Document

This supplemental is being furnished in conjunction with the earnings release dated February 25, 2025 which contains reconciliations of Non-GAAP measures to Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis for the three months and years ended December 31, 2024 and 2023.


						TABLE OF CONTENTS						Page

						Same-Property(1) Portfolio Data by Market, Ranked by Hotel EBITDA						2 - 3

						Same-Property(1) Portfolio Data by Market, for the Three Months and Years Ended December 31, 2024 and 2023						4 - 5

						Same-Property(1) Historical Operating Data						6

						Same-Property(1) Historical Operating Data Excluding Grand Hyatt Scottsdale Resort						7



						Statistical Data by Property for the Years Ended December 31, 2024 and 2023						8 - 9

						Financial Data by Property for the Years Ended December 31, 2024 and 2023						10 - 11





						Non-GAAP Financial Measures & Disclosures						12 - 16

1."Same-Property” includes all hotels owned as of December 31, 2024 and also includes renovation disruption for multiple capital projects during the periods presented.

Xenia Hotels & Resorts, Inc.

Same-Property(1) Portfolio Data by Market, Ranked by Hotel EBITDA


Market(2)	% of 2024 Hotel EBITDA	Number of Hotels	Number of Rooms (3)(4)
Houston, TX	16%	3	1,223
Orlando, FL	16%	2	1,027
Dallas, TX	10%	2	961
San Diego, CA	8%	2	486
Atlanta, GA	8%	2	649
Nashville, TN	5%	1	346
San Francisco/San Mateo, CA	5%	1	688
Florida Keys, FL	4%	1	120
Portland, OR	4%	2	685
Washington, DC-MD-VA	3%	1	365
San Jose/Santa Cruz, CA	3%	1	505
Phoenix, AZ	2%	2	610
Savannah, GA	2%	2	226
California Wine Country, CA	2%	1	141
California Central Coast, CA	2%	1	97
Pittsburgh, PA	2%	1	185
Birmingham, AL	2%	1	99
Denver, CO	2%	1	205

Xenia Hotels & Resorts, Inc.

Same-Property(1) Portfolio Data by Market, Ranked by Hotel EBITDA (Continued)


Market(2)	% of 2024 Hotel EBITDA	Number of Hotels	Number of Rooms (3)(4)
Salt Lake City/Ogden, UT	1%	1	225
Philadelphia, PA	1%	1	230
Louisiana South, LA	1%	1	285
Charleston, SC	1%	1	50
Same-Property Portfolio(1)	100%	31	9,408

1."Same-Property” includes all hotels owned as of December 31, 2024 and also includes renovation disruption for multiple capital projects during the period presented.

2.As defined by STR, Inc.

3.As of December 31, 2024.

4.One room was added at Grand Bohemian Hotel Orlando, Autograph Collection in March 2024.

Xenia Hotels & Resorts, Inc.

Same-Property(1) Portfolio Data by Market (2024)

For the Three Months and Years Ended December 31, 2024 and 2023


	Three Months Ended						Three Months Ended						Year Ended				Year Ended
	December 31, 2024						December 31, 2023				% Change		December 31, 2024				December 31, 2023				% Change
Market(2)	Occupancy		ADR		RevPAR		Occupancy		ADR	RevPAR	RevPAR		Occupancy		ADR	RevPAR	Occupancy		ADR	RevPAR	RevPAR

