High capital intensity remains a structural headwind, with quarterly CapEx reaching $51.4 million in 2023Q4 and causing AFFO to frequently deviate from FFO, including negative results in 2025Q3.
| 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 |
|---|
| Cash from Operations | 166.78M | 176.51M | 163.72M | 198.06M | 187.13M | 40.76M | -77.72M | 246.57M | 254.19M | 212.81M | 225.64M | 193.15M | 181.6M | 180.59M | 133M |
| Operating CF Growth % | -59.27% | 7.81% | -17.34% | 5.84% | 359.07% | 152.45% | -131.52% | -3% | 19.44% | -5.69% | 16.82% | 6.36% | 0.56% | 35.78% | - |
| Operating CF / Revenue % | 15.37% | 16.37% | 15.76% | 19.32% | 18.76% | 6.62% | -21.02% | 21.46% | 24.02% | 22.51% | 23.75% | 19.79% | 19.6% | 27.7% | 28.49% |
| Net Income | 67.27M | 63.09M | 16.87M | 19.87M | 57.63M | -146.62M | -166.89M | 55.4M | 198.53M | 100.82M | 86.73M | 88.64M | 109.8M | -51.47M | -40.46M |
| Depreciation & Amortization | 129.39M | 130.72M | 128.66M | 131.81M | 132.11M | 128.32M | 143.94M | 155.33M | 158.12M | 153.44M | 152.91M | 148.13M | 177.67M | 154.86M | 155.78M |
| Stock-Based Compensation | 13.24M | 13.07M | 13.66M | 13.17M | 11.41M | 11.62M | 10.93M | 9.38M | 9.17M | 9.93M | 8.97M | 6.1M | 0 | 0 | 0 |
| Other Non-Cash Items | -46.73M | -33.02M | 1.44M | 4.49M | -22.95M | 7.02M | 10.45M | 32.04M | 2.6M | 2.85M | 3.75M | 9.39M | -63.66M | 52.4M | 4.34M |
| Working Capital Changes | 711K | 2.66M | 3.09M | 28.73M | 11.13M | 10.09M | -13.19M | -5.58M | 8.72M | -4.7M | -11.72M | -21.86M | -42.21M | 24.79M | 13.34M |
| Cash from Investing | 33.89M | -7.08M | -108.25M | -118.75M | -265.39M | -24.21M | 254.19M | -222.89M | -49.8M | -487.56M | 105.83M | -216.67M | 827.51M | -1.03B | -271.03M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65.13M | 451.9M | -185.79M | 101.08M | -2.97M | 2.37M | 6.26M |
| Purchase of Investments | 0 | -25.44M | 0 | 0 | -328.49M | 0 | 0 | 0 | -354.15M | -605.51M | -116M | -245.26M | 0 | 0 | 0 |
| Sale of Investments | -61.45M | 61.45M | 0 | 0 | 27.29M | 4.79M | 226.79M | 0 | 289.02M | 153.61M | 242.97M | 90.4M | 0 | 0 | 0 |
| Other Investing | 164.83M | 43.52M | 32.31M | 2.15M | 106.19M | 2.82M | 96.63M | -129.85M | 58.41M | -401.16M | 223.47M | -109.11M | 890.16M | -965.61M | -184.47M |
| Cash from Financing | -203.18M | -89.91M | -134.97M | -222.15M | -110.06M | 108.89M | 57.37M | 9.66M | -173.19M | 118.12M | -237.57M | -17.38M | -935.23M | 869.14M | 159.02M |
| Dividends Paid | -55.14M | -54.2M | -47.92M | -44.61M | -11.68M | -54K | -63.16M | -125.86M | -121.73M | -118.44M | -115.13M | -67.72M | -4.17B | -1.62B | -1.23B |
| Common Dividends | -28.01M | 0 | -47.92M | -44.61M | -11.68M | -54K | -63.16M | -125.86M | -121.73M | -118.44M | -115.13M | -67.71M | -4.17B | -1.62B | -1.23B |
| Debt Issuance (Net) | -3M | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K |
| Share Repurchases | -84.57M | -120.36M | -16.5M | -132.72M | -28.2M | -4.09M | -10.89M | -598K | -837K | -4.1M | -73.98M | -37.08M | 0 | 0 | 0 |
| Other Financing | -60.06M | -926K | -12.44M | -1.95M | -627K | -14.32M | -26.77M | -418K | -18.04M | -5.66M | -6.32M | 151.46M | 3.77B | 2.35B | 1.24B |
| Net Change in Cash | -2.51M | 79.53M | -79.49M | -142.84M | -188.32M | 125.44M | 233.84M | 33.34M | 31.2M | -156.62M | 93.9M | -40.9M | 73.88M | 24.16M | 20.99M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 223.11M | 143.58M | 223.07M | 365.91M | 554.23M | 428.79M | 194.95M | 161.61M | 130.4M | 287.03M | 122.15M | 163.05M | 89.17M | 65M | 44.01M |
| Cash at End | 179.56M | 223.11M | 143.58M | 223.07M | 365.91M | 554.23M | 428.79M | 194.95M | 161.61M | 130.4M | 216.05M | 122.15M | 163.05M | 89.17M | 65M |
