Core Viewpoint - RLJ Lodging Trust has declared dividends for the first quarter of 2026, indicating a commitment to returning value to shareholders through cash distributions [1] Dividend Announcements - The Board of Trustees declared a quarterly cash dividend of $0.15 per common share, payable on April 15, 2026, to shareholders of record as of March 31, 2026 [1] - Additionally, a quarterly cash dividend of $0.4875 on the Company's Series A Preferred Shares was declared, payable on April 30, 2026, to shareholders of record as of March 31, 2026 [1] Company Overview - RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust (REIT) that primarily owns premium-branded, high-margin, focused-service, and compact full-service hotels [1]

Core Viewpoint - The article discusses the author's extensive experience in researching various companies across different sectors, emphasizing a focus on value investing and a particular interest in metals and mining stocks. Group 1: Company Research - The company has over a decade of experience in in-depth research across multiple industries, including commodities like oil, natural gas, gold, and copper [1] - The company has transitioned from writing a blog to creating a value investing-focused YouTube channel, where it has researched hundreds of different companies [1] - The company expresses a preference for covering metals and mining stocks but is also comfortable with other sectors such as consumer discretionary/staples, REITs, and utilities [1]

Core Insights - Albert Anthony is a Croatian-American business author and analyst contributing to Seeking Alpha with over 1,000 followers and has authored a book titled "Investing in REITs: A Fundamental & Technical Analysis (2026 Edition)" [1] - He has a background in business and information systems, having worked at Charles Schwab, and has launched his own equities research firm, Albert Anthony & Company, which operates remotely [1] - The author is also active on YouTube discussing REITs and is an investor in REIT stocks [1] Company Overview - Albert Anthony & Company is a Texas-registered boutique equities research firm managed entirely by the author [1] - The firm provides general market commentary and research based on publicly available data without offering personalized financial advisory services [1] Professional Background - The author holds a B.A. in Political Science from Drew University and has certifications in Microsoft Fundamentals, CompTIA Project+, and Risk Management from the Corporate Finance Institute [1] - He has participated in numerous business and innovation conferences, trade shows, and panel discussions, enhancing his expertise in the field [1]

Core Insights - RLJ Lodging Trust reported fourth-quarter and full-year 2025 results that exceeded expectations despite a challenging operating environment due to a prolonged government shutdown [5] - The company emphasized the importance of non-room revenue, which rose 7.2% in the quarter, significantly outpacing RevPAR growth [1] Revenue Performance - Total revenues increased by 0.2% year over year, driven by growth in food and beverage, parking, and other non-room revenues [1] - Non-government business transient revenue grew by 5%, while corporate rates increased by 2% [2] - Group revenue declined by 3% due to shutdown-related disruptions, although group ADR rose by 4% [2] Market Performance - Urban markets outperformed, with San Francisco's central business district achieving 52% RevPAR growth, supported by demand across segments and a calendar shift of the Dreamforce conference [3] - Other urban markets such as Northern California, Denver CBD, and New York City also showed RevPAR growth of 18.5%, 10.1%, and 4.7%, respectively [3] Occupancy and Rates - Fourth-quarter occupancy was reported at 68.7%, with an average daily rate (ADR) of $199 and RevPAR of $137, reflecting a 1.5% year-over-year decline [4] - The decline in RevPAR was attributed to a 0.9% decrease in occupancy and a 0.7% decrease in ADR [4] Cost Management - Total operating costs increased by 0.8% in the quarter and 1.6% for the full year, with fixed expenses benefiting from favorable insurance renewals and real estate tax benefits [6] - Excluding tax benefits, total expenses increased by 2.1% for the full year [6] Conversions and Renovations - The company focused on conversions and high-occupancy renovations as key performance drivers, with completed conversions generating 15% RevPAR growth [7][8] - Recent renovations in Waikiki and Deerfield Beach resulted in over 10% RevPAR growth in December [8] Asset Management - RLJ sold three properties for a total of $73.7 million, with a projected hotel EBITDA multiple of 17.7x [9] - The company remains optimistic about additional asset sales and plans to recycle proceeds while maintaining balance sheet strength [10] Financial Position - At quarter-end, RLJ had over $1 billion in liquidity, $2.2 billion in debt, and 84 of 92 hotels unencumbered by debt [12] - The weighted average interest rate was 4.6%, with 73% of debt fixed or hedged [12] Shareholder Returns - The company returned $120 million to shareholders in 2025 through share repurchases and dividends, repurchasing 3.3 million shares for $28.6 million [13] 2026 Guidance - RLJ provided guidance for 2026, expecting comparable RevPAR growth of 0.5% to 3% and comparable hotel EBITDA of $344 million to $374 million [14] - The company anticipates total revenue growth to outpace RevPAR growth due to continued success in driving out-of-room spending [15] Demand Catalysts - Potential demand catalysts for 2026 include World Cup games across nine RLJ markets, expected to contribute about 45 basis points of RevPAR pickup [17]

