2020 Q1 Form 10-Q Financial Statement

#000161600020000078 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $215.4M $293.7M
YoY Change -26.67% 11.04%
Cost Of Revenue $170.9M $195.9M
YoY Change -12.78% 14.3%
Gross Profit $44.50M $97.80M
YoY Change -54.5% 5.02%
Gross Profit Margin 20.66% 33.3%
Selling, General & Admin $85.60M $92.30M
YoY Change -7.26% 11.34%
% of Gross Profit 192.38% 94.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.45M $39.27M
YoY Change -7.2% 3.45%
% of Gross Profit 81.91% 40.16%
Operating Expenses $122.6M $132.3M
YoY Change -7.33% 8.71%
Operating Profit -$31.54M $36.07M
YoY Change -187.44% 9.87%
Interest Expense $13.02M $12.59M
YoY Change 3.47% -8.24%
% of Operating Profit 34.89%
Other Income/Expense, Net $127.0K $95.00K
YoY Change 33.68% -75.45%
Pretax Income -$44.44M $23.37M
YoY Change -290.17% -62.13%
Income Tax -$7.300M $6.100M
% Of Pretax Income 26.1%
Net Earnings -$36.14M $16.70M
YoY Change -316.36% -69.99%
Net Earnings / Revenue -16.78% 5.69%
Basic Earnings Per Share -$0.32
Diluted Earnings Per Share -$0.32 $147.9K
COMMON SHARES
Basic Shares Outstanding 113.0M shares 112.6M shares
Diluted Shares Outstanding 113.0M shares 112.9M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $396.8M $74.50M
YoY Change 432.62% -70.84%
Cash & Equivalents $396.8M $74.46M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $23.50M $63.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $420.3M $137.8M
YoY Change 205.01% -54.82%
LONG-TERM ASSETS
Property, Plant & Equipment $2.960B $2.894B
YoY Change 2.25% 7.84%
Goodwill $8.584M $25.00M
YoY Change -65.66%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $79.50M $69.80M
YoY Change 13.9% 12.04%
Total Long-Term Assets $3.096B $3.043B
YoY Change 1.74% 6.32%
TOTAL ASSETS
Total Short-Term Assets $420.3M $137.8M
Total Long-Term Assets $3.096B $3.043B
Total Assets $3.517B $3.181B
YoY Change 10.54% 0.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.20M $91.70M
YoY Change -13.63% 14.91%
Accrued Expenses $27.10M $27.90M
YoY Change -2.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $138.1M $151.3M
YoY Change -8.72% 37.92%
LONG-TERM LIABILITIES
Long-Term Debt $1.633B $1.150B
YoY Change 41.99% -13.42%
Other Long-Term Liabilities $65.00M $46.40M
YoY Change 40.09% -1.9%
Total Long-Term Liabilities $1.698B $1.196B
YoY Change 41.92% -13.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.1M $151.3M
Total Long-Term Liabilities $1.698B $1.196B
Total Liabilities $1.836B $1.348B
YoY Change 36.22% -9.25%
SHAREHOLDERS EQUITY
Retained Earnings -$385.9M -$264.0M
YoY Change 46.18% -10.44%
Common Stock $1.135M $1.127M
YoY Change 0.71% 5.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.669B $1.803B
YoY Change
Total Liabilities & Shareholders Equity $3.517B $3.181B
YoY Change 10.54% 0.43%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$36.14M $16.70M
YoY Change -316.36% -69.99%
Depreciation, Depletion And Amortization $36.45M $39.27M
YoY Change -7.2% 3.45%
Cash From Operating Activities $5.387M $33.64M
YoY Change -83.99% -21.33%
INVESTING ACTIVITIES
Capital Expenditures -$22.20M -$13.30M
YoY Change 66.92% -44.35%
Acquisitions
YoY Change
Other Investing Activities $2.000M $0.00
YoY Change -100.0%
Cash From Investing Activities -$20.18M -$13.26M
YoY Change 52.16% -107.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.300M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $296.2M -$37.74M
YoY Change -884.81% 33.0%
NET CHANGE
Cash From Operating Activities $5.387M $33.64M
Cash From Investing Activities -$20.18M -$13.26M
Cash From Financing Activities $296.2M -$37.74M
Net Change In Cash $281.4M -$17.36M
YoY Change -1720.78% -109.26%
FREE CASH FLOW
Cash From Operating Activities $5.387M $33.64M
Capital Expenditures -$22.20M -$13.30M
Free Cash Flow $27.59M $46.94M
YoY Change -41.23% -29.59%

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CY2020Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1611000 USD
CY2019Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
5203000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5387000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
33638000 USD
CY2020Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
22177000 USD
CY2019Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
13260000 USD
CY2020Q1 us-gaap Proceeds From Deposits On Real Estate Sales
ProceedsFromDepositsOnRealEstateSales
2000000 USD
CY2019Q1 us-gaap Proceeds From Deposits On Real Estate Sales
ProceedsFromDepositsOnRealEstateSales
0 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-20177000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13260000 USD
CY2020Q1 xhr Repayments Of Secured Debt Payoffs
RepaymentsOfSecuredDebtPayoffs
0 USD
CY2019Q1 xhr Repayments Of Secured Debt Payoffs
RepaymentsOfSecuredDebtPayoffs
90000000 USD
CY2020Q1 xhr Repayments Of Secured Debt Principal Payments
RepaymentsOfSecuredDebtPrincipalPayments
691000 USD
CY2019Q1 xhr Repayments Of Secured Debt Principal Payments
RepaymentsOfSecuredDebtPrincipalPayments
804000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
85000000 USD
CY2020Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
340000000 USD
CY2019Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
CY2020Q1 xhr Payments For Redemption Of Partnership Capital Units
PaymentsForRedemptionOfPartnershipCapitalUnits
8623000 USD
CY2019Q1 xhr Payments For Redemption Of Partnership Capital Units
PaymentsForRedemptionOfPartnershipCapitalUnits
0 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2264000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
625000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
598000 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
31608000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
31338000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
296189000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-37740000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
281399000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17362000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
161608000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
476345000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
144246000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
144246000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
396816000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
74462000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
79529000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
69784000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
476345000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2203000 USD
