Core Insights - Xenia Hotels & Resorts, Inc. reported third quarter results reflecting a challenging lodging industry environment, with flat Same-Property RevPAR and a cautious near-term outlook for the fourth quarter [4][6][19] Third Quarter 2025 Highlights - Same-Property RevPAR for the quarter was flat, but increased by 2.9% excluding Houston properties, driven by growth at Grand Hyatt Scottsdale [4][6] - Net loss attributable to common stockholders was $13.7 million, or $0.14 per share, a significant increase from a loss of $7.1 million, or $0.07 per share, in the same quarter of 2024 [5][6] - Same-Property Total RevPAR increased by 3.7% year-over-year to $289.76, while Same-Property Hotel EBITDA increased by 0.7% to $46.96 million [5][6] Year-to-Date 2025 Highlights - For the first nine months of 2025, Same-Property RevPAR increased by 3.7%, and Same-Property Hotel EBITDA Margin improved by 101 basis points [4][6] - Adjusted EBITDAre for the year-to-date was $194.7 million, a 9.4% increase compared to the same period in 2024 [6][7] Operating Results - Total revenues for the third quarter were $236.4 million, slightly down from $236.8 million in the same quarter of 2024 [33] - Same-Property occupancy decreased to 66.3%, down 100 basis points from the previous year, while Same-Property ADR increased by 1.6% to $248.09 [5][6] Capital Markets Activities - The company repurchased 974,645 shares of common stock at an average price of $12.66 per share during the quarter, totaling approximately $12.3 million [11] - Year-to-date, the company repurchased 6,656,706 shares at an average price of $12.59 per share, totaling approximately $83.8 million [11] Capital Expenditures - In the third quarter, the company invested $19.9 million in portfolio improvements, including the completion of renovations at Grand Hyatt Scottsdale [13][15] - Significant upgrades were made to guest rooms at various properties, with minimal disruption expected during lower occupancy periods [14][15] Current Full Year 2025 Outlook and Guidance - The company updated its full-year guidance, expecting Same-Property RevPAR to increase by 3.5% to 4.5% compared to 2024, with Adjusted EBITDAre projected between $250 million and $258 million [19][20] - The guidance reflects macroeconomic uncertainties and assumes no additional acquisitions or equity issuances [19][20] Liquidity and Balance Sheet - As of September 30, 2025, the company had total outstanding debt of approximately $1.4 billion and total liquidity of approximately $688 million [10] - The company held approximately $188 million in cash and cash equivalents, with full availability on its revolving line of credit [10] About the Company - Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT focused on luxury and upper upscale hotels in the top 25 lodging markets in the U.S., owning 30 hotels with 8,868 rooms [22]

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Core Viewpoint - Xenia Hotels & Resorts, Inc. has announced a cash dividend of $0.14 per share for the third quarter of 2025, reflecting the company's ongoing commitment to returning value to shareholders [1]. Company Overview - Xenia Hotels & Resorts, Inc. is a self-advised and self-administered Real Estate Investment Trust (REIT) that focuses on luxury and upper upscale hotels and resorts in the top 25 lodging markets and key leisure destinations in the United States [2]. - The company owns 30 hotels and resorts, totaling 8,868 rooms across 14 states, with properties operated or licensed by leading industry brands such as Marriott, Hyatt, Fairmont, Kimpton, Loews, Hilton, and The Kessler Collection [2].