Houston, TX	62.5	%	$	225.33	$	140.85	60.7	%	$228.27	$138.64	1.6	%	66.9	%	$226.09	$151.26	61.4	%	$227.34	$139.51	8.4	%
Orlando, FL	76.1	%	217.19		165.38		72.9	%	217.28	158.30	4.5	%	77.3	%	225.66	174.50	73.7	%	226.84	167.18	4.4	%
Dallas, TX	64.0	%	200.75		128.46		64.6	%	197.64	127.77	0.5	%	68.3	%	197.87	135.22	66.1	%	193.88	128.11	5.5	%
San Diego, CA	54.6	%	351.48		192.08		56.6	%	356.72	201.88	(4.9)	%	63.4	%	359.12	227.63	61.1	%	378.53	231.09	(1.5)	%
Atlanta, GA	57.8	%	246.73		142.55		55.7	%	252.62	140.69	1.3	%	67.2	%	241.77	162.41	65.4	%	239.80	156.93	3.5	%
Nashville, TN	61.2	%	366.86		224.43		53.4	%	378.98	202.24	11.0	%	65.2	%	364.29	237.60	62.9	%	381.21	239.83	(0.9)	%
San Francisco/San Mateo, CA	77.6	%	207.71		161.17		73.0	%	204.51	149.19	8.0	%	79.9	%	210.46	168.24	78.7	%	204.98	161.23	4.3	%
Florida Keys, FL	83.3	%	518.08		431.50		83.2	%	511.97	426.03	1.3	%	85.0	%	515.01	437.60	84.5	%	533.96	451.34	(3.0)	%
Portland, OR	55.6	%	181.34		100.74		56.7	%	186.47	105.78	(4.8)	%	65.5	%	190.57	124.74	63.8	%	195.61	124.80	—	%
Washington, DC-MD-VA	62.7	%	295.03		185.02		64.2	%	280.44	180.17	2.7	%	67.7	%	280.40	189.86	66.3	%	268.22	177.92	6.7	%
San Jose/Santa Cruz, CA	55.6	%	260.30		144.73		55.3	%	248.93	137.62	5.2	%	58.7	%	247.53	145.24	54.5	%	242.27	131.96	10.1	%
Phoenix, AZ	43.4	%	376.40		163.46		33.0	%	378.07	124.83	30.9	%	37.2	%	374.33	139.35	43.6	%	421.94	183.92	(24.2)	%
Savannah, GA	74.6	%	256.06		191.13		80.3	%	254.29	204.32	(6.5)	%	78.0	%	250.04	194.98	80.1	%	262.67	210.30	(7.3)	%
California Wine Country, CA	70.2	%	378.73		265.68		68.1	%	371.24	252.79	5.1	%	69.9	%	384.77	268.91	67.7	%	414.19	280.50	(4.1)	%
California Central Coast, CA	73.4	%	423.35		310.68		63.1	%	410.81	259.17	19.9	%	74.4	%	449.52	334.63	62.8	%	439.34	276.07	21.2	%
Pittsburgh, PA	73.4	%	311.06		228.45		68.5	%	287.80	197.17	15.9	%	70.8	%	281.45	199.35	68.9	%	274.57	189.13	5.4	%
Birmingham, AL	82.3	%	358.56		295.06		77.4	%	333.41	258.15	14.3	%	77.7	%	351.80	273.49	78.3	%	334.43	261.73	4.5	%
Denver, CO	68.4	%	341.32		233.60		64.5	%	361.12	232.87	0.3	%	70.2	%	362.91	254.74	68.5	%	362.66	248.47	2.5	%

Xenia Hotels & Resorts, Inc.

Same-Property(1) Portfolio Data by Market (2024) (Continued)

For the Three Months and Years Ended December 31, 2024 and 2023


	Three Months Ended				Three Months Ended						Year Ended						Year Ended
	December 31, 2024				December 31, 2023				% Change		December 31, 2024						December 31, 2023				% Change
Market(2)	Occupancy		ADR	RevPAR	Occupancy		ADR	RevPAR	RevPAR		Occupancy		ADR		RevPAR		Occupancy		ADR	RevPAR	RevPAR

Salt Lake City/Ogden, UT	70.0	%	$183.16	$128.19	57.6	%	$188.49	$108.55	18.1	%	71.5	%	$	194.35	$	139.03	52.9	%	$209.47	$110.84	25.4	%
Philadelphia, PA	79.8	%	216.11	172.45	75.2	%	230.56	173.30	(0.5)	%	73.9	%	209.44		154.77		72.1	%	223.63	161.24	(4.0)	%
Louisiana South, LA	62.1	%	240.61	149.50	59.6	%	212.74	126.72	18.0	%	57.4	%	210.17		120.62		60.3	%	207.61	125.29	(3.7)	%
Charleston, SC	89.0	%	418.95	372.68	81.7	%	407.35	332.87	12.0	%	84.0	%	403.17		338.73		81.5	%	406.63	331.45	2.2	%
Same-Property Portfolio(1)	64.4	%	$257.52	$165.92	61.9	%	$255.01	$157.92	5.1	%	67.4	%	$	255.72	$	172.47	65.1	%	$260.74	$169.74	1.6	%

1."Same-Property” includes all hotels owned as of December 31, 2024 and also includes renovation disruption for multiple capital projects during the periods presented.

