Total debt of roughly $1.4B against equity near $1.1B produced a debt-to-equity ratio of 1.19 in 2026Q3, which appears elevated relative to the peer group and leaves a thin equity cushion.
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 | 2.74B | 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 % | -14.94% | -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 | 42.45M | 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) | 2.4B | 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 | 283.56M | 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 | 161.4M | 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 | 84.9M | 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 | 1.59B | 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 | 1.37B | 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 | 1.21B | 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 | 1.36B | 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 | 38.01M | 7.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 134.42M | 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 | 120.67M | 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 | 84.23M | 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 | 1.15B | 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 % | -25.61% | -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 | 1.09B | 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 | 56.79M | 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 | 1.81B | 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 | -711.67M | -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) | 0.14% | 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) | 0.34% | 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 | 49.93% | 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 | 1.19x | 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 | 4.84x | 5.43x | 5.83x | 5.36x | 4.62x | 14.55x | - | 4.48x | 3.67x | 4.87x | 3.26x | 3.85x | 3.80x | 7.15x | -0.36x |
| Book Value per Share | 12.48 | 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
Thin equity cushion and volatile earnings
Metrics are mathematically derived from official filings.
Flat Asset Base With Stable Leverage
Based on reported figures, XHR's total assets held near $2.7B to $2.9B across the ten quarters while total debt stayed roughly $1.3B to $1.4B, leaving the capital structure largely unchanged over the period.
The reported figures suggest the balance sheet has been static rather than expanding through acquisitions or development, with the apparent decline in property, plant and equipment in 2026 warranting further investigation against the data table. Debt-to-equity drifting between 1.04 and 1.21 indicates leverage has been held steady rather than deliberately reduced. Investors should monitor whether this stability reflects disciplined capital allocation or a lack of external growth opportunities.
Hotel Earnings Volatile Relative to Asset Base
As reported in financial statements, XHR's NOI ranged from roughly $13M to $87M per quarter against an asset base near $2.8B, a spread that appears large for a diversified hotel portfolio of this size.
The wide swings in NOI, including a reported negative figure in 2025Q4, may indicate seasonality, asset-level disruption, or reporting effects that the balance sheet data alone cannot isolate. Property-level quality cannot be fully assessed from the supplied data, as occupancy, asset age and tenant or brand concentration are not provided. Analysts should treat the portfolio's earnings base as less predictable than the stable asset total implies.
Debt Level Steady but Equity Thin
Based on XHR's reported figures, total debt has held near $1.4B against equity of about $1.1B, producing a debt-to-equity ratio between 1.13 and 1.21 in most recent quarters, which appears elevated for a hotel REIT.
The reported figures suggest leverage is structurally high, with total liabilities of roughly $1.6B consistently exceeding equity. The supplied data does not disclose the split between secured and unsecured debt, maturity ladder, or floating-rate exposure, so refinancing risk cannot be assessed directly. Investors should monitor debt maturities and interest rate sensitivity before drawing firm conclusions about balance sheet resilience.
Cash Balance Swings Warrant Monitoring
According to recent SEC filings, XHR's cash balance moved from $78.2M in 2024Q4 to $161.4M in 2026Q3, while quarterly dividends of roughly $13M to $14M continued without apparent adjustment.
The cash build over the period may suggest improved liquidity, yet the lack of fixed charge coverage, revolver headroom or covenant data limits confidence in that reading. Dividend outflows remained steady while AFFO turned negative in 2026Q2, which may indicate reliance on balance sheet cash or financing to maintain distributions. This pattern warrants further investigation rather than a firm liquidity conclusion.
Peer Leverage Context Tempers Balance Sheet Strength
Based on the supplied peer set, XHR's debt-to-equity near 1.2 sits above APLE at 0.56, CLDT at 0.46 and SHO at 0.48, though below RHP at 3.54, suggesting its leverage is mid-to-high within the hotel group.
The relatively high leverage versus most hotel REIT peers may limit financial flexibility if operating performance weakens further. The sizeable gap in quarterly FFO and NOI makes the reported equity base an unreliable cushion, and the absence of off-balance-sheet or joint venture disclosures means hidden exposures cannot be ruled out from this data. Investors should monitor these items before assuming the balance sheet is adequate under stress.