– Q3 RevPAR increased 3.4% over last
year
– Increased third quarter dividend by
25%
– Continued share repurchases
RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported
results for the three and nine months ended September 30, 2023.
Third Quarter Highlights
- Portfolio Comparable RevPAR of $141.81; an increase of 3.4%
from last year, led by both Occupancy and ADR growth
- Total revenue of $334.4 million
- Net income per diluted share attributable to common
shareholders of $0.06
- Comparable Hotel EBITDA of $98.1 million
- Adjusted EBITDA of $88.8 million
- Adjusted FFO per diluted common share and unit of $0.40
- Continued to repurchase common shares, repurchasing 1.5 million
common shares for approximately $14.4 million at an average price
per share of $9.81
“We were pleased that our urban-centric portfolio achieved
RevPAR growth that exceeded the industry for the third straight
quarter. Our results were led by our urban markets, which benefited
from the continued improvement in business travel, ongoing robust
group demand, healthy urban leisure trends and recovering inbound
international travel. Our RevPAR growth accelerated throughout the
third quarter, with RevPAR exceeding 2019 levels for the first time
in September. These positive trends also carried into October,”
commented Leslie D. Hale, President and Chief Executive Officer.
“Overall, we remain constructive on the outlook for lodging
fundamentals, which continue to unfold with trends favorable for
our urban-centric portfolio. In addition to achieving above
industry RevPAR growth, we also executed on multiple capital
allocation initiatives including share repurchases and increasing
our dividend, demonstrating the optionality of our strong balance
sheet."
The prefix “comparable” as defined by the Company, denotes
operating results which include results for periods prior to its
ownership and excludes sold hotels. Explanations of EBITDA,
EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO,
and Adjusted FFO, as well as reconciliations of those measures to
net income or loss, if applicable, are included within this
release.
Financial and
Operating Highlights
($ in thousands, except ADR, RevPAR,
and per share amounts)
(unaudited)
For the three months ended
September 30,
For the nine months ended
September 30,
2023
2022
2023
2022
Operational Overview: (1)
Comparable ADR
$191.33
$188.54
$197.94
$187.56
Comparable Occupancy
74.1%
72.7%
72.6%
69.5%
Comparable RevPAR
$141.81
$137.09
$143.74
$130.41
Financial Overview:
Total Revenues
$334,406
$318,071
$1,005,869
$891,471
Comparable Hotel Revenue
$334,389
$318,673
$1,005,782
$894,674
Net Income
$16,343
$17,683
$68,577
$35,415
Comparable Hotel EBITDA (2)
$98,065
$100,020
$311,788
$282,423
Comparable Hotel EBITDA Margin
29.3%
31.4%
31.0%
31.6%
Adjusted EBITDA
$88,767
$91,952
$285,281
$257,522
Adjusted FFO
$63,092
$63,994
$207,009
$168,288
Adjusted FFO Per Diluted Common Share and
Unit
$0.40
$0.40
$1.31
$1.03
Note:
(1) Comparable statistics reflect the
Company's 96 hotel portfolio owned as of September 30, 2023.
(2) Comparable Hotel EBITDA for the three
months ended September 30, 2023 and 2022 excludes $0.1 million and
$0.2 million net income, respectively, from sold hotels. Comparable
Hotel EBITDA for the nine months ended September 30, 2023 and 2022
excludes $0.5 million net income from sold hotels. Comparable Hotel
EBITDA for the three months ended September 30, 2022 includes $0.1
million net loss from acquired hotels. Comparable Hotel EBITDA for
the nine months ended September 30, 2022 includes $0.6 million net
income from acquired hotels.
Operational Update
During the third quarter, the Company’s portfolio generated
Comparable RevPAR of $141.81, an increase of 3.4% from the
comparable period in 2022 and achieved 98% of the third quarter of
2019. Comparable Revenues were $334.4 million for the third
quarter, a 4.9% increase over the prior year. The third quarter
comparable RevPAR increase over last year was led by a 1.9%
increase in Occupancy and a 1.5% increase in ADR. The Company’s
performance during the third quarter was positively impacted by
sustained positive trends in its Urban markets.
Share Repurchases
During the third quarter the Company repurchased approximately
1.5 million common shares for approximately $14.4 million at an
average price per share of $9.81.
Year-to-date the Company has repurchased approximately 6.6
million common shares for approximately $70 million, at an average
price per share of $10.12 including repurchasing approximately 0.3
million shares for $2.7 million, subsequent to September 30, 2023.
