Open the filing on EDGARDate: May 1, 2026
XENIA HOTELS & RESORTS REPORTS FIRST QUARTER 2026 RESULTS
Orlando, FL - May 1, 2026 - Xenia Hotels & Resorts, Inc. (NYSE: XHR) (“Xenia” or the “Company”) today announced results for the quarter ended March 31, 2026.
First Quarter 2026 Highlights
- Net Income: Net income attributable to common stockholders was $19.8 million, or $0.21 per share
- Adjusted EBITDAre: $81.4 million, increased 11.6% compared to the first quarter of 2025
- Adjusted FFO per Diluted Share: $0.63, increased 23.5% compared to the first quarter of 2025
- Same-Property Occupancy: 71.4%, increased 180 basis points compared to the first quarter of 2025
- Same-Property ADR: $288.62, increased 4.8% compared to the first quarter of 2025
- Same-Property RevPAR: $205.93, increased 7.4% compared to the first quarter of 2025
- Same-Property Total RevPAR: $370.13, increased 7.2% compared to the first quarter of 2025
- Same-Property Hotel EBITDA: $87.8 million, increased 17.9% compared to the first quarter of 2025
- Same-Property Hotel EBITDA Margin: 29.7%, increased 270 basis points compared to the first quarter of 2025
- Financing Activity: Paid off the $52 million mortgage loan secured by Grand Bohemian Hotel Orlando, Autograph Collection
- Dividends: Declared a first quarter dividend of $0.14 per share for stockholders of record on March 31, 2026
“We are pleased with the strong start to 2026, as our portfolio delivered first quarter results that exceeded our expectations" said Marcel Verbaas, Chair and Chief Executive Officer of Xenia. "Record performance at Grand Hyatt Scottsdale Resort and increased group and transient demand throughout the portfolio resulted in Same-Property RevPAR growth of 7.4% versus the first quarter of 2025, with March being a standout month delivering Same-Property RevPAR growth of over 14% versus the same month last year. Favorable top-line performance driven by meaningful ADR growth and solid expense management resulted in margin growth of 270 basis points. Adjusted EBITDAre and Adjusted FFO per share increased nearly 12% and 24%, respectively, reflecting our continued focus on profitability and per share earnings. As a result, we have increased our full-year guidance to reflect the first quarter outperformance.”
"The first quarter momentum has continued with April Same-Property RevPAR estimated to have increased nearly 6% compared to April 2025" continued Mr. Verbaas. "Our group booking pace remains solid. We believe our well-positioned luxury and upper upscale lodging portfolio, healthy balance sheet, and best-in-class operating partners provide us with a solid foundation for meaningful growth during the remainder of 2026 and beyond."
Operating Results
The Company’s results include the following:
| Three Months Ended March 31, | |
|---|
| 2026 | 2025 | Change |
|---|
| ($ amounts in thousands, except hotel statistics and per share amounts) | |
|---|
| Net income attributable to common stockholders | $19,771 | | $15,585 | | 26.9% |
| Net income per share available to common stockholders - basic and diluted | $0.21 | | $0.15 | | 40.0% |
| Same-Property Number of Hotels | 30 | | 30 | | - |
| Same-Property Number of Rooms | 8,868 | | 8,868 | | - |
| Same-Property Occupancy | 71.4% | | 69.6% | | 180bps |
| Same-Property Average Daily Rate | $288.62 | | $275.47 | | 4.8% |
| Same-Property RevPAR | $205.93 | | $191.80 | | 7.4% |
| Same-Property Total RevPAR(1)(2) | $370.13 | | $345.15 | | 7.2% |
| Same-Property Hotel EBITDA(1)(3) | $87,811 | | $74,450 | | 17.9% |
| Same-Property Hotel EBITDA Margin(1)(3) | 29.7% | | 27.0% | | 270bps |
| Total Portfolio Number of Hotels | 30 | | 31 | | (1) |
| Total Portfolio Number of Rooms | 8,868 | | 9,413 | | (545) |
| Total Portfolio RevPAR | $205.93 | | $188.73 | | 9.1% |
| Total Portfolio Total RevPAR(2)(5) | $370.13 | | $341.09 | | 8.5% |
| Adjusted EBITDAre | $81,381 | | $72,942 | | 11.6% |
| Adjusted FFO | $60,554 | | $52,060 | | 16.3% |
| Adjusted FFO per diluted share | $0.63 | | $0.51 | | 23.5% |
1."Same-Property” includes all hotels owned as of March 31, 2026 and also includes renovation disruption for multiple capital projects during the periods presented.
3.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.
4.As of end of periods presented.
5.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.
Liquidity and Balance Sheet
As of March 31, 2026, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.53%. The Company had approximately $101 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving line of credit, resulting in total liquidity of approximately $601 million as of March 31, 2026. In addition, the Company held approximately $78 million of restricted cash and escrows at the end of the first quarter.
