PRO FORMA SUPPLEMENTAL Q4 2021 FEBRUARY 23, 2022 OVERVIEW Key Statistics (1) (2) Properties 97 Hotel Rooms 21,499 Share Price $14.55 Total Shares and Units Outstanding 167.3M Market Capitalization $2.4B Preferred Equity $0.3B Net Debt Outstanding $1.8B Total Enterprise Value (TEV) $4.5B MOXY DENVER CHERRY CREEK Total Capitalization $5.2B AC HOTEL BOSTON DOWNTOWN Debt Maturity Schedule (3) Secured Unsecured LOC Undrawn LOC HY Bonds Amount Due ($ in millions) $600 $325 $500 | --- | --- | --- | --- | --- | --- ...

PART I [Business](index=6&type=section&id=Item%201.%20Business) RLJ Lodging Trust is a REIT specializing in premium-branded, focused-service and compact full-service hotels - As of December 31, 2021, the company owned **98 hotel properties** with approximately **21,700 rooms**, located in 22 states and the District of Columbia[20](index=20&type=chunk) - The business has been, and will likely continue to be, materially adversely impacted by the **COVID-19 pandemic**, which has affected travel demand, booking patterns, and overall financial results[22](index=22&type=chunk)[23](index=23&type=chunk) - The company's business strategy focuses on owning premium-branded hotels in high-growth markets, proactive asset management, disciplined acquisitions, opportunistic capital recycling, and maintaining a flexible balance sheet[27](index=27&type=chunk) - The company emphasizes its commitment to ESG initiatives, highlighting a **diverse board** (four women, six ethnically diverse, eight independent trustees) and adherence to frameworks like the Global Reporting Initiative (GRI)[54](index=54&type=chunk) Hotel Brand Affiliations as of December 31, 2021 | Brand Family | Number of Hotels | Percentage of Total Hotels | Number of Rooms | Percentage of Total Rooms | | :--- | :--- | :--- | :--- | :--- | | **Marriott** | 39 | 39.9% | 7,992 | 36.8% | | **Hilton** | 35 | 35.7% | 8,659 | 40.0% | | **Hyatt** | 12 | 12.2% | 1,920 | 8.9% | | **Wyndham** | 7 | 7.1% | 2,241 | 10.3% | | **Other** | 5 | 5.1% | 858 | 4.0% | | **Total** | **98** | **100.0%** | **21,670** | **100.0%** | [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the COVID-19 pandemic, substantial debt, operational dependencies, and its REIT status [Risks Related to Our Business and Hotel Properties](index=12&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Hotel%20Properties) Operational risks include COVID-19 disruption, significant debt, market concentration, and reliance on third-party managers - The **COVID-19 pandemic** is expected to continue to significantly impact and disrupt the business, financial performance, operating results, and cash flows[61](index=61&type=chunk) - As of December 31, 2021, the company had approximately **$2.4 billion of debt outstanding**, which could adversely affect operating performance and requires significant cash to service[83](index=83&type=chunk) - The company is highly dependent on third-party management companies, with **Aimbridge Hospitality managing 30** of its hotels as of December 31, 2021[68](index=68&type=chunk) - A substantial portion of the hotel portfolio (**86 of 98 properties**) operates under Marriott, Hilton, or Hyatt brands, creating a concentration risk tied to the success of these three brand families[76](index=76&type=chunk) - **Labor shortages** are a significant risk, potentially slowing growth and harming the business by impacting hotel operations, guest satisfaction, and increasing wage costs[73](index=73&type=chunk) [Risks Related to the Lodging Industry](index=19&type=section&id=Risks%20Related%20to%20the%20Lodging%20Industry) The lodging sector presents risks from economic cyclicality, intense competition, ground leases, and climate change - The lodging industry is historically **highly cyclical**, with performance fluctuations driven by general economic conditions, which affect business and leisure travel[101](index=101&type=chunk) - As of December 31, 2021, **14 of the company's hotel properties were on land subject to ground leases**, which exposes the company to risks of non-renewal, financing difficulties, or loss of the property upon breach[102](index=102&type=chunk) - The company faces risks associated with natural disasters and the physical effects of **climate change**, which could damage properties, increase insurance and operating costs, and are particularly relevant for its coastal hotels[107](index=107&type=chunk) [Risks Related to Our Status as a REIT](index=23&type=section&id=Risks%20Related%20to%20Our%20Status%20as%20a%20REIT) Maintaining REIT status requires significant dividend distributions and imposes operational constraints that could impact financial