Hotel Properties and Operations - As of December 31, 2025, the company owned 93 hotel properties with approximately 20,800 rooms, located in 23 states and the District of Columbia[17]. - Approximately 89.3% of the hotel properties operate under existing relationships with premium brands such as Marriott, Hilton, and Hyatt[25]. - The company focuses on acquiring hotel properties at prices below replacement cost, targeting newly or recently built hotels for potential value enhancement[24]. - The company has a significant concentration of hotels in key metropolitan areas, with Northern California, Southern California, South Florida, Chicago, and Houston accounting for approximately 45.9% of total available rooms[61]. - The company has entered into management agreements with 26 properties managed by Aimbridge Hospitality and 21 by Hilton, indicating reliance on third-party managers for hotel operations[62]. - The company operates under ground leases for 13 hotel properties, exposing it to risks related to lease renewals and potential loss of properties[71]. - The management agreements for hotel properties have initial terms ranging from three to 25 years, with some allowing for automatic extensions of one to 10 years[156]. - 83 out of 93 hotel properties owned by the company were affiliated with Marriott, Hilton, or Hyatt brands, indicating a concentration risk in its portfolio[72]. - The company operates a comprehensive list of hotel properties, with various locations and room counts, as of December 31, 2025[151]. Financial Performance - The company aims to maximize returns from hotel properties by improving RevPAR and EBITDA through proactive asset management[24]. - Total revenues decreased by $19.6 million to $1,349.9 million for the year ended December 31, 2025, compared to $1,369.4 million for 2024[213]. - Room revenue decreased by $28.3 million to $1,093.3 million for the year ended December 31, 2025, primarily due to a $21.6 million decrease from comparable properties[214]. - Occupancy rate for comparable properties was 71.6% in 2025, down from 72.7% in 2024[215]. - Average Daily Rate (ADR) was $200.22 in 2025, slightly down from $200.88 in 2024[215]. - Revenue per Available Room (RevPAR) decreased to $143.43 in 2025 from $145.99 in 2024[215]. - Food and beverage revenue increased by $5.1 million to $158.2 million in 2025[213]. - Other revenue increased by $3.6 million to $98.4 million in 2025[213]. - Total operating expenses increased by $3.7 million to $1,223.2 million in 2025[213]. - Net income attributable to common shareholders decreased by $39.5 million to $3.4 million in 2025[213]. - Income before income tax expense decreased by $40.1 million to $29.7 million in 2025[213]. Capital Structure and Debt - The company maintains a flexible capital structure with a mix of unsecured debt, primarily fixed-rate and hedged floating-rate debt[31]. - As of December 31, 2025, the company had approximately $2.2 billion of debt outstanding, which could adversely affect its operating performance and competitive position[78]. - The company anticipates that its operating cash flow will only be adequate to repay a portion of its debt at maturity, necessitating debt refinancings or securities offerings[79]. - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, which may limit its ability to fund capital improvements solely from operating cash flows[76]. - Future distributions will depend on various factors including financial condition, liquidity, EBITDA, and REIT taxable income[187]. - The company may consider various means to cover cash distribution shortfalls, including borrowing or selling assets[187]. - Future issuances of debt or equity securities could dilute existing common shareholders and negatively affect the market price of common shares[138]. Regulatory and Compliance Risks - The company’s hotel properties are subject to various federal, state, and local regulations, including compliance with the Americans with Disabilities Act[36]. - The company has not received any written notice of material noncompliance with environmental regulations, but acknowledges potential future claims[40]. - The company is subject to restrictive covenants in its management and franchise agreements, which may limit its ability to sell or refinance hotels[70]. - Changes in governmental regulations and economic conditions could increase compliance costs and limit growth opportunities[98]. - Environmental liabilities could impose significant costs on the company, potentially reducing profitability and cash available for distribution to shareholders[120]. - The company must ensure that its leases are respected as true leases for U.S. federal income tax purposes to