Total debt remained stable at $1.4B with D/E at 1.15, but equity eroded to $1.1B from $1.3B in 2024Q1, and ROE turned negative at -1.6% in 2026Q2, reflecting shareholder value destruction.
Xenia Hotels & Resorts, Inc. (XHR) balance sheet — 14-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 2.72B | 2.81B | 2.83B | 2.9B | 3.08B | 3.09B | 3.08B | 3.26B | 3.17B | 3.12B | 2.86B | 3.01B | 2.96B | 3.76B | 2.88B |
| Asset Growth % | -11.6% | -0.81% | -2.43% | -5.77% | -0.24% | 0.25% | -5.62% | 2.93% | 1.76% | 8.91% | -4.84% | 1.7% | -21.32% | 30.5% | - |
| Real Estate & Other Assets | 0 | 2.55B | 2.65B | 2.64B | -408.53M | 65.11M | 66.93M | 76.15M | 35.62M | 36.35M | 28.26M | 37.64M | 162.7M | 33.69M | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 2.4B | 2.57B | 2.93B | 2.88B | 2.69B | 2.44B | 2.41B | 2.45B | 2.51B | 1.67B |
| Investment Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K |
| Total Current Assets | 148.88M | 250.05M | 169.34M | 255.51M | 403.47M | 617.38M | 437.75M | 231.49M | 196.41M | 318.94M | 310.02M | 259.27M | 276.85M | 1.15B | 1.14B |
| Cash & Equivalents | 112.36M | 140.43M | 78.2M | 164.72M | 305.1M | 517.38M | 389.82M | 110.84M | 91.41M | 71.88M | 216.05M | 122.15M | 163.05M | 89.17M | 65M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 82.68M | 65.38M | 58.35M | 60.81M | 71.47M | -437.75M | 84.12M | 83.15M | 152.67M | 76.07M | 268.26M | 227.08M | 1.03B | 1.06B |
| Intangible Assets | 0 | 0 | 6K | 48K | 210K | 596K | 1.61M | 4.04M | 27.19M | 28.18M | 34.8M | 18.4M | 22.43M | 14.35M | 2.48M |
| Total Liabilities | 1.55B | 1.63B | 1.55B | 1.58B | 1.62B | 1.65B | 1.51B | 1.49B | 1.32B | 1.47B | 1.21B | 1.26B | 1.43B | 1.94B | 1.66B |
| Total Debt | 0 | 1.43B | 1.33B | 1.39B | 1.43B | 1.5B | 1.37B | 1.29B | 1.16B | 1.32B | 1.08B | 1.09B | 1.2B | 1.28B | 1.57B |
| Net Debt | -112.36M | 1.29B | 1.26B | 1.23B | 1.12B | 981.38M | 984.66M | 1.18B | 1.06B | 1.25B | 861.08M | 972.38M | 1.03B | 1.19B | -65M |
| Long-Term Debt | 0 | 1.42B | 1.33B | 1.39B | 1.43B | 1.5B | 1.37B | 1.29B | 1.16B | 1.32B | 1.08B | 1.09B | 1.2B | 1.28B | 1.01B |
| Short-Term Borrowings | 0 | 0 | 4.43M | 0 | 5.54M | 2.87M | 4.73M | 4.37M | 3.61M | 4.43M | 2.61M | 196.77M | 90.95M | 0 | 0 |
| Capital Lease Obligations | 22.81M | 7.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 107.08M | 115.46M | 113.18M | 118.55M | 89.32M | 62.68M | 120M | 116.54M | 106.94M | 101.84M | 140.8M | 187.19M | 619.37M | 616.37M |
| Accounts Payable | 0 | 93.54M | 102.9M | 102.39M | 107.1M | 84.05M | 62.68M | 88.2M | 84.97M | 77M | 71.95M | 78.44M | 90.11M | 73.37M | 38.49M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.32B | 1.47B | 1.21B | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 87.57M | 101.12M | 76.65M | 72.39M | 64.03M | 75.58M | 69.84M | 45.75M | 40.69M | 29.81M | 27.86M | 43.4M | 38.81M | 0 |
| Total Equity | 1.16B | 1.18B | 1.28B | 1.32B | 1.46B | 1.44B | 1.57B | 1.78B | 1.85B | 1.65B | 1.65B | 1.74B | 1.52B | 1.82B | 1.22B |
| Equity Growth % | -25.32% | -7.56% | -2.82% | -9.76% | 1.52% | -8.22% | -11.73% | -4.19% | 12.62% | -0.39% | -5.27% | 14.63% | -16.35% | 49.28% | - |
| Shareholders Equity | 1.11B | 1.13B | 1.24B | 1.29B | 1.44B | 1.43B | 1.55B | 1.74B | 1.82B | 1.61B | 1.63B | 1.73B | 1.52B | 1.82B | 1.22B |
| Minority Interest | 54.6M | 49.32M | 37.23M | 26.5M | 18.82M | 7.09M | 12.79M | 36.14M | 28.79M | 30.18M | 21.97M | 15.93M | 3.65M | 1.61M | 0 |
| Common Stock | 923K | 922K | 1.01M | 1.02M | 1.13M | 1.14M | 1.14M | 1.13M | 1.13M | 1.07M | 1.07M | 1.12M | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 1.8B | 1.92B | 1.93B | 2.06B | 2.09B | 2.08B | 2.06B | 2.06B | 1.92B | 1.93B | 1.99B | 1.78B | 2.19B | 1.54B |
| Retained Earnings | 0 | -670.43M | -679.84M | -647.25M | -623.22M | 0 | -513M | -318.43M | -249.65M | -320.96M | -302.03M | -268.99M | -264.16M | -373.96M | -322.49M |
| Preferred Stock | 0 | 0 | 0 | 0 | 623.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -0.26% | 2.24% | 0.56% | 0.64% | 1.81% | -4.65% | -5.15% | 1.72% | 6.16% | 3.31% | 2.93% | 2.98% | 3.27% | -1.55% | -1.6% |
| Return on Equity (ROE) | -0.61% | 5.12% | 1.24% | 1.38% | 3.86% | -9.55% | -9.77% | 3.05% | 11.07% | 6% | 5.06% | 5.44% | 6.58% | -3.39% | -3.79% |
| Debt / Assets | 0% | 50.93% | 47.14% | 48.06% | 46.4% | 48.55% | 44.63% | 39.63% | 36.44% | 42.45% | 37.66% | 36.41% | 40.52% | 34.08% | 54.63% |
| Debt / Equity | 0.00x | 1.21x | 1.04x | 1.06x | 0.98x | 1.04x | 0.88x | 0.73x | 0.62x | 0.80x | 0.65x | 0.63x | 0.79x | 0.70x | 1.29x |
| Net Debt / EBITDA | -0.56x | 5.43x | 5.83x | 5.36x | 4.61x | 14.32x | - | 4.43x | 3.67x | 4.87x | 3.26x | 3.85x | 3.80x | 7.15x | -0.36x |
| Book Value per Share | 12.56 | 12.18 | 12.52 | 12.15 | 12.76 | 12.64 | 13.81 | 15.72 | 16.79 | 15.37 | 15.27 | 15.55 | 13.62 | 16.28 | 10.91 |
Quick answers to the most common questions about buying XHR stock.