CY2019Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1478000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
11770000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
11602000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2655000 USD
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1574000 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
28072000 USD
CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Organization</span><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Xenia Hotels &amp; Resorts, Inc. (the "Company" or "Xenia") is a Maryland corporation that invests primarily in uniquely positioned luxury and upper upscale hotels and resorts in the Top </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>25</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> lodging markets as well as key leisure destinations in the United States ("U.S."). </span></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Substantially all of the Company's assets are held by, and all the operations are conducted through, XHR LP (the "Operating Partnership"). XHR GP, Inc. is the sole general partner of XHR LP and is wholly owned by the Company. As of </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March 31, 2020</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Company collectively owned </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>97.1%</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>2.9%</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> of the Operating Partnership Units are owned by the other limited partners comprised of certain of our current executive officers and members of our Board of Directors and includes vested and unvested long-term incentive plan ("LTIP") partnership units. LTIP partnership units may or may not vest based on the passage of time and meeting certain market-based performance objectives. </span></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Xenia operates as a real estate investment trust ("REIT"). To qualify as a REIT the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding, Inc. and its subsidiaries (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent contractors to manage the hotels. </span></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As of </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March 31, 2020</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Company owned </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>39</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> lodging properties. As of </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March 31, 2019</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, the Company owned </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>40</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> lodging properties.</span></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Impact of COVID-19 </span></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">In January 2020, cases of novel coronavirus and related respiratory disease (“COVID-19”) started appearing in the United States. By March 11, 2020, COVID-19 was deemed a global pandemic by the World Health Organization. This led federal, state and local governments in the United States to impose measures intended to control its spread, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, quarantines and shelter-in-place orders. The effects of the COVID-19 pandemic on the hotel industry are unprecedented with global demand for lodging drastically reduced and occupancy levels reaching historic lows. As of March 31, 2020, </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>24</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> of the Company’s </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>39</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> hotels and resorts had temporarily suspended operations with </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>seven</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> additional hotels temporarily suspending operations in April. The Company’s remaining </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>eight</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> properties are operating at levels which reflect the reduced demand levels. As individual governmental authorities relax social distancing standards and begin to lift "stay at home" orders, the Company will work with its operating partners to evaluate the best strategy and approach for reopening each of its properties based on the hotel or resort's ability to implement necessary safety precautions, anticipated demand and other considerations. At this time, the Company anticipates </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>five</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> smaller properties with a leisure demand focus will recommence operations during the month of May.</span></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Prior to the impact of COVID-19, the results for the first quarter of 2020 exceeded expectations with RevPAR decreasing slightly in the low single digits compared to the first quarter 2019. Occupancy rates for our total portfolio for January and February 2020 were </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>65.0%</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> and </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>74.6%</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">, respectively. Due to certain of our hotels and resorts temporarily suspending operations and low levels of demand, RevPAR and occupancy declined significantly in March, which led to a total portfolio occupancy rate for the month of </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>27.2%</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">. Occupancy has continued to decline in the second quarter and, as a result, we expect operating results to be further negatively impacted in the second quarter. Both business transient and leisure demand has declined significantly, consistent with trends throughout the U.S. lodging industry. The vast majority of our hotel portfolio's group business for the second quarter has been canceled, and the Company is uncertain if, or when, this business will rebook in the future. </span></div>It is not currently known when the operations at our hotel properties will resume, or if we will need to suspend operations at additional hotel properties or in the event of a resurgence. Furthermore, we cannot predict when business levels will return to normalized levels after the effects of the pandemic subside.
