株探米国株
日本語 英語
エドガーで原本を確認する
false000151133700015113372024-08-012024-08-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 01, 2024
 
RLJ LODGING TRUST
(Exact name of registrant as specified in its charter)
 
Maryland   001-35169   27-4706509
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification Number)
 
7373 Wisconsin Avenue, Suite 1500  
Bethesda, Maryland 20814
(Address of principal executive offices)   (Zip Code)
 
(301) 280-7777
(Registrant’s telephone number, including area code)
 
Not applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12 (b) of the Exchange Act:
Title of Class   Trading Symbol   Name of Exchange on Which Registered
Common Shares of beneficial interest, par value $0.01 per share   RLJ   New York Stock Exchange

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐






Item 2.02.       Results of Operations and Financial Condition.
 
On August 1, 2024, RLJ Lodging Trust (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2024.  A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
 
The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01.       Financial Statements and Exhibits.
 
(a)  Not applicable.
 
(b)  Not applicable.
 
(c)  Not applicable.
 
(d)  The following exhibits are filed as part of this report:
 
Exhibit
Number		   Description
99.1   
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  RLJ LODGING TRUST
   
Dated: August 1, 2024 By: /s/ Leslie D. Hale
    Leslie D. Hale
    President and Chief Executive Officer

EXHIBIT LIST
 
Exhibit
Number		   Description
99.1   



EX-99.1 2 rljq22024exhibit991.htm EX-99.1 Document
rljlt_blacklogox2022a.jpg
Press Release                                        

RLJ Lodging Trust Reports Second Quarter 2024 Results

Q2 RevPAR increased 2.6% above 2023
Acquired a boutique lifestyle hotel in Denver
Announced increase of quarterly dividend to $0.15 per share

Bethesda, MD, August 1, 2024 – RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and six months ended June 30, 2024.

Second Quarter Highlights
•Portfolio Comparable RevPAR of $157.30; an increase of 2.6% from last year
•Total Revenue of $369.3 million; an increase of 3.5% from last year
•Net Income of $37.3 million
•Comparable Hotel EBITDA of $118.6 million
•Adjusted EBITDA of $109.0 million
•Adjusted FFO per diluted common share and unit of $0.51
•Acquired Hotel Teatro in Denver for $35.5 million
•Repurchased 0.3 million shares for approximately $3.1 million at an average price of $9.72
•Addressed 2024 debt maturities

“We were encouraged to see industry RevPAR growth improve during the second quarter despite a choppy backdrop. Relative to this environment, we were pleased with our solid second quarter performance, which was driven by strong gains in a number of our urban markets that benefitted from growth in business and group segments,” commented Leslie D. Hale, President and Chief Executive Officer. “Additionally, we were active on multiple fronts including, acquiring a high-quality boutique lifestyle hotel in Denver, progressing on our 2024 conversions, and repurchasing shares while increasing our quarterly dividend. Our strong execution of these initiatives once again demonstrates the optionality our strong balance sheet provides to drive multiple channels of growth simultaneously.”

The prefix “comparable” as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.
1
rljlt_blacklogox2022a.jpg
Financial and Operating Highlights
($ in thousands, except ADR, RevPAR, Change, and per share amounts)
(unaudited)
For the three months ended June 30, For the six months ended June 30,
2024 2023 Change 2024 2023 Change
Operational Overview: (1)
Comparable ADR $205.20 $204.05 0.6% $202.26 $201.83 0.2%
Comparable Occupancy 76.7% 75.1% 2.1% 73.0% 71.8% 1.6%
Comparable RevPAR $157.30 $153.26 2.6% $147.61 $144.95 1.8%
Financial Overview:
Total Revenue $369,297 $356,960 3.5% $693,707 $671,463 3.3%
Comparable Hotel Revenue $371,027 $358,880 3.4% $696,505 $674,589 3.2%
Net Income $37,291 $41,720 (10.6)% $42,037 $52,234 (19.5)%
Comparable Hotel EBITDA $118,639 $123,532 (4.0)% $207,432 $214,577 (3.3)%
Comparable Hotel EBITDA Margin 32.0% 34.4% (245) bps 29.8% 31.8% (203) bps
Adjusted EBITDA $108,971 $113,829 (4.3)% $188,563 $196,513 (4.0)%
Adjusted FFO $78,619 $87,836 (10.5)% $130,473 $143,916 (9.3)%
Adjusted FFO Per Diluted Common Share and Unit $0.51 $0.56 (8.9)% $0.84 $0.90 (6.7)%
Note:
(1) Comparable statistics reflect the Company's 96 hotel portfolio owned as of June 30, 2024.