As of November 1, 2023, the 2023 Share Repurchase Program had a
remaining capacity of $219.9 million.
Balance Sheet
As of September 30, 2023, the Company had approximately $1.1
billion of total liquidity, comprising approximately $494.6 million
of unrestricted cash and $600.0 million available under its
revolving credit facility, and $2.2 billion of debt outstanding,
93.0% of which is currently either fixed or hedged.
Dividends
The Company’s Board of Trustees declared a third quarter cash
dividend of $0.10 per common share of beneficial interest of the
Company. The dividend was paid on October 16, 2023 to shareholders
of record as of September 29, 2023.
The Company's Board of Trustees declared a third quarter cash
dividend of $0.4875 on the Company’s Series A Preferred Shares. The
dividend was paid on October 31, 2023 to shareholders of record as
of September 29, 2023.
Q4 2023 Outlook
Based on current trends and assuming no material disruptions to
travel or worsening macro-economic conditions, the Company's fourth
quarter 2023 outlook is as follows:
Q4 2023
Comparable RevPAR
$129.50 to $134.50
Comparable Hotel EBITDA
$82.0M to $92.0M
Adjusted EBITDA
$73.0M to $83.0M
Adjusted FFO per diluted
share
$0.30 to $0.36
No future acquisitions, dispositions, financings, or share
repurchases are incorporated into the Company's outlook and could
result in a material change to the Company's outlook.
Earnings Call
The Company will conduct its quarterly analyst and investor
conference call on November 2, 2023 at 12:00 p.m. (Eastern Time).
The conference call can be accessed by dialing (877) 407-3982 or
(201) 493-6780 for international participants and requesting RLJ
Lodging Trust’s third quarter earnings conference call.
Additionally, a live webcast of the conference call will be
available through the Company’s website at
http://www.rljlodgingtrust.com. A replay of the conference call
webcast will be archived and available through the Investor
Relations section of the Company’s website for two weeks.
Supplemental Information
Please refer to the schedule of supplemental information for
additional detail and comparable operating statistics, which is
available through the Investor Relations section of the Company's
website.
About Us
RLJ Lodging Trust is a self-advised, publicly traded real estate
investment trust that owns primarily premium-branded, high-margin,
focused-service and compact full-service hotels. The Company's
portfolio currently consists of 96 hotels with approximately 21,200
rooms, located in 23 states and the District of Columbia and an
ownership interest in one unconsolidated hotel with 171 rooms.
Forward Looking
Statements
This information contains certain statements, other than purely
historical information, including estimates, projections,
statements relating to the Company’s business plans, objectives and
expected operating results, and the assumptions upon which those
statements are based, that are “forward looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements generally are identified by the
use of the words “believe,” “project,” “expect,” “anticipate,”
“estimate,” “plan,” “may,” “will,” “will continue,” “intend,”
“should,” “may,” or similar expressions. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, beliefs and
expectations, such forward-looking statements are not predictions
of future events or guarantees of future performance and our actual
results could differ materially from those set forth in the
forward-looking statements. Except as required by law, the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. The Company cautions investors not to
place undue reliance on these forward looking statements and urges
investors to carefully review the disclosures the Company makes
concerning risks and uncertainties in the sections entitled “Risk
Factors,” “Forward-Looking Statements,” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in the Company’s Annual Report and the Company's
Quarterly Reports on Form 10-Q, as well as risks, uncertainties and
other factors discussed in other documents filed by the Company
with the Securities and Exchange Commission.
For additional information or to receive press
releases via email, please visit our website:
http://www.rljlodgingtrust.com
RLJ Lodging Trust Non-GAAP and
Accounting Commentary
Non-Generally Accepted Accounting
Principles (“Non-GAAP”) Financial Measures
The Company considers the following non-GAAP financial measures
useful to investors as key supplemental measures of its
performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre,
(5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin.
These Non-GAAP financial measures should be considered along with,
but not as alternatives to, net income or loss as a measure of its
operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre,
Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin, as
calculated by the Company, may not be comparable to other companies
that do not define such terms exactly as the Company defines such
terms.
