Facilities

$             225,000

2020 Senior Notes

Fixed

6.38 %

August 2025

470,000

2021 Senior Notes

Fixed

4.88 %

June 2029

500,000

Loan premiums, discounts and unamortized deferred financing costs, net⁽⁷⁾

Total Debt, net of loan premiums, discounts and unamortized deferred financing costs

5.47 %

⁽³⁾

$          1,399,744

1.

Represents annual interest rates.

2.

A variable interest loan for which SOFR has been fixed through January 1, 2027, after which the rate reverts to variable.

3.

Weighted-average interest rate.

4.

A variable interest loan for which the credit spread may vary, as it is determined by the Company's leverage ratio.

5.

A variable interest loan for which SOFR has been fixed through mid-February 2025, after which the rate reverts to variable.

6.

The Revolving Line of Credit had undrawn capacity of $450 million. The spread to SOFR may vary, as it is determined by the Company's leverage ratio.

7.

Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.

Xenia Hotels & Resorts, Inc.

Same-Property⁽¹⁾ Hotel EBITDA and Hotel EBITDA Margin

For the Three and Six Months Ended June 30, 2023 and 2022

($ amounts in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

Change

2023

2022

Change

Same-Property Occupancy⁽¹⁾

68.6 %

68.7 %

             (10)   bps

67.3 %

62.5 %

            480   bps

Same-Property Average Daily Rate⁽¹⁾

$       265.98

$       270.81

(1.8) %

$       268.82

$       265.25

1.3 %

Same-Property RevPAR⁽¹⁾

$       182.49

$       186.16

(2.0) %

$       181.03

$       165.65

9.3 %

Same-Property Revenues⁽¹⁾:

Rooms revenues

$    157,942

$    161,070

(1.9) %

$    311,586

$    285,109

9.3 %

Food and beverage revenues

92,033

94,763

(2.9) %

188,176

165,023

14.0 %

Other revenues

21,091

20,747

1.7 %

40,295

40,174

0.3 %

Total Same-Property revenues

$    271,066

$    276,580

(2.0) %

$    540,057

$    490,306

10.1 %

Same-Property Expenses⁽¹⁾:

Rooms expenses

$       37,153

$       35,444

4.8 %

$       73,322

$       64,964

12.9 %

Food and beverage expenses

59,989

58,837

2.0 %

120,634

106,644

13.1 %

Other direct expenses

6,014

6,253

(3.8) %

11,741

11,521

1.9 %

Other indirect expenses

65,695

60,767

8.1 %

131,547

115,364

14.0 %

Management and franchise fees

9,226

10,727

(14.0) %

19,416

18,317

6.0 %

Real estate taxes, personal property taxes and insurance

12,808

11,008

16.4 %

25,290

21,646

16.8 %

Ground lease expense

796

845

(5.8) %

1,520

1,376

10.5 %

Total Same-Property hotel operating expenses

$    191,681

$    183,881

4.2 %

$    383,470

$    339,832

12.8 %

Same-Property Hotel EBITDA⁽¹⁾

$       79,385

$       92,699

(14.4) %

$    156,587

$    150,474

4.1 %

Same-Property Hotel EBITDA Margin⁽¹⁾

29.3 %

33.5 %

          (423)   bps

29.0 %

30.7 %

          (170)   bps

1.

"Same-Property" includes all hotels owned as of June 30, 2023 and includes disruption from the COVID-19 pandemic in the  six months ended June 30, 2022 and renovation disruption for multiple capital projects during the periods presented. "Same-Property" also includes pre-acquisition historical operating results for W Nashville that were obtained from the seller and/or manager of the hotel for a portion of the six months ended June 30, 2022. The following is a reconciliation of Total Revenues and Total Hotel Operating Expenses consolidated on a GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses for the three and six months ended June 30, 2023 and 2022.

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

Total Revenues - GAAP

$                        271,066

$                     283,451

$                     540,039

$                      493,798

Pro forma hotel level adjustments^(a)

—

(6,871)

18

(3,492)

Total Same-Property Revenues

$                        271,066

$                     276,580

$                     540,057

$                      490,306

Total Hotel Operating Expenses - GAAP

$                        178,637

$                     177,195

$                     357,913

$                      318,802

Real estate taxes, personal property taxes and insurance

12,808

11,369

25,278

22,224

Ground lease expense, net^(b)

796

845

1,520

1,376

Other income

(35)

(69)

(75)

(121)

Corporate-level costs and expenses

(496)

(499)

(980)

(873)

Pro forma hotel level adjustments, net^(a)

(29)

(4,960)

(186)

(1,576)

Total Same-Property Hotel Operating Expenses

$                        191,681

$                     183,881

$                     383,470

$                      339,832

a.

Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented. Includes pre-acquisition historical operating results for W Nashville that were obtained from the seller and/or manager of the hotel for a portion of the six months ended June 30, 2022.

b.

Excludes non-cash ground rent expense.

Xenia Hotels & Resorts, Inc.

Same-Property⁽¹⁾ Historical Operating Data and Reconciliation to Hotel Net Income (Loss)

($ amounts in thousands, except ADR and RevPAR)

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2023

2023

2023

2023

2023

Occupancy

66.1 %

68.6 %

ADR

$       271.79

$          265.98

RevPAR

$       179.55

$          182.49

Hotel Revenues

$     268,992

$       271,066

Hotel Net Income (Loss) - GAAP

$       40,797

$          43,591

Interest Expense

3,255

$            2,945

Depreciation & Amortization

33,150

$          32,849

Hotel EBITDA

$      77,202

$        79,385

Hotel EBITDA Margin

28.7 %

29.3 %

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2022

2022

2022

2022

2022

Occupancy

56.1 %

68.7 %

63.1 %

62.4 %

62.6 %

ADR

$       258.36

$          270.81

$          250.16

$          261.70

$          260.52

RevPAR

$       144.92

$          186.16

$          157.91

$          163.32

$          163.11

Hotel Revenues

$     213,726

$       276,580

$       233,968

$       259,804

$       984,078

Hotel Net Income (Loss) - GAAP

$       22,055

$          56,813

$          18,822

$          32,557

$       130,247

Interest Expense

3,155

3,171

3,936

4,098

14,360

Depreciation & Amortization

32,565

32,715

32,849

32,878

131,007

Hotel EBITDA

$      57,775

$        92,699

$        55,607

$        69,533

$      275,614

Hotel EBITDA Margin

27.0 %

33.5 %

23.8 %

26.8 %

28.0 %

1.

"Same-Property" includes all hotels owned as of June 30, 2023 and also includes disruption from the COVID-19 pandemic and renovation disruption for multiple capital projects during the periods presented. "Same-Property" also includes pre-acquisition historical operating results for W Nashville that were obtained from the seller and/or manager of the hotel for a portion of the three months ended March 31, 2022 and the year ended December 31, 2022.

Xenia Hotels & Resorts, Inc.

Same-Property⁽¹⁾ Portfolio Data by Market (2022)

% of 2022

Hotel Net Income

(Loss) - GAAP

% of 2022

Hotel EBITDA⁽³⁾

Number of

Hotels

Number of

Rooms ⁽⁴⁾⁽⁵⁾

Phoenix, AZ

21 %

14 %

2

610

Orlando, FL

16 %

14 %

2

1,026

Houston, TX

9 %

11 %

3

1,220

San Diego, CA

8 %

8 %

2

486

Dallas, TX

10 %

7 %

2

961

Atlanta, GA

5 %

6 %

2

649

Florida Keys, FL

9 %

5 %

1

120

Nashville, TN

(2) %

4 %

1

346

San Francisco/San Mateo, CA

2 %

4 %

1

688

California North, CA

4 %

3 %

1

141

Portland, OR

— %

3 %

2

685

Savannah, GA

5 %

3 %

2

226

Washington, DC-MD-VA

(1) %

3 %

2

472

Denver, CO

2 %

2 %

1

205

San Jose/Santa Cruz, CA

2 %

2 %

1

505

Salt Lake City/Ogden, UT

2 %

2 %

1

225

Birmingham, AL

2 %

2 %

1

99

Pittsburgh, PA

2 %

2 %

1

185

Louisiana South, LA

1 %

2 %

1

285

Philadelphia, PA

1 %

1 %

1

230

California Central Coast, CA

1 %

1 %

1

97

Charleston, SC

1 %

1 %

1

50

Same-Property Portfolio⁽¹⁾

100 %

100 %

32

9,511

1.

"Same-Property" includes all hotels owned as of June 30, 2023 and also includes disruption from the COVID-19 pandemic and renovation disruption for multiple capital projects during the period presented. "Same-Property" also includes pre-acquisition historical operating results for W Nashville that were obtained from the seller and/or manager of the hotel for a portion of the year ended December 31, 2022.

2.

As defined by STR, Inc.

3.

Hotel EBITDA, Same-Property Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures. See definitions earlier in this press release for how we define these non-GAAP financial measures and the table on page 24 for reconciliations from Hotel Net Income (Loss) to Hotel Earnings Before Interest, Taxes, Depreciation and Amortization ("Hotel EBITDA") and Same-Property Hotel EBITDA.

4.

As of June 30, 2023.

5.

Two rooms at Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch were removed from inventory in 2022 and three rooms at The Ritz-Carlton, Denver were added in April 2023.