2.As defined by STR, Inc.

Xenia Hotels & Resorts, Inc.

Same-Property(1) Historical Operating Data

($ amounts in thousands, except ADR and RevPAR)


	First			Second			Third			Fourth			Full Year
2024	Quarter			Quarter			Quarter			Quarter
Occupancy	67.5		%	70.9		%	67.0		%	64.4		%	67.4		%
ADR	$	263.03		$	261.44		$	240.72		$	257.52		$	255.72
RevPAR	$	177.50		$	185.44		$	161.20		$	165.92		$	172.47

Hotel Revenues	$	265,426		$	269,831		$	236,714		$	261,849		$	1,033,820
Hotel EBITDA	$	71,709		$	72,662		$	48,112		$	62,932		$	255,415
Hotel EBITDA Margin	27.0		%	26.9		%	20.3		%	24.0		%	24.7		%


	First			Second			Third			Fourth			Full Year
2023	Quarter			Quarter			Quarter			Quarter
Occupancy	66.2		%	68.5		%	63.8		%	61.9		%	65.1		%
ADR	$	272.30		$	266.13		$	248.87		$	255.01		$	260.74
RevPAR	$	180.24		$	182.36		$	158.82		$	157.92		$	169.74

Hotel Revenues	$	266,903		$	268,174		$	230,017		$	251,039		$	1,016,133
Hotel EBITDA	$	76,949		$	78,574		$	51,341		$	63,341		$	270,205
Hotel EBITDA Margin	28.8		%	29.3		%	22.3		%	25.2		%	26.6		%

1."Same-Property” includes all hotels owned as of December 31, 2024 and also includes renovation disruption for multiple capital projects during the periods presented.

Xenia Hotels & Resorts, Inc.

Same-Property(1) Historical Operating Data

Excluding Grand Hyatt Scottsdale Resort

($ amounts in thousands, except ADR and RevPAR)


	First			Second			Third			Fourth			Full Year
2024	Quarter			Quarter			Quarter			Quarter
Occupancy	69.0		%	73.3		%	69.9		%	66.0		%	69.5		%
ADR	$	259.00		$	260.77		$	241.13		$	255.07		$	254.01
RevPAR	$	178.76		$	191.08		$	168.48		$	168.34		$	176.62

Hotel Revenues	$	252,729		$	262,230		$	234,373		$	250,752		$	1,000,084
Hotel EBITDA	$	68,197		$	73,348		$	52,164		$	63,018		$	256,727
Hotel EBITDA Margin	27.0		%	28.0		%	22.3		%	25.1		%	25.7		%


	First			Second			Third			Fourth			Full Year
2023	Quarter			Quarter			Quarter			Quarter
Occupancy	65.9		%	69.4		%	66.9		%	64.0		%	66.6		%
ADR	$	261.39		$	262.37		$	248.86		$	254.35		$	256.76
RevPAR	$	172.32		$	181.97		$	166.60		$	162.81		$	170.89

Hotel Revenues	$	239,974		$	250,835		$	227,882		$	244,088		$	962,779
Hotel EBITDA	$	63,899		$	72,428		$	54,009		$	63,007		$	253,343
Hotel EBITDA Margin	26.6		%	28.9		%	23.7		%	25.8		%	26.3		%

1."Same-Property” includes all hotels owned as of December 31, 2024 and also includes renovation disruption for multiple capital projects during the periods presented.

Xenia Hotels & Resorts, Inc.

