RLJ Lodging Trust(RLJ) - 2024 Q4 - Annual Results

Financial Performance - Fourth Quarter Comparable RevPAR increased by 2.2% to $137.53, while Total Revenues rose by 3.2% to $330.0 million[4] - Full Year Comparable RevPAR increased by 2.0% to $144.72, with Total Revenues reaching $1.4 billion, a 3.3% increase[4] - Adjusted EBITDA for the fourth quarter was $81.1 million, reflecting a 2.4% increase year-over-year[4] - For the three months ended December 31, 2024, total revenues increased to $329,989,000 from $319,708,000 in the same period of 2023, representing a growth of approximately 0.4%[36] - Room revenue for the year ended December 31, 2024, was $1,121,586,000, up from $1,095,028,000 in 2023, indicating an increase of about 2.4%[36] - Net income for the three months ended December 31, 2024, was $5,511,000, a decrease of 31.5% from $8,040,000 in the same period of 2023[43] - EBITDA for the year ended December 31, 2024, was $344,655,000, up 2.4% from $337,414,000 in 2023[43] - Total revenue for the three months ended December 31, 2024, was $329,989,000, an increase of 3.99% compared to $319,708,000 in 2023[47] - Comparable Hotel EBITDA Margin for the year ended December 31, 2024, was 29.1%, down from 30.3% in 2023[47] Net Income and Loss - The Company reported a net loss attributable to common shareholders of $0.9 million for the fourth quarter, compared to a net income of $1.7 million in the prior year[6] - Net income attributable to common shareholders for the year ended December 31, 2024, was $42,906,000, down from $51,290,000 in 2023, a decline of about 16.3%[36] - The Company reported a net loss attributable to common shareholders of $903,000 for the three months ended December 31, 2024, compared to a net income of $1,656,000 in the same period of 2023[36] Shareholder Returns - The Board declared a quarterly cash dividend of $0.15 per common share for the fourth quarter, payable on January 15, 2025[12] - The Company repurchased 2.3 million shares for $22.0 million at an average price of $9.39 per share during 2024[10] - The Company has approximately $217.3 million remaining capacity in its share buyback program[10] Liquidity and Debt - The Company ended the year with $0.9 billion in liquidity, including approximately $409.8 million in unrestricted cash[11] - The company reported a consolidated debt balance of $2,231,000,000 as of December 31, 2024, with a weighted average interest rate of 4.58%[52] - The company has a borrowing capacity of $500,000,000 on its Revolver, with an unused commitment fee of 0.25% annually[53] Acquisitions and Market Strategy - The Company completed two acquisitions in 2024, including the Hotel Teatro for $35.5 million and the Wyndham Boston Beacon Hill for $125.0 million[7] - The company plans to continue its market expansion and new product development strategies in 2025[48] Future Projections - The Company expects Comparable RevPAR growth of 1.0% to 3.0% and Adjusted EBITDA between $345.0 million and $375.0 million for FY 2025[14] - Adjusted EBITDA for the year ended December 31, 2025, is projected to be between $345,000,000 and $375,000,000[48] - Funds from Operations (FFO) for the year ended December 31, 2025, is expected to range from $206,000,000 to $234,000,000[49] - Adjustments related to joint ventures for the year ended December 31, 2025, are estimated at $1,400,000[48] Asset and Liability Changes - Total assets decreased to $4,883,879,000 as of December 31, 2024, from $4,919,295,000 in 2023, a reduction of approximately 0.7%[34] - The Company’s total liabilities increased slightly to $2,585,602,000 as of December 31, 2024, compared to $2,568,505,000 in 2023, an increase of about 0.7%[34] - The Company’s cash and cash equivalents decreased to $409,809,000 as of December 31, 2024, from $516,675,000 in 2023, a decline of approximately 20.7%[34] Impact of Sales - The Company sold the Residence Inn Merrillville in May 2024 and the Fairfield Inn & Suites Denver Cherry Creek in September 2024, impacting comparable hotel adjustments[32] - The Company acquired Hotel Teatro in June 2024, which is included in the comparable adjustments for the three and twelve months ended December 31, 2024[30]