In February 2026, the Company used cash on hand to pay off the mortgage loan collateralized by Grand Bohemian Hotel Orlando, Autograph Collection. The Company's portfolio currently includes twenty-eight properties that are unencumbered by property-level debt. In March, the Company paid down by $6.3 million the mortgage loan collateralized by Andaz Napa.
Capital Markets
The Company did not repurchase any shares of its common stock during the quarter and currently has $97.5 million in capacity remaining under its repurchase authorization. The Company did not issue any shares of its common stock through its At-The-Market ("ATM") program in the quarter and had $200 million of remaining availability as of March 31, 2026.
Capital Expenditures
During the quarter ended March 31, 2026, the Company invested $15.2 million in portfolio improvements.
During the first quarter, the Company:
- Completed a guest room renovation at Fairmont Pittsburgh and a renovation of the M Club at Marriott Dallas Downtown.
- Reconcepted the food & beverage facilities at W Nashville pursuant to agreements with José Andrés Group ("JAG"), in which JAG operates and/or licenses substantially all of the hotel's food & beverage outlets. This includes Zaytinya, an Eastern Mediterranean concept, serving lunch and dinner; Bar Mar, a coastal seafood and premium meat dinner concept; Butterfly, a high-energy rooftop bar with a Mexican-inspired menu; and Glowbird, a new pool deck concept, with an expanded bar and upgraded food and beverage offerings. All reconcepted outlets opened in the first quarter with the exception of Glowbird which opened in late April. These projects were completed on-time and within budget.
The Company has planned renovations for 2026 that include:
- Andaz Napa - The first phase of a comprehensive renovation of guestrooms and corridors expected to begin in the fourth quarter
- The Ritz-Carlton, Denver - Renovation of guest rooms, corridors and meeting space expected to begin in the fourth quarter
Current Full Year 2026 Outlook and Guidance
The Company has updated its full year 2026 outlook. The range below reflects the Company's limited visibility in forecasting due to continued macroeconomic uncertainty and is based on the current economic environment and does not take into account any unanticipated impacts to the business or operations. Furthermore, this guidance assumes no additional acquisitions, dispositions, equity issuances, or share and/or senior note repurchases. The Same-Property RevPAR and Same-Property Total RevPAR change shown includes all hotels owned as of May 1, 2026.
| Current Full Year 2026 Guidance | Prior Full Year 2026 Guidance | | Change at Midpoint | |
|---|
| Low End | High End | Low End | High End | | |
|---|
| ($ in millions, except stats and per share data) | |
|---|
| Net Income | $24 | $40 | $21 | $41 | | $1 |
| Same-Property RevPAR Change (vs. 2025) | 2.75% | 5.25% | 1.50% | 4.50% | | 1.00% |
| Same-Property Total RevPAR Change (vs. 2025) | 3.75% | 6.25% | 2.75% | 5.75% | | 0.75% |
| Adjusted EBITDAre | $258 | $274 | $250 | $270 | | $6 |
| Adjusted FFO | $178 | $194 | $170 | $190 | | $6 |
| Adjusted FFO per Diluted Share | $1.86 | $2.02 | $1.78 | $1.99 | | $0.06 |
| Capital Expenditures | $70 | $80 | $70 | $80 | | $ - |
Current full year 2026 guidance is inclusive of the following assumptions:
- Disruption due to renovations is expected to negatively impact Adjusted EBITDAre and Adjusted FFO by approximately $1 million - no change from prior guidance
- General and administrative expense of approximately $25 million, excluding non-cash share-based compensation - an increase of $1 million from prior guidance
- Interest expense of approximately $78 million, excluding non-cash loan related costs - no change from prior guidance
- Income tax expense of approximately $2 million - no change from prior guidance
- 95.7 million weighted-average diluted shares/units - no change from prior guidance
First Quarter 2026 Earnings Call
The Company will conduct its quarterly conference call on Friday, May 1, 2026 at 1:00 PM Eastern Time. To participate in the conference call, please dial (833) 470-1428, access code 982356. Additionally, a live webcast of the conference call will be available through the Company’s website, www.xeniareit.com. A replay of the conference call will be archived and available online through the Investor Relations section of the Company’s website for 90 days.
About Xenia Hotels & Resorts, Inc.
Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States. The Company owns 30 hotels and resorts comprising 8,868 rooms across 14 states. Xenia’s hotels are in the luxury and upper upscale segments, and are operated and/or licensed by industry leaders including Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and Davidson. For more information on Xenia’s business, refer to the Company website at www.xeniareit.com.
