Xenia Hotels & Resorts Q2 net income falls 50% to $13.8 million; guidance updated
Xenia Hotels & Resorts reported second quarter 2023 results on August 2, 2023. Net income attributable to common stockholders fell 50.1% to $13.8 million, Adjusted EBITDAre fell 15.7% to $74.7 million, and Adjusted FFO per diluted share fell to $0.47 from $0.57 a year earlier. The company updated full-year 2023 guidance, raising the low end of several ranges while lowering the high end of most measures, which shows the weaker second quarter is affecting the outlook.
- Q2 2023 net income attributable to common stockholders was $13.8 million, or $0.12 per share, down from $27.6 million, or $0.24 per share, in Q2 2022
- Adjusted EBITDAre was $74.7 million, down 15.7%; Same-Property RevPAR was $182.49, down 2.0%
- Full-year 2023 Same-Property RevPAR change guidance is 4% to 6%, with the high end lowered by 2 percentage points; Adjusted FFO per diluted share guidance is $1.42 to $1.60
- In Q2 the company repurchased 2,539,888 shares for approximately $31.9 million and retired $30 million of 6.375% Senior Notes due August 2025