Acquisitions and Dispositions
During the second quarter of 2024, the Company purchased the 110-room Hotel Teatro in Denver, Colorado for a purchase price of $35.5 million. The hotel is expected to generate an estimated 10% yield upon stabilization. Additionally, the Company sold a non-core 78-room Residence Inn hotel located in Indiana for a sales price of $8.1 million.

Share Repurchases
During the second quarter, the Company recycled proceeds from the sale of a non-core hotel to repurchase common shares. During the second quarter, the Company repurchased 0.3 million common shares for approximately $3.1 million at an average price of $9.72. Year-to-date, the Company has repurchased 0.5 million common shares for approximately $5.0 million at an average price of $9.66. As of August 1, the Company's 2024 share repurchase program had a remaining capacity of $245.0 million.

Balance Sheet
As of June 30, 2024, the Company had approximately $771.1 million of total liquidity, comprising approximately $371.1 million of unrestricted cash and $400.0 million available under its revolving credit facility, and $2.2 billion of debt outstanding.

In April 2024, the Company drew $200.0 million under its $600.0 million revolving credit facility and utilized the proceeds to repay $200.0 million of maturing mortgage debt.

In April 2024, the Company exercised its one-year extension options to extend the maturities of $181.0 million of mortgage loans to April 2025.


2
rljlt_blacklogox2022a.jpg
Dividends
The Company’s Board of Trustees declared a second quarter cash dividend of $0.10 per common share of beneficial interest of the Company. The dividend was paid on July 15, 2024 to shareholders of record as of June 28, 2024.

The Company's Board of Trustees declared a second quarter cash dividend of $0.4875 on the Company’s Series A Preferred Shares. The dividend was paid on July 31, 2024 to shareholders of record as of June 28, 2024.

In July, the Company's Board of Trustees approved an increase to its quarterly cash dividend to $0.15 per common share of beneficial interest of the Company starting with the third quarter of 2024. The Dividend will be paid on October 15, 2024 to shareholders of record as of September 30, 2024.

Outlook Update
The Company is updating its full-year outlook range to incorporate recent transactions, year-to-date operating performance, and the current economic environment. No future acquisitions, dispositions, financings, or share repurchases are incorporated into the Company's outlook and could result in a material change to the Company's outlook.

FY 2024
Comparable RevPAR Growth 1.0% to 2.5%
Comparable Hotel EBITDA $382.5M to $402.5M
Adjusted EBITDA $346.5M to $366.5M
Adjusted FFO per diluted share $1.45 to $1.58

Additionally, the Company's full year 2024 outlook includes:

•Net interest expense of $93.0 million to $95.0 million.
•Capital expenditures related to renovations in the range of $100.0 million to $120.0 million.
•Diluted weighted average common shares and units of 155.0 million.

Earnings Call
The Company will conduct its quarterly analyst and investor conference call on August 2, 2024 at 10:00 a.m. (Eastern Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust’s second quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company’s website at http://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available through the Investor Relations section of the Company’s website for two weeks.

Supplemental Information
Please refer to the presentation of supplemental information for additional detail and comparable operating statistics, which will be available through the Investor Relations section of the Company's website.




