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2025-08-05 04:19
2025 Guidance
The Company is updating its 2025 business performance outlook based on current information as of August 4, 2025. The Company does not expect to update the guidance provided below before next quarter's earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason, including due to economic uncertainty and volatility.
Fioravanti concluded, "We are adjusting our full year 2025 outlook for the acquisition of the JW Marriott Desert Ridge, and we are updating the range of expected outcomes for same-store Hospitality Adjusted EBITDAre to account for incremental transient rate risk for our Nashville-based hotels in the second half of the year. Visitation and tourism trends for Nashville remain robust; however, new hotel supply in the market, particularly at the high end, has impacted transient occupancy levels, and, more recently, room rates. We remain bullish on the long-term trajectory of the markets in which we do business, and our competitive positioning within them."
| Guidance Range | Prior Guidance Range | |||||||||||||||||||||||||||||||
| (in millions, except per share figures) | For Full Year 2025 (1) | Full Year 2025 | Change | |||||||||||||||||||||||||||||
| Low | High | Midpoint | Low | High | Midpoint | Midpoint | ||||||||||||||||||||||||||
| Same-store Hospitality RevPAR growth (2) | 1.25 | % | 3.75 | % | 2.50 | % | 1.25 | % | 3.75 | % | 2.50 | % | - | % | ||||||||||||||||||
| Same-store Hospitality Total RevPAR growth (2) | 0.75 | % | 3.25 | % | 2.00 | % | 0.75 | % | 3.25 | % | 2.00 | % | - | % | ||||||||||||||||||
| Operating income: | ||||||||||||||||||||||||||||||||
| Same-store Hospitality (2) | $ | 444.0 | $ | 458.0 | $ | 451.0 | $ | 444.0 | $ | 468.0 | $ | 456.0 | $ | (5.0 | ) | |||||||||||||||||
| JW Marriott Desert Ridge | – | 2.0 | 1.0 | – | – | – | 1.0 | |||||||||||||||||||||||||
| Entertainment | 65.8 | 69.8 | 67.8 | 65.8 | 69.8 | 67.8 | - | |||||||||||||||||||||||||
| Corporate and Other | (48.0 | ) | (47.5 | ) | (47.8 | ) | (48.0 | ) | (47.5 | ) | (47.8 | ) | - | |||||||||||||||||||
| Consolidated operating income | $ | 461.7 | $ | 482.3 | $ | 472.0 | $ | 461.7 | $ | 490.3 | $ | 476.0 | $ | (4.0 | ) | |||||||||||||||||
| Adjusted EBITDAre: | ||||||||||||||||||||||||||||||||
| Same-store Hospitality (2) | $ | 675.0 | $ | 705.0 | $ | 690.0 | $ | 675.0 | $ | 715.0 | $ | 695.0 | $ | (5.0 | ) | |||||||||||||||||
| JW Marriott Desert Ridge | 18.0 | 22.0 | 20.0 | – | – | – | 20.0 | |||||||||||||||||||||||||
| Entertainment | 110.0 | 120.0 | 115.0 | 110.0 | 120.0 | 115.0 | - | |||||||||||||||||||||||||
| Corporate and Other | (36.0 | ) | (34.0 | ) | (35.0 | ) | (36.0 | ) | (34.0 | ) | (35.0 | ) | - | |||||||||||||||||||
| Consolidated Adjusted EBITDAre | $ | 767.0 | $ | 813.0 | $ | 790.0 | $ | 749.0 | $ | 801.0 | $ | 775.0 | $ | 15.0 | ||||||||||||||||||
| Net income | $ | 225.8 | $ | 236.8 | $ | 231.3 | $ | 245.3 | $ | 261.0 | $ | 253.1 | $ | (21.9 | ) | |||||||||||||||||
| Net income available to common stockholders | $ | 216.8 | $ | 228.8 | $ | 222.8 | $ | 237.3 | $ | 255.0 | $ | 246.1 | $ | (23.4 | ) | |||||||||||||||||
| FFO available to common stockholders and unit holders | $ | 485.9 | $ | 520.3 | $ | 503.1 | $ | 487.4 | $ | 524.5 | $ | 505.9 | $ | (2.8 | ) | |||||||||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 505.0 | $ | 546.5 | $ | 525.8 | $ | 510.0 | $ | 555.0 | $ | 532.5 | $ | (6.8 | ) | |||||||||||||||||
| Net income available to common stockholders per diluted share (3) | $ | 3.40 | $ | 3.55 | $ | 3.47 | $ | 3.80 | $ | 4.05 | $ | 3.93 | $ | (0.46 | ) | |||||||||||||||||
| Adjusted FFO available to common stockholders and unit holders | ||||||||||||||||||||||||||||||||
| per diluted share/unit (3) | $ | 7.93 | $ | 8.49 | $ | 8.21 | $ | 8.24 | $ | 8.86 | $ | 8.55 | $ | (0.34 | ) | |||||||||||||||||
| Weighted average shares outstanding - diluted (3) | 66.2 | 66.2 | 66.2 | 64.5 | 64.5 | 64.5 | 1.7 | |||||||||||||||||||||||||
| Weighted average shares and OP units outstanding - diluted (3) | 66.6 | 66.6 | 66.6 | 64.9 | 64.9 | 64.9 | 1.7 | |||||||||||||||||||||||||