XENIA HOTELS & RESORTS REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS

March 1, 2023 at 6:30 AM·20 min read

ORLANDO, March 1, 2023 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter and year ended December 31, 2022.

Fourth Quarter 2022 Highlights

Net Income: Net income attributable to common stockholders was $35.3 million, or $0.31 per share
Adjusted EBITDAre: $64.6 million, increased 32.0% compared to the fourth quarter of 2021
Adjusted FFO per Diluted Share: $0.41, increased $0.16 compared to the fourth quarter of 2021
Same-Property Occupancy: 64.1%, increased 770 basis points compared to the fourth quarter of 2021 and decreased 920 basis points compared to the fourth quarter of 2019
Same-Property ADR: $260.19, increased 6.9% and 15.0% compared to the fourth quarter of 2021 and 2019, respectively
Same-Property RevPAR: $166.87, increased 21.5% and 0.6% compared to the fourth quarter of 2021 and 2019, respectively
Same-Property Hotel EBITDA: $65.4 million, increased 23.5% and 3.3% compared to the fourth quarter of 2021 and 2019, respectively
Same-Property Hotel EBITDA Margin: 27.3%, decreased 37 basis points and increased 17 basis points compared to the fourth quarter of 2021 and 2019, respectively
Transaction Activity: Sold the 115-room Bohemian Hotel Celebration, Autograph Collection in Celebration, FL for $27.75 million and the 189-room Kimpton Hotel Monaco Denver for $69.75 million.
Dividends: The Company declared its fourth quarter dividend of $0.10 per share to common stockholders of record on December 30, 2022.

"We are pleased with our fourth quarter results as the continued transition from a leisure-driven recovery to a more traditional mix of leisure, business transient and group demand resulted in Adjusted EBITDAre and FFO per share that came in near the high end of guidance we provided after our third quarter results," said Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "With Same-Property RevPAR increasing by 0.6% over the fourth quarter of 2019, a continued focus on cost controls helped Same-Property Hotel EBITDA Margin grow over the same period in 2019, despite continued cost pressures, particularly in labor and utilities, that are impacting our portfolio and the lodging industry overall. Despite the typical seasonal slowdown in demand as the quarter progressed, December results were particularly encouraging as Same-Property RevPAR increased by 2.6% over 2019, fueled by ADR growth of almost 18% and a declining occupancy gap when compared to the same period in 2019. We continue to be particularly pleased with the resiliency of rate growth within our portfolio as Same-Property ADR for the quarter exceeded 2019 by 15%."

Full Year 2022 Highlights

Net Income: Net income attributable to common stockholders was $55.9 million, or $0.49 per share.
Adjusted EBITDAre: $257.0 million, increased 137.8% compared to 2021
Adjusted FFO per Diluted Share: $1.54, increased $1.26 compared to 2021
Same-Property Occupancy: 63.9%, increased 1,420 basis points compared to 2021 and decreased 1,270 basis points compared to 2019
Same-Property ADR: $259.92, increased 15.3% and 13.8% compared to 2021 and 2019, respectively
Same-Property RevPAR: $166.08, an increase of 48.3% and a decrease of 5.1% compared to 2021 and 2019, respectively
Same-Property Hotel EBITDA: $256.4 million, an increase of 99.9% and a decrease of 3.0% compared to 2021 and 2019, respectively
Same-Property Hotel EBITDA Margin: 28.4%, an increase of 623 basis points and 40 basis points compared to 2021 and 2019, respectively
Transaction Activity: Acquired the 346-room W Nashville for $328.7 million and sold three hotels, reflecting 495 rooms, for $133.5 million in total.
Balance Sheet: In the first quarter, the Company paid off the $65 million mortgage loan secured by The Ritz-Carlton, Pentagon City.
Share Repurchases & Dividends: The Company repurchased a total of 1,912,794 shares of common stock at a weighted-average price of $14.74 per share for total consideration of approximately $28.2 million in 2022. Additionally, the Company declared a quarterly dividend in both the third and fourth quarters of $0.10 per share to common stockholders.

"We successfully executed our long-term strategy on several fronts in 2022," commented Mr. Verbaas. "First, we positioned our portfolio to capitalize on strong leisure demand and a broad-based recovery. Second, we remained engaged through transaction activity, thereby improving the overall quality and growth profile of our portfolio. And finally, we balanced capital allocation priorities by returning capital to shareholders while also initiating several important capital projects."