Company Overview - Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that focuses on investing in luxury and upper upscale hotels and resorts in the top 25 lodging markets and key leisure destinations in the United States [4] - The Company owns 30 hotels comprising 8,868 rooms across 14 states, with properties operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and The Kessler Collection [4] Upcoming Financial Results - Xenia will report its financial results for the third quarter of 2025 before the market opens on October 31, 2025 [1] - Management will discuss the results during a conference call scheduled for 10:00 am (Eastern Time) on the same day [1] Conference Call Participation - To participate in the conference call, interested parties should dial (833) 470-1428 approximately ten minutes before the call begins, using access code 140182 [2] - A replay of the conference call will be available one hour after the call ends, accessible by dialing (866) 813-9403 with access code 461738 [2] Webcast Information - A live webcast of the earnings call will be available on the Company's website, with access starting ten minutes prior to the call [3] - The replay of the conference call webcast will be archived and available online for 90 days through the Investor Relations section of the Company's website [3]

Core Insights - Xenia Hotels & Resorts reported strong Q2 2025 earnings, significantly exceeding estimates for both earnings and revenue, with adjusted FFO per diluted share at $0.57 versus an estimated $0.30, and revenue at $287.6 million, surpassing consensus by over $14 million [1][5][10] Financial Performance - Adjusted FFO per diluted share increased by 9.6% year-over-year from $0.52 in Q2 2024 to $0.57 in Q2 2025 [2] - Revenue rose 5.4% year-over-year, from $272.9 million in Q2 2024 to $287.6 million in Q2 2025 [2] - Net income per share surged 273.3% year-over-year, reaching $0.56 compared to $0.15 in Q2 2024 [2][6] - Adjusted EBITDAre grew 16.3% year-over-year to $79.5 million, reflecting operational improvements [2][6] - Same-Property RevPAR increased by 4.0% year-over-year, from $187.95 in Q2 2024 to $195.51 in Q2 2025 [2] Operational Highlights - Strong demand in group and catering segments significantly contributed to revenue growth, with catering revenues showing outsized gains [7] - Food and beverage revenue within the same-property portfolio increased by 20.9%, enhancing overall profitability [7] - The Grand Hyatt Scottsdale Resort's renovations contributed to a 4.0% increase in Same-Property RevPAR, with RevPAR in the Phoenix market up 60.9% in Q1 2025 [7] Strategic Focus - The company focuses on owning luxury and upper-upscale hotels in major U.S. markets, partnering with established hotel brands for management [3] - Recent strategies include selling non-core assets, selective hotel investments, and disciplined capital spending to enhance portfolio quality and profitability [4] - Xenia's capital expenditure plans for the year are set between $75 million to $85 million, with $18.5 million already invested in property upgrades [10][9] Future Outlook - Management raised guidance for 2025, projecting Adjusted EBITDAre between $249 million to $263 million and Adjusted FFO between $166 million to $180 million [10] - Adjusted FFO per diluted share is now expected to be in the range of $1.66 to $1.80 for the full year [10] - The company anticipates continued strength in group demand, particularly in the fourth quarter, while leisure-related revenue is expected to normalize [11]

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for the six months ended June 30, 2025, reflect significant growth in net income, primarily driven by a $40.0 million gain on the sale of an investment property [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a 1.5% increase in total assets, a 120.7% surge in cash, and a 4.0% rise in total liabilities, with a slight 1.4% decrease in total equity Balance Sheet Summary (as of June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$2,875,087** | **$2,831,616** | **+1.5%** | | Net Investment Properties | $2,524,277 | $2,590,821 | -2.6% | | Cash and cash equivalents | $172,609 | $78,201 | +120.7% | | **Total Liabilities** | **$1,613,138** | **$1,551,283** | **+4.0%** | | Debt, net | $1,423,681 | $1,334,703 | +6.7% | | **Total Equity** | **$1,261,949** | **$1,280,333** | **-1.4%** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Total revenues increased by 6.7%, operating income by 31.4%, and net income surged by 199.3% due to a significant gain on property sale Statement of Operations Highlights (Six Months Ended June 30) | Metric | 2025 ($ thousands) | 2024 ($ thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $576,506 | $540,392 | +6.7% | | Operating Income | $76,082 | $57,893 | +31.4% | | Gain on sale of investment properties | $39,953 | $0 | N/A | | Net Income | $75,068 | $25,080 | +199.3% | | Net Income Attributable to Common Stockholders | $70,742 | $23,872 | +196.3% | | Diluted EPS | $0.71 | $0.23 | +208.7% | - For the second quarter of 2025, total revenues grew **5.4% YoY to $287.6 million**, and net income attributable to common stockholders surged to **$55.2 million** from $15.3 