flexibility - **Failure to qualify as a REIT** would subject the company to U.S. federal income tax at corporate rates, significantly reducing earnings and cash available for shareholder distributions[129](index=129&type=chunk) - The requirement to **distribute at least 90% of REIT taxable income annually** could adversely affect the company's ability to fund capital expenditures, acquisitions, or other business needs from operating cash flow[131](index=131&type=chunk) - To qualify as a REIT, rental income must be from true leases; the company leases its hotels to its TRSs, and if these leases are not respected as true leases for tax purposes, the company would **likely fail to qualify as a REIT**[132](index=132&type=chunk) [Unresolved Staff Comments](index=26&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[146](index=146&type=chunk) [Properties](index=26&type=section&id=Item%202.%20Properties) The company's 98 hotels are operated by third-party managers and leased to its TRSs to comply with REIT regulations - A comprehensive list of the company's **98 hotel properties** as of December 31, 2021 is provided, detailing names, locations, and room counts[147](index=147&type=chunk)[149](index=149&type=chunk) - All hotel properties are operated by one of 15 independent management companies; **Aimbridge was the management company for 30 properties** as of year-end 2021[152](index=152&type=chunk)[153](index=153&type=chunk) - **68 hotels operate under franchise agreements**, which require royalty fees typically between 3.0% and 6.0% of room revenue, plus other marketing and system fees[158](index=158&type=chunk)[159](index=159&type=chunk) - To qualify as a REIT, the company **leases its hotels to its TRS lessees**, which in turn engage third-party management companies[162](index=162&type=chunk) [Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) The company is not presently subject to any material litigation outside of the ordinary course of business - Other than routine litigation arising out of the ordinary course of business, the company is **not presently subject to any material litigation**[171](index=171&type=chunk) [Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not applicable[172](index=172&type=chunk) PART II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=31&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on the NYSE, and its shareholder return has underperformed key market indices - The company's common shares are traded on the NYSE under the symbol 'RLJ'; a cash dividend of **$0.01 per common share** was paid for each quarter during 2021 and 2020[175](index=175&type=chunk) - During the quarter ended December 31, 2021, **6,612 shares were repurchased** at an average price of $13.88 per share to satisfy employee tax obligations, not as part of a publicly announced repurchase plan[185](index=185&type=chunk)[186](index=186&type=chunk) Share Return Performance (Value of $100 Investment) | Name | Dec 31, 2016 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | | :--- | :--- | :--- | :--- | :--- | | RLJ Lodging Trust | $100.00 | $88.56 | $71.01 | $70.10 | | S&P 500 Index | $100.00 | $153.18 | $181.36 | $233.43 | | Dow Jones US REIT Hotels Index | $100.00 | $126.18 | $116.63 | $166.85 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company experienced a significant operational recovery in 2021, with strong revenue growth and improved profitability metrics [Results of Operations](index=36&type=section&id=Results%20of%20Operations) In 2021, revenues increased significantly due to higher occupancy, leading to an improved net loss and positive Adjusted FFO Comparison of Operations (2021 vs. 2020) | Metric | 2021 (in thousands) | 2020 (in thousands) | Change (in thousands) | | :--- | :--- | :--- | :--- | | **Total Revenues** | $785,664 | $473,087 | $312,577 | | **Total Operating Expenses** | $980,618 | $730,177 | $250,441 | | **Impairment Losses** | $144,845 | $0 | $144,845 | | **Net Loss** | $(311,088) | $(408,802) | $97,714 | | **Net Loss Attributable to Common Shareholders** | $(330,283) | $(429,556) | $99,273 | Key Hotel Operating Statistics (Comparable Properties) | Metric | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Occupancy** | 57.6% | 34.2% | 78.7% | | **ADR** | $148.48 | $144.20 | $183.71 | | **RevPAR** | $85.52 | $49.35 | $144.64 | Non-GAAP Financial Measures Reconciliation (2021 vs. 2020) | Metric (in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | **Net Loss** | $(311,088) | $(408,802) | | **FFO** | $1,570 | $(232,124) | | **Adjusted FFO** | $31,433 | $(161,444) | | **EBITDAre** | $132,104 | $(60,652) | | **Adjusted EBITDA** | $162,007 | $(41,082) | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position and actively managed its capital structure through debt refinancing and asset sales - As of December 31, 2021, the company had **$713.9 million of cash**, cash equivalents, and restricted cash reserves, and **$400.0 million available** on its $600.0 million Revolver[241](index=241&type=chunk) - Total outstanding debt as of December 31, 2021, was approximately **$2.4 billion** with a weighted average interest rate of 3.94%[245](index=245&type=chunk) - In 2021, the company amended its Revolver and Term Loans to **suspend the testing of all existing financial maintenance covenants** through March 31, 2022 (the 'Covenant Relief Period')[248](index=248&type=chunk)[250](index=250&type=chunk) Cash Flow Summary (2021 vs. 2020) | Cash Flow Activity (in millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Operating Activities** | $43.0 | $(168.7) | | **Investing Activities** | $(24.6) | $(66.7) | | **Financing Activities** | $(239.3) | $243.0 | [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company mitigates interest rate risk on its variable rate debt through derivative instruments, rendering its debt effectively fixed - The company's primary market risk is exposure to changes in interest rates on its variable rate debt, which was approximately **$1.4 billion** (57.7% of total) as of December 31, 2021[263](index=263&type=chunk) - Through the use of interest rate swaps, **100% of the company's total indebtedness was fixed or effectively fixed** as of December 31, 2021, mitigating the impact of interest rate fluctuations[265](index=265&type=chunk) [Financial Statements and Supplementary Data](index=46&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This item refers the reader to the Index to Financial Statements located on page F-1 of the report - This section directs to the Index to Financial Statements on page F-1[269](index=269&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=46&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[270](index=270&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective - The company's management, including the CEO and CFO, concluded that **disclosure controls and procedures were effective** as of December 31, 2021[271](index=271&type=chunk) - Management concluded that **internal control over financial reporting was effective** as of December 31, 2021, based on the criteria set forth by COSO[275](index=275&type=chunk) - There were **no changes in the company's internal control over financial reporting** during the fourth quarter of 2021 that materially affected, or are reasonably likely to materially affect, these controls[277](index=277&type=chunk) [Other Information](index=47&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[278](index=278&type=chunk) PART III This part incorporates information by reference from the company's 2022 definitive Proxy Statement [Directors, Executive Officers and Corporate Governance](index=48&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Shareholders[281](index=281&type=chunk) [Executive Compensation](index=48&type=section&id=Item%2011.%20Executive%20Compensation) Information is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Shareholders[282](index=282&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=48&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) Information is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Shareholders[283](index=283&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=48&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Shareholders[284](index=284&type=chunk) [Principal Accountant Fees and Services](index=48&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Shareholders[285](index=285&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=49&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K - This section lists all documents filed as part of the report, including financial statements, Schedule III (Real Estate and Accumulated Depreciation), and an index of exhibits[288](index=288&type=chunk) [Form 10-K Summary](index=52&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[294](index=294&type=chunk)

RLJ Lodging Trust (NYSE:RLJ) Q4 2021 Results Conference Call February 24, 2022 10:00 AM ET Company Participants Nikhil Bhalla - Vice President of Investor Relations Leslie Hale - President and Chief Executive Officer Sean Mahoney - Executive Vice President and Chief Financial Officer Thomas Bardenett - Executive Vice President of Asset Management Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Bellisario - Robert W. Baird Neil Malkin - Capital One Securities Anthony Powell - ...