Funds From Operations
(“FFO”)
The Company calculates Funds from Operations (“FFO”) in
accordance with standards established by the National Association
of Real Estate Investment Trusts, or NAREIT, which defines FFO as
net income or loss (calculated in accordance with GAAP), excluding
gains or losses from sales of real estate, impairment, the
cumulative effect of changes in accounting principles, plus
depreciation and amortization, and adjustments for unconsolidated
partnerships and joint ventures. Historical cost accounting for
real estate assets implicitly assumes that the value of real estate
assets diminishes predictably over time. Since real estate values
have instead historically risen or fallen with market conditions,
most real estate industry investors consider FFO to be helpful in
evaluating a real estate company’s operations. The Company believes
that the presentation of FFO provides useful information to
investors regarding the Company’s operating performance and can
facilitate comparisons of operating performance between periods and
between real estate investment trusts (“REITs”), even though FFO
does not represent an amount that accrues directly to common
shareholders.
The Company’s calculation of FFO may not be comparable to
measures calculated by other companies who do not use the NAREIT
definition of FFO or do not calculate FFO per diluted share in
accordance with NAREIT guidance. Additionally, FFO may not be
helpful when comparing the Company to non-REITs. The Company
presents FFO attributable to common shareholders, which includes
unitholders of limited partnership interest (“OP units”) in RLJ
Lodging Trust, L.P., the Company’s operating partnership, because
the OP units may be redeemed for common shares of the Company. The
Company believes it is meaningful for the investor to understand
FFO attributable to all common shares and OP units.
EBITDA and EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization
(“EBITDA”) is defined as net income or loss excluding: (1) interest
expense; (2) income tax expense; and (3) depreciation and
amortization expense. The Company considers EBITDA useful to an
investor in evaluating and facilitating comparisons of its
operating performance between periods and between REITs by removing
the impact of its capital structure (primarily interest expense)
and asset base (primarily depreciation and amortization expense)
from its operating results. In addition, EBITDA is used as one
measure in determining the value of hotel acquisitions and
dispositions.
In addition to EBITDA, the Company presents EBITDAre in
accordance with NAREIT guidelines, which defines EBITDAre as net
income or loss (calculated in accordance with GAAP) excluding
interest expense, income tax expense, depreciation and amortization
expense, gains or losses from sales of real estate, impairment, and
adjustments for unconsolidated joint ventures. The Company believes
that the presentation of EBITDAre provides useful information to
investors regarding the Company's operating performance and can
facilitate comparisons of operating performance between periods and
between REITs.
Adjustments to FFO and
EBITDA
The Company adjusts FFO, EBITDA, and EBITDAre for certain items
that the Company considers outside the normal course of operations.
The Company believes that Adjusted FFO, Adjusted EBITDA, and
Adjusted EBITDAre provide useful supplemental information to
investors regarding its ongoing operating performance that, when
considered with net income or loss, FFO, EBITDA, and EBITDAre, are
beneficial to an investor’s understanding of the Company's
operating performance. The Company adjusts FFO, EBITDA, and
EBITDAre for the following items:
- Transaction Costs: The Company excludes transaction costs
expensed during the period
- Pre-Opening Costs: The Company excludes certain costs related
to pre-opening of hotels
- Non-Cash Expenses: The Company excludes the effect of certain
non-cash items such as the amortization of share-based
compensation, non-cash income tax expense or benefit, and non-cash
interest expense related to discontinued interest rate hedges
- Other Non-Operational Expenses: The Company excludes the effect
of certain non-operational expenses representing income and
expenses outside the normal course of operations
Hotel EBITDA and Hotel EBITDA
Margin
With respect to Consolidated Hotel EBITDA, the Company believes
that excluding the effect of corporate-level expenses and certain
non-cash items provides a more complete understanding of the
operating results over which individual hotels and operators have
direct control. The Company believes property-level results provide
investors with supplemental information about the ongoing
operational performance of the Company’s hotels and the
effectiveness of third-party management companies.