Forward-looking statements notice
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements are generally identifiable by use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," references to "outlook" and "guidance" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include, among others, statements about our strategies or plans, our performance relative to the industry and/or peers, or other future events, the outlook related to macroeconomic factors, our beliefs or expectations relating to our future performance including our 2026 outlook and guidance, results of operations and financial conditions and the timing of renovations and capital expenditures projects and the potential impact on the same due to the imposition of reciprocal and retaliatory tariffs. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic uncertainty and a contraction in the U.S. or global economy or low levels of economic growth; (ii) macroeconomic and other factors beyond our control that can adversely affect and reduce demand for hotel rooms, food and beverage services, and/or meeting facilities, such as wars, global conflicts and geopolitical unrest, changes in trade policy, changes in consumer sentiment towards travel to the United States, other political conditions or uncertainty, actual or threatened terrorist or cyber-attacks, mass casualty events, government shutdowns and closures, travel-related health concerns, global outbreaks of pandemics (such as the COVID-19 pandemic) or contagious diseases, or fear of such outbreaks, weather and climate-related events, such as hurricanes, tornadoes, floods, wildfires, and droughts, and natural or man-made disasters; (iii) inflation and inflationary pressures which increases labor costs and other costs of providing services to guests and complying with hotel brand standards, as well as costs related to construction and other capital expenditures including increased costs due to the imposition of tariffs on imported goods, property and other taxes, and insurance costs which could result in reduced operating profit margins; (iv) bank failures and concerns over a potential domestic and/or global recession; (v) the Company’s dependence on third-party managers of its hotels, including its inability to directly implement strategic operational business decisions; (vi) risks associated with the hotel industry, including competition, increases in wages and benefits, energy costs and other operating costs, cyber incidents, information technology failures, downturns in general and local economic conditions, prolonged periods of civil unrest in our markets, and disruption caused by cancellation of or delays in the completion of anticipated demand generators; (vii) the availability and terms of financing and capital and the general volatility of securities markets; (viii) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws; (ix) interest rate changes; (x) the Company's ability to successfully negotiate amendments and covenant waivers with its unsecured and secured lenders; (xi) the Company's ability to comply with covenants, restrictions, and limitations in any existing or revised loan agreements with our unsecured and secured lenders; (xii) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs; (xiii) the possibility of uninsured or underinsured losses, including those relating to natural disasters, terrorism, government shutdowns and closures, civil unrest, or cyber incidents; (xiv) risks associated with redevelopment and repositioning projects, including disruption, delays and cost overruns; (xv) levels of spending in business and leisure segments as well as decreases in consumer confidence; (xvi) declines in occupancy and average daily rate; (xvii) the seasonal and cyclical nature of the real estate and hospitality businesses; (xviii) changes in distribution arrangements, such as through online travel intermediaries; (xix) relationships with labor unions and changes in labor laws, including increases to minimum wages and/or work rule requirements; (xx) the impact of changes in the tax code and uncertainty as to how some of those changes may be applied; (xxi) monthly cash expenditures and the uncertainty around predictions; (xxii) labor shortages; (xxiii) tariffs/trade dispute disruptions in supply chains resulting in increased costs, delays or inability to procure required products; and (xxiv) the risk factors discussed in the Company’s Annual Report on Form 10-K, as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company's expectations will be realized. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.xeniareit.com.
All information in this press release is as of the date of its release. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.
Availability of Information on Xenia's Website
Investors and others should note that Xenia routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts, and the Investor Relations section of Xenia's website. While not all the information that the Company posts to the Xenia website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Xenia to review the information that it shares at the Investor Relations link located on www.xeniareit.com. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Company Overview" section of Xenia’s Investor Relations website at www.xeniareit.com.
For additional information or to receive press releases via email, please visit our website at www.xeniareit.com.
Condensed Consolidated Balance Sheets
As of March 31, 2026 and December 31, 2025
| March 31, 2026 | December 31, 2025 |
|---|
| Assets: | (Unaudited) | (Audited) |
| Investment properties: | | |
| Land | $472,648 | $472,648 |
| Buildings and other improvements | 3,139,404 | 3,128,322 |
| Total | $3,612,052 | $3,600,970 |
| Less: accumulated depreciation | (1,130,804) | (1,098,972) |
| Net investment properties | $2,481,248 | $2,501,998 |
| Cash and cash equivalents | 101,078 | 140,427 |
| Restricted cash and escrows | 78,479 | 82,682 |
| Accounts and rents receivable, net of allowance for doubtful accounts | 46,417 | 26,937 |
| Goodwill | 4,850 | 4,850 |
| Deferred tax assets, net | 5,480 | 5,544 |
