RLJ Lodging (RLJ) came out with quarterly funds from operations (FFO) of $0.51 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to FFO of $0.56 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 6.25%. A quarter ago, it was expected that this hotel real estate investment trust would post FFO of $0.32 per share when it actually produced FFO of $0.33, delivering a surprise of 3.13%. Over the last four q ...

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jewhyte/iStock via Getty Images Introduction I like the so-called 'busted' preferred shares, as the issuer can't easily call the securities. In RLJ Lodging Trust's (NYSE:RLJ) case, the preferred shares can only be called when the stock is trading at close to $90/share, and given the current share price of just under $10, I don't expect that to happen anytime soon. I have a long position in RLJ's preferred shares, which are trading with (NYSE:RLJ.PR.A) as ticker symbol, and I continue to add to this position ...

Financial Performance - Total revenues for Q1 2024 were $324,410,000, an increase of 3% compared to $314,503,000 in Q1 2023[13] - Net income for Q1 2024 was $4,746,000, a decrease of 55.1% from $10,514,000 in Q1 2023[13] - The company reported a net loss attributable to common shareholders of $1,342,000 for Q1 2024, compared to a net income of $4,366,000 in Q1 2023[13] - For the three months ended March 31, 2024, net income was $4.746 million, a decrease of 54.9% compared to $10.514 million for the same period in 2023[25] - The company reported comprehensive income of $7,028,000 for Q1 2024, compared to $4,098,000 in Q1 2023[15] - Basic net (loss) income per share attributable to common shareholders for the three months ended March 31, 2024, was $(0.01), compared to $0.03 in 2023[91] Revenue Breakdown - Room revenue increased to $266,630,000 in Q1 2024, up from $260,832,000 in Q1 2023, reflecting a growth of 0.3%[13] - The Company’s total revenue for the three months ended March 31, 2024, included room revenue of $40,349,000, which was an increase from $38,540,000 in the same period of 2023[42] - Food and beverage revenue increased by $2.4 million to $35.7 million, driven by higher banquet and catering revenues[119] - Other revenue grew by $1.7 million to $22.1 million, mainly due to increased parking and resort fees[120] Expenses and Liabilities - Total property operating expenses rose by $12.5 million to $213.5 million, attributed to higher wages, benefits, and sales and marketing expenses[121] - Property tax, insurance, and other expenses increased by $3.2 million to $27.8 million, primarily due to rising property taxes and insurance premiums[123] - General and administrative expenses increased by $1.4 million to $15.1 million for Q1 2024 from $13.7 million in Q1 2023, driven by higher non-cash compensation and new executive cash compensation[124] - Interest expense increased by $2.3 million to $26.5 million for Q1 2024, due to higher rates on unhedged variable rate debt[127] Cash Flow and Investments - Cash flow provided by operating activities was $20.767 million, down 50.6% from $42.018 million in the prior year[25] - Net cash flow used in investing activities was $158.0 million for Q1 2024, primarily due to a $122.7 million acquisition of a hotel property[141] - The company acquired hotel properties for a total of $122.679 million during the quarter[25] - Total investment in hotel properties as of March 31, 2024, was $6.072 billion, an increase from $5.914 billion at the end of 2023[40] Assets and Equity - Total assets decreased to $4,889,857,000 as of March 31, 2024, from $4,919,295,000 as of December 31, 2023[11] - Shareholders' equity decreased to $2,323,901,000 as of March 31, 2024, down from $2,336,862,000 at the end of 2023[11] - Cash and cash equivalents decreased to $350,237,000 from $516,675,000, a decline of 32.2%[11] Debt and Financing - The Company’s total debt as of March 31, 2024, was $2,221,833,000, a marginal increase from $2,220,778,000 as of December 31, 2023[43] - The Company maintained compliance with all financial covenants related to its Senior Notes, including an Unencumbered Asset to Unencumbered Debt Ratio greater than 150%[46] - The Company has a $600 million revolving credit facility with a maturity date of May 10, 2027, and the ability to extend the maturity under certain conditions[48] - The interest rate on the $400 million term loan maturing in 2025 was 4.48% as of March 31, 2024[47] Shareholder Activities - The Company declared a cash dividend of $0.10 per common share for the three months ended March 31, 2024, up from $0.08 in 2023[72] - The Company repurchased approximately 0.1 million common shares for about $1.3 million during the three months ended March 31, 2024, with a remaining capacity of $212.7 million in its share repurchase program[72][73] - A new share repurchase program was approved to acquire up to $250.0 million of common and preferred shares from May 9, 2024, to May 8, 2025[73][94] Operational Metrics - Occupancy rate improved to 69.3% for the three months ended March 31, 2024, up from 68.5% in the same period of 2023[118] - Average Daily Rate (ADR) was $198.84, slightly down from $199.07 in the prior year[118] - Revenue per Available Room (RevPAR) increased to $137.88, compared to $136.45 in the same period last year[118] Miscellaneous - The company had no accruals for tax uncertainties as of March 31, 2024, and December 31, 2023[65] - There are no material litigations currently against the company, aside from routine litigation[156] - The company has not experienced any material changes in internal control over financial reporting as of March 31, 2024[155]

RLJ Lodging Trust (NYSE:RLJ) Q1 2024 Earnings Conference Call May 2, 2024 10:00 AM ET Company Participants Nikhil Bhalla - Senior Vice President, Finance & Treasurer Leslie Hale - President & Chief Executive Officer Sean Mahoney - Executive Vice President & Chief Financial Officer Tom Bardenett - Chief Operating Officer Conference Call Participants Michael Bellisario - Baird Tyler Batory - Oppenheimer & Company Josh Friedland - KeyBanc Capital Markets Dori Kesten - Wells Fargo Anthony Powell - Barclays Greg ...