Comparable Hotel EBITDA and Comparable Hotel EBITDA margin
include prior ownership information provided by the sellers of the
hotels for periods prior to our acquisition of the hotels and
excludes results from sold hotels as applicable. The following is a
summary of Comparable hotel adjustments:
Comparable adjustments: Acquired
hotel
For the three and nine months ended September 30, 2022,
Comparable adjustments included the following acquired hotel:
- 21c Hotel Nashville acquired in July 2022
Comparable adjustments: Sold
hotels
For the nine months ended September 30, 2022, comparable
adjustments included the following sold hotels:
- Marriott Denver Airport at Gateway Park sold in March 2022
- SpringHill Suites Denver North Westminster sold in April
2022
RLJ Lodging Trust
Consolidated Balance
Sheets
(Amounts in thousands, except
share and per share data)
(unaudited)
September 30, 2023
December 31, 2022
Assets
Investment in hotel properties, net
$
4,142,365
$
4,180,328
Investment in unconsolidated joint
ventures
7,294
6,979
Cash and cash equivalents
494,563
481,316
Restricted cash reserves
35,807
55,070
Hotel and other receivables, net of
allowance of $237 and $319, respectively
47,990
38,528
Lease right-of-use assets
137,546
136,915
Prepaid expense and other assets
74,777
79,089
Total assets
$
4,940,342
$
4,978,225
Liabilities and Equity
Debt, net
$
2,219,781
$
2,217,555
Accounts payable and other liabilities
150,650
155,916
Advance deposits and deferred revenue
30,995
23,769
Lease liabilities
119,780
117,010
Accrued interest
12,593
20,707
Distributions payable
22,448
14,622
Total liabilities
2,556,247
2,549,579
Equity
Shareholders’ equity:
Preferred shares of beneficial interest,
$0.01 par value, 50,000,000 shares authorized
Series A Cumulative Convertible Preferred
Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475
shares issued and outstanding, liquidation value of $328,266, at
September 30, 2023 and December 31, 2022
366,936
366,936
Common shares of beneficial interest,
$0.01 par value, 450,000,000 shares authorized; 156,172,739 and
162,003,533 shares issued and outstanding at September 30, 2023 and
December 31, 2022, respectively
1,562
1,620
Additional paid-in capital
3,003,316
3,054,958
Distributions in excess of net
earnings
(1,041,171
)
(1,049,441
)
Accumulated other comprehensive income
39,553
40,591
Total shareholders’ equity
2,370,196
2,414,664
Noncontrolling interests:
Noncontrolling interest in the Operating
Partnership
6,361
6,313
Noncontrolling interest in consolidated
joint ventures
7,538
7,669
Total noncontrolling interest
13,899
13,982
Total equity
2,384,095
2,428,646
Total liabilities and equity
$
4,940,342
$
4,978,225
Note: The corresponding notes to
the consolidated financial statements can be found in the Company’s
Quarterly Report on Form 10-Q.
RLJ Lodging Trust
Consolidated Statements of
Operations
(Amounts in thousands, except
share and per share data)
(unaudited)
For the three months ended
September 30,
For the nine months ended
September 30,
2023
2022
2023
2022
Revenues
Operating revenues
Room revenue
$
277,088
$
267,363
$
833,416
$
753,818
Food and beverage revenue
34,181
30,600
105,601
82,655
Other revenue
23,137
20,108
66,852
54,998
Total revenues
334,406
318,071
1,005,869
891,471
Expenses
Operating expenses
Room expense
71,278
68,394
207,662
188,015
Food and beverage expense
27,430
23,375
81,604
61,314
Management and franchise fee expense
27,095
25,390
82,554
71,846
Other operating expenses
87,736
82,021
254,567
227,563
Total property operating expenses
213,539
199,180
626,387
548,738
Depreciation and amortization
44,727
46,559
134,648
140,346
Property tax, insurance and other
26,936
20,744
76,268
66,206
General and administrative
14,747
13,446
43,030
40,928
Transaction costs
2
(773
)
26
(575
)
Total operating expenses
299,951
279,156
880,359
795,643
Other income, net
1,921
710
3,506
8,716
Interest income
5,302
1,281
13,977
1,800
Interest expense
(24,833
)
(22,625
)
(73,506
)
(71,041
)
Gain (loss) on sale of hotel properties,
net
16
(57
)
(28
)
996
Loss on extinguishment of indebtedness,
net
—
—
(169
)
—
Income before equity in (loss) income from
unconsolidated joint ventures
16,861
18,224
69,290
36,299
Equity in (loss) income from
unconsolidated joint ventures
(186
)
(150
)
315
255
Income before income tax expense
16,675
18,074
69,605
36,554
Income tax expense
(332
)
(391
)
(1,028
)
(1,139
)
Net income
16,343
17,683
68,577
35,415
Net (income) loss attributable to
noncontrolling interests:
Noncontrolling interest in the Operating
Partnership
(50
)
(53
)
(238
)
(74
)
Noncontrolling interest in consolidated
joint ventures
137
(36
)
131
(29
)
Net income attributable to RLJ
16,430
17,594
68,470
35,312
Preferred dividends
(6,279
)
(6,279
)
(18,836
)
(18,836
)
Net income attributable to common
shareholders
$
10,151
$
11,315
$
49,634
$
16,476
Basic per common share data:
Net income per share attributable to
common shareholders - basic
$
0.06
$
0.07
$
0.31
$
0.10
Weighted-average number of common
shares
154,563,284
160,368,297
156,805,643
162,681,840
Diluted per common share data:
Net income per share attributable to
common shareholders - diluted
$
0.06
$
0.07
$
0.31
$
0.10
Weighted-average number of common
shares
155,081,645
160,784,709
157,280,206
163,064,462
Note: The Statements of
Comprehensive Income and corresponding notes to the consolidated
financial statements can be found in the Company’s Quarterly Report
on Form 10-Q.