| Other assets | 53,284 | 46,237 |
| Total assets | $2,770,836 | $2,808,675 |
| Liabilities: | | |
| Debt, net of loan premiums, discounts and unamortized deferred financing costs | $1,364,393 | $1,422,881 |
| Finance lease liabilities | 7,603 | 7,606 |
| Accounts payable and accrued expenses | 109,999 | 93,541 |
| Distributions payable | 13,623 | 13,538 |
| Other liabilities | 81,456 | 87,572 |
| Total liabilities | $1,577,074 | $1,625,138 |
| Commitments and Contingencies | | |
| Stockholders' equity: | | |
| Common stock, $0.01 par value, 500,000,000 shares authorized, 92,245,835 and 92,153,929 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | $923 | $922 |
| Additional paid in capital | 1,803,878 | 1,803,644 |
| Accumulated other comprehensive income | 144 | 86 |
| Accumulated distributions in excess of net earnings | (663,657) | (670,434) |
| Total Company stockholders' equity | $1,141,288 | $1,134,218 |
| Non-controlling interests | 52,474 | 49,319 |
| Total equity | $1,193,762 | $1,183,537 |
| Total liabilities and equity | $2,770,836 | $2,808,675 |
Condensed Consolidated Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
| Three Months Ended March 31, |
|---|
| 2026 | 2025 |
|---|
| Revenues: | | |
| Rooms revenues | $164,359 | | $159,866 | |
| Food and beverage revenues | 105,004 | | 104,699 | |
| Other revenues | 26,045 | | 24,362 | |
| Total revenues | $295,408 | | $288,927 | |
| Expenses: | | |
| Rooms expenses | 39,356 | | 39,322 | |
| Food and beverage expenses | 66,337 | | 66,527 | |
| Other direct expenses | 7,222 | | 6,721 | |
| Other indirect expenses | 70,555 | | 71,013 | |
| Management and franchise fees | 12,096 | | 11,964 | |
| Total hotel operating expenses | $195,566 | | $195,547 | |
| Depreciation and amortization | 31,882 | | 33,192 | |
| Real estate taxes, personal property taxes and insurance | 12,246 | | 13,729 | |
| Ground lease expense | 380 | | 831 | |
| General and administrative expenses | 9,111 | | 8,911 | |
| Other operating expenses | 4,113 | | 853 | |
| Impairment and other losses | 487 | | - | |
| Total expenses | $253,785 | | $253,063 | |
| Operating income | $41,623 | | $35,864 | |
| Other income | 1,522 | | 2,564 | |
| Interest expense | (20,879) | | (21,051) | |
| Loss on extinguishment of debt | (21) | | - | |
| Net income before income taxes | $22,245 | | $17,377 | |
| Income tax expense | (1,032) | | (870) | |
| Net income | $21,213 | | $16,507 | |
| Net income attributable to non-controlling interests | (1,442) | | (922) | |
| Net income attributable to common stockholders | $19,771 | | $15,585 | |
Condensed Consolidated Statements of Operations and Comprehensive Income - Continued
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
| Three Months Ended March 31, |
|---|
| 2026 | 2025 |
|---|
| Basic and diluted income per share: | |
| Net income per share available to common stockholders - basic and diluted | $0.21 | | $0.15 | |
| Weighted-average number of common shares (basic) | 92,184,900 | | 100,674,498 | |
| Weighted-average number of common shares (diluted) | 92,715,696 | | 101,125,212 | |
| Comprehensive income: | | |
| Net income | $21,213 | | $16,507 | |
| Other comprehensive income: | | |
| Unrealized gain (loss) on interest rate derivative instruments | 121 | | (224) | |
| Reclassification adjustment for amounts recognized in net income (interest expense) | (58) | | (285) | |
| $21,276 | | $15,998 | |
| Comprehensive income attributable to non-controlling interests | (1,447) | | (906) | |
| Comprehensive income attributable to the Company | $19,829 | | $15,092 | |
Non-GAAP Financial Measures
The Company considers the following non-GAAP financial measures to be useful to investors as key supplemental measures of its operating performance: EBITDA, EBITDAre, Adjusted EBITDAre, Same-Property Hotel EBITDA, Same-Property Hotel EBITDA Margin, FFO, Adjusted FFO, and Adjusted FFO per diluted share. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss, operating profit, cash from operations, or any other operating performance measure as prescribed per GAAP.
EBITDA, EBITDAre and Adjusted EBITDAre
EBITDA is a commonly used measure of performance in many industries and is defined as net income or loss (calculated in accordance with GAAP) excluding interest expense, provision for income taxes (including income taxes applicable to sale of assets) and depreciation and amortization. The Company considers EBITDA useful to investors in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results, even though EBITDA does not represent an amount that accrues directly to common stockholders. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions and, along with FFO and Adjusted FFO, is used by management in the annual budget process for compensation programs.
The Company calculates EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as EBITDA plus or minus losses and gains on the disposition of depreciated property, including gains or losses on change of control, plus impairments of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.
The Company further adjusts EBITDAre to exclude the impact of non-controlling interests in consolidated entities other than its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company also adjusts EBITDAre for certain additional items such as depreciation and amortization related to corporate assets, terminated transaction and pre-opening expenses, amortization of share-based compensation, non-cash ground rent and straight-line rent expense, the cumulative effect of changes in accounting principles, and other costs it believes do not represent recurring operations and are not indicative of the performance of its underlying hotel property entities. The Company believes it is meaningful for investors to understand Adjusted EBITDAre attributable to all common stock and unit holders. The Company believes Adjusted EBITDAre attributable to common stock and unit holders provides investors with another useful financial measure in evaluating and facilitating comparison of operating performance between periods and between REITs that report similar measures.