Highlights "Our first quarter RevPAR growth came in line with our expectations given the holiday shift and we once again exceeded the industry while gaining market share." commented Leslie D. Hale, President and Chief Executive Officer. "Our outperformance relative to the industry continues to underscore the strong positioning of our urban-centric portfolio which is benefiting from steady improvement in business transient demand and increasing international travel, in addition to solid group and healthy urb ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 73 ...

RLJ Lodging Trust (NYSE:RLJ) Q4 2023 Results Conference Call February 27, 2024 10:00 AM ET Company Participants Nikhil Bhalla - Senior Vice President, Finance and Treasurer Leslie Hale - President and Chief Executive Officer Sean Mahoney - Executive Vice President and Chief Financial Officer Tom Bardenett - Chief Operating Officer Conference Call Participants Anthony Powell - Barclays Gregory Miller - Truist Michael Bellisario - Baird Dori Kesten - Wells Fargo Tyler Batory - Oppenheimer Chris Darling - Gree ...

Press Release RLJ Lodging Trust Reports Fourth Quarter and Full Year 2023 Results Fourth Quarter RevPAR increased 5.2% Executed Multiple Capital Allocation Initiatives in 2023 Acquired the Wyndham Boston Beacon Hill Bethesda, MD, February 26, 2024 – RLJ Lodging Trust (the "Company") (NYSE: RLJ) today reported results for the three months and year ended December 31, 2023. Fourth Quarter Highlights Full Year Highlights "We are pleased to have achieved top-quartile RevPAR growth, capping off a very successful ...

Financial Data and Key Metrics Changes - The third quarter RevPAR grew by 3.4% year-over-year, achieving 98% of 2019 levels, with a 200 basis point improvement from the prior quarter [1][18] - Adjusted EBITDA for the third quarter was $88.8 million, and adjusted FFO per share was $0.40, both within guidance ranges [20][21] - Total revenues grew by 4.9% year-over-year, with non-room revenues increasing by 12.7% [33] Business Line Data and Key Metrics Changes - Business transient revenues increased by 11%, with room nights improving to 90% of 2019 levels, a 400 basis point increase over the second quarter [13][34] - Group revenues grew by 4% year-over-year, achieving 104% of 2019 levels, driven by a 15% increase in ADR [34][68] - Urban weekend RevPAR increased by 4% year-over-year, benefiting from strong attendance at events [14][32] Market Data and Key Metrics Changes - Urban markets such as New York, Washington D.C., and Tampa significantly exceeded 2019 RevPAR levels, with Tampa achieving 139% [39] - Monthly total revenue growth accelerated throughout the third quarter, reaching 6.9% in September [19] - October RevPAR is forecasted to be approximately $160, representing a 6% increase from 2022 and 101% of 2019 levels [22][19] Company Strategy and Development Direction - The company remains focused on urban-centric portfolio positioning to capture emerging trends, with a strong emphasis on group demand and leisure segments [31][37] - Continued capital allocation towards renovations and conversions is expected to unlock significant growth, with a disciplined approach to shareholder returns [15][20] - The company anticipates that urban markets will continue to outperform the industry due to a muted new supply outlook [37][89] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, expecting sequential improvement in performance for the fourth quarter [2][36] - The company is encouraged by the strong industry trends observed in September, which have continued into October [36][100] - Management highlighted the importance of capturing all segments of demand, particularly in urban markets, as consumer preferences shift towards experiences [37][89] Other Important Information - The company repurchased approximately $15 million of common shares in the quarter, bringing total repurchases to $70 million for the year [15][21] - The company expects capital expenditures to be in the range of $100 million to $120 million during 2023 [90] Q&A Session All Questions and Answers Question: Industry outlook for 2024 and RLJ portfolio performance - Management is positive about markets such as Southern California, Tampa, Boston, San Diego, and Atlanta for next year, expecting the portfolio to perform well as the new normal unfolds [46] Question: Inbound interest trends for hotels - Most inbound calls are from buyers looking for distressed assets, but the company is not under pressure to sell due to its strong balance sheet [52] Question: Operating expenses and margins - The company expects to maintain better operating margins than full-service hotels due to its lean operating model [61][93] Question: Group booking dynamics and future contributions - Current group contribution sits at about 18%, with room for growth as small group demand increases [68] Question: Impact of events and concerts on performance - While events have a positive impact, they do not significantly move the needle for the portfolio overall [106] Question: Insurance renewal outlook - The company is currently in the market for insurance renewals, expecting favorable terms due to a strong claim history [121] Question: Capital allocation and share buybacks - The company remains committed to share buybacks and has been active in capital allocation, balancing internal growth initiatives with shareholder returns [112][132]