RLJ Lodging Trust
Reconciliation of Non-GAAP
Measures
(Amounts in thousands, except
per share data)
(unaudited)
Funds from Operations (FFO)
Attributable to Common Shareholders and Unitholders
For the three months ended
September 30,
For the nine months ended
September 30,
2023
2022
2023
2022
Net income
$
16,343
$
17,683
$
68,577
$
35,415
Preferred dividends
(6,279
)
(6,279
)
(18,836
)
(18,836
)
Depreciation and amortization
44,727
46,559
134,648
140,346
(Gain) loss on sale of hotel properties,
net
(16
)
57
28
(996
)
Noncontrolling interest in consolidated
joint ventures
137
(36
)
131
(29
)
Adjustments related to consolidated joint
venture (1)
(44
)
(47
)
(131
)
(144
)
Adjustments related to unconsolidated
joint venture (2)
236
241
709
831
FFO
55,104
58,178
185,126
156,587
Transaction costs
2
(773
)
26
(575
)
Pre-opening costs (3)
327
907
1,188
1,519
Loss on extinguishment of indebtedness,
net
—
—
169
—
Amortization of share-based
compensation
6,247
5,420
18,028
16,074
Non-cash interest expense related to
discontinued interest rate hedges
482
252
1,446
493
Derivative gains in accumulated other
comprehensive income reclassified to earnings (4)
—
—
—
(5,866
)
Other expenses (5)
930
10
1,026
56
Adjusted FFO
$
63,092
$
63,994
$
207,009
$
168,288
Adjusted FFO per common share and
unit-basic
$
0.41
$
0.40
$
1.31
$
1.03
Adjusted FFO per common share and
unit-diluted
$
0.40
$
0.40
$
1.31
$
1.03
Basic weighted-average common shares and
units outstanding (6)
155,335
161,140
157,577
163,454
Diluted weighted-average common shares and
units outstanding (6)
155,853
161,557
158,052
163,836
Notes:
(1)
Includes depreciation and amortization
expense allocated to the noncontrolling interest in the
consolidated joint venture.
(2)
Includes our ownership interest in the
depreciation and amortization expense of the unconsolidated joint
venture.
(3)
Represents expenses related to the brand
conversions of certain hotel properties prior to opening.
(4)
Reclassification of interest rate swap
gains from accumulated other comprehensive income to earnings for
discontinued interest rate hedges.
(5)
Represents expenses and income outside of
the normal course of operations. For the three and nine months
ended September 30, 2023, other expenses included one-time
management company transition costs of $0.6 million.
(6)
Includes 0.8 million weighted-average
operating partnership units for the three and nine month periods
ended September 30, 2023 and 2022.