million in Q2 2024, largely due to the gain on the sale of an investment property[14](index=14&type=chunk) [Condensed Consolidated Statements of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased by $18.4 million, driven by share repurchases and dividends, partially offset by net income - For the six months ended June 30, 2025, total equity decreased from **$1,280.3 million to $1,261.9 million**. Key drivers included net income of **$75.1 million**, offset by common share repurchases of **$71.5 million** and dividend payments of **$28.1 million**[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow improved, investing activities generated cash primarily from a property sale, and financing activities used less cash Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $91,079 | $81,939 | | Net cash provided by (used in) investing activities | $27,515 | $(68,014) | | Net cash used in financing activities | $(11,183) | $(31,898) | | **Net change in cash** | **$107,411** | **$(17,973)** | - The positive cash flow from investing activities in H1 2025 was primarily due to **$101.4 million** in proceeds from the sale of an investment property, which more than offset **$50.8 million** in capital expenditures and a **$25.4 million** property purchase[24](index=24&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail property portfolio changes, significant asset sales and purchases, debt structure, and capital allocation activities including share repurchases and dividends - As of June 30, 2025, the company owned **30 lodging properties**, down from 32 a year prior[32](index=32&type=chunk) - In H1 2025, the company purchased the fee simple interest in the land at Hyatt Regency Santa Clara for **$25.4 million** and sold the Fairmont Dallas for **$111.0 million**, resulting in a **$40.0 million gain**[59](index=59&type=chunk)[60](index=60&type=chunk) - Total debt increased to **$1.44 billion** as of June 30, 2025, from $1.35 billion at year-end 2024. The company drew **$100 million** from its 2024 Delayed Draw Term Loan in January 2025[61](index=61&type=chunk)[66](index=66&type=chunk)[70](index=70&type=chunk) - The company repurchased **5.7 million shares for $71.5 million** in H1 2025 and declared dividends of **$0.28 per share** for the period[87](index=87&type=chunk)[88](index=88&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the strong performance in the first half of 2025 to increased occupancy and average daily rates, leading to a 5.1% increase in total portfolio RevPAR [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Operational results show improved occupancy, average daily rates, and RevPAR, with net income significantly boosted by a property sale and increased hotel operating income Key Performance Indicators (Total Portfolio) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Occupancy | 70.7% | 69.2% | +150 bps | | ADR | $269.57 | $261.95 | +2.9% | | RevPAR | $190.59 | $181.28 | +5.1% | - Net income for H1 2025 increased by **199.3%** compared to H1 2024, primarily due to a **$40.0 million gain** on the sale of Fairmont Dallas and a **$23.7 million increase** in operating income from comparable hotels[139](index=139&type=chunk) - Food and beverage revenues showed strong growth, increasing **14.7% in Q2** and **13.8% in H1 2025** year-over-year, driven by higher occupancy and strong group business demand[143](index=143&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with substantial cash and an undrawn credit facility, while managing debt and executing share repurchases and capital expenditures - As of June 30, 2025, the company had **$172.6 million in cash and cash equivalents** and full availability of its **$500 million Revolving Credit Facility**[171](index=171&type=chunk)[172](index=172&type=chunk) - Total outstanding debt was **$1.4 billion** with a weighted-average interest rate of **5.67%** as of June 30, 2025[175](index=175&type=chunk) - In H1 2025, the company repurchased **5.7 million shares for $71.5 million** and made capital expenditures of **$50.8 million**[185](index=185&type=chunk)[187](index=187&type=chunk) [Non-GAAP Financial Measures](index=41&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP metrics show strong performance, with Adjusted EBITDAre increasing by 14.1% and Adjusted FFO by 10.4% year-over-year Non-GAAP Performance (Six Months Ended June 30) | Metric | 2025 ($ thousands) | 2024 ($ thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDAre | $152,485 | $133,668 | +14.1% | | Adjusted FFO | $109,466 | $99,198 | +10.4% | [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is from interest rate changes affecting its variable-rate debt, with increased exposure following the maturity of $225.0 million in interest rate swaps - The company's exposure to interest rate risk increased after interest rate swaps with a notional value of **$225.0 million** matured in February 2025[212](index=212&type=chunk) - A hypothetical **1% permanent increase or decrease** in market interest rates on variable rate debt would change annual interest expense by approximately **$3.3 million**[213](index=213&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of the end of the