Same-Property Hotel EBITDA and Same-Property Hotel EBITDA Margin
Same-Property hotel data includes the actual operating results for all hotels owned as of the end of the reporting period. The Company then adjusts the Same-Property hotel data for comparability purposes by including pre-acquisition operating results of asset(s) acquired during the period, which provides investors a basis for understanding the acquisition(s) historical operating trends and seasonality. The pre-acquisition operating results for the comparable period are obtained from the seller and/or manager of the hotel(s) during the acquisition due diligence process and have not been audited or reviewed by our independent auditors. The Company further adjusts the Same-Property hotel data to remove dispositions during the respective reporting periods, and, in certain cases, hotels that are not fully open due to significant renovation, re-positioning, or disruption or whose room counts have materially changed during either the current or prior year as these historical operating results are not indicative of or expected to be comparable to the operating performance of the hotel portfolio on a prospective basis.
Same-Property Hotel EBITDA represents net income or loss excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate-level costs and expenses, (5) terminated transaction and pre-opening expenses, and (6) certain state and local excise taxes resulting from ownership structure. The Company believes that Same-Property Hotel EBITDA provides investors a useful financial measure to evaluate hotel operating performance excluding the impact of capital structure (primarily interest expense), asset base (primarily depreciation and amortization), income taxes, and corporate-level expenses (corporate expenses and terminated transaction costs). The Company believes property-level results provide investors with supplemental information on the ongoing operational performance of its hotels and the effectiveness of third-party management companies that operate our business on a property-level basis. Same-Property Hotel EBITDA Margin is calculated by dividing Same-Property Hotel EBITDA by Same-Property Total Revenues.
As a result of these adjustments the Same-Property hotel data presented does not represent the Company's total revenues, expenses, operating profit or net income and should not be used to evaluate performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of operating performance. Our consolidated statements of operations and comprehensive income include such amounts, all of which should be considered by investors when evaluating our performance.
We include Same-Property hotel data as supplemental information for investors. Management believes that providing Same-Property hotel data is useful to investors because it represents comparable operations for our portfolio as it exists at the end of the respective reporting periods presented, which allows investors and management to evaluate the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at Same-Property hotels or from other factors, such as the effect of acquisitions or dispositions.
FFO and Adjusted FFO
The Company calculates FFO in accordance with standards established by Nareit, as amended in the 2018 Restatement White Paper, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding real estate-related depreciation, amortization and impairments, gains or losses from sale of real estate, the cumulative effect of changes in accounting principles, similar adjustments for unconsolidated partnerships and consolidated variable interest entities, and items classified by GAAP as extraordinary. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. The Company believes that the presentation of FFO provides useful supplemental information to investors regarding operating performance by excluding the effect of real estate depreciation and amortization, gains or losses from sale for real estate, impairments of real estate assets, extraordinary items and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance. The Company believes that the presentation of FFO can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common stockholders. The calculation of FFO may not be comparable to measures calculated by other companies who do not use the Nareit definition of FFO or do not calculate FFO per diluted share in accordance with Nareit guidance. Additionally, FFO may not be helpful when comparing Xenia to non-REITs. The Company presents FFO attributable to common stock and unit holders, which includes its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company believes it is meaningful for investors to understand FFO attributable to common stock and unit holders.
The Company further adjusts FFO for certain additional items that are not in Nareit’s definition of FFO such as terminated transaction and pre-opening expenses, amortization of debt origination costs and share-based compensation, non-cash ground rent and straight-line rent expense, and other items we believe do not represent recurring operations. The Company believes that Adjusted FFO provides investors with useful supplemental information that may facilitate comparisons of ongoing operating performance between periods and between REITs that make similar adjustments to FFO and is beneficial to investors’ complete understanding of our operating performance.
Adjusted FFO per diluted share
The diluted weighted-average common share count used for the calculation of Adjusted FFO per diluted share differs from diluted weighted-average common share count used to derive net income or loss per share available to common stockholders. The Company calculates Adjusted FFO per diluted share by dividing the Adjusted FFO by the diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units. Any anti-dilutive securities are excluded from the diluted earnings per share calculation.
Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
| Three Months Ended March 31, | |
|---|
| 2026 | 2025 |
|---|
| Net income | $21,213 | | $16,507 | |
| Adjustments: | | |
| Interest expense | 20,879 | | 21,051 | |
| Income tax expense | 1,032 | | 870 | |
| Depreciation and amortization | 31,882 | | 33,192 | |
| EBITDA and EBITDAre | $75,006 | | $71,620 | |
| Reconciliation to Adjusted EBITDAre | | |
| Depreciation and amortization related to corporate assets | $(81) | | $(83) | |
| Gain on insurance recoveries | - | | (548) | |
| Loss on extinguishment of debt | 21 | | - | |
| Amortization of share-based compensation expense | 2,800 | | 2,626 | |
| Non-cash ground rent and straight-line rent expense | 43 | | (13) | |
| Other non-recurring expenses | 3,592 | | (660) | |
| Adjusted EBITDAre attributable to common stock and unit holders | $81,381 | | $72,942 | |
| Corporate-level costs and expenses | 6,457 | | 6,332 | |
| Pro forma hotel adjustments, net | (27) | | (4,824) | |
| Same-Property Hotel EBITDA attributable to common stock and unit holders | $87,811 | | $74,450 | |
1.During the three months ended March 31, 2025, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss at one property. This amount is included in other income on the condensed consolidated statement of operations and comprehensive income for the period then ended.
