Xenia Hotels & Resorts announced results for the quarter and full year ended December 31, 2017.
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Fourth quarter 2017 highlights: Net income attributable to common stockholders was $9.7 million and net income per diluted share was $0.09.
Same-Property RevPAR increased 4.4% compared to the fourth quarter of 2016 to $152.18, driven entirely by occupancy which increased 320 basis points, as ADR remained flat.
Same-Property Hotel EBITDA Margin was 29.8%, an increase of 111 basis points compared to the fourth quarter of 2016.
Total Portfolio RevPAR was 9.2% higher than in the fourth quarter of 2016.
Adjusted EBITDA increased $3.9 million to $68.0 million, an increase of 6.1% compared to the fourth quarter of 2016.
Adjusted FFO per diluted share was $0.52, a decrease of 5.5% compared to the fourth quarter of 2016 due to increased income tax expense and interest expense.
The wildfires in California, as well as the continued softness in demand in Key West following Hurricane Irma, negatively impacted Adjusted EBITDA by an estimated $3 million.
The company carries business interruption insurance at each of the four impacted hotels and is currently evaluating its ability to recover proceeds for lost business as a result of these natural disasters.
The company completed the acquisition of three hotels for total consideration of $410 million.
Additionally during the quarter, the company entered into an agreement to sell the leasehold interest in Aston Waikiki Beach Hotel for $200 million.
The buyer has a $10 million deposit at risk and the sale is expected to close in the first quarter 2018, subject to customary closing conditions.
The company fixed LIBOR through September 2022 on its $125 million term loan maturing in September 2024.
The company declared its fourth quarter dividend of $0.275 per share to common stockholders of record on December 29, 2017.
Full year 2017 highlights
Net income attributable to common stockholders was $98.9 million and net income per diluted share was $0.92.
Same-Property RevPAR increased 1.4% to $159.90 compared to the year ended December 31, 2016, as occupancy increased 100 basis points and ADR increased 0.1%.
Same-Property Hotel EBITDA Margin was 30.8%, an increase of 52 basis points compared to the year ended December 31, 2016.
Total Portfolio RevPAR increased 3.9% year over year, reflecting portfolio performance and change in composition.
Adjusted EBITDA was $270.3 million, a decrease of 5.9% from 2016, primarily as a result of the timing of transactions during the year.
The Company generated Adjusted FFO per diluted share of $2.06, a 6.4% decline from 2016. ■