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]

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 September 30, 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 (Exact Name of Registrant as Specified in Its Charter) Maryland 27-4706509 (State or Other Ju ...

Financial Data and Key Metrics Changes - The second quarter RevPAR increased by 4.5% year-over-year, achieving 96% of 2019 levels, with a 3.8% increase in ADR and a 0.6% increase in occupancy [27][38] - Monthly RevPAR exceeded 2022 for each month of the quarter, growing 6.8% in April, 4% in May, and 2.7% in June [17] - Total second quarter hotel operating costs were only 2% above 2019 levels, significantly below the aggregate core CPI growth rate of approximately 15% in 2019 [18] Business Line Data and Key Metrics Changes - Business transient revenues increased by 12%, with weekday RevPAR up 6% year-over-year [29] - Group revenues achieved 103% of 2019 levels, with a 400-basis point improvement from the first quarter [30] - Non-rooms revenue increased by 21% this quarter, contributing to a total revenue growth of 7% year-over-year [28] Market Data and Key Metrics Changes - Urban markets drove growth, with RevPAR in urban markets growing 7.7% over last year and achieving 2019 levels for the first time [6] - The group segment benefited from increasing corporate demand for meetings and events, with strong citywide events contributing to performance [8] - Urban leisure demand remained strong, with urban weekend RevPAR increasing by 4% over last year [30] Company Strategy and Development Direction - The company is focused on capital allocation opportunities, including share repurchases and increasing dividends, with a 25% increase in quarterly dividends to $0.10 per share [21][34] - The company is executing conversions in key markets, including Nashville, to enhance portfolio performance and capture market share [11][32] - The strategy emphasizes urban market concentration, which is expected to drive outsized EBITDA growth [15] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the lodging industry's ability to achieve positive RevPAR growth despite macroeconomic uncertainties [13] - The company is encouraged by strong booking activity, with group pace reaching 97% of 2019 levels [14] - Management believes that the urban leisure demand will remain strong, supported by ongoing trends in travel and entertainment [36] Other Important Information - The company repurchased approximately 5.3 million shares for $54.2 million at an average price of $10.22 per share in 2023 [42] - The company ended the quarter with approximately $477 million of unrestricted cash and $600 million of availability on its corporate revolver [41] - The company anticipates capital expenditures in the range of $100 million to $120 million during 2023 [68] Q&A Session Summary Question: Can you discuss the transient side and the pickup seen in Q2? - Management noted that business transient demand is gradually improving, with midweek RevPAR up 6% year-over-year and room nights at 90% of 2019 levels [46][47] Question: What is the rate spread for renovated hotels compared to their comp set? - Pre-conversion, hotels were running at roughly 90% of share against their comp sets, but post-conversion, they are outperforming and gaining share [52] Question: How is the company positioned in the current transaction market? - The transaction market is constrained, and the company is opportunistic but does not need to be programmatic due to its strong balance sheet [54] Question: What is the outlook for the urban market, particularly in NYC? - Management believes the urban lifestyle positioning is strong, and the company is optimistic about its portfolio's performance in NYC [100] Question: How are guest satisfaction scores trending? - Guest satisfaction scores are improving for both select service and full-service hotels due to consistent service delivery and staffing levels [93][136]

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, 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 (Exact Name of Registrant as Specified in Its Charter) Maryland 27-4706509 (State or Other Jurisdi ...

RLJ Lodging Trust (NYSE:RLJ) Q1 2023 Earnings Conference Call May 5, 2023 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 Austin Wurschmidt - KeyBanc Capital Markets Tyler Batory - Oppenheimer Michael Bellisario - Baird Chris Darling - Green Street Anthony Powell - Barclays Floris v ...

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 March 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 (Exact Name of Registrant as Specified in Its Charter) Maryland 27-4706509 (State or Other Jurisd ...

MAY 2023 2 COMPARABLE HOTEL STATISTICS | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------|-----------------|---------------|---------------------------------|--------------------|----------------------------------------------------|-----------|---------------------------------|-------------|---------|-----------|-----------| | Comparable statistics \n(all amounts in '000s, except operating metrics) | for 9 ...

