Xenia Hotels & Resorts Expects 2024 Adjusted FFO Per Diluted Share Of $1.59- $1.78 And Net Income Of $15M-$35M

Author: Benzinga Newsdesk | February 27, 2024 07:37am

Full Year 2024 Outlook and Guidance

The Company is providing its full year 2024 outlook. The range below reflects the Company's limited visibility in forecasting due to 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 (32 Hotel) RevPAR change shown includes all hotels owned as of December 31, 2023. The Same-Property (31 Hotel) RevPAR change shown includes all hotels owned as of December 31, 2023, except Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch.

	Full Year 2024 Guidance
	Low End	High End
	($ in millions, except stats and per share data)
Net Income	$15	$35
Same-Property (32 Hotel) RevPAR Change (vs. 2023)	2.0 %	5.0 %
Excluding Hyatt Regency Scottsdale, Same-Property (31 Hotel) RevPAR Change (vs. 2023)	2.5 %	5.5 %
Adjusted EBITDAre	$244	$264
Adjusted FFO	$165	$185
Adjusted FFO per Diluted Share	$1.59	$1.78
Capital Expenditures	$120	$130

Full year 2024 guidance is inclusive of the following assumptions:

• Disruption due to renovations is expected to negatively impact Adjusted EBITDAre and Adjusted FFO by approximately $14 million, or approximately $4 million less than the impact of disruption due to renovations in 2023
• General and administrative expense of approximately $25 million, excluding non-cash share-based compensation
• Interest expense of approximately $77 million, excluding non-cash loan related costs
• Income tax expense of approximately $2 million
• $65 - $70 million of capital expenditures for Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch
• 104.0 million weighted-average diluted shares/units

Posted In: XHR