"Building on Xenia's strong track record of successful transformative renovations and expansions, just last month we announced plans to transform and upgrade Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch," continued Mr. Verbaas. "The property will undergo a comprehensive renovation and upbranding to a Grand Hyatt which we expect to be completed by the end of 2024. While the resort has been a very strong performer since our acquisition in 2017, we intend to maximize the value of this very important strategic asset by increasing the property's ability to capture premium group and leisure transient business and optimizing its ability to compete effectively with its luxury competitors in the attractive Phoenix/Scottsdale market."

"Looking ahead, we continue to see opportunities for growth in 2023," said Mr. Verbaas. "We expect to benefit from continued recovery across our portfolio, the ramping up of recently acquired properties, and favorable returns on several meaningful capital projects. Despite the current uncertain macro backdrop, lodging demand remains resilient. Our January 2023 Current Same-Property RevPAR increased 49.5%, and February RevPAR is expected to be up approximately 25% compared to the same months in 2022. We expect our high-quality portfolio to benefit from the continued recovery in business transient and group demand as the year progresses."

Operating Results

The Company's results include the following:

	Three Months Ended December 31,			Change From
	2022	2021	2019	2021	2019
	($ amounts in thousands, except hotel statistics and per share amounts)
Net income (loss) attributable to common stockholders	$ 35,261	$ (22,935)	$ 15,610	253.7 %	125.9 %
Net income (loss) per share available to common stockholders - basic and diluted	$ 0.31	$ (0.20)	$ 0.14	255.0 %	121.4 %

Same-Property Number of Hotels⁽¹⁾	30	30	30	—	—
Same-Property Number of Rooms⁽¹⁾⁽⁵⁾	8,562	8,564	8,565	(2)	(3)
Same-Property Occupancy⁽¹⁾	64.1 %	56.4 %	73.3 %	770 bps	(920) bps
Same-Property Average Daily Rate⁽¹⁾	$ 260.19	$ 243.43	$ 226.34	6.9 %	15.0 %
Same-Property RevPAR⁽¹⁾	$ 166.87	$ 137.35	$ 165.94	21.5 %	0.6 %
Same-Property Hotel EBITDA⁽¹⁾⁽²⁾	$ 65,354	$ 52,922	$ 63,251	23.5 %	3.3 %
Same-Property Hotel EBITDA Margin⁽¹⁾⁽²⁾	27.3 %	27.7 %	27.2 %	(37) bps	17 bps

Total Portfolio Number of Hotels⁽³⁾	32	34	39	(2)	(7)
Total Portfolio Number of Rooms⁽³⁾⁽⁵⁾	9,508	9,659	11,245	(151)	(1,737)
Total Portfolio RevPAR⁽⁴⁾	$ 162.93	$ 128.67	$ 158.25	26.6 %	3.0 %

Adjusted EBITDAre⁽²⁾	$ 64,583	$ 48,927	$ 71,994	32.0 %	(10.3) %
Adjusted FFO⁽²⁾	$ 46,608	$ 28,437	$ 65,749	63.9 %	(29.1) %
Adjusted FFO per diluted share⁽²⁾	$ 0.41	$ 0.25	$ 0.58	64.0 %	(29.3) %


1.	"Same-Property" includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic and renovation disruption for multiple capital projects during the periods presented.

2.	See tables later in this press release for reconciliations from net income (loss) 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. EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures.

3.	As of end of periods presented.

4.	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. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2021.

5.	Two rooms at Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch were removed from inventory in 2022 and one room at Grand Bohemian Hotel Mountain Brook, Autograph Collection was removed in 2020.

	Year Ended December 31,			Change From
	2022	2021	2019	2021	2019
	($ amounts in thousands, except hotel statistics and per share amounts)
Net income (loss) attributable to common stockholders	$ 55,922	$ (143,517)	$ 55,400	139.0 %	0.9 %
Net income (loss) per share available to common stockholders - basic and diluted	$ 0.49	$ (1.26)	$ 0.49	138.9 %	— %

Same-Property Number of Hotels⁽¹⁾	30	30	30	—	—
Same-Property Number of Rooms⁽¹⁾⁽⁵⁾	8,562	8,564	8,565	(2)	(3)
Same-Property Occupancy⁽¹⁾	63.9 %	49.7 %	76.6 %	1,420 bps	(1,270) bps
Same-Property Average Daily Rate⁽¹⁾	$ 259.92	$ 225.39	$ 228.43	15.3 %	13.8 %
Same-Property RevPAR⁽¹⁾	$ 166.08	$ 111.96	$ 175.04	48.3 %	(5.1) %
Same-Property Hotel EBITDA⁽¹⁾⁽²⁾	$ 256,374	$ 128,245	$ 264,253	99.9 %	(3.0) %
Same-Property Hotel EBITDA Margin⁽¹⁾⁽²⁾	28.4 %	22.2 %	28.0 %	623 bps	40 bps