2.Includes adjustments for costs associated with an operator transition at four hotels, pre-opening expenses, repair and clean up costs related to property damage and other non-recurring items.
3.Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
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 three months ended March 31, 2026 and 2025 on page 16.
Reconciliation of Net Income to FFO and Adjusted FFO
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
| Three Months Ended March 31, | |
|---|
| 2026 | 2025 |
|---|
| Net income | $21,213 | | $16,507 | |
| Adjustments: | | |
| Depreciation and amortization related to investment properties | 31,801 | | 33,109 | |
| FFO attributable to common stock and unit holders | $53,014 | | $49,616 | |
| Reconciliation to Adjusted FFO | | |
| Gain on insurance recoveries | $ - | | $(548) | |
| Loss on extinguishment of debt | 21 | | - | |
| Loan related costs, net of adjustment related to non-controlling interests | 1,084 | | 1,039 | |
| Amortization of share-based compensation expense | 2,800 | | 2,626 | |
| Non-cash ground rent and straight-line rent expense | 43 | | (13) | |
| Other non-recurring expenses | 3,592 | | (660) | |
| Adjusted FFO attributable to common stock and unit holders | $60,554 | | $52,060 | |
| Weighted-average shares outstanding - Diluted | 95,529 | | 103,010 | |
| Adjusted FFO per diluted share | $0.63 | | $0.51 | |
1.During the three months ended March 31, 2025, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss at one property. This amount is included in other income on the condensed consolidated statement of operations and comprehensive income for the period then ended.
2.Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs.
3.Includes adjustments for costs associated with an operator transition at four hotels, pre-opening expenses, repair and clean up costs related to property damage and other non-recurring items.
4.Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands.
Reconciliation of Net Income to Adjusted EBITDAre
for Current Full Year 2026 Guidance
($ amounts in millions)
| Guidance Midpoint |
|---|
| Full Year |
|---|
| Net income | $32 |
| Adjustments: | |
| Interest expense | 82 |
| Income tax expense | 2 |
| Depreciation and amortization | 131 |
| EBITDA and EBITDAre | $247 |
| Amortization of share-based compensation expense | 13 |
| Other | 6 |
| Adjusted EBITDAre | $266 |
Reconciliation of Net Income to Adjusted FFO
for Current Full Year 2026 Guidance
($ amounts in millions)
| Guidance Midpoint |
|---|
| Full Year |
|---|
| Net income | $32 |
| Adjustments: | |
| Depreciation and amortization related to investment properties | 131 |
| FFO | $163 |
| Amortization of share-based compensation expense | 13 |
| Other | 10 |
| Adjusted FFO | $186 |
1.Includes below market ground rent, preopening expenses and other non-recurring expenses.
2.Includes below market ground rent, loan cost amortization, preopening expenses and other non-recurring expenses.
Debt Summary as of March 31, 2026
(Unaudited)
| Rate Type | Rate | Maturity Date | Outstanding as of March 31, 2026 |
|---|
| Mortgage Loans | | | | |
| Marriott San Francisco Airport Waterfront | Fixed | 4.63% | May 2027 | $103,155 |
| Andaz Napa | Fixed | 5.72% | January 2028 | 47,500 |
| Total Mortgage Loans | | 4.97% | | $150,655 |
| Corporate Credit Facilities | | | | |
| Corporate Credit Facility Term Loan | Variable | 5.46% | November 2028 | $225,000 |
| Corporate Credit Facility Term Loan | Variable | 5.46% | November 2028 | 100,000 |
| Revolving Credit Facility | Variable | 5.46% | November 2028 | - |
| Total Corporate Credit Facilities | | | | $325,000 |
| 2029 Senior Notes $500M | Fixed | 4.88% | June 2029 | 500,000 |
| 2030 Senior Notes $400M | Fixed | 6.63% | May 2030 | 400,000 |
| Loan premiums, discounts and unamortized deferred financing costs, net | | | | (11,262) |
| Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | | 5.53% | | $1,364,393 |
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.The Revolving Credit Facility has a total capacity of $500 million. The spread to SOFR may vary, as it is determined by the Company's leverage ratio.
6.Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.