CY2020Q1 xhr Number Of Top Lodging Markets For Investing
NumberOfTopLodgingMarketsForInvesting
25 market
CY2020Q1 xhr Number Of Real Estate Properties Temporarily Suspended Operations
NumberOfRealEstatePropertiesTemporarilySuspendedOperations
24 property
CY2020Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
39 property
CY2020Q1 xhr Number Of Real Estate Properties Operating At Reduced Demand
NumberOfRealEstatePropertiesOperatingAtReducedDemand
8 property
CY2020Q1 xhr Occupancy Rate Total Portfolio Percentage
OccupancyRateTotalPortfolioPercentage
0.650
CY2020Q1 xhr Occupancy Rate Total Portfolio Percentage
OccupancyRateTotalPortfolioPercentage
0.746
CY2020Q1 xhr Occupancy Rate Total Portfolio Percentage
OccupancyRateTotalPortfolioPercentage
0.272
CY2020Q1 xhr Number Of Real Estate Properties Temporarily Suspended Operations
NumberOfRealEstatePropertiesTemporarilySuspendedOperations
24 property
CY2020Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
39 property
CY2020Q1 xhr Number Of Real Estate Properties Operating At Reduced Demand
NumberOfRealEstatePropertiesOperatingAtReducedDemand
8 property
CY2020Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
340000000 USD
CY2020Q1 xhr Capital Expenditure Projects Amount Deferred
CapitalExpenditureProjectsAmountDeferred
50000000 USD
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:start;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:underline;">Use of Estimates</span></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected future economic conditions. Actual results could differ from these estimates.</span></div>
CY2020Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:start;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:underline;">Risks and Uncertainties</span></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As of March 31, 2020, </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>24</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> of the Company’s </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>39</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> hotels and resorts had temporarily suspended operations with </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"><span>seven</span></span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;"> additional hotels temporarily suspending operations in April. </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">It is not currently known when the operations at our hotel properties will resume, or if we will need to suspend operations at additional hotel properties. </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">We will continue to monitor the rapidly evolving situation and guidance from federal, state and local governmental and public health authorities, and we may be required or elect to take additional actions based on their recommendations. Under these circumstances, there may be developments that require us to further adjust our operations. </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Furthermore, we cannot predict when business levels will return to normalized levels after the effects of the pandemic subside and travel bans and shelter-in-place orders are lifted or upon a resurgence. There also can be no guarantee that the demand for lodging, and consumer confidence in travel generally, will recover as quickly as other industries. </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">As a result, our revenues have declined significantly and we expect this trend to continue. Additionally, we expect the effects of the pandemic to materially and adversely affect our ability to consummate acquisitions and dispositions of hotel properties as well as to cause us to scale back or delay planned renovations and other projects. </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">Due to the speed with which the situation is developing we cannot predict the full extent and duration of the effects of the COVID-19 pandemic on our operations, although the longer and more severe the pandemic or resurgence, the greater the material adverse impact on our business, results of operations, cash flows, financial condition, the market price of our common stock, our ability to make distributions to our shareholders, our access to credit markets and our ability to service our indebtedness.</span></div>
CY2020Q1 xhr Number Of Real Estate Properties Temporarily Suspended Operations
NumberOfRealEstatePropertiesTemporarilySuspendedOperations
24 property
CY2020Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
39 property
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3580000 USD
CY2020Q1 xhr Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year Weighted Average Interest Rate
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYearWeightedAverageInterestRate
0.0447
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20800000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
8600000 USD
CY2019Q1 us-gaap Goodwill
Goodwill
25000000.0 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
16400000 USD
CY2017 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
215353000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
293687000 USD
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
5545000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
5963000 USD
CY2020Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0332
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
1632782000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
1293054000 USD
CY2019Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-213000 USD
CY2019Q4 xhr Debt Instrument Carrying Amount And Line Of Credit
DebtInstrumentCarryingAmountAndLineOfCredit
1299000000 USD
CY2020Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0332
CY2019Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0372
CY2020Q1 xhr Long Term Debt Maturities Repayments Of Principal In Year Two Weighted Average Interest Rate
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwoWeightedAverageInterestRate
0.0294
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
182915000 USD
CY2020Q1 xhr Long Term Debt Maturities Repayments Of Principal In Year Three Weighted Average Interest Rate
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThreeWeightedAverageInterestRate
0.0360
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
211863000 USD
CY2020Q1 xhr Long Term Debt Maturities Repayments Of Principal In Year Four Weighted Average Interest Rate