maintain REIT status[126]. - Compliance with REIT requirements may force the company to liquidate attractive investment opportunities to maintain its qualification[132]. Operational Risks - The company actively monitors hotel performance and collaborates with independent managers to enhance profitability and operational efficiency[26]. - The company’s hotels experience seasonal revenue fluctuations, with lower revenues in winter months and higher revenues in warmer months[30]. - Labor shortages could slow the company's growth and harm its business, leading to increased labor costs due to competition for qualified employees[69]. - The lodging industry is highly cyclical, with fluctuations in demand and operating performance significantly influenced by general economic conditions and local market dynamics[95]. - The company faces risks related to joint ventures, including potential liabilities and restrictions on actions that may be in its best interest[92]. - Increased competition from established brands and non-traditional accommodations could adversely affect occupancy rates and revenues[93]. - The company is subject to various operating risks, including seasonality, over-building in hotel markets, and dependence on business travel[91]. - Natural disasters and climate change may lead to increased operational costs and potential damage to hotel properties, impacting overall business performance[103]. Sustainability and Corporate Responsibility - The company reported a reduction in energy usage per square foot by 9% and greenhouse gas emissions per square foot by 23% as of 2024, moving towards a goal of reducing carbon emissions by 35% by 2030[47]. - The company aims to enhance its sustainability initiatives and disclosures by adhering to recognized frameworks for transparency[51]. - The company has committed to a $5.0 million deposit at a minority-owned financial institution to support under-banked businesses and individuals locally[48]. Cybersecurity and Governance - The company relies on technology, including AI, for operations, which poses cybersecurity risks that could disrupt business and impact financial performance[96]. - The company has established a cybersecurity risk management strategy, including a dedicated IT committee overseeing cybersecurity threats[141]. - An annual information security compliance training is conducted for employees to enhance their ability to detect and report cybersecurity threats[144]. - The Audit Committee is responsible for overseeing risks from cybersecurity threats and receives regular reports from management regarding mitigation strategies[149]. - The company has not identified any material cybersecurity threats that have affected its business strategy or financial condition in the past three years[147]. - The company is focused on maintaining high governance standards, with nearly 80% of its board having expertise in risk management[50]. Shareholder and Market Information - The company paid a cash dividend of $0.15 per common share in each quarter of 2025, compared to $0.10 in the first two quarters of 2024[177]. - The closing price of common shares was $7.45 on December 31, 2025, and $8.22 on February 20, 2026[178]. - The company had 172 holders of record for common shares as of February 20, 2026, indicating a larger number of beneficial holders[182]. - The board of trustees has authorized a share repurchase program of up to $250 million, but there is no obligation to repurchase a specific amount or number of shares[139]. - The company has a maximum of 36,136,600 shares that may yet be purchased under the 2025 Share Repurchase Program[189]. - The company repurchased and retired approximately 3.3 million common shares for approximately $28.6 million under the 2025 Share Repurchase Program, which allows for up to $250.0 million in share repurchases[210].

Financial Data and Key Metrics Changes - The company reported a fourth quarter occupancy rate of 68.7%, an average daily rate (ADR) of $199, and revenue per available room (RevPAR) of $137, reflecting a 1.5% decline in RevPAR year-over-year, driven by a 0.9% decline in occupancy and a 0.7% decline in ADR [17][18] - Total revenues grew by 0.2%, supported by a 7.2% increase in non-room revenues, which outperformed RevPAR by nearly 900 basis points [11][18] - Adjusted EBITDA for the fourth quarter was $80.4 million, with hotel EBITDA margins at 27%, only 44 basis points lower than the previous year [19][22] Business Line Data and Key Metrics Changes - Urban markets outperformed the overall portfolio, with notable RevPAR growth in Northern California (18.5%), Denver CBD (10.1%), and New York City (4.7%) [18] - Non-government related business transient revenues increased by 5%, while group revenues declined by 3% due to the government shutdown impacting demand [9][10] - Leisure segment revenue grew by 1%, with urban leisure outperforming the portfolio, driven by strong holiday demand [10][11] Market Data and Key Metrics Changes - The company noted a strong recovery in San Francisco, with RevPAR growth of 52% in the fourth quarter, supported by various demand segments and events like the Dreamforce conference [8][9] - The overall lodging industry