3
rljlt_blacklogox2022a.jpg
About Us
RLJ Lodging Trust ("RLJ") is a self-advised, publicly traded real estate investment trust that owns 96 premium-branded, rooms-oriented, high-margin, urban-centric hotels located within the heart of demand locations. Our hotels are geographically diverse and concentrated in major urban markets that provide multiple demand generators from business, leisure, and other travelers.

Forward-Looking Statements
This information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “will,” “will continue,” “intend,” “should,” “may,” or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled “Risk Factors,” “Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which will be filed on August 2, 2024, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.




###
 Additional Contact:
Sean M. Mahoney, Executive Vice President and Chief Financial Officer – (301) 280-7774
For additional information or to receive press releases via email, please visit our website:
 https://www.rljlodgingtrust.com



4
rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Non-GAAP and Accounting Commentary
 
Non-Generally Accepted Accounting Principles (“Non-GAAP”) Financial Measures
The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre, (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin. These Non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin, as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company defines such terms.
 
Funds From Operations (“FFO”)
The Company calculates Funds from Operations (“FFO”) in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”), even though FFO does not represent an amount that accrues directly to common shareholders.
 
The Company’s 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 the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest (“OP units”) in RLJ Lodging Trust, L.P., the Company’s operating partnership, because the OP units may be redeemed for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.
 
EBITDA and EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense. The Company considers EBITDA useful to an investor 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 expense) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.

5
rljlt_blacklogox2022a.jpg
In addition to EBITDA, the Company presents EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss (calculated in accordance with GAAP) excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. The Company believes that the presentation of EBITDAre provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.

Adjustments to FFO and EBITDA
The Company adjusts FFO, EBITDA, and EBITDAre for certain items that the Company considers outside the normal course of operations. The Company believes that Adjusted FFO, Adjusted EBITDA, and Adjusted EBITDAre provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income or loss, FFO, EBITDA, and EBITDAre, are beneficial to an investor’s understanding of the Company's operating performance. The Company adjusts FFO, EBITDA, and EBITDAre for the following items:

•Transaction Costs: The Company excludes transaction costs expensed during the period
•Pre-Opening Costs: The Company excludes certain costs related to pre-opening of hotels
•Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation, non-cash income tax expense or benefit, and non-cash interest expense related to discontinued interest rate hedges
•Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside the normal course of operations

Hotel EBITDA and Hotel EBITDA Margin
With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company’s hotels and the effectiveness of third-party management companies.
 
Comparable Hotel EBITDA and Comparable Hotel EBITDA margin include prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels and excludes results from sold hotels as applicable.

Comparable adjustments: Acquired hotel
For the three and six months ended June 30, 2024 and 2023, Comparable adjustments included the following acquired hotel:
•Hotel Teatro acquired in June 2024

Comparable adjustments: Sold hotel
For the three and six months ended June 30, 2024 and 2023, Comparable adjustments included the following sold hotel:
•Residence Inn Merrillville sold in May 2024
6
rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(unaudited)
June 30, 2024 December 31, 2023
Assets    
Investment in hotel properties, net $ 4,274,669  $ 4,136,216 
Investment in unconsolidated joint ventures 7,386  7,398 
Cash and cash equivalents 371,133  516,675 
Restricted cash reserves 36,081  38,652 
Hotel and other receivables, net of allowance of $369 and $265, respectively
 30,916  26,163 
Lease right-of-use assets 130,875  136,140 
Prepaid expense and other assets 66,967  58,051 
Total assets $ 4,918,027  $ 4,919,295 
Liabilities and Equity    
Debt, net $ 2,222,642  $ 2,220,778 
Accounts payable and other liabilities 149,682  147,819 
Advance deposits and deferred revenue 33,475  32,281 
Lease liabilities 119,902  122,588 
Accrued interest 21,934  22,539 
Distributions payable 22,621  22,500 
Total liabilities 2,570,256  2,568,505 
Equity    
Shareholders’ equity:    
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at June 30, 2024 and December 31, 2023 366,936  366,936 
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 155,240,677 and 155,297,829 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1,552  1,553 
Additional paid-in capital 3,000,394  3,000,894 
Distributions in excess of net earnings (1,057,061) (1,055,183)
Accumulated other comprehensive income 22,171  22,662 
Total shareholders’ equity 2,333,992  2,336,862 
Noncontrolling interests:    
Noncontrolling interest in the Operating Partnership 6,318  6,294 
Noncontrolling interest in consolidated joint ventures 7,461  7,634 
Total noncontrolling interest 13,779  13,928 
Total equity 2,347,771  2,350,790 
Total liabilities and equity $ 4,918,027  $ 4,919,295 
Note: The corresponding notes to the consolidated financial statements can be found in the Company’s Quarterly Report on Form 10-Q.