Statistical Data by Property

For the Years Ended December 31, 2024 and 2023


	December 31, 2024						December 31, 2023
	Occupancy		ADR		RevPAR		Occupancy		ADR		RevPAR		RevPAR Change
Andaz Napa	69.9	%	$	384.77	$	268.91	67.7	%	$	414.19	$	280.50	(4.1)	%
Andaz San Diego	70.5	%	251.63		177.46		71.5	%	263.15		188.12		(5.7)	%
Andaz Savannah	77.8	%	219.98		171.23		80.2	%	230.58		184.81		(7.3)	%
Bohemian Hotel Savannah Riverfront, Autograph Collection	78.3	%	310.23		242.79		79.9	%	327.50		261.61		(7.2)	%
Fairmont Dallas	64.4	%	199.26		128.36		63.1	%	196.70		124.05		3.5	%
Fairmont Pittsburgh	70.8	%	281.45		199.35		68.9	%	274.57		189.13		5.4	%
Grand Bohemian Hotel Charleston, Autograph Collection	84.0	%	403.17		338.73		81.5	%	406.63		331.45		2.2	%
Grand Bohemian Hotel Mountain Brook, Autograph Collection	77.7	%	351.80		273.49		78.3	%	334.43		261.73		4.5	%
Grand Bohemian Hotel Orlando, Autograph Collection	75.1	%	270.53		203.09		55.0	%	258.07		142.01		43.0	%
Grand Hyatt Scottsdale Resort	29.5	%	329.05		97.05		38.7	%	385.18		148.96		(34.8)	%
Hyatt Centric Key West Resort & Spa	85.0	%	515.01		437.60		84.5	%	533.96		451.34		(3.0)	%
Hyatt Regency Grand Cypress	78.0	%	211.94		165.41		79.6	%	220.00		175.16		(5.6)	%
Hyatt Regency Portland at the Oregon Convention Center	64.0	%	183.86		117.69		62.7	%	186.50		117.01		0.6	%
Hyatt Regency Santa Clara	58.7	%	247.53		145.24		54.5	%	242.27		131.96		10.1	%
Kimpton Canary Hotel Santa Barbara	74.4	%	449.52		334.63		62.8	%	439.34		276.07		21.2	%
Kimpton Hotel Monaco Salt Lake City	71.5	%	194.35		139.03		52.9	%	209.47		110.84		25.4	%
Kimpton Hotel Palomar Philadelphia	73.9	%	209.44		154.77		72.1	%	223.63		161.24		(4.0)	%
Kimpton RiverPlace Hotel	75.6	%	230.65		174.46		71.3	%	252.22		179.75		(2.9)	%
Loews New Orleans Hotel	57.4	%	210.17		120.62		60.3	%	207.61		125.29		(3.7)	%
Marriott Dallas Downtown	73.5	%	196.29		144.20		70.0	%	190.55		133.43		8.1	%
Marriott San Francisco Airport Waterfront	79.9	%	210.46		168.24		78.7	%	204.98		161.23		4.3	%
Marriott Woodlands Waterway Hotel & Convention Center	71.5	%	251.10		179.51		70.4	%	242.79		170.81		5.1	%

Xenia Hotels & Resorts, Inc.

Statistical Data by Property (Continued)

For the Years Ended December 31, 2024 and 2023


	December 31, 2024						December 31, 2023
	Occupancy		ADR		RevPAR		Occupancy		ADR		RevPAR		RevPAR Change
Park Hyatt Aviara Resort, Golf Club & Spa	59.9	%	$	420.65	$	252.02	56.0	%	$	450.18	$	251.99	—	%
Renaissance Atlanta Waverly Hotel & Convention Center	65.5	%	198.04		129.73		65.8	%	195.91		128.92		0.6	%
Royal Palms Resort & Spa, The Unbound Collection by Hyatt	69.1	%	454.04		313.89		63.9	%	513.74		328.19		(4.4)	%
The Ritz-Carlton, Denver	70.2	%	362.91		254.74		68.5	%	362.66		248.47		2.5	%
The Ritz-Carlton, Pentagon City	67.7	%	280.40		189.86		66.3	%	268.22		177.92		6.7	%
W Nashville	65.2	%	364.29		237.60		62.9	%	381.21		239.83		(0.9)	%
Waldorf Astoria Atlanta Buckhead	74.0	%	400.80		296.73		63.9	%	425.48		272.05		9.1	%
Westin Galleria Houston & Westin Oaks Houston at The Galleria	65.1	%	215.17		140.03		57.8	%	219.91		127.14		10.1	%