is expected to achieve slightly positive RevPAR growth in 2026, driven by increased leisure demand and ongoing positive trends in non-government business travel [14][15] Company Strategy and Development Direction - The company is focused on urban markets, anticipating that these will continue to outperform the broader industry due to favorable geographic exposure and high-impact capital investments [15][16] - The company plans to continue executing on high-occupancy renovations and conversions, with an average of two conversions per year, including the upcoming Boston conversion to Hilton's Tapestry Collection [12][41] - Capital allocation strategies include opportunistic asset sales and share repurchases, with a focus on maintaining a strong balance sheet while driving shareholder value [32][33][23] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, citing potential tailwinds from moderating interest rates and tax cuts, which could positively impact travel demand [13][14] - The company expects the first quarter of 2026 to be the softest due to challenging year-over-year comparisons, with expectations for improved performance in the latter half of the year [25][26] - Management highlighted the importance of urban leisure demand and special events, such as the World Cup, in driving future growth [30][31] Other Important Information - The company successfully addressed all near-term debt maturities and executed refinancing transactions to extend debt maturities through 2028, enhancing financial flexibility [20][21][22] - The company returned $120 million to shareholders through dividends and share repurchases during 2025 [13][23] Q&A Session Summary Question: How much benefit is expected from the World Cup and easier comps due to the government shutdown? - Management indicated that they expect a balanced contribution from rate and occupancy growth, with specific events like the World Cup contributing approximately 45 basis points to RevPAR growth [30][31] Question: How is capital allocation prioritized between asset sales and share repurchases? - Management stated that they are actively recycling capital from asset sales and share repurchases while maintaining a strong balance sheet, with a focus on balancing near-term opportunities and long-term resilience [32][33] Question: What are the expectations for operating costs and EBITDA margins in 2026? - Management anticipates overall expenses to grow about 3%, with variable expenses at 2% and fixed expenses at 4%, excluding tax benefits [37] Question: What is the expected impact of the Wyndham Boston conversion to Tapestry? - Management believes the conversion will yield a 40% increase in EBITDA, driven by the asset's location and demand drivers, with returns well above 50% relative to incremental capital [78][79]

Financial Data and Key Metrics Changes - The fourth quarter occupancy was 68.7%, average daily rate (ADR) was $199, and revenue per available room (RevPAR) was $137, reflecting a 1.5% decline in RevPAR year-over-year, driven by a 0.9% decline in occupancy and a 0.7% decline in ADR [17][18] - Total revenues grew by 0.2%, supported by a 7.2% increase in non-room revenues, which outperformed RevPAR by nearly 900 basis points [11][18] - Adjusted EBITDA for the fourth quarter was $80.4 million, with hotel EBITDA margins at 27%, only 44 basis points behind the previous year [19][22] Business Line Data and Key Metrics Changes - Urban markets outperformed the overall portfolio, with notable RevPAR growth in Northern California (18.5%), Denver CBD (10.1%), and New York City (4.7%) [18] - Non-government related business transient revenues grew by 5%, while group revenues declined by 3% due to the government shutdown impacting demand [9][10] - Leisure segment revenue grew by 1%, with urban leisure outperforming the portfolio, driven by strong holiday demand [10][11] Market Data and Key Metrics Changes - San Francisco CBD achieved 52% RevPAR growth, benefiting from a strong tech economy and events like the Dreamforce conference [8] - The company expects the lodging industry to achieve slightly positive RevPAR growth in 2026, driven by increased leisure demand and unique events such as the World Cup [14][15] Company Strategy and Development Direction - The company is focused on urban markets, anticipating that these will continue to outperform the broader industry due to favorable geographic exposure and high-impact capital investments [15][16] - Plans include advancing conversions and renovations, with expectations to deliver an average of two conversions per year [12][41] - The company aims to balance capital allocation between asset sales and share repurchases, maintaining a strong balance sheet while pursuing growth opportunities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, citing tailwinds from moderating interest rates and tax cuts that could positively impact travel demand [13] - The company acknowledges lingering geopolitical uncertainties but remains constructive on the broader economy [13][14] - Management expects the first quarter of 2026 to be the softest due to difficult year-over-year comparisons, with expectations for stronger contributions in the latter half of