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, 2022 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 Jurisdictio ...

Financial Data and Key Metrics Changes - In Q4 2022, the company achieved hotel EBITDA of $87.6 million, representing 87% of 2019 levels, with hotel EBITDA margins at 29%, only 229 basis points below the comparable quarter of 2019 [18][20] - For the full year 2022, RevPAR was $129.61, representing 89% of 2019 levels, and hotel EBITDA was $370 million, approximately 83% of 2019 levels [19] - January 2023 RevPAR increased by approximately 44% from 2022, with occupancy nearly at 60% and ADR around $188 [19] Business Line Data and Key Metrics Changes - The company reported that urban hotels achieved 97% of 2019 RevPAR levels, driven by ADR that reached 107% [9] - Weekend ADR for the entire portfolio achieved 116% of 2019 levels, improving 200 basis points from Q3 [10] - Group ADR achieved 105% of 2019 levels for the quarter, with strong production from small groups contributing to the overall group mix [114] Market Data and Key Metrics Changes - Urban leisure trends were robust, with weekend urban RevPAR achieving 111% of 2019 levels, led by ADR that reached 118% [10] - The company noted that corporate travel achieved 70% of 2019 BT revenues in Q4, the highest since the pandemic, with an increase of 300 basis points from the prior quarter [114] - The company expects inbound international travel to improve throughout the year, benefiting urban markets [26] Company Strategy and Development Direction - The company plans to continue capitalizing on urban market recovery, which is expected to outperform the industry by 300 to 400 basis points in 2023 [36] - The company is focused on internal growth through the relaunch of three conversions and building a pipeline of off-market acquisition opportunities [11][13] - The company aims to maintain a strong balance sheet to pursue multiple channels of growth while remaining disciplined in the current uncertain environment [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth profile supported by favorable market conditions and the company's unique growth catalysts [27] - The company anticipates that RevPAR and hotel EBITDA will increase over 2022 throughout the year, achieving performance ahead of the industry [27] - Management acknowledged macroeconomic uncertainty but remains optimistic about the acceleration of business travel and urban leisure demand [14] Other Important Information - The company ended the year with approximately $481 million of unrestricted cash and $600 million of availability on its corporate revolver [32] - The board authorized a 60% increase in the quarterly dividend to $0.08 per share, reflecting a commitment to enhancing shareholder returns [122] Q&A Session All Questions and Answers Question: What are the expectations for urban market performance in 2023? - The company expects urban markets to outperform the industry by 300 to 400 basis points in 2023, with year-over-year growth anticipated each quarter [36] Question: How does the company view its operating model advantages? - The company highlighted its smaller footprints and lean operating model, which allows for lower labor costs compared to full-service hotels [37] Question: What is the outlook for RevPAR and hotel EBITDA in the first quarter? - The company expects comparable RevPAR between $133 and $137 and hotel EBITDA between $85 million and $91 million for Q1 [45] Question: How is the company managing its balance sheet and liquidity? - The company maintains significant flexibility with a liquidity position of $1.1 billion, allowing for opportunistic share repurchases and acquisitions [65] Question: What is the company's strategy regarding conversions and acquisitions? - The company plans to continue pursuing conversions and acquisitions, leveraging its strong balance sheet to access attractive deals as the market reopens [62][65]

OVERVIEW FEBRUARY 2023 6 Total Portfolio | Weekly ADR vs % of 2019 (1) (1) As of week ending February 18, 2023; for 96 comparable hotels; results excludes the Chateau LeMoyne-French Quarter New Orleans, which is a fully unconsolidated hotel. Unaudited, for comparison purposes only. $202 110% 0% 20% 40% 60% 80% 100% 120% $100 $120 $140 $160 $180 $200 $220 $240 Jan. 1Jan. 8 Jan. 15Jan. 22Jan. 29Feb. 5Feb. 12Feb. 19Feb. 26Mar. 5Mar. 12Mar. 19Mar. 26Apr. 2Apr. 9Apr. 16Apr. 23Apr. 30May 7May 14May 21May 28Jun. 4 ...