Same-Property Portfolio(1)	67.4	%	$	255.72	$	172.47	65.1	%	$	260.74	$	169.74	1.6	%

1."Same-Property” includes all hotels owned as of December 31, 2024 and also includes renovation disruption for multiple capital projects during the periods presented.

Xenia Hotels & Resorts, Inc.

Financial Data by Property(1)

For the Years Ended December 31, 2024 and 2023


	Year Ended December 31, 2024						Year Ended December 31, 2023
	EBITDA ($000s)		EBITDA / Key		EBITDA Margin		EBITDA ($000s)		EBITDA / Key(2)		EBITDA Margin		EBITDA Change		Margin Change
Andaz Napa	$	6,136	$	43,518	33.8	%	$	7,084	$	50,241	37.6	%	(13.4)	%	(374)	bps
Andaz San Diego	1,761		11,075		11.6	%	2,322		14,602		14.8	%	(24.1)	%	(320)	bps
Andaz Savannah	3,314		21,947		26.2	%	3,901		25,833		29.1	%	(15.0)	%	(290)	bps
Bohemian Hotel Savannah Riverfront, Autograph Collection	2,847		37,960		24.1	%	2,960		39,468		24.3	%	(3.8)	%	(24)	bps
Fairmont Dallas	13,727		25,187		29.0	%	12,442		22,829		28.4	%	10.3	%	60	bps
Fairmont Pittsburgh	4,293		23,205		18.2	%	4,225		22,837		19.5	%	1.6	%	(132)	bps
Grand Bohemian Hotel Charleston, Autograph Collection	2,306		46,120		21.0	%	2,473		49,461		22.3	%	(6.8)	%	(135)	bps
Grand Bohemian Hotel Mountain Brook, Autograph Collection	4,200		42,424		24.2	%	4,269		43,124		25.9	%	(1.6)	%	(167)	bps
Grand Bohemian Hotel Orlando, Autograph Collection	9,333		37,633		29.1	%	3,635		14,655		15.7	%	156.8	%	1,336	bps
Grand Hyatt Scottsdale Resort	(1,312)		(2,672)		(3.9)	%	16,861		34,341		31.6	%	(107.8)	%	(3,549)	bps
Hyatt Centric Key West Resort & Spa	11,042		92,017		41.1	%	11,438		95,319		42.7	%	(3.5)	%	(157)	bps
Hyatt Regency Grand Cypress	31,795		40,815		30.6	%	35,842		46,010		32.9	%	(11.3)	%	(233)	bps
Hyatt Regency Portland at the Oregon Convention Center	8,850		14,750		22.4	%	9,158		15,263		23.5	%	(3.4)	%	(115)	bps
Hyatt Regency Santa Clara	6,626		13,121		16.4	%	6,302		12,479		16.5	%	5.1	%	(11)	bps
Kimpton Canary Hotel Santa Barbara	4,550		46,907		24.7	%	2,459		25,352		16.5	%	85.0	%	824	bps
Kimpton Hotel Monaco Salt Lake City	3,801		16,893		22.8	%	1,828		8,123		13.9	%	108.0	%	884	bps
Kimpton Hotel Palomar Philadelphia	2,943		12,796		15.7	%	3,492		15,182		19.2	%	(15.7)	%	(345)	bps
Kimpton RiverPlace Hotel	1,097		12,906		11.1	%	1,178		13,854		12.5	%	(6.8)	%	(143)	bps
Loews New Orleans Hotel	2,750		9,649		14.5	%	3,875		13,597		20.2	%	(29.0)	%	(568)	bps
Marriott Dallas Downtown	10,895		26,190		36.6	%	10,033		24,117		35.7	%	8.6	%	85	bps
Marriott San Francisco Airport Waterfront	12,357		17,961		21.3	%	11,920		17,325		21.8	%	3.7	%	(44)	bps
Marriott Woodlands Waterway Hotel & Convention Center	18,794		54,006		40.6	%	17,574		50,501		41.3	%	6.9	%	(61)	bps

Xenia Hotels & Resorts, Inc.