quarter[219](index=219&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[220](index=220&type=chunk) [Part II - Other Information](index=47&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal claims and lawsuits arising in the ordinary course of business, with no expected material adverse effect on financial condition - The company is subject to various legal proceedings from the ordinary course of business but does not expect them to have a **material adverse effect** on its financial condition[221](index=221&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) There are no new risk factors to report for the period - No updates to risk factors were reported in this filing[222](index=222&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company purchased 2.95 million shares for $35.7 million under its repurchase program in Q2 2025, with a $100 million increase authorized in May 2025 Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Weighted-Average Price Paid | Total Cost (Approx.) | | :--- | :--- | :--- | :--- | | April 2025 | 0 | $0.00 | $0 | | May 2025 | 1,531,521 | $11.98 | $18.3M | | June 2025 | 1,417,391 | $12.23 | $17.3M | | **Total Q2** | **2,948,912** | **$12.10** | **$35.7M** | - In May 2025, the Board of Directors authorized a **$100 million increase** to the share repurchase program[224](index=224&type=chunk) [Defaults Upon Senior Securities](index=48&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - There were **no defaults** upon senior securities[225](index=225&type=chunk) [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025 - No adoptions, modifications, or terminations of Rule 10b5-1 trading arrangements by directors or officers occurred during the quarter[227](index=227&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, compensatory plans, and required certifications under the Sarbanes-Oxley Act - The report includes various exhibits, such as the Form of Amended and Restated Retirement Policy (2025) and certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act of 2002[229](index=229&type=chunk)

Financial Data and Key Metrics Changes - The company reported a net income of $55.2 million and adjusted EBITDAre of $79.5 million for Q2 2025, reflecting a 9.6% increase compared to the same quarter last year [6][27] - Same property hotel EBITDA reached $84 million, which is 22.2% above the previous year's levels, with hotel EBITDA margin increasing by 269 basis points [7][19] - Adjusted FFO per share was $0.57, marking a 9.6% increase year-over-year [6][27] Business Line Data and Key Metrics Changes - The same property RevPAR for the portfolio increased by 4% to $195.51, driven by a 140 basis point increase in occupancy and a 2% increase in average daily rate [5][15] - Group room revenues increased by 15.6% compared to the same period last year, with food and beverage revenue growth of 12.7% [8][18] - Excluding Grand Hyatt Scottsdale, hotel EBITDA increased by 11.5% with a margin improvement of 148 basis points [7][19] Market Data and Key Metrics Changes - The company experienced outsized RevPAR growth in markets such as Pittsburgh, Orlando, and California, particularly in Santa Barbara, San Francisco, and Santa Clara [9][10] - July RevPAR growth was slightly negative compared to the same period last year, with a 3% increase when excluding Houston hotels [13][80] - Group room revenue pace for the second half of the year is up 16%, indicating strong demand [32] Company Strategy and Development Direction - The company plans to spend between $75 million and $85 million on property improvements in 2025, a reduction from earlier projections [11][22] - The focus remains on capital allocation decisions that enhance shareholder value, including the successful sale of Fairmont Dallas [11][14] - The company is optimistic about future growth prospects, particularly in the group segment, which is expected to reach high 30% of overall room revenues [33] Management's Comments on Operating Environment and Future Outlook - Management noted that corporate transient demand is recovering slowly while leisure demand is normalizing, consistent with expectations [12][14] - The second half of the year is anticipated to align with prior expectations, with strong group business expected in Q4 [12][14] - The company remains confident in its investment thesis and the earnings growth expected from its properties, particularly Grand Hyatt Scottsdale [9][14] Other Important Information - The company has approximately $1.4 billion in outstanding debt, with a weighted average interest rate of 5.7% [24] - Total liquidity at the end of Q2 was $673 million, with $173 million in available cash [26][27] - The company repurchased $71.5 million of stock year-to-date, equating to 5.6% of outstanding shares [28] Q&A Session Summary Question: Thoughts on stock buybacks - Management views buybacks as a good tool for driving shareholder value and has been active in repurchasing shares [40][41] Question: Clarification on mixed outlooks - Management indicated that their portfolio is not heavily dependent on large citywide conventions, which has affected performance compared to peers [42][44] Question: Expectations for out-of-room spending - Out-of-room spending was strong in Q2, but expectations for Q3 are muted due to seasonality, with potential for improvement in Q4 [51][52] Question: Changes in consumer behavior and booking windows - July showed a tough comparison with last year, and management expects a pickup in demand as summer ends [78][80] Question: Transaction market outlook - Management remains focused on internal portfolio value rather than external growth opportunities, although they are open to potential dispositions [82][83]