Total Portfolio Number of Hotels⁽³⁾	32	34	39	(2)	(7)
Total Portfolio Number of Rooms⁽³⁾⁽⁵⁾	9,508	9,659	11,245	(151)	(1,737)
Total Portfolio RevPAR⁽⁴⁾	$ 162.75	$ 103.64	$ 168.43	57.0 %	(3.4) %

Adjusted EBITDAre⁽²⁾	$ 256,988	$ 108,058	$ 302,118	137.8 %	(14.9) %
Adjusted FFO⁽²⁾	$ 177,316	$ 32,007	$ 250,598	454.0 %	(29.2) %
Adjusted FFO per diluted share⁽²⁾	$ 1.54	$ 0.28	$ 2.19	450.0 %	(29.7) %


1.	"Same-Property" includes all hotels owned as of December 31, 2022, except for Hyatt Regency Portland at the Oregon Convention Center and W Nashville. "Same-Property" also includes disruption from the COVID-19 pandemic and renovation disruption for multiple capital projects during the periods presented.

2.	See tables later in this press release for reconciliations from net income (loss) 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. EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures.

3.	As of end of periods presented.

4.	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. Includes hotels that had temporarily suspended operations for a portion of the year ended December 31, 2021.

5.	Two rooms at Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch were removed from inventory in 2022 and one room at Grand Bohemian Hotel Mountain Brook, Autograph Collection was removed in 2020.

Transactions

In the fourth quarter, the Company sold the 115-room Bohemian Hotel Celebration, Autograph Collection in Celebration, FL for $27.75 million and the 189-room Kimpton Hotel Monaco Denver for $69.75 million. Earlier in the year, the Company sold the 191-room Kimpton Hotel Monaco Chicago for $36 million. The total sales price achieved in these transactions equated to a blended 15.4x multiple on the combined 2019 Hotel EBITDA generated by the three hotels.

Financings and Balance Sheet

As of December 31, 2022, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.65%. The Company had approximately $305 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving credit facility, resulting in total liquidity of approximately $755 million as of December 31, 2022. In addition, the Company held approximately $61 million of restricted cash and escrows at the end of the fourth quarter.

Subsequent to year end, the Company entered into a new $675 million credit facility comprised of a $450 million revolving line of credit, a $125 million term loan, and a $100 million delayed draw term loan. The revolving line of credit matures in January 2027 and the term loans mature in March 2026. The Company has the option to extend each tranche of the credit facility for up to an additional year. Pricing for the credit facility ranges between 145 to 275 basis points over the applicable adjusted Term SOFR as determined by the Company's leverage ratio.

Proceeds from the term loans were used to pay off the Company's existing $125 million term loan and the $99.6 million mortgage loan collateralized by Renaissance Atlanta Waverly Hotel & Convention Center.

Also in January 2023, the Company amended the Andaz Napa mortgage loan which changed the variable rate on the $55 million loan from LIBOR-based to SOFR-based and extended the maturity date through January 2028.

As of March 1, 2023, the Company has no maturities until August 2025 and maintains full availability on its revolving line of credit.

Capital Markets

In the quarter, the Company repurchased a total of 1,791,816 shares of common stock at a weighted-average price of $14.69 per share for a total consideration of approximately $26.4 million. For the year ended December 31, 2022, the Company repurchased a total of 1,912,794 shares of common stock at a weighted-average price of $14.74 per share for total consideration of approximately $28.2 million.

The Company repurchased 1,038,543 shares of common stock year-to-date through February 28, 2023 at a weighted-average price of $14.20 per share for total consideration of approximately $14.8 million. The Company currently has $152 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 2022 and had $200 million of remaining availability as of December 31, 2022.

Capital Expenditures

During the quarter and year ended December 31, 2022, the Company invested $29.7 million and $70.4 million in portfolio improvements, respectively. During 2022, significant projects in the Company's portfolio included:

Kimpton Canary Hotel Santa Barbara – Comprehensive renovation of public spaces including meeting space, lobby, restaurant, bar and rooftop. Began a comprehensive guest room renovation in the fourth quarter which is expected to be completed in the second quarter of 2023.
Grand Bohemian Hotel Orlando, Autograph Collection – Comprehensive renovation of public spaces including meeting space, lobby, restaurant, bar, Starbucks, and creation of a rooftop bar expected to be completed in the first quarter of 2023. A comprehensive renovation of the guest rooms will commence in the second quarter of 2023.
Park Hyatt Aviara Resort, Golf Club & Spa – Golf course refurbishment including replacement of turfgrass, bunkers, irrigation heads and controls, cart paths and curbing. Creation of a Combined Heat & Power System which will result in substantial energy savings and is expected to be completed in the first quarter of 2023. Additionally, the Company began work in the fourth quarter on a significant upgrade to the resort's spa and wellness amenities which will be branded as a Miraval Life in Balance Spa upon completion late in the second quarter of 2023.
Waldorf Astoria Atlanta Buckhead – Guest room renovation including all softgoods. Renovations of the restaurant & lobby including reconcepting of the restaurant and bar.
Marriott Dallas Downtown – Renovation of meeting space.
Marriott San Francisco Airport Waterfront – Refurbishment of the exterior envelope and replacement of signage.
Marriott Woodlands Waterway Hotel & Convention Center – Renovation of bathrooms including conversion of tubs to showers in 75 percent of guest rooms.
Royal Palms Resort & Spa, The Unbound Collection by Hyatt – Renovation of meeting space and pre-function areas.
Fairmont Pittsburgh – Renovation of meeting space and addition of Starbucks to the lobby.
The Ritz-Carlton, Denver – Renovation and reconfiguration of suites which will result in three additional keys upon completion in the first quarter of 2023.
Kimpton Hotel Monaco Salt Lake City – Continued planning work on a comprehensive renovation of meeting space, restaurant, bar and guest rooms that is expected to commence in the second quarter of 2023.

Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch Renovation

In February, the Company announced the comprehensive renovation and upbranding of the 491-room Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch to a Grand Hyatt. The investment is expected to maximize value of this strategic asset, thereby increasing the property's ability to capture premium group and leisure transient business. The renovation is expected to begin in June 2023 with completion of all phases by the end of 2024. Upon completion, the property will have five additional keys, or 496 rooms.

The resort will undergo extensive renovations and enhancements of its two-acre pool complex, guestrooms, all food and beverage venues, and public areas and amenities, including the expansion of the property's indoor and outdoor meeting and event spaces. The expansion of the existing 75,000 square feet of meeting space includes doubling the size of the largest existing ballroom to 24,000 square feet, along with the reconfiguration and expansion of pre-function and support space.

Hurricane Update

In late September, Hurricane Ian caused limited property damage and disruption at the Company's Key West, Orlando, Savannah, and Charleston, SC hotels. All hotels remained open during and after the storm. In early November, Hurricane Nicole had a minor impact to one of our hotels in Orlando.

The total impact of both storms, inclusive of revenue disruption and repair and cleanup costs, was less than $2.0 million.

Full Year 2023 Outlook and Guidance

The Company is providing its full year outlook based on the current economic environment. The broad range below reflects the Company's limited visibility in forecasting due to macroeconomic uncertainty and does not take into account any unanticipated impacts to the business or operating environment. Furthermore, this guidance assumes no additional acquisitions, dispositions, equity offerings, or share repurchases. The Current Same-Property (32 Hotel) RevPAR change shown includes all hotels owned as of March 1, 2023.

	Full Year 2023 Guidance
	Low End	High End
	($ in millions, except stats and per share data)
Net Income	$3	$31
Current Same-Property (32 Hotel) RevPAR Change (vs. 2022)	4 %	8 %
Adjusted EBITDAre	$243	$271
Adjusted FFO	$154	$182
Adjusted FFO per Diluted Share	$1.36	$1.60
Capital Expenditures	$130	$150

Full year 2023 guidance is inclusive of the following assumptions:

Renovation disruption results in a negative impact of 200 basis points to Current Same-Property (32 Hotel) RevPAR Change based on the scope and timing of capital improvement projects. In addition, the Company expects disruption to non-room revenues. These estimates result in a negative impact of approximately $15 million to Adjusted EBITDAre and Adjusted FFO.
General and administrative expense of approximately $25 million, excluding non-cash share-based compensation.
Interest expense of approximately $85 million, excluding non-cash loan related costs.
Income tax expense of approximately $4 million.
The three hotels that were sold last year contributed approximately $6 million to Adjusted EBITDAre in 2022.
113.8 million weighted-average diluted shares/units.

Supplemental Financial Information

Please refer to the Company's Supplemental Financial Information package for the Fourth Quarter 2022 available online through the Press Release section of the Company's Investor Relations website for additional financial information.

Fourth Quarter 2022 Earnings Call

The Company will conduct its quarterly conference call on Wednesday, March 1, 2023 at 1:00 PM Eastern Time. To participate in the conference call, please dial (844) 200-6205, access code 423277. 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 32 hotels and resorts comprising 9,508 rooms across 14 states. Xenia's hotels are in the luxury and upper upscale segments, and are operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, The Kessler Collection, and Davidson. For more information on Xenia's business, refer to the Company website at www.xeniareit.com.