the year [25] Other Important Information - The company completed significant refinancing transactions, addressing all debt maturities through 2028 and maintaining a favorable debt maturity profile [21][22] - A total of $120 million was returned to shareholders through share repurchases and dividends during 2025 [13][23] Q&A Session Summary Question: How much benefit is expected from the World Cup and easier comps due to the government shutdown? - Management indicated that RevPAR growth is expected to be balanced between rate and occupancy, with urban leisure demand anticipated to outperform [28][30] Question: How is capital allocation prioritized between asset sales and share repurchases? - Management stated that they are actively recycling capital from asset sales and share repurchases while maintaining a strong balance sheet [32][33] Question: What are the expectations for operating costs in 2026? - Management expects expenses to grow about 3%, with variable expenses at 2% and fixed expenses at 4% [37] Question: What is the expected impact of the Wyndham Boston conversion to Tapestry? - Management believes there is a 40% upside in EBITDA from the conversion, with favorable demand drivers in the market [78] Question: What percentage of business was government-related in 2025? - In a normalized year, government-related business was about 3%, but it was down approximately 20% in 2025 due to the government shutdown [88]

Financial Data and Key Metrics Changes - The fourth quarter occupancy was 68.7%, average daily rate (ADR) was $199, and revenue per available room (RevPAR) was $137, reflecting a 1.5% decline in RevPAR year-over-year, driven by a 0.9% decline in occupancy and a 0.7% decline in ADR [16][18] - Total revenues grew by 0.2%, supported by a 7.2% increase in non-room revenues, which outperformed RevPAR by nearly 900 basis points [10][17] - Adjusted EBITDA for the fourth quarter was $80.4 million, with hotel EBITDA margins at 27%, only 44 basis points behind the previous year [18] Business Line Data and Key Metrics Changes - Urban markets outperformed the overall portfolio, with notable RevPAR growth in Northern California (18.5%), Denver CBD (10.1%), and New York City (4.7%) [17] - Non-government related business transient revenues grew by 5%, while group revenues declined by 3% due to the government shutdown impacting demand [8][9] - Leisure demand increased by 1%, with urban leisure segments performing better, particularly in renovated hotels in Waikiki and Deerfield Beach, achieving RevPAR growth of 12% and 10% respectively [9][11] Market Data and Key Metrics Changes - The company noted a strong recovery in San Francisco, driven by a thriving tech economy and significant events like the Super Bowl and upcoming World Cup games [6][7] - Government business demand was negatively impacted by the shutdown, particularly affecting D.C. and Southern California markets [8] - The company expects the lodging industry to achieve slightly positive RevPAR growth in 2026, driven by non-government business travel and increased leisure demand [12] Company Strategy and Development Direction - The company is focused on high-impact capital investments and urban-centric portfolio growth, with plans to continue executing conversions and renovations [15][21] - The strategy includes opportunistic asset sales and disciplined capital allocation to strengthen the balance sheet while returning capital to shareholders [5][22] - The company aims to benefit from upcoming major events, including the World Cup and the 250th anniversary of America, which are expected to drive urban market performance [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, citing moderating interest rates and tax cuts as potential tailwinds for travel demand [12] - The company anticipates a challenging first quarter due to difficult year-over-year comparisons but expects stronger contributions in the latter half of the year [24] - Management highlighted the importance of maintaining a flexible balance sheet to capitalize on growth opportunities while managing costs effectively [20][21] Other Important Information - The company returned $120 million to shareholders through share repurchases and dividends in 2025 [12][22] - The company has addressed all near-term debt maturities through refinancing transactions, extending maturities through 2028 [19][20] - Capital expenditures for 2026 are estimated to be between $80 million and $90 million, with a focus on driving out-of-room spend [23] Q&A Session Summary Question: How much benefit is expected from the World Cup and easier comps due to the government shutdown? - Management indicated that they expect a balanced contribution from rate and occupancy growth, with urban leisure demand anticipated to outperform [26][27] Question: How is capital allocation prioritized between asset sales and share repurchases? - Management stated they are actively recycling capital from asset sales while also considering share repurchases, balancing near-term opportunities with long-term resilience [31][32] Question: What are the expectations for operating costs in 2026? - Management expects total expenses to grow about 3%, with variable expenses at 2% and fixed expenses at 4%, excluding tax benefits [36] Question: What is the outlook for conversions and renovations in 2026? - Management confirmed plans for two conversions per year, with ongoing positive performance from recent conversions [40][41] Question: What factors influence decisions on asset dispositions? - Management considers market conditions, demand drivers, and potential returns on capital when evaluating asset sales [94] Question: Is there appetite for larger-scale portfolio deals? - Management noted that while most active buyers are owner-operators, there is increasing volume for larger single assets, contingent on interest rate cuts materializing [95]