| Free Cash Flow | 97.29M | 89.91M | 23.17M | 77.16M | 116.75M | 8.94M | -146.95M | 153.53M | 145.98M | 126.41M | 166.82M | 139.37M | 121.93M | 118.27M | 40.18M |
| FCF Growth % | 79.23% | 288.09% | -69.98% | -33.91% | 1205.38% | 106.09% | -195.71% | 5.17% | 15.48% | -24.22% | 19.7% | 14.31% | 3.09% | 194.32% | - |
| FCF / Revenue % | 8.97% | 8.34% | 2.23% | 7.52% | 11.7% | 1.45% | -39.74% | 13.36% | 13.8% | 13.37% | 17.56% | 14.28% | 13.16% | 18.14% | 8.61% |
High Capital Expenditure Intensity
As reported in financial statements, XHR's AFFO has demonstrated extreme quarterly volatility, swinging from a negative $22.1 million in 2024Q3 to a positive $69.3 million in 2025Q2, which complicates the assessment of long-term dividend sustainability for income-focused investors monitoring the company's cash distribution capacity.
The frequent divergence between FFO and AFFO highlights the heavy burden of recurring capital expenditures required to maintain the luxury positioning of the portfolio. Investors should monitor the dividend payout ratio closely, as the periodic dips into negative AFFO suggest that distributions are occasionally supported by balance sheet liquidity rather than organic cash generation.
Based on XHR's reported figures, the company consistently allocates significant capital toward property maintenance and tenant improvements, with quarterly CapEx reaching as high as $51.4 million in 2023Q4, effectively acting as a structural drag on the cash available for shareholders after accounting for operational requirements.
The high level of recurring CapEx appears to be a non-negotiable cost of maintaining brand standards within the luxury and upper-upscale segments. This persistent reinvestment requirement suggests that the company's true free cash flow is significantly lower than headline FFO figures might otherwise imply to the casual observer.
According to recent SEC filings, the massive discrepancy between GAAP Net Income and FFO, exemplified by the 2024Q4 period where Net Income was negative while FFO remained positive at $32.5 million, underscores the significant distortion caused by non-cash depreciation charges inherent in hotel real estate ownership.
Relying on GAAP earnings for this REIT would lead to a fundamentally flawed valuation, as the heavy depreciation of high-value assets obscures the actual cash-generating capability of the properties. Analysts must prioritize FFO and AFFO to strip away these accounting artifacts and evaluate the underlying operational performance of the hotel portfolio.
Analysis of the provided cash flow data suggests that XHR's earnings quality is frequently compromised by the timing of capital expenditures, which often spike in ways that cause AFFO to deviate sharply from FFO, as seen in the negative AFFO results recorded during 2024Q3 and 2023Q4.
These periodic negative AFFO prints indicate that the company may be deferring or accelerating maintenance cycles, which warrants further investigation into the long-term condition of the assets. Investors should be wary that the reported cash flow metrics may not fully capture the potential for future deferred maintenance liabilities that could arise if capital spending is constrained.
Quick answers to the most common questions about buying XHR stock.
Xenia Hotels & Resorts, Inc. (XHR) generated $176.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Xenia Hotels & Resorts, Inc. (XHR) generated $89.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Xenia Hotels & Resorts, Inc. (XHR) spent $86.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Xenia Hotels & Resorts, Inc. (XHR) returned $54.2M to shareholders via cash dividends and spent $120.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.