7
rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(unaudited)
  For the three months ended June 30, For the six months ended June 30,
  2024 2023 2024 2023
Revenues        
Operating revenues        
Room revenue $ 303,652  $ 295,496  $ 570,282  $ 556,328 
Food and beverage revenue 40,843  38,132  76,532  71,420 
Other revenue 24,802  23,332  46,893  43,715 
Total revenues 369,297  356,960  693,707  671,463 
Expenses        
Operating expenses        
Room expense 73,941  70,333  143,327  136,384 
Food and beverage expense 30,304  28,037  58,931  54,174 
Management and franchise fee expense 29,789  29,277  55,444  55,459 
Other operating expenses 90,792  84,207  180,601  166,831 
Total property operating expenses 224,826  211,854  438,303  412,848 
Depreciation and amortization 44,474  44,925  89,153  89,921 
Property tax, insurance and other 28,753  24,684  56,587  49,332 
General and administrative 13,940  14,627  29,045  28,283 
Transaction costs 76  4  90  24 
Total operating expenses 312,069  296,094  613,178  580,408 
Other income, net 687  736  3,878  1,585 
Interest income 4,118  5,011  8,905  8,675 
Interest expense (28,049) (24,543) (54,507) (48,673)
Gain (loss) on sale of hotel properties, net 3,546  (44) 3,546  (44)
Loss on extinguishment of indebtedness, net —  (169) —  (169)
Income before equity in income from unconsolidated joint ventures 37,530  41,857  42,351  52,429 
Equity in income from unconsolidated joint ventures 154  220  388  501 
Income before income tax expense 37,684  42,077  42,739  52,930 
Income tax expense (393) (357) (702) (696)
Net income 37,291  41,720  42,037  52,234 
Net (income) loss attributable to noncontrolling interests:        
Noncontrolling interest in the Operating Partnership (169) (171) (167) (188)
Noncontrolling interest in consolidated joint ventures (16) (154) 173  (6)
Net income attributable to RLJ 37,106  41,395  42,043  52,040 
Preferred dividends (6,279) (6,279) (12,557) (12,557)
Net income attributable to common shareholders $ 30,827  $ 35,116  $ 29,486  $ 39,483 
Basic per common share data:    
Net income per share attributable to common shareholders - basic $ 0.20  $ 0.22  $ 0.19  $ 0.25 
Weighted-average number of common shares 153,641,065  156,424,444  153,305,640  157,945,406 
Diluted per common share data:    
Net income per share attributable to common shareholders - diluted $ 0.20  $ 0.22  $ 0.19  $ 0.25 
Weighted-average number of common shares 154,105,871  156,741,187  154,151,135  158,381,380 
Note: The Statements of Comprehensive Income and corresponding notes to the consolidated financial statements can be found in the Company’s Quarterly Report on Form 10-Q.
8
rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands, except per share data)
(unaudited)

Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders
  For the three months ended June 30, For the six months ended June 30,
  2024 2023 2024 2023
Net income $ 37,291  $ 41,720  $ 42,037  $ 52,234 
Preferred dividends (6,279) (6,279) (12,557) (12,557)
Depreciation and amortization 44,474  44,925  89,153  89,921 
(Gain) loss on sale of hotel properties, net (3,546) 44  (3,546) 44 
Noncontrolling interest in consolidated joint ventures (16) (154) 173  (6)
Adjustments related to consolidated joint venture (1) (47) (44) (92) (87)
Adjustments related to unconsolidated joint venture (2) 228  236  457  473 
FFO 72,105  80,448  115,625  130,022 
Transaction costs 76  4  90  24 
Pre-opening costs (3) 125  639  199  860 
Loss on extinguishment of indebtedness, net —  169  —  169 
Amortization of share-based compensation 5,275  6,089  11,708  11,781 
Non-cash interest expense related to discontinued interest rate hedges 418  482  900  964 
Other expenses (4) 620  5  1,951  96 
Adjusted FFO $ 78,619  $ 87,836  $ 130,473  $ 143,916 
Adjusted FFO per common share and unit-basic $ 0.51  $ 0.56  $ 0.85  $ 0.91 
Adjusted FFO per common share and unit-diluted $ 0.51  $ 0.56  $ 0.84  $ 0.90 
Basic weighted-average common shares and units outstanding (5) 154,413  157,196  154,077  158,717 
Diluted weighted-average common shares and units outstanding (5) 154,878  157,513  154,923  159,153 
Notes:
(1)Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint venture.
(2)Includes our ownership interest in the depreciation and amortization expense of the unconsolidated joint venture.
(3)Represents expenses related to the brand conversions of certain hotel properties prior to opening.
(4)Represents expenses and income outside of the normal course of operations.
(5)Includes 0.8 million weighted-average operating partnership units for the three and six month periods ended June 30, 2024 and 2023.







9
rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
  For the three months ended June 30, For the six months ended June 30,
  2024 2023 2024 2023
Net income $ 37,291  $ 41,720  $ 42,037  $ 52,234 
Depreciation and amortization 44,474  44,925  89,153  89,921 
Interest expense, net of interest income 23,931  19,532  45,602  39,998 
Income tax expense 393  357  702  696 
Adjustments related to unconsolidated joint venture (1) 332  345  667  690 
EBITDA 106,421  106,879  178,161  183,539 
(Gain) loss on sale of hotel properties, net (3,546) 44  (3,546) 44 
EBITDAre
102,875  106,923  174,615  183,583 
Transaction costs 76  4  90  24 
Pre-opening costs (2) 125  639  199  860 
Loss on extinguishment of indebtedness, net —  169  —  169 
Amortization of share-based compensation 5,275  6,089  11,708  11,781 
Other expenses (3) 620  5  1,951  96 
Adjusted EBITDA 108,971  113,829  188,563  196,513 
General and administrative 8,665  8,538  17,337  16,502 
Other corporate adjustments 691  666  1,358  1,137 
Consolidated Hotel EBITDA 118,327  123,033  207,258  214,152 
Comparable adjustments - income from sold hotels (162) (558) (352) (918)
Comparable adjustments - income from acquired hotels 474  1,057  525  1,343 
Comparable Hotel EBITDA $ 118,639  $ 123,532  $ 207,432  $ 214,577 
Notes:
(1)Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint venture.
(2)Represents expenses related to the brand conversions of certain hotel properties prior to opening.
(3)Represents expenses and income outside of the normal course of operations.