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFourWeightedAverageInterestRate
0.0302
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
281534000 USD
CY2020Q1 xhr Long Term Debt Maturities Repayments Of Principal In Year Five Weighted Average Interest Rate
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFiveWeightedAverageInterestRate
0.0346
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
278034000 USD
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
180401000 USD
CY2020Q1 xhr Long Term Debt Maturities Repayments Of Principal After Year Five Weighted Average Interest Rate
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFiveWeightedAverageInterestRate
0.0466
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1138327000 USD
CY2020Q1 xhr Longterm Debt Gross Weighted Average Interest Rate
LongtermDebtGrossWeightedAverageInterestRate
0.0361
CY2019Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0266
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
5545000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
1632782000 USD
CY2020Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0332
CY2020Q1 xhr Recourse Debt
RecourseDebt
0 USD
CY2020Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
340000000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-17120000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-5084000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-409000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
1413000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
13024000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
12587000 USD
CY2020Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
-10400000 USD
CY2020Q1 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimate Of Time To Transfer1
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimateOfTimeToTransfer1
P12M
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
7.96
CY2020Q1 us-gaap Goodwill Gross
GoodwillGross
34352000 USD
CY2020Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
25768000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
8584000 USD
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
34352000 USD
CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
9400000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
24952000 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
16400000 USD
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
9400000 USD
CY2020Q1 xhr Effective Income Tax Rate Reconciliation At Federal And State Combined Effective Rate
EffectiveIncomeTaxRateReconciliationAtFederalAndStateCombinedEffectiveRate
0.1010
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-7300000 USD
CY2019Q1 xhr Effective Income Tax Rate Reconciliation At Federal And State Combined Effective Rate
EffectiveIncomeTaxRateReconciliationAtFederalAndStateCombinedEffectiveRate
0.3039
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6100000 USD
CY2018Q1 xhr Common Stock Maximum Authorized Pursuant To At The Market Agreements Value
CommonStockMaximumAuthorizedPursuantToAtTheMarketAgreementsValue
200000000 USD
CY2020Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2020Q1 xhr Common Stock Remaining Available Pursuant To At The Market Agreements Value
CommonStockRemainingAvailablePursuantToAtTheMarketAgreementsValue
62600000 USD
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
165516 shares
CY2020Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.68
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2300000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1931073 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1246060 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
185265 shares
CY2020Q1 xhr Sharebased Compensation Arrangementby Sharebased Payment Award Equity Instruments Otherthan Options Expiredin Period
SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsExpiredinPeriod
0 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
3154 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2988714 shares
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.275
CY2020Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2020-03-31
CY2020Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2020-04-15
CY2020Q1 us-gaap Partners Capital Account Units Redeemed
PartnersCapitalAccountUnitsRedeemed
457017 shares
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-36138000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16703000 USD
CY2020Q1 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
150000 USD
CY2019Q1 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
143000 USD
CY2020Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
-36288000 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
16560000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112984868 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112619144 shares
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
288395 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112984868 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112907539 shares
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.32
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.15
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
327475 shares
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
16200000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P30Y
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0594
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
45980000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
27052000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
602000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1872000 USD
CY2020Q1 us-gaap Lease Cost
LeaseCost
2474000 USD
CY2020Q1 xhr Operating Lease Including Available Extension Options Weighted Average Remaining Lease Term
OperatingLeaseIncludingAvailableExtensionOptionsWeightedAverageRemainingLeaseTerm
P61Y
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1803000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2417000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2431000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2445000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2460000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
49862000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
61418000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
34366000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
27052000 USD

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