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 plans, strategies, or other future events, the outlook related to macroeconomic factors and general economic uncertainty and a potential contraction in the U.S. or global economy or low levels of economic growth , including such effects on the demand for travel, transient and group business, capital expenditures, timing of renovations, financial performance, prospects or future events. 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; (iii) inflation and inflationary pressures which increases our labor and other costs of providing services to guests and meeting hotel brand standards, as well as costs related to construction and other capital expenditures, property and other taxes, and insurance which could result in reduced operating profit margins; (iv) the pace and evenness of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, COVID-19 variants or any future resurgence, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, levels of spending in transient or group business and leisure segments, and levels of consumer confidence; (v) actions that governments, businesses, and individuals take in response to any resurgence of COVID-19 including variants of the virus, including limiting or banning travel; (vi) the ability of hotel managers to successfully navigate the continued impacts of the COVID-19 pandemic; (vii) the Company's dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly; (viii) risks associated with the hotel industry, including competition, increases in wages and benefits, energy costs and other operating costs, actual or threatened terrorist attacks, cyber incidents, information technology failures, downturns in general and local economic conditions, prolonged periods of civil unrest in our markets, and cancellation of or delays in the completion of anticipated demand generators; (ix) the availability and terms of financing and capital and the general volatility of securities markets; (x) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws; (xi) interest rate increases; (xii) ability to successfully negotiate amendments and covenant waivers with its unsecured and secured indebtedness; (xiii) the Company's ability to comply with covenants, restrictions, and limitations in any existing or revised loan agreements with our unsecured and secured lenders; (xiv) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs; (xv) the possibility of uninsured or underinsured losses, including those relating to natural disasters, terrorism, government shutdowns and closures, civil unrest, or cyber incidents; (xvi) risks associated with redevelopment and repositioning projects, including delays and cost overruns; (xvii) levels of spending in business and leisure segments as well as consumer confidence; (xviii) declines in occupancy and average daily rate; (xix) the seasonal and cyclical nature of the real estate and hospitality businesses, (xx) changes in distribution arrangements, such as through Internet travel intermediaries; (xxi) relationships with labor unions and changes in labor laws, including increases to minimum wages; (xxii) the impact of changes in the tax code and uncertainty as to how some of those changes may be applied; (xxiii) monthly cash expenditures and the uncertainty around predictions; (xxiv) labor shortages; (xxv) disruptions in supply chains resulting in delays or inability to procure required products; and (xxvi) 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 "Email Alerts / Investor Information" in the "Corporate 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.

Xenia Hotels & Resorts, Inc.
Consolidated Balance Sheets
As of December 31, 2022 and December 31, 2021
($ amounts in thousands, except per share data)

	December 31, 2022	December 31, 2021
Assets	(Unaudited)	(Audited)
Investment properties:
Land	$ 460,536	$ 431,427
Buildings and other improvements	3,086,785	2,856,671
Total	$ 3,547,321	$ 3,288,098
Less: accumulated depreciation	(945,786)	(888,717)
Net investment properties	$ 2,601,535	$ 2,399,381
Cash and cash equivalents	305,103	517,377
Restricted cash and escrows	60,807	36,854
Accounts and rents receivable, net of allowance for doubtful accounts	37,562	28,528
Intangible assets, net of accumulated amortization	5,060	5,446
Other assets	69,988	65,109
Assets held for sale	—	34,621
Total assets	$ 3,080,055	$ 3,087,316
Liabilities
Debt, net of loan premiums, discounts and unamortized deferred financing costs	$ 1,429,105	$ 1,494,231
Accounts payable and accrued expenses	107,097	84,051
Distributions payable	11,455	89
Other liabilities	72,390	68,559
Liabilities associated with assets held for sale	—	2,305
Total liabilities	$ 1,620,047	$ 1,649,235
Commitments and Contingencies
Stockholders' equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 112,519,672 and 114,306,727 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	$ 1,126	$ 1,143
Additional paid in capital	2,063,273	2,090,393
Accumulated other comprehensive loss	—	(4,089)
Accumulated distributions in excess of net earnings	(623,216)	(656,461)
Total Company stockholders' equity	$ 1,441,183	$ 1,430,986
Non-controlling interests	18,825	7,095
Total equity	$ 1,460,008	$ 1,438,081
Total liabilities and equity	$ 3,080,055	$ 3,087,316

Xenia Hotels & Resorts, Inc.
Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months and Years Ended December 31, 2022 and 2021
($ amounts in thousands, except per share data)

	...