Dafinchi AI

Chatham Lodging Trust

CLDT

Financial Services

1w

Strategic Hotel Asset Sales and Portfolio Optimization

Sold 5 hotels with an average age of 25 years at a 6% cap rate on 2024 NOI levels for $83 million.
Currently have 2 additional hotels listed for sale, focusing on opportunistic transactions.
Sales targeted at low RevPAR hotels to enhance portfolio value and reduce leverage.
Proceeds from sales to fund development, acquisitions, share repurchases, and shareholder value initiatives.

RLJ Lodging Trust

RLJ

Financial Services

1w

Impact of Renovations and Asset Repositioning on Q2 Results

Transformational renovations at key properties in South Florida, Hawaii, and New York impacted Q2 RevPAR, with ramp-up expected in Q4.
Repositioning efforts include high-occupancy assets and high-value conversions, such as Nashville, Houston Medical Center, and Pittsburgh.
Renovations and closures, like the Austin Convention Center, caused temporary declines but are expected to support future growth.
Management highlighted the importance of asset upgrades in driving operational upside and long-term value.

American Assets Trust, Inc.

AAT

Financial Services

2w

Financial Performance Summary

In Q2 2025, American Assets Trust reported FFO per diluted share of $0.52, slightly above expectations, with same-store cash NOI approximately flat for the quarter and up 1.4% year-to-date.
Liquidity at quarter-end was approximately $544 million, including $144 million cash and $400 million available on revolving credit line.
Mixed-use Waikiki Beach Walk NOI declined 5% year-over-year, with hotel component down approximately 15% due to lower occupancy and RevPAR amid softness in leisure demand.
Multifamily portfolio was approximately 94% leased, with blended rent increases of 6%, though facing competitive leasing environment and elevated operating costs.
Net debt-to-EBITDA ratio was 6.3x trailing 12 months and 6.6x quarter annualized; interest coverage ratio about 3.1x.
Net income attributable to common stockholders per share was $0.09 in Q2 2025.
Office portfolio ended Q2 82% leased, with same-store office cash NOI flat for the quarter and up over 2% year-to-date.
Retail portfolio was 98% leased with same-store cash NOI growth of 4.5%, driven by new and renewal leases and rent escalations.
Same-store multifamily NOI declined 3.9%, and same-store mixed-use NOI declined approximately 5%, primarily due to hotel performance.

Xenia Hotels & Resorts, Inc.

XHR

Financial Services

2w

Financial Performance Summary

Excluding Grand Hyatt Scottsdale, hotel EBITDA increased 11.5% and hotel EBITDA margin increased 148 basis points.
Food and beverage revenues from groups grew significantly, contributing to an 11% increase in same-property total RevPAR.
Group room revenues increased 15.6% year-over-year, or 7.6% excluding Grand Hyatt Scottsdale.
Property tax refunds of approximately $1.5 million positively impacted EBITDA margin by about 60 basis points.
Rooms department expenses increased just over 3% on 0.4% RevPAR growth; food and beverage revenue growth was 12.7%, banquet revenue growth nearly 20%.
Same-property hotel EBITDA was $84 million, 22.2% above 2024 levels, with a hotel EBITDA margin increase of 269 basis points.
Same-property RevPAR increased 4% driven by a 140 basis point increase in occupancy and a 2% increase in average daily rate.
Second quarter same-property total revenue increased 11% compared to Q2 2024.
Xenia Hotels & Resorts reported net income of $55.2 million for Q2 2025, with adjusted EBITDAre of $79.5 million and adjusted FFO per share of $0.57, a 9.6% increase year-over-year.

Broadstone Net Lease, Inc.

BNL

Financial Services

2w

Successful Portfolio Repositioning and Strategic Focus Shift

Reduced clinical health care exposure to 2.4% of ABR.
Exited noncore asset classes at solid valuation levels.
Focused on industrial, retail, and build-to-suit investments to maximize shareholder value.
No plans to sell remaining clinical or office assets hastily, aiming for disciplined value maximization.

Ryman Hospitality Properties, Inc.

RHP

Financial Services

1w

Strategic Acquisition of JW Marriott Desert Ridge in Phoenix

Completed the acquisition, long on the top of the company's list, with a focus on leisure demand and group rotation opportunities.
Expected to be accretive to FY 2026 results, with an estimated contribution of $18-$22 million in adjusted EBITDAre for 2025.
Renovations and capital enhancements underway, including meeting space upgrades and potential resort expansion to accommodate large groups over 1,000 rooms.
Market dynamics in Phoenix support future resort expansion, with the only larger hotel being a 1,000-room Sheraton in downtown Phoenix.

Host Hotels & Resorts, Inc.

HST

Financial Services

2w

Financial Performance Summary

Ancillary spending remained strong with F&B revenue up 4%, banquet revenue up 1%, and other revenue (including golf and spa) up 13%.
Business interruption proceeds of $9 million related to Hurricanes Helene and Milton benefited Q2 results, compared to $30 million in Q2 2024 from Hurricane Ian and Maui wildfires.
Comparable hotel EBITDA margin declined 120 basis points to 31%, impacted by the absence of prior year business interruption proceeds.
Comparable hotel total RevPAR improved 4.2% year-over-year, driven by stronger transient demand, higher ADR, and increased ancillary spend.
In Q2 2025, Host Hotels & Resorts delivered adjusted EBITDAre of $496 million, a 3.1% increase year-over-year, and adjusted FFO per share of $0.58, up 1.8%.
The Westin Cincinnati was sold for $60 million at a 14.3x trailing EBITDA multiple, and 6.7 million shares were repurchased for $105 million in Q2.
Transient revenue grew 7%, with Maui accounting for approximately 40% of this growth, while group room revenue decreased 5% due to calendar shifts and renovation disruptions.

Equity LifeStyle Properties, Inc.

ELS

Financial Services

3w

Financial Performance Summary

Balance sheet is strong with no secured debt maturing before 2028 and weighted average debt maturity of almost 8 years.
Core community-based rental income increased 5.5% for the quarter and year-to-date.
Core operating expenses were flat in the quarter, with expense growth 190 basis points lower than guidance.
Core portfolio generated 6.4% NOI growth in the quarter, 70 basis points higher than guidance.
Core RV and marina annual base rental income increased 3.7% in the quarter and 3.9% year-to-date.
Membership business contributed $16 million net in the quarter and $31.4 million year-to-date.
NOI increased 5% year-to-date compared to last year.
Normalized per share FFO growth year-to-date is 5.7%.
Seasonal rent decreased 5.6% and transient decreased 8.6% year-to-date.
Second quarter normalized FFO was $0.69 per share, in line with midpoint guidance.
Year-to-date expense growth was 70 basis points including insurance renewal impact.