CAPITAL ONE CONFERENCE PORTFOLIO UPDATE JANUARY 2022 INVESTMENT HIGHLIGHTS JANUARY 2022 2 | --- | --- | |---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - The company reported a third quarter portfolio occupancy of 63.8%, a 310 basis point increase from the second quarter, achieving 79% of 2019 levels [9][28] - Average Daily Rate (ADR) reached $160, representing nearly 90% of 2019 levels, with over 25% of the portfolio exceeding 2019 ADR [10][29] - Adjusted EBITDA for the third quarter was $60.1 million, an increase of approximately 38% from the second quarter [33] Business Line Data and Key Metrics Changes - Leisure demand drove weekend occupancy to 76.8%, a 280 basis point increase over the prior quarter, with weekend ADR improving by nearly 12% [11] - Business transient revenues improved by 44% since the last quarter, with weekday occupancy growing to 58.5% [12] - Group revenues increased by 54% since the second quarter, with room nights improving by 34% [13] Market Data and Key Metrics Changes - The company achieved a market share gain of 340 basis points in the third quarter, indicating competitive strength [14] - Urban hotels achieved 76% of 2019 occupancy, resulting in a 400 basis point improvement over the second quarter [12] - The company noted strong performance in urban markets, with ADR growth of nearly 70% since the beginning of the year [97] Company Strategy and Development Direction - The company is focused on recycling capital from noncore asset sales into high-quality acquisitions, with plans to accretively recycle over $200 million into three acquisitions [15][19] - The company aims to unlock $23 million to $28 million in incremental EBITDA from internal growth catalysts [20][25] - The strategy includes maintaining a lean operating model and enhancing the balance sheet to support growth initiatives [21][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of lodging fundamentals, despite challenges from the Delta variant [6] - The company anticipates continued improvement in leisure and group bookings, with expectations for a meaningful step forward in 2022 [22][24] - Concerns around inflation were acknowledged, but management remains positive about the overall economic backdrop [22] Other Important Information - The company raised $1 billion through high-yield bond offerings to enhance liquidity and reduce the cost of capital [36] - The company ended the quarter with approximately $625 million of unrestricted cash and no debt maturities until 2023 [38] - The company is on track to generate positive operating cash flow for the full year 2021 [39] Q&A Session Summary Question: What are the conditions to closing and getting that deal done? - The deal is subject to normal customary closing conditions, with a sizable deposit from the buyer [44] Question: Can you provide details on customer mix across the portfolio in October? - Leisure demand remained strong, with improvements in group and business transient segments noted [46] Question: Can you compare October ADR and RevPAR versus 2019? - October ADR was down about 14% and occupancy was down roughly 25% compared to 2019 [51] Question: What is the company's exposure to international demand? - Historically, international demand was sub 3% across the portfolio, higher in specific markets like San Francisco and New York [68] Question: How close is the company to normalized staffing levels? - Overall staffing is at about 55% of 2019 levels, with leisure-focused hotels at approximately 75% [89] Question: What are the expectations for holiday bookings in cold weather markets? - There is a surge in bookings for Thanksgiving and December holidays, with strong demand noted in urban markets [92][96]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the period ended September 30, 2021 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2021, total assets decreased to $5.12 billion, driven by a reduction in hotel property investments and net debt Balance Sheet Highlights | Balance Sheet Highlights | September 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$5,124,244** | **$5,617,172** | | Cash and cash equivalents | $624,551 | $899,813 | | Investment in hotel properties, net | $4,258,703 | $4,486,416 | | **Total Liabilities** | **$2,694,080** | **$2,929,784** | | Debt, net | $2,381,274 | $2,587,731 | | **Total Equity** | **$2,430,164** | **$2,687,388** | [Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q3 2021 revenues grew significantly to $233.8 million, but a $138.9 million impairment