RLJ Lodging Trust
Reconciliation of Non-GAAP
Measures
(Amounts in thousands)
(unaudited)
Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA)
For the three months ended
September 30,
For the nine months ended
September 30,
2023
2022
2023
2022
Net income
$
16,343
$
17,683
$
68,577
$
35,415
Depreciation and amortization
44,727
46,559
134,648
140,346
Interest expense, net of interest
income
19,531
21,344
59,529
69,241
Income tax expense
332
391
1,028
1,139
Adjustments related to unconsolidated
joint venture (1)
344
354
1,034
1,169
EBITDA
81,277
86,331
264,816
247,310
(Gain) loss on sale of hotel properties,
net
(16
)
57
28
(996
)
EBITDAre
81,261
86,388
264,844
246,314
Transaction costs
2
(773
)
26
(575
)
Pre-opening costs (2)
327
907
1,188
1,519
Loss on extinguishment of indebtedness,
net
—
—
169
—
Amortization of share-based
compensation
6,247
5,420
18,028
16,074
Derivative gains in accumulated other
comprehensive income reclassified to earnings (3)
—
—
—
(5,866
)
Other expenses (4)
930
10
1,026
56
Adjusted EBITDA
88,767
91,952
285,281
257,522
General and administrative
8,500
8,026
25,002
24,854
Other corporate adjustments
873
358
2,009
(1
)
Consolidated Hotel EBITDA
98,140
100,336
312,292
282,375
Comparable adjustments - income from sold
hotels
(75
)
(213
)
(504
)
(510
)
Comparable adjustments - income from
acquired hotels
—
(103
)
—
558
Comparable Hotel EBITDA
$
98,065
$
100,020
$
311,788
$
282,423
Notes: Comparable statistics
reflect the Company's 96 hotel portfolio owned as of September 30,
2023.
(1)
Includes our ownership interest in the
interest, depreciation, and amortization expense of the
unconsolidated joint venture.
(2)
Represents expenses related to the brand
conversions of certain hotel properties prior to opening.
(3)
Reclassification of interest rate swap
gains from accumulated other comprehensive income to earnings for
discontinued interest rate hedges.
(4)
Represents expenses and income outside of
the normal course of operations. For the three and nine months
ended September 30, 2023, other expenses included one-time
management company transition costs of $0.6 million.
RLJ Lodging Trust
Reconciliation of Non-GAAP
Measures
(Amounts in thousands except
%)
(unaudited)
Comparable Hotel EBITDA Margin
For the three months ended
September 30,
For the nine months ended
September 30,
2023
2022
2023
2022
Total revenue
$
334,406
$
318,071
$
1,005,869
$
891,471
Comparable adjustments - revenue from sold
hotels
—
—
(35
)
(2,337
)
Comparable adjustments - revenue from
prior ownership of acquired hotels
—
614
—
5,585
Other corporate adjustments / non-hotel
revenue
(17
)
(12
)
(52
)
(45
)
Comparable Hotel Revenue
$
334,389
$
318,673
$
1,005,782
$
894,674
Comparable Hotel EBITDA
$
98,065
$
100,020
$
311,788
$
282,423
Comparable Hotel EBITDA Margin
29.3
%
31.4
%
31.0
%
31.6
%
RLJ Lodging Trust
Consolidated Debt
Summary
(Amounts in thousands except
%)
(unaudited)
Loan
Base Term (Years)
Maturity
(incl. extensions)
Floating / Fixed (1)
Interest Rate (2)
Balance as of
September 30, 2023 (3)
Mortgage Debt
Mortgage loan - 1 hotel
10
Jan 2029
Fixed
5.06%
$ 25,000
Mortgage loan - 7 hotels
3
Apr 2024
Floating
5.94%
200,000
Mortgage loan - 3 hotels
5
Apr 2026
Floating
5.02%
96,000
Mortgage loan - 4 hotels
5
Apr 2026
Floating
5.61%
85,000
Weighted Average / Mortgage
Total
5.60%
$ 406,000
Corporate Debt
Revolver (4)
4
May 2028
Floating
—
$ —
$225 Million Term Loan Maturing 2026
3
May 2028
Floating
2.97%
225,000
$200 Million Term Loan Maturing 2026
3
January 2028
Floating
3.48%
200,000
$400 Million Term Loan Maturing 2025
5
May 2025
Floating
3.38%
400,000
$500 Million Senior Notes due 2026
5
July 2026
Fixed
3.75%
500,000
$500 Million Senior Notes due 2029
8
September 2029
Fixed
4.00%
500,000
Weighted Average / Corporate
Total
3.61%
$ 1,825,000
Weighted Average / Total
3.97%
$ 2,231,000
Notes:
(1)
The floating interest rate is hedged, or
partially hedged, with an interest rate swap.
(2)
Interest rates as of September 30, 2023,
inclusive of the impact of interest rate hedges.
(3)
Excludes the impact of fair value
adjustments and deferred financing costs.
(4)
As of September 30, 2023, there was $600.0
million of borrowing capacity on the Revolver, which is charged an
unused commitment fee of 0.25% annually.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101710512/en/
Sean M. Mahoney, Executive Vice President and Chief Financial
Officer – (301) 280-7774
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