Dafinchi AI

Park Hotels & Resorts Inc.

PK

Financial Services

2w

Strategic Portfolio Reshaping and Noncore Asset Dispositions

Sale of Hyatt Centric Fisherman's Wharf for $80 million at 64x 2024 EBITDA, demonstrating strong real estate value support.
Active engagement in discussions for additional noncore asset sales aiming for $300-$400 million in total dispositions by year-end.
Decision to close the Embassy Suites Kansas City, DoubleTree Seattle Airport, and DoubleTree Sonoma to improve portfolio quality, increasing core portfolio RevPAR by over $5 and margins by nearly 70 basis points.
Focus on reducing noncore hotels from 18 to approximately 3 by end of 2024, enhancing long-term growth and portfolio quality.

Apple Hospitality REIT, Inc.

APLE

Financial Services

1w

Financial Performance Summary

Adjusted EBITDAre was approximately $133 million for Q2 2025, down about 6% year-over-year.
Adjusted hotel EBITDA for comparable hotels was $142 million in Q2 2025, down approximately 5% year-over-year.
Comparable hotels total revenue was $380 million for Q2 2025, slightly down from Q2 2024.
MFFO for Q2 2025 was approximately $112 million or $0.47 per share, down 6% on a per share basis compared to Q2 2024.
Q2 2025 comparable hotels RevPAR was $129, down 1.7% compared to Q2 2024, with ADR at $164 and occupancy at 79%.
Total hotel expenses increased by 2.8% for Q2 2025, with payroll per occupied room up 3% to $39.
Year-to-date through June, comparable hotels RevPAR was $120, down 1.1%, ADR was $160 (up 0.4%), and occupancy was 75%.

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.

Highwoods Properties, Inc.

HIW

Financial Services

2w

Strategic Portfolio Rotation Towards Higher-Growth Assets

Highwoods is actively rotating out of slower growth, CapEx-intensive properties into higher-growth, capital-efficient assets.
The company aims to unlock $25 million of annual NOI upside from core assets, with 50% already signed and prospects for an additional 20%.
Focus on improving portfolio quality to drive organic growth in earnings and cash flows.

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.

RLJ Lodging Trust

RLJ

Financial Services

1w

Financial Performance Summary

Adjusted EBITDA was $104 million and adjusted FFO per diluted share was $0.48.
Excluding these factors, portfolio RevPAR grew slightly by 0.2%, with urban hotels outperforming by 140 basis points.
Hotel EBITDA was $113 million with margins of 31.1%, flat excluding renovation impacts.
Non-room revenues grew by 1.5%, driven by ROI initiatives in food and beverage and ancillary services.
Operating expenses were flat year-over-year, limiting margin compression to 90 basis points.
RLJ reported second quarter 2025 RevPAR of $155, a 2.1% decline year-over-year, impacted by renovations and the Austin Convention Center closure.

Kite Realty Group Trust

KRG

Financial Services

2w

Record High Leasing Spreads and Organic Rent Growth Potential

Blended cash leasing spreads in Q2 reached 17%, the highest in 5 years.
Non-option renewal leasing spreads nearly 20% in Q2 and 16% over 12 months.
Leasing pipeline remains strong with 11 anchor leases in Q2, including Whole Foods and Trader Joe's.
Portfolio demonstrates significant mark-to-market potential with organic rent growth and embedded escalators of 3.4%.
Management emphasizes willingness to trade short-term earnings disruption for long-term tenancy upgrades.

Service Properties Trust

SVC

Financial Services

1w

Financial Performance Summary

Adjusted EBITDAre decreased by $7.7 million year-over-year to $163.8 million, impacted by an $8.8 million increase in interest expense and lower hotel returns.
Hotel portfolio generated adjusted hotel EBITDA of $73 million, an 11.3% decline year-over-year but towards the high end of guidance.
Net lease portfolio remains stable with 742 properties, 97% leased, $387 million in annual minimum rents, and a 2.04x rent coverage ratio.
Normalized FFO for Q2 2025 was $57.6 million or $0.35 per share, down from $0.45 per share in the prior year quarter.
RevPAR increased 40 basis points year-over-year, outperforming the industry by 90 basis points, driven by occupancy and ADR gains.
The 84 hotels planned for retention showed a 1.5% RevPAR increase but an 11.7% decrease in adjusted hotel EBITDA due to elevated labor costs and renovation disruptions.

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.

Chatham Lodging Trust

CLDT

Financial Services

1w

Financial Performance Summary

Completed sale of 5 hotels for $83 million at an approximate 6% cap rate on 2024 NOI levels.
GOP margin for the quarter was 46.3%, up 30 basis points from Q2 2024 despite flat RevPAR environment.
Leverage reduced to 21%, with net debt to EBITDA at 3.5x as of June 30, 2025.
Q2 2025 hotel EBITDA was $30.9 million, adjusted EBITDA was $28.5 million, and adjusted FFO was $0.36 per share.
Repurchased approximately 20,000 shares at a weighted average price of $7.02 under a $25 million share buyback plan.