Xenia Hotels & Resorts, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a modest increase in total revenues and net income compared to the previous fiscal period. Total revenues for Q3 2024 reached $236.8 million, up 2.1% from $232.0 million in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $777.2 million, a 0.7% increase from $772.1 million in the same period last year.
The company’s net income for Q3 2024 was a loss of $7.4 million, an improvement from a loss of $8.9 million in Q3 2023. For the nine months, net income was $17.6 million, compared to $12.1 million in the prior year, reflecting a 46.1% increase. This growth was primarily attributed to a significant income tax benefit and reductions in depreciation and interest expenses.
Operating income for Q3 2024 was reported at $7.6 million, slightly down from $8.0 million in Q3 2023. Total hotel operating expenses increased to $175.7 million for Q3 2024, up 4.8% from $167.7 million in the same quarter of 2023, driven by rising labor costs. For the nine months, hotel operating expenses rose to $544.5 million, a 3.6% increase from $525.6 million in the previous year.
The company’s total assets as of September 30, 2024, were $2.9 billion, a slight increase from $2.9 billion at the end of 2023. However, total liabilities also increased to $1.6 billion from $1.6 billion, leading to a decrease in stockholders' equity to $1.3 billion from $1.3 billion at the end of 2023.
Strategically, Xenia sold the 107-room Lorien Hotel & Spa in July 2024 for $30 million, resulting in a gain of $1.6 million. The sale contributed to net cash proceeds of $29.1 million after transaction costs. The company also reported significant capital expenditures of $116.2 million for the nine months ended September 30, 2024, compared to $69.5 million in the same period of 2023, reflecting ongoing investments in property improvements.
In terms of market performance, the company noted a revenue concentration from hotels in Orlando, Houston, and San Diego, each exceeding 10% of total revenues. The average daily rate (ADR) for the nine months ended September 30, 2024, was $255.02, down 2.8% from the previous year, while occupancy increased to 68.4%, up from 66.1% in 2023.
Xenia continues to manage its debt effectively, with total outstanding debt of $1.4 billion as of September 30, 2024, and a weighted-average interest rate of 5.50%. The company has also taken steps to mitigate interest rate exposure through interest rate swaps.
About Xenia Hotels & Resorts, Inc.
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