Same-Property Hotel EBITDA and Hotel EBITDA Margin
For the Three Months Ended March 31, 2026 and 2025
| Three Months Ended March 31, |
|---|
| 2026 | 2025 | Change |
|---|
| Same-Property Occupancy | 71.4% | | 69.6% | | 180bps | |
| Same-Property Average Daily Rate | $288.62 | | $275.47 | | | 4.8% |
| Same-Property RevPAR | $205.93 | | $191.80 | | | 7.4% |
| Same-Property Total RevPAR(1)(2) | $370.13 | | $345.15 | | | 7.2% |
| Same-Property Revenues: | | | |
| Rooms revenues | $164,359 | | $153,059 | | | 7.4% |
| Food and beverage revenues | 105,004 | | 98,866 | | | 6.2% |
| Other revenues | 26,045 | | 23,510 | | | 10.8% |
| Total Same-Property revenues | $295,408 | | $275,435 | | | 7.3% |
| Same-Property Expenses: | | | |
| Rooms expenses | $39,356 | | $37,553 | | | 4.8% |
| Food and beverage expenses | 66,337 | | 63,925 | | | 3.8% |
| Other direct expenses | 7,222 | | 6,722 | | | 7.4% |
| Other indirect expenses | 69,995 | | 67,330 | | | 4.0% |
| Management and franchise fees | 12,096 | | 11,600 | | | 4.3% |
| Real estate taxes, personal property taxes and insurance | 12,246 | | 13,011 | | | (5.9)% |
| Ground lease expense | 345 | | 844 | | | (59.1)% |
| Total Same-Property hotel operating expenses | $207,597 | | $200,985 | | | 3.3% |
| Same-Property Hotel EBITDA | $87,811 | | $74,450 | | | 17.9% |
| Same-Property Hotel EBITDA Margin | 29.7% | | 27.0% | | 270bps | |
1.“Same-Property” includes all properties owned as of March 31, 2026 and includes renovation disruption for multiple capital projects during the periods presented. The table below 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 months ended March 31, 2026 and 2025.
| Three Months Ended March 31, |
|---|
| 2026 | 2025 |
|---|
| Total Revenues - GAAP | $295,408 | | $288,927 | |
| Pro forma hotel level adjustments | - | | (13,492) | |
| Total Same-Property Revenues | $295,408 | | $275,435 | |
| Total Hotel Operating Expenses - GAAP | $195,566 | | $195,547 | |
| Real estate taxes, personal property taxes and insurance | 12,246 | | 13,729 | |
| Ground lease expense, net | 345 | | 844 | |
| Other income | (3) | | (8) | |
| Corporate-level costs and expenses | (557) | | (459) | |
| Pro forma hotel level adjustments, net | - | | (8,668) | |
| Total Same-Property Hotel Operating Expenses | $207,597 | | $200,985 | |
a.Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented.
b.Excludes non-cash ground rent expense.
Same-Property Historical Operating Data
($ amounts in thousands, except ADR and RevPAR)
| 2026 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year |
| Occupancy | 71.4% | | | | |
| ADR | $288.62 | | | | |
| RevPAR | $205.93 | | | | |
| Total RevPAR | $370.13 | | | | |
| Hotel Revenues | $295,408 | | | | |
| Hotel EBITDA | $87,811 | | | | |
| Hotel EBITDA Margin | 29.7% | | | | |
| 2025 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year |
| Occupancy | 69.6% | 72.3% | 66.3% | 66.1% | 68.6% |
| ADR | $275.47 | $270.42 | $248.09 | $266.88 | $265.38 |
| RevPAR | $191.80 | $195.51 | $164.50 | $176.45 | $181.97 |
| Total RevPAR | $345.15 | $354.50 | $289.76 | $325.52 | $328.57 |
| Hotel Revenues | $275,435 | $286,081 | $236,405 | $265,577 | $1,063,498 |
| Hotel EBITDA | $74,450 | $84,027 | $46,956 | $68,849 | $274,282 |
| Hotel EBITDA Margin | 27.0% | 29.4% | 19.9% | 25.9% | 25.8% |
1."Same-Property” includes all hotels owned as of March 31, 2026 and also includes disruption from multiple capital projects during the periods presented.
Same-Property Portfolio Data by Market, Ranked by Hotel EBITDA
| Market | % of 2025 Hotel EBITDA | Number of Hotels | Number of Rooms |
| Orlando, FL | 17% | 2 | 1,027 |
| Houston, TX | 14% | 3 | 1,223 |
| Phoenix, AZ | 11% | 2 | 615 |
| San Diego, CA | 8% | 2 | 486 |
| Atlanta, GA | 8% | 2 | 649 |
| Nashville, TN | 5% | 1 | 346 |
| San Francisco/San Mateo, CA | 5% | 1 | 688 |
| Florida Keys, FL | 4% | 1 | 120 |
| Dallas, TX | 4% | 1 | 416 |
| San Jose/Santa Cruz, CA | 3% | 1 | 505 |
| Portland, OR | 3% | 2 | 685 |
| Washington, DC - VA | 3% | 1 | 365 |
| Savannah, GA | 3% | 2 | 226 |
| California Wine Country, CA | 2% | 1 | 141 |
| Denver, CO | 2% | 1 | 205 |
| California Central Coast, CA | 2% | 1 | 97 |
| Birmingham, AL | 1% | 1 | 99 |
| Pittsburgh, PA | 1% | 1 | 185 |
| Salt Lake City/Ogden, UT | 1% | 1 | 225 |
| Philadelphia, PA | 1% | 1 | 230 |
| New Orleans, LA | 1% | 1 | 285 |
| Charleston, SC | 1% | 1 | 50 |
| Same-Property Portfolio | 100% | 30 | 8,868 |
1."Same-Property” includes all hotels owned as of March 31, 2026 and also includes renovation disruption for multiple capital projects during the period presented.