Core Insights - RLJ Lodging reported revenue of $328.59 million for the quarter ended December 2025, showing a year-over-year decline of 0.4% while EPS improved to $0.32 from -$0.01 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $323.02 million by 1.73%, and the EPS surpassed the consensus estimate of $0.28 by 15.32% [1] Revenue Breakdown - Room revenue was $262.14 million, slightly above the average estimate of $259.79 million, reflecting a year-over-year decline of 2.1% [4] - Other revenue reached $24.56 million, exceeding the average estimate of $23.66 million, with a year-over-year increase of 8.2% [4] - Food and beverage revenue amounted to $41.89 million, surpassing the average estimate of $39.91 million, marking a year-over-year growth of 5.8% [4] Stock Performance - RLJ Lodging shares have returned +9.4% over the past month, outperforming the Zacks S&P 500 composite, which changed by +0.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Performance - Fourth Quarter Adjusted FFO per diluted common share and unit was $0.32, a decrease of 3.0% compared to the prior year[4] - Fourth Quarter Adjusted EBITDA was $80.4 million, reflecting a 0.9% decrease from the previous year[4] - Comparable RevPAR for the fourth quarter was $136.79, down 1.5% year-over-year[4] - Comparable Hotel Revenue for the fourth quarter was $325.1 million, an increase of 0.2% compared to the prior year[4] - Comparable Hotel EBITDA for the full year was $363.5 million, a decrease of 7.3% from the previous year[6] - For the three months ended December 31, 2025, total revenues were $328,593, a slight decrease from $329,989 in the same period of 2024[37] - Room revenue for the year ended December 31, 2025, was $1,093,265, down from $1,121,586 in 2024, representing a decrease of approximately 2.5%[37] - Adjusted Funds From Operations (FFO) for the three months ended December 31, 2025, was $48,734, compared to $50,212 in 2024, reflecting a decrease of about 2.9%[39] - Net income attributable to common shareholders for the year ended December 31, 2025, was $3,394, a significant decrease from $42,906 in 2024[37] - EBITDA for the year ended December 31, 2025, was $316,288,000, down from $344,655,000 in 2024, reflecting a decline of approximately 8.3%[43] - Total revenue for the year ended December 31, 2025, was $1,349,860,000, a slight decline from $1,369,440,000 in 2024, indicating a decrease of approximately 1.4%[46] Liquidity and Debt Management - The company ended the year with over $1.0 billion in liquidity, including approximately $410.2 million in unrestricted cash[10] - The company successfully refinanced all debt maturities through 2028, strengthening its balance sheet[11] - As of December 31, 2025, the company had total gross debt of $2,204,750,000 with a weighted average interest rate of 4.56%[51] - The company has a borrowing capacity of $600,000,000 on its Revolver, which was extended to February 11, 2030[54] - The company replaced its $225 million term loan with a new $569 million delayed draw term loan, extending the maturity date to February 11, 2031[55] Asset Management and Sales - The company sold two hotels for a combined $49.5 million during the fourth quarter, representing a 16.3x multiple on 2025 Hotel EBITDA[8] - The Company sold several hotels, including the Residence Inn Merrillville in May 2024 and the Embassy Suites by Hilton Dallas-Love Field in December 2025, impacting overall revenue[33] Future Projections - For FY 2026, the company projects Comparable RevPAR growth of 0.5% to 3.0% and Adjusted EBITDA between $312 million and $342 million[14] - The company projects Adjusted EBITDA for the year ended December 31, 2026, to be between $312,000,000 and $342,000,000[48] - Funds from Operations (FFO) for the year ended December 31, 2026, are expected to range from $167,200,000 to $195,200,000[49] Expenses and Costs - The Company incurred transaction costs of $170 for the three months ended December 31, 2025, compared to $21 in the same period of 2024[39] - The Company’s depreciation and amortization expenses for the year ended December 31, 2025, were $186,356, an increase from $179,431 in 2024, reflecting a rise of approximately 3.5%[37] Shareholder Actions - The company repurchased 3.3 million shares for approximately $28.6 million in 2025, with $245.7 million remaining in the share repurchase program[9] - The Company reported a Comparable Hotel EBITDA Margin of 27.0% for the three months ended December 31, 2025, down from 27.5% in the same period of 2024[46]