As of 2025, Xenia Hotels & Resorts, Inc. (XHR) had total assets of $2.81B including $250.0M in current assets.
Xenia Hotels & Resorts, Inc. (XHR) carries total debt of $1.43B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Xenia Hotels & Resorts, Inc. (XHR) has total shareholders' equity (book value) of $1.13B ($12.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Xenia Hotels & Resorts, Inc. (XHR) reported a current ratio of 2.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
FFO volatility and negative AFFO
Metrics are mathematically derived from official filings.
Balance Sheet Stability Amidst Earnings Volatility
XHR's total assets remained stable near $2.8B over the past year, with debt flat at $1.4B, indicating a steady balance sheet despite fluctuating FFO, as per recent filings.
Total assets have hovered around $2.8B to $2.9B across the last ten quarters, with total liabilities consistently at $1.6B, suggesting no major acquisitions or dispositions. Equity has slightly declined from $1.3B in early 2024 to $1.1B in 2026Q2, reflecting cumulative losses and dividend distributions. The stability in debt levels, despite volatile earnings, suggests a conservative approach to leverage, but the lack of growth in the asset base may limit future earnings potential.
Portfolio Quality Under Pressure
Occupancy and NOI trends show deterioration, with NOI dropping to $23.5M in 2026Q2 from $84.2M a year earlier, indicating weakening property performance, as reported in financial statements.
The sharp decline in NOI from $84.2M in 2025Q2 to $23.5M in 2026Q2 suggests significant operational stress, possibly due to lower occupancy or room rates. This is corroborated by the negative NOI in 2025Q4 (-$160.5M), which may indicate one-time charges or asset impairments. The portfolio's ability to generate stable cash flows appears compromised, which could impact the company's ability to service debt and fund capital expenditures.
Debt Levels Stable but Coverage Concerns
Total debt remained at $1.4B for the last five quarters, with D/E around 1.15, but FFO coverage of interest may be strained given FFO fell to $12.5M in 2026Q2, per latest data.
The debt-to-equity ratio has been relatively stable, ranging from 1.04 to 1.21 over the past year, indicating a consistent capital structure. However, the dramatic drop in FFO to $12.5M in 2026Q2, from $87.8M in 2025Q2, suggests that interest coverage could be under pressure. With debt levels unchanged, the company's ability to service its obligations may depend on a recovery in operating performance, which is not yet evident.
Equity Erosion from Negative Returns
Equity declined from $1.3B in 2024Q1 to $1.1B in 2026Q2, with ROE turning negative at -1.6% in 2026Q2, indicating shareholder value erosion, as per reported figures.
The gradual decline in equity, coupled with negative ROE in recent quarters, suggests that the company is not generating sufficient returns to cover its cost of equity. This may be due to the weak operating environment and high depreciation charges. The lack of secondary equity issuance, as indicated by stable share counts, implies that the company is not raising capital to fund growth, which could limit its ability to invest in property improvements.
Liquidity Adequate but Cash Burn Risk
Cash balances increased to $112.4M in 2026Q2 from $78.2M in 2024Q4, but negative AFFO and dividend payments may strain liquidity, based on cash flow data.
Despite a modest increase in cash, the company's negative AFFO in 2026Q2 (-$2.9M) and the need to pay dividends ($13.4M) suggest that cash reserves could be depleted if operating performance does not improve. The company may need to rely on its revolving credit facility or other sources of liquidity to fund operations and capital expenditures. The stable debt levels provide some headroom, but the lack of positive AFFO raises concerns about long-term liquidity.
Hidden Risks in Deferred Capex
The sharp decline in NOI and negative AFFO may indicate deferred maintenance, as capex intensity remains high, potentially masking true portfolio deterioration, according to cash flow statements.
The cash flow data shows that capital expenditures have averaged $25.4M per quarter, but with negative AFFO, it is possible that some maintenance capex is being deferred to preserve cash. This could lead to a deterioration in property quality and future revenue generation. Additionally, the significant non-cash adjustments between FFO and operating cash flow (4.1x conversion in 2026Q2) suggest that reported FFO may not fully reflect cash-generating ability, warranting a closer look at the sustainability of distributions.