Financial Data by Property(1) (Continued)

For the Years Ended December 31, 2024 and 2023


	Year Ended December 31, 2024						Year Ended December 31, 2023
	EBITDA ($000s)		EBITDA / Key		EBITDA Margin		EBITDA ($000s)		EBITDA / Key(2)		EBITDA Margin		EBITDA Change		Margin Change
Park Hyatt Aviara Resort, Golf Club & Spa	$	18,636	$	56,991	21.3	%	$	18,758	$	57,363	21.6	%	(0.6)	%	(31)	bps
Renaissance Atlanta Waverly Hotel & Convention Center	15,963		30,580		35.5	%	14,966		28,670		34.8	%	6.7	%	64	bps
Royal Palms Resort & Spa, The Unbound Collection by Hyatt	7,850		65,966		25.3	%	9,026		75,847		28.4	%	(13.0)	%	(318)	bps
The Ritz-Carlton, Denver	4,095		19,976		12.0	%	5,100		24,879		14.4	%	(19.7)	%	(244)	bps
The Ritz-Carlton, Pentagon City	6,783		18,584		16.5	%	7,400		20,273		19.2	%	(8.3)	%	(269)	bps
W Nashville	13,474		38,942		24.8	%	13,464		38,913		24.5	%	0.1	%	35	bps
Waldorf Astoria Atlanta Buckhead	3,703		29,157		15.5	%	5,053		39,791		23.6	%	(26.7)	%	(815)	bps
Westin Galleria Houston & Westin Oaks Houston at The Galleria	22,806		26,064		34.2	%	21,168		24,192		34.3	%	7.7	%	(12)	bps

Same-Property Portfolio(1)	$	255,415	$	27,149	24.7	%	$	270,205	$	28,721	26.6	%	(5.5)	%	(189)	bps

1."Same-Property” includes all hotels owned as of December 31, 2024 and also includes renovation disruption for multiple capital projects during the periods presented.

2.As of December 31, 2024.

About Xenia Hotels & Resorts, Inc.

Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States. The Company owns 31 hotels and resorts comprising 9,408 rooms across 14 states. Xenia’s hotels are in the luxury and upper upscale segments, and are operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and The Kessler Collection. For more information on Xenia’s business, refer to the Company website at www.xeniareit.com.

