Xenia Hotels & Resorts, Inc. (NYSE: XHR) has released its fourth quarter and full year 2023 results, highlighting a mix of decreases and increases in various financial metrics compared to the prior year.
In the fourth quarter of 2023, net income attributable to common stockholders was $7.6 million, or $0.07 per share, representing a significant decrease from the same period in 2022 when it was $35.3 million or $0.31 per share. Adjusted EBITDARE for the fourth quarter was $59.4 million, an 8.0% decrease from the fourth quarter of 2022. However, adjusted FFO per diluted share remained flat at $0.41 compared to the same period in 2022.
The company's same-property occupancy in the fourth quarter of 2023 was 61.9%, a decrease of 50 basis points from the fourth quarter of 2022. Same-property ADR decreased by 2.7% to $254.56, and same-property RevPAR decreased by 3.4% to $157.69 compared to the fourth quarter of 2022. Excluding the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, the same-property RevPAR showed an increase of 1.2%.
For the full year 2023, net income attributable to common stockholders was $19.1 million, or $0.17 per share, a decrease from $55.9 million, or $0.49 per share in 2022. Adjusted EBITDARE for the full year 2023 was $251.7 million, a 2.0% decrease from 2022. Adjusted FFO per diluted share remained flat at $1.54 compared to 2022.
The same-property occupancy for the full year 2023 increased by 250 basis points to 65.1% compared to 2022. Same-property ADR remained approximately flat at $260.40, while same-property RevPAR increased by 3.9% to $169.46 compared to 2022. Excluding the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, the same-property RevPAR showed an increase of 6.4%.
The company's total outstanding debt as of December 31, 2023, was approximately $1.4 billion with a weighted-average interest rate of 5.47%. Xenia Hotels & Resorts maintained total liquidity of approximately $615 million as of the same date.
Xenia Hotels & Resorts repurchased a total of 3,897,777 shares of common stock at a weighted-average price of $12.57 per share in the fourth quarter of 2023, and a total of 10,414,262 shares at a weighted-average price of $12.74 per share for the full year 2023.
Looking ahead, the company’s board of directors has increased the quarterly cash dividend by 20% to $0.12 per share for the first quarter of 2024. The dividend will be paid on April 15, 2024. Xenia Hotels & Resorts expressed optimism for growth in 2024, citing expected benefits from continued recovery across its portfolio and the transformation of the Hyatt Regency Scottsdale into a Grand Hyatt luxury resort.
As a result of these announcements, the company's shares have moved 9.2% on the market, and are now trading at a price of $14.26. If you want to know more, read the company's complete 8-K report here.