Xenia Hotels & Resorts, Inc.

Same-Property⁽¹⁾ Portfolio Data by Market (2022)

For the Three Months Ended June 30, 2023 and 2022

Three Months Ended

Three Months Ended

June 30, 2023

June 30, 2022

% Change

Market⁽²⁾

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

RevPAR

Phoenix, AZ

55.4 %

$    381.53

$    211.40

73.3 %

$    365.87

$    268.06

(21.1) %

Orlando, FL

76.4 %

226.11

172.71

80.4 %

221.90

178.51

(3.2) %

Houston, TX

62.5 %

237.36

148.45

55.1 %

221.94

122.20

21.5 %

San Diego, CA

59.3 %

370.52

219.62

64.4 %

404.90

260.74

(15.8) %

Dallas, TX

66.8 %

191.53

127.97

66.9 %

187.64

125.48

2.0 %

Atlanta, GA

73.5 %

235.99

173.47

67.4 %

232.83

156.84

10.6 %

Florida Keys, FL

79.8 %

551.06

439.74

92.4 %

581.19

536.86

(18.1) %

Nashville, TN

75.3 %

412.65

310.89

66.0 %

421.67

278.16

11.8 %

San Francisco/San Mateo, CA

83.3 %

196.67

163.88

74.7 %

202.45

151.27

8.3 %

California North, CA

71.0 %

471.73

335.07

82.4 %

488.30

402.33

(16.7) %

Portland, OR

68.8 %

205.18

141.10

59.2 %

207.72

123.07

14.7 %

Savannah, GA

87.3 %

289.59

252.75

89.2 %

297.21

265.05

(4.6) %

Washington, DC-MD-VA

69.7 %

285.06

198.64

73.4 %

279.31

204.92

(3.1) %

Denver, CO

70.8 %

376.54

266.68

71.7 %

397.26

284.93

(6.4) %

San Jose/Santa Cruz, CA

55.5 %

237.09

131.59

61.9 %

219.41

135.84

(3.1) %

Salt Lake City/Ogden, UT

41.3 %

216.01

89.17

65.1 %

231.05

150.50

(40.8) %

Birmingham, AL

80.3 %

349.03

280.26

83.9 %

336.97

282.69

(0.9) %

Pittsburgh, PA

76.2 %

277.39

211.23

71.7 %

270.85

194.15

8.8 %

Louisiana South, LA

61.6 %

213.68

131.62

67.5 %

256.15

172.95

(23.9) %

Philadelphia, PA

78.4 %

240.19

188.42

68.0 %

242.92

165.24

14.0 %

California Central Coast, CA

69.2 %

436.72

302.35

66.1 %

490.46

324.10

(6.7) %

Charleston, SC

89.0 %

449.95

400.31

86.7 %

463.77

402.31

(0.5) %

Same-Property⁽¹⁾ Portfolio

68.6 %

$   265.98

$   182.49

68.7 %

$   270.81

$   186.16

(2.0) %

1.

"Same-Property" includes all hotels owned as of June 30, 2023 and also includes renovation disruption for multiple capital projects during the periods presented.

2.

As defined by STR, Inc.

Xenia Hotels & Resorts, Inc.

Same-Property⁽¹⁾ Portfolio Data by Market (2022)

For the Six Months Ended June 30, 2023 and 2022

Six Months Ended

Six Months Ended

June 30, 2023

June 30, 2022

% Change

Market⁽²⁾

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

RevPAR

Phoenix, AZ

63.2 %

$    449.95

$    284.41

67.9 %

$    421.59

$    286.21

(0.6) %

Orlando, FL

78.5 %

246.33

193.31

76.6 %

232.26

177.79

8.7 %

Houston, TX

64.5 %

232.59

149.98

55.3 %

212.98

117.78

27.3 %

San Diego, CA

58.4 %

364.71

213.07

56.3 %

382.85

215.53

(1.1) %

Dallas, TX

68.0 %

197.64

134.39

60.7 %

179.38

108.96

23.3 %

Atlanta, GA

69.9 %

231.86

162.09

61.1 %

220.76

134.81

20.2 %

Florida Keys, FL

84.8 %

625.12

529.94

93.5 %

678.14

634.28

(16.5) %

Nashville, TN

64.2 %

385.22

247.46

55.9 %

379.24

211.98

16.7 %

San Francisco/San Mateo, CA

79.4 %

202.84

161.03

72.2 %

186.03

134.31

19.9 %

California North, CA

65.2 %

419.89

273.59

72.1 %

435.82

314.42

(13.0) %

Portland, OR

63.3 %

198.53

125.71

48.7 %

196.47

95.64

31.4 %

Savannah, GA

82.0 %

284.40

233.07

82.9 %

279.91