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.
4.As of March 31, 2026.
Same-Property Portfolio Data by Market
For the Three Months Ended March 31, 2026 and 2025
| Three Months Ended | Three Months Ended | | |
|---|
| March 31, 2026 | March 31, 2025 | % Change |
|---|
| Market | Occupancy | ADR | RevPAR | Total RevPAR | Occupancy | ADR | RevPAR | Total RevPAR | RevPAR | Total RevPAR |
| Orlando, FL | 86.8% | $275.91 | $239.54 | $512.04 | 85.3% | $264.09 | $225.36 | $490.51 | 6.3% | 4.4% |
| Houston, TX | 72.5% | 238.14 | 172.67 | 306.66 | 69.8% | 231.12 | 161.26 | 278.39 | 7.1% | 10.2% |
| Phoenix, AZ | 82.8% | 468.91 | 388.20 | 781.80 | 59.4% | 481.83 | 286.44 | 588.93 | 35.5% | 32.7% |
| San Diego, CA | 62.4% | 359.32 | 224.30 | 583.33 | 61.8% | 350.28 | 216.38 | 579.06 | 3.7% | 0.7% |
| Atlanta, GA | 70.1% | 256.25 | 179.69 | 328.02 | 72.8% | 253.30 | 184.46 | 328.73 | (2.6)% | (0.2)% |
| Nashville, TN | 60.9% | 326.59 | 198.77 | 346.39 | 66.8% | 320.72 | 214.16 | 389.90 | (7.2)% | (11.2)% |
| San Francisco/San Mateo, CA | 78.3% | 242.38 | 189.85 | 268.62 | 79.3% | 224.51 | 178.02 | 258.26 | 6.6% | 4.0% |
| Florida Keys, FL | 93.0% | 688.70 | 640.62 | 833.42 | 92.2% | 660.27 | 608.98 | 777.83 | 5.2% | 7.1% |
| Dallas, TX | 60.2% | 237.97 | 143.18 | 222.16 | 62.5% | 243.43 | 152.11 | 223.63 | (5.9)% | (0.7)% |
| San Jose/Santa Cruz, CA | 59.1% | 316.45 | 187.10 | 272.10 | 63.1% | 258.40 | 163.17 | 245.62 | 14.7% | 10.8% |
| Portland, OR | 59.9% | 183.05 | 109.64 | 184.29 | 61.4% | 166.93 | 102.47 | 159.90 | 7.0% | 15.3% |
| Washington, DC - VA | 66.3% | 279.82 | 185.42 | 291.00 | 65.5% | 308.32 | 201.95 | 307.63 | (8.2)% | (5.4)% |
| Savannah, GA | 83.1% | 238.46 | 198.14 | 298.06 | 73.2% | 248.80 | 182.14 | 282.49 | 8.8% | 5.5% |
| California Wine Country, CA | 66.9% | 291.90 | 195.40 | 267.11 | 61.4% | 306.16 | 187.84 | 264.49 | 4.0% | 1.0% |
| Denver, CO | 67.1% | 346.59 | 232.71 | 460.47 | 66.6% | 332.45 | 221.44 | 450.84 | 5.1% | 2.1% |
| California Central Coast, CA | 78.0% | 410.00 | 319.64 | 475.26 | 72.2% | 395.19 | 285.28 | 431.43 | 12.0% | 10.2% |
| Birmingham, AL | 79.5% | 361.21 | 287.18 | 490.04 | 77.1% | 327.05 | 252.10 | 419.86 | 13.9% | 16.7% |
| Pittsburgh, PA | 58.4% | 243.12 | 141.92 | 272.24 | 63.0% | 225.45 | 142.00 | 283.66 | (0.1)% | (4.0)% |
| Salt Lake City/Ogden, UT | 75.1% | 226.06 | 169.76 | 249.48 | 69.3% | 192.48 | 133.46 | 202.95 | 27.2% | 22.9% |
| Philadelphia, PA | 67.8% | 192.35 | 130.44 | 189.10 | 69.3% | 170.06 | 117.80 | 180.02 | 10.7% | 5.0% |
| New Orleans, LA | 60.4% | 242.69 | 146.49 | 227.26 | 60.9% | 270.33 | 164.75 | 242.62 | (11.1)% | (6.3)% |
| Charleston, SC | 80.3% | 395.38 | 317.44 | 568.98 | 80.2% | 398.85 | 319.87 | 586.58 | (0.8)% | (3.0)% |
| Same-PropertyPortfolio | 71.4% | $288.62 | $205.93 | $370.13 | 69.6% | $275.47 | $191.80 | $345.15 | 7.4% | 7.2% |
1."Same-Property” includes all hotels owned as of March 31, 2026 and also includes renovation disruption for multiple capital projects during the periods presented.
2.As defined by STR, Inc.
3.Total Revenues per available room for the period presented.
Contacts
Atish Shah, Executive Vice President and Chief Financial Officer, Xenia Hotels & Resorts, (407) 246-8100