Forward-Looking Statements

This supplemental, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements are generally identifiable by use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," references to "outlook" and "guidance" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this supplemental include, among others, statements about our plans, strategies, or other future events, the outlook related to macroeconomic factors and general economic uncertainty and a potential contraction in the U.S. or global economy or low levels of economic growth, including such effects on the demand for travel, transient and group business, capital expenditures, timing of renovations, financial performance and potential dividends, prospects or future events. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic uncertainty and a contraction in the U.S. or global economy or low levels of economic growth; (ii) macroeconomic and other factors beyond our control that can adversely affect and reduce demand for hotel rooms, food and beverage services, and/or meeting facilities, such as wars, prolonged geopolitical unrest, actual or threatened terrorist or cyber-attacks, mass casualty events, government shutdowns and closures, travel-related health concerns, global outbreaks of pandemics (such as the COVID-19 pandemic) or contagious diseases, or fear of such outbreaks, weather and climate-related events, such as hurricanes, tornadoes, floods, wildfires, and droughts, and natural or man-made disasters; (iii) inflation and inflationary pressures which increases our labor and other costs of providing services to guests and meeting hotel brand standards, as well as costs related to construction and other capital expenditures, property and other taxes, and insurance which could result in reduced operating profit margins; (iv) bank failures and concerns over a near-term recession; (v) the Company’s dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly; (vi) risks associated with the hotel industry, including competition, increases in wages and benefits, energy costs and other operating costs, cyber incidents, information technology failures, downturns in general and local economic conditions, prolonged periods of civil unrest in our markets, and cancellation of or delays in the completion of anticipated demand generators; (vii) the availability and terms of financing and capital and the general volatility of securities markets; (viii) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws; (ix) interest rate increases; (x) ability to successfully negotiate amendments and covenant waivers with its unsecured and secured indebtedness; (xi) the Company's ability to comply with covenants, restrictions, and limitations in any existing or revised loan agreements with our unsecured and secured lenders; (xii) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs; (xiii) the possibility of uninsured or underinsured losses, including those relating to natural disasters, terrorism, government shutdowns and closures, civil unrest, or cyber incidents; (xiv) risks associated with redevelopment and repositioning projects, including disruption, delays and cost overruns; (xv) levels of spending in business and leisure segments as well as consumer confidence; (xvi) declines in occupancy and average daily rate; (xvii) the seasonal and cyclical nature of the real estate and hospitality businesses; (xviii) changes in distribution arrangements, such as through Internet travel intermediaries; (xix) relationships with labor unions and changes in labor laws, including increases to minimum wages; (xx) the impact of changes in the tax code and uncertainty as to how some of those changes may be applied; (xxi) monthly cash expenditures and the uncertainty around predictions; (xxii) labor shortages; (xxiii) disruptions in supply chains resulting in delays or inability to procure required products; and (xiv) the risk factors discussed in the Company’s Annual Report on Form 10-K, as updated in its Quarterly Reports. Accordingly, there is no assurance that the

Company's expectations will be realized. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this supplemental. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.xeniareit.com.

All information in this supplemental is as of the date of its release. The Company undertakes no duty to update the statements in this supplemental to conform the statements to actual results or changes in the Company’s expectations.

Availability of Information on Xenia's Website

Investors and others should note that Xenia routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts, and the Investor Relations section of Xenia's website. While not all the information that the Company posts to the Xenia website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Xenia to review the information that it shares at the Investor Relations link located on www.xeniareit.com. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Email Alerts / Investor Information" in the "Corporate Overview" section of Xenia’s Investor Relations website at www.xeniareit.com.

Non-GAAP Financial Measures

The Company considers the following non-GAAP financial measures to be useful to investors as key supplemental measures of its operating performance: EBITDA, EBITDAre, Adjusted EBITDAre, Same-Property Hotel EBITDA, Same-Property Hotel EBITDA Margin, FFO, Adjusted FFO, and Adjusted FFO per diluted share. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss, operating profit, cash from operations, or any other operating performance measure as prescribed per GAAP.

EBITDA, EBITDAre and Adjusted EBITDAre

EBITDA is a commonly used measure of performance in many industries and is defined as net income or loss (calculated in accordance with GAAP) excluding interest expense, provision for income taxes (including income taxes applicable to sale of assets) and depreciation and amortization. The Company considers EBITDA useful to investors in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results, even though EBITDA does not represent an amount that accrues directly to common stockholders. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions and, along with FFO and Adjusted FFO, is used by management in the annual budget process for compensation programs.

The Company calculates EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as EBITDA plus or minus losses and gains on the disposition of depreciated property, including gains or losses on change of control, plus impairments of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

The Company further adjusts EBITDAre to exclude the impact of non-controlling interests in consolidated entities other than its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company also adjusts EBITDAre for certain additional items such as depreciation and amortization related to corporate assets, terminated transaction and pre-opening expenses, amortization of share-based compensation, non-cash ground rent and straight-line rent expense, the cumulative effect of changes in accounting principles, and other costs it believes do not represent recurring operations and are not indicative of the performance of its underlying hotel property entities. The Company believes it is meaningful for investors to understand Adjusted EBITDAre attributable to all common stock and unit holders. The Company believes Adjusted EBITDAre attributable to common stock and unit holders provides investors with another useful financial measure in evaluating and facilitating comparison of operating performance between periods and between REITs that report similar measures.