10
rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands except margin data)
(unaudited)
 
Comparable Hotel EBITDA Margin
  For the three months ended June 30, For the six months ended June 30,
  2024 2023 2024 2023
Total revenue $ 369,297  $ 356,960  $ 693,707  $ 671,463 
Comparable adjustments - revenue from sold hotels (359) (866) (1,001) (1,487)
Comparable adjustments - revenue from prior ownership of acquired hotels 2,107  2,806  3,834  4,649 
Other corporate adjustments / non-hotel revenue (18) (21) (35) (36)
Comparable Hotel Revenue $ 371,027  $ 358,880  $ 696,505  $ 674,589 
Comparable Hotel EBITDA $ 118,639  $ 123,532  $ 207,432  $ 214,577 
Comparable Hotel EBITDA Margin 32.0  % 34.4  % 29.8  % 31.8  %
































11
rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures - Full-Year Outlook
(Amounts in millions)
(unaudited)


Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
 
For the year ended December 31, 2024
  Low End High End
Net income $ 44.0  $ 62.0 
Depreciation and amortization 187.0  187.0 
Interest expense, net of interest income 93.0  95.0 
Income tax expense 1.5  1.5 
Adjustments related to joint ventures 1.5  1.5 
EBITDA 327.0  347.0 
Gain on sale of hotel properties, net
 (3.5) (3.5)
EBITDAre
323.5  343.5 
Amortization of share-based compensation 21.0  21.0 
All other items, net 2.0  2.0 
Adjusted EBITDA 346.5  366.5 
General and administrative 36.0  36.0 
Consolidated Hotel EBITDA 382.5  402.5 
Comparable adjustments - income from sold hotels (0.5) (0.5)
Comparable adjustments - income from acquired hotels 0.5  0.5 
Comparable Hotel EBITDA $ 382.5  $ 402.5 

Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders
 
For the year ended December 31, 2024
  Low End High End
Net income $ 44.0  $ 62.0 
Preferred dividends (25.0) (25.0)
Depreciation and amortization 187.0  187.0 
Gain on sale of hotel properties, net
 (3.5) (3.5)
Adjustments related to joint ventures 1.0  1.0 
FFO 203.5  221.5 
Amortization of share-based compensation 21.0  21.0 
All other items, net 1.0  3.0 
Adjusted FFO $ 225.5  $ 245.5 
Adjusted FFO per common share and unit-diluted $ 1.45  $ 1.58 
Diluted weighted-average common shares and units outstanding
 155.0  155.0 


12
rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Consolidated Debt Summary
(Amounts in thousands except interest data)
(unaudited)
Loan Base Term (Years) Maturity
(incl. extensions)		 Floating / Fixed (1) Interest Rate (2) Balance as of
June 30, 2024 (3)
Mortgage Debt
Mortgage loan - 1 hotel 10 Jan 2029 Fixed 5.06% $ 25,000 
Mortgage loan - 3 hotels 5 Apr 2026 Floating 5.04% 96,000 
Mortgage loan - 4 hotels 5 Apr 2026 Floating 5.61% 85,000 
Weighted Average / Mortgage Total 5.28% $ 206,000 
Corporate Debt
Revolver (4) 4 May 2028 Floating 7.09% $ 200,000 
$225 Million Term Loan Maturing 2026 3 May 2028 Floating 4.07% 225,000 
$200 Million Term Loan Maturing 2026 3 January 2028 Floating 7.04% 200,000 
$400 Million Term Loan Maturing 2025 5 May 2025 Floating 4.72% 400,000 
$500 Million Senior Notes due 2026 5 July 2026 Fixed 3.75% 500,000 
$500 Million Senior Notes due 2029 8 September 2029 Fixed 4.00% 500,000 
Weighted Average / Corporate Total 4.69% $ 2,025,000 
Weighted Average / Total 4.75% $ 2,231,000 
Notes:
(1)The floating interest rate is hedged, or partially hedged, with an interest rate swap.
(2)Interest rates as of June 30, 2024, inclusive of the impact of interest rate hedges.
(3)Excludes the impact of fair value adjustments and deferred financing costs.
(4)As of June 30, 2024, there was $400.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually. In April 2024, the Company borrowed $200.0 million under the Revolver and utilized the proceeds to repay a $200.0 million maturing mortgage loan, reducing the remaining capacity on the Revolver to $400.0 million.

13