loss resulted in a net loss of $151.8 million Income Statement Highlights (in thousands) | Income Statement Highlights (in thousands) | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$233,769** | **$83,932** | **$547,575** | **$382,005** | | Total Operating Expenses | $368,081 | $160,450 | $744,787 | $574,974 | | Impairment Losses | $138,899 | $— | $144,845 | $— | | **Net Loss** | **($151,818)** | **($173,919)** | **($283,157)** | **($320,914)** | | Net Loss per Share (Basic & Diluted) | ($0.94) | ($1.10) | ($1.81) | ($2.04) | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first nine months of 2021, operating activities provided $20.2 million in cash, a significant improvement from the prior year's cash use Cash Flow Highlights (in thousands) | Cash Flow Highlights (in thousands) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $20,247 | ($86,791) | | Net cash used in investing activities | ($63,886) | ($55,684) | | Net cash (used in) provided by financing activities | ($230,837) | $253,964 | | **Net change in cash, cash equivalents, and restricted cash** | **($274,476)** | **$111,489** | [Notes to the Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Key disclosures include the COVID-19 impact, property transactions, a significant impairment loss, and extensive debt refinancing activities - As of September 30, 2021, the company owned **98 hotel properties** with approximately 22,300 rooms, with **96 of the 98 hotels open**[38](index=38&type=chunk)[39](index=39&type=chunk) - During the nine months ended September 30, 2021, the company acquired the Hampton Inn and Suites Atlanta Midtown for **$58.0 million** and sold six hotel properties for a combined price of approximately **$39.5 million**[54](index=54&type=chunk)[55](index=55&type=chunk) - An impairment loss of **$138.9 million** was recorded to write down the DoubleTree Metropolitan Hotel New York City to its estimated fair value of **$153.0 million**[53](index=53&type=chunk) - The company undertook significant debt restructuring, including issuing **$500.0 million of 4.00% senior secured notes due 2029** and **$500.0 million of 3.75% senior secured notes due 2026**[64](index=64&type=chunk)[69](index=69&type=chunk)[75](index=75&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial recovery from the COVID-19 pandemic, key strategic activities, operating results, and liquidity position [Overview and COVID-19 Impact](index=32&type=section&id=Overview%20and%20COVID-19%20Impact) The company, a REIT specializing in premium-branded hotels, continues to see financial results materially impacted by the COVID-19 pandemic despite a recovery in demand - The company's strategy is to own primarily premium-branded, focused-service and compact full-service hotels, which are believed to generate **high RevPAR and strong margins**[140](index=140&type=chunk) - As of September 30, 2021, the company owned **98 hotels**, of which **96 were open**, representing 98% of the portfolio[141](index=141&type=chunk)[142](index=142&type=chunk) - The ongoing effects of the COVID-19 pandemic are expected to continue to have a **material impact** on the company's financial results and liquidity[145](index=145&type=chunk) [2021 Significant Activities](index=33&type=section&id=2021%20Significant%20Activities) Key activities in 2021 included debt refinancing, credit facility amendments, and capital recycling through hotel sales and acquisitions - Issued **2029 and 2026 Senior Notes at 4.00% and 3.75%** respectively, using proceeds to redeem 2025 Senior Notes and repay other loans[146](index=146&type=chunk) - Amended its Revolver and Term Loans to **waive financial covenants through Q1 2022** and extend maturities[146](index=146&type=chunk) - Sold six hotels for a combined price of **$39.5 million** and acquired two hotels in Atlanta and Boston for a combined price of **$147.0 million**[146](index=146&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Operating results show a strong rebound driven by increased travel demand, though a significant impairment loss impacted net income Comparable Hotel Operating Statistics | Comparable Hotel Operating Statistics | Q3 2021 | Q3 2020 | Change | | :--- | :--- | :--- | :--- | | Occupancy | 61.4% | 28.8% | +32.6 ppts | | ADR | $159.68 | $120.15 | +32.9% | | RevPAR | $98.11 | $34.59 | +183.6% | Comparable Hotel Operating Statistics | Comparable Hotel Operating Statistics | Nine Months 2021 | Nine Months 2020 | Change | | :--- | :--- | :--- | :--- | | Occupancy | 53.9% | 33.5% | +20.4 ppts | | ADR | $143.07 | $154.71 | -7.5% | | RevPAR | $77.15 | $51.90 | +48.6% | - A significant impairment loss of **$138.9 million** was recorded in Q3 2021 related to the DoubleTree Metropolitan New York City[166](index=166&type=chunk) - Property tax, insurance and other expenses decreased by **$13.9 million** for the nine-month period, primarily due to a decrease in real estate tax assessments[187](index=187&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with $660.3 million in cash reserves, enhanced by positive operating cash flow and covenant relief - The company had **$660.3 million of cash and cash equivalents** and restricted cash reserves as of September 30, 2021[215](index=215&type=chunk) - An amendment to the Revolver and Term Loans **suspends the testing of financial maintenance covenants** through the fiscal quarter ending March 31, 2022[214](index=214&type=chunk) - Net cash flow provided by operating activities was **$20.2 million** for the nine months ended September 30, 2021, compared to a use of $86.8 million in the prior-year period[216](index=216&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk from variable-rate debt is fully mitigated through the use of interest rate swaps - As of September 30, 2021, the company had approximately **$1.4 billion of total variable rate debt**, representing 58.3% of total indebtedness[225](index=225&type=chunk) - After accounting for interest rate swaps, **100.0% of the company's total indebtedness was fixed or effectively fixed**, insulating future earnings from interest rate increases[225](index=225&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the Company's **disclosure controls and procedures were effective** as of September 30, 2021[230](index=230&type=chunk) - **No material changes** were made to the company's internal control over financial reporting during the period ended September 30, 2021[231](index=231&type=chunk) [PART II. OTHER INFORMATION](index=48&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company is not subject to any material litigation outside of routine claims from ordinary business operations - Other than routine litigation arising out of the ordinary course of business, the Company is **not presently subject to any material litigation**[232](index=232&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been made to the risk factors previously disclosed in the company's 2020 Annual Report on Form 10-K - **No material changes** to the risk factors previously disclosed in the Annual Report have occurred[233](index=233&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered securities were sold; share repurchases were limited to shares surrendered by employees for tax obligations - During the three months ended September 30, 2021, **26,543 shares were repurchased** at an average price of $14.23 per share for employee tax obligations[235](index=235&type=chunk)

PRO FORMA SUPPLEMENTAL Q3 2021 NOVEMBER 4, 2021 OVERVIEW | --- | --- | --- | --- | |------------------------------------|-------------|-------|--------------------------| | Key Statistics \nProperties | (1)(2) \n97 | | | | Hotel Rooms | 22,093 | | | | Share Price | $15.91 | | | | Total Shares and Units Outstanding | 167.4M | | | | Market Capitalization | $2.7B | | | | Preferred Equity | $0.3B | | | | Net Debt Outstanding | $1.8B | | | | Total Enterprise Value (TEV) | $4.8B | | | | Total Capitalization | $5. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35169 RLJ LODGING TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 27-4706509 (State or Other Jurisdi ...

RLJ Lodging Trust (NYSE:RLJ) Q2 2021 Earnings Conference Call August 6, 2021 9:00 AM ET Company Participants Nikhil Bhalla - Vice President and Treasurer, Corporate Strategy and IR Leslie Hale - President and CEO Sean Mahoney - Executive Vice President and CFO Tom Bardenett - Executive Vice President, Asset Management Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Bellisario - Robert W. Baird Anthony Powell - Barclays Dori Kesten - Wells Fargo Gregory Miller - Truist Securi ...

RLJ | Lodging Trust Q2 2021 | Pro Forma Supplemental August 5, 2021 RLJ: WELL-POSITIONED FOR GROWTH AND SUCCESS JUNE 2018 1 1 OVERVIEW | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------------|--------------|------------------------|----------|------------------|---------------------------------------------| | Properties | Key Statistics | (1)(2) \n99 | | | | | | Hotel Rooms | | 22,184 | | | | | | Share Price | | $15.23 | | | | | | | Total Shares and Un ...