Same-Property Hotel EBITDA and Same-Property Hotel EBITDA Margin

Same-Property hotel data includes the actual operating results for all hotels owned as of the end of the reporting period. The Company then adjusts the Same-Property hotel data for comparability purposes by including pre-acquisition operating results of asset(s) acquired during the period, which provides investors a basis for understanding the acquisition(s) historical operating trends and seasonality. The pre-acquisition operating results for the comparable period are obtained from the seller and/or manager of the hotel(s) during the acquisition due diligence process and have not been audited or reviewed by our independent auditors. The Company further adjusts the Same-Property hotel data to remove dispositions during the respective reporting periods, and, in certain cases, hotels that are not fully open due to significant renovation, re-positioning, or disruption or whose room counts have materially changed during either the current or prior year as these historical operating results are not indicative of or expected to be comparable to the operating performance of the hotel portfolio on a prospective basis.

Same-Property Hotel EBITDA represents net income or loss excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate-level costs and expenses, (5) terminated transaction and pre-opening expenses, and (6) certain state and local excise taxes resulting from ownership structure. The Company believes

that Same-Property Hotel EBITDA provides investors a useful financial measure to evaluate hotel operating performance excluding the impact of capital structure (primarily interest expense), asset base (primarily depreciation and amortization), income taxes, and corporate-level expenses (corporate expenses and terminated transaction costs). The Company believes property-level results provide investors with supplemental information on the ongoing operational performance of its hotels and the effectiveness of third-party management companies that operate our business on a property-level basis. Same-Property Hotel EBITDA Margin is calculated by dividing Same-Property Hotel EBITDA by Same-Property Total Revenues.

As a result of these adjustments the Same-Property hotel data presented does not represent the Company's total revenues, expenses, operating profit or net income and should not be used to evaluate performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of operating performance. Our consolidated statements of operations and comprehensive income include such amounts, all of which should be considered by investors when evaluating our performance.

We include Same-Property hotel data as supplemental information for investors. Management believes that providing Same-Property hotel data is useful to investors because it represents comparable operations for our portfolio as it exists at the end of the respective reporting periods presented, which allows investors and management to evaluate the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at Same-Property hotels or from other factors, such as the effect of acquisitions or dispositions.

FFO and Adjusted FFO

The Company calculates FFO in accordance with standards established by Nareit, as amended in the 2018 Restatement White Paper, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding real estate-related depreciation, amortization and impairments, gains or losses from sales of real estate, the cumulative effect of changes in accounting principles, similar adjustments for unconsolidated partnerships and consolidated variable interest entities, and items classified by GAAP as extraordinary. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. The Company believes that the presentation of FFO provides useful supplemental information to investors regarding operating performance by excluding the effect of real estate depreciation and amortization, gains or losses from sales for real estate, impairments of real estate assets, extraordinary items and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance. The Company believes that the presentation of FFO can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common stockholders. The calculation of FFO may not be comparable to measures calculated by other companies who do not use the Nareit definition of FFO or do not calculate FFO per diluted share in accordance with Nareit guidance. Additionally, FFO may not be helpful when comparing Xenia to non-REITs. The Company presents FFO attributable to common stock and unit holders, which includes its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company believes it is meaningful for investors to understand FFO attributable to common stock and unit holders.

The Company further adjusts FFO for certain additional items that are not in Nareit’s definition of FFO such as terminated transaction and pre-opening expenses, amortization of debt origination costs and share-based compensation, non-cash ground rent and straight-line rent expense, and other items we believe do not represent recurring operations. The Company believes that Adjusted FFO provides investors with useful supplemental information that may facilitate comparisons of ongoing operating performance between periods and between REITs that make similar adjustments to FFO and is beneficial to investors’ complete understanding of our operating performance.

Adjusted FFO per diluted share

The diluted weighted-average common share count used for the calculation of Adjusted FFO per diluted share differs from diluted weighted-average common share count used to derive net income or loss per share available to common stockholders. The Company calculates Adjusted FFO per diluted share by dividing the Adjusted FFO by the diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units. Any anti-dilutive securities are excluded from the diluted earnings per share calculation.