Financial Data and Key Metrics Changes - The company reported a net income of $55.2 million and adjusted EBITDAre of $79.5 million, reflecting a 9.6% increase compared to the same quarter last year [6][24] - Same property hotel EBITDA reached $84 million, a 22.2% increase, with hotel EBITDA margin improving by 269 basis points [6][19] - Adjusted FFO per share was $0.57, marking a 9.6% increase year-over-year [6][24] Business Line Data and Key Metrics Changes - Same property RevPAR increased by 4% for the 30 hotel portfolio, driven by a 140 basis point increase in occupancy and a 2% increase in average daily rate [5][15] - Group room revenues increased by 15.6% compared to the same period last year, with food and beverage revenue growth of 12.7% [7][18] - Excluding Grand Hyatt Scottsdale, second quarter hotel EBITDA increased by 11.5% [6][19] Market Data and Key Metrics Changes - The company experienced outsized RevPAR growth in markets such as Pittsburgh, Orlando, and California [8][9] - July RevPAR growth was slightly negative compared to the same period last year, with a 3% increase when excluding Houston hotels [12][82] - Group room revenue pace for the second half of the year is up 16%, indicating strong demand [33] Company Strategy and Development Direction - The company plans to spend between $75 million and $85 million on property improvements during the year, a reduction from earlier projections [10][21] - The focus remains on luxury and upper upscale hotels, which are less dependent on international and government demand [13][35] - The company is optimistic about future growth prospects and aims to drive shareholder value through superior capital allocation decisions [13][28] Management's Comments on Operating Environment and Future Outlook - Management noted that group business continues to be a bright spot, with expectations for strong performance in the fourth quarter [11][33] - The company anticipates muted revenue growth in the third quarter but expects a stronger fourth quarter driven by group demand [12][29] - Management expressed confidence in the portfolio's ability to outperform in the coming quarters, despite some softness in leisure demand [11][97] Other Important Information - The company completed the sale of Fairmont Dallas for $111 million, generating an unlevered IRR of 11.3% [10] - The company has repurchased $71.5 million of stock year-to-date, equating to 5.6% of outstanding shares [27][28] - The company has a long-term leverage target in the low three to low four times range, with a current leverage ratio of approximately five times trailing twelve-month net debt to EBITDA [25] Q&A Session Summary Question: Thoughts on stock buybacks - Management views buybacks as a good tool for driving shareholder value and has been active in repurchasing shares [41][42] Question: Clarification on mixed outlooks - Management noted that their portfolio is not heavily dependent on large citywide conventions, which has affected performance compared to peers [44][45] Question: Expectations for out-of-room spending - Management indicated that out-of-room spending was strong in Q2 but may be muted in Q3, with potential for recovery in Q4 [52][54] Question: Changes in consumer behavior and booking windows - Management observed a slight weakening in leisure demand but expects a pickup in bookings as summer ends [81][82] Question: Transaction market outlook - Management remains focused on internal growth opportunities and does not see external growth as a significant driver in the short term [85][86]

Core Viewpoint - Xenia Hotels & Resorts reported strong quarterly funds from operations (FFO) of $0.57 per share, exceeding the Zacks Consensus Estimate of $0.43 per share and showing an increase from $0.52 per share a year ago [1][2] Financial Performance - The FFO surprise for the quarter was +32.56%, with the company previously expected to post $0.42 per share but actually producing $0.51, resulting in a surprise of +21.43% [2] - Revenues for the quarter ended June 2025 were $287.58 million, surpassing the Zacks Consensus Estimate by 5.23% and up from $272.9 million year-over-year [3] - Over the last four quarters, the company has exceeded consensus FFO and revenue estimates three times [3] Market Performance - Xenia Hotels & Resorts shares have declined approximately 14.5% since the beginning of the year, contrasting with the S&P 500's gain of 7.8% [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.22 on revenues of $241.2 million, and for the current fiscal year, it is $1.56 on revenues of $1.07 billion [8] - The outlook for the industry, particularly the REIT and Equity Trust - Other sector, is favorable, ranking in the top 38% of over 250 Zacks industries [9]