RLJ RLJ Lodging Trust

Q1 RevPAR increased 1.6%

Addressed all 2025 debt maturities

Repurchased 2.7 million shares for $24.3 million year-to-date

RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three months ended March 31, 2025.

Highlights

• Portfolio Comparable RevPAR of $141.23; an increase of 1.6% over the prior year
• Total Revenues of $328.1 million
• Net Income of $3.2 million
• Comparable Hotel EBITDA of $85.3 million
• Adjusted EBITDA of $77.6 million
• Adjusted FFO per diluted common share and unit of $0.31
• Sold one non-core hotel for $24.3 million
• Recycled proceeds from asset sale to repurchase 2.7 million shares for approximately $24.3 million
• Addressed all 2025 debt maturities and fully paid down our revolver following recent term loan refinancing

“We are pleased with our solid first quarter results which exceeded our expectations and were driven by our robust performance in urban markets and our strong momentum from conversions. Our ability to drive rate in this environment and control costs allowed us to exceed our EBITDA outlook. Additionally, we successfully recycled capital from disposition proceeds towards accretive share repurchases and further strengthened our balance sheet as we addressed all near-term debt maturities,” commented Leslie D. Hale, President and Chief Executive Officer. “The heightened macroeconomic uncertainty has tempered our near-term view on fundamentals. Therefore, we are updating our outlook to reflect the current environment, which we assume will persist for the remainder of the year. Relative to this backdrop, we are well-positioned to navigate this choppy environment given our diversified urban-centric portfolio, our lean operating model and a favorable capital structure.”

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, Change, and per share amounts)

(unaudited)

For the three months ended March 31,

 

2025

2024

Change

Operational Overview: (1)

 

 

 

Comparable ADR

$204.31

$200.07

2.1%

Comparable Occupancy

69.1%

69.5%

(0.5)%

Comparable RevPAR

$141.23

$138.97

1.6%

 

 

 

 

Financial Overview:

 

 

 

Total Revenue

$328,119

$324,410

1.1%

Comparable Hotel Revenue

$327,000

$323,230

1.2%

 

 

 

 

Net Income

$3,172

$4,746

(33.2)%

 

 

 

 

Comparable Hotel EBITDA

$85,297

$88,337

(3.4)%

Comparable Hotel EBITDA Margin

26.1%

27.3%

(124) bps

Adjusted EBITDA

$77,594

$79,594

(2.5)%

 

 

 

 

Adjusted FFO

$46,920

$51,854

(9.5)%

Adjusted FFO Per Diluted Common Share and Unit

$0.31

$0.33

(6.1)%

Note:

(1) Comparable statistics reflect the Company's 94 hotel portfolio owned as of March 31, 2025.

Disposition

During the first quarter of 2025, the Company sold the 181-room Courtyard Atlanta Buckhead for $24.3 million, reflecting a 18.0x multiple based on projected 2025 Hotel EBITDA. The Company recorded a gain on the sale of $1.3 million.

Share Repurchases

During the first quarter, the Company repurchased 2.3 million common shares for approximately $21.3 million at an average price of $9.28. Year-to-date, the Company has repurchased 2.7 million common shares for approximately $24.3 million at an average price of $8.91. In April, the Company's Board of Trustees approved the 2025 share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares.

Balance Sheet

As of March 31, 2025, the Company had approximately $847.5 million of total liquidity, comprised of approximately $347.5 million of unrestricted cash and $500.0 million available under its revolving credit facility (the "Revolver"), and $2.2 billion of debt outstanding.

In April 2025, the Company refinanced its $200.0 million term loan maturing in 2026, upsizing it to $300.0 million and extending the initial maturity to April 2030, inclusive of extension options. Borrowings under the amended term loan bear interest at a variable rate under the same pricing grid as the original loan. The Company utilized the incremental $100.0 million of proceeds to repay the outstanding balance on the Revolver. Additionally, the Company exercised the extension options on $181.0 million in mortgage loans to extend the maturities.

Dividends

The Company’s Board of Trustees declared a quarterly cash dividend of $0.15 per common share of beneficial interest of the Company in the first quarter. The dividend was paid on April 15, 2025 to shareholders of record as of March 31, 2025.

The Company's Board of Trustees declared a first quarter cash dividend of $0.4875 on the Company’s Series A Preferred Shares. The dividend was paid on April 30, 2025 to shareholders of record as of March 31, 2025.

2025 Outlook Update

The Company is updating its full-year 2025 outlook to reflect first quarter results and the sale of the Courtyard Atlanta Buckhead and assumes that current operating trends continue through the balance of the year.

 

FY 2025

Comparable RevPAR Growth

-1.0% to +1.0%

Comparable Hotel EBITDA

$365.5M to $395.5M

Adjusted EBITDA

$332.5M to $362.5M

Adjusted FFO per diluted share

$1.38 to $1.58

Additionally, the Company's full year 2025 outlook includes:

• Net interest expense in the range of $94.0 million to $96.0 million
• Cash corporate G&A in the range of $34.0 million to $35.0 million
• Capital expenditures related to renovations in the range of $80.0 million to $100.0 million
• Diluted weighted average common shares and units of 151.5 million
• No changes to prior assumptions for renovation displacement
• The impact of the closure of the Austin convention center

Earnings Call

The Company will conduct its quarterly analyst and investor conference call on May 5, 2025 at 11:00 a.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 first 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 presentation of supplemental information for additional detail and comparable operating statistics, which will be available through the Investor Relations section of the Company's website.

About Us

RLJ Lodging Trust ("RLJ") is a self-advised, publicly traded real estate investment trust that owns 94 premium-branded, rooms-oriented, high-margin, urban-centric hotels located within the heart of demand locations. Our hotels are geographically diverse and concentrated in major urban markets that provide multiple demand generators from business, leisure, and other travelers.

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 on Form 10-K for the year ended December 31, 2024 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which will be filed on May 5, 2025, 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: https://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.

Comparable adjustments: Acquired hotel

For the three months ended March 31, 2025 and 2024, Comparable adjustments included the following acquired hotel:

• Hotel Teatro acquired in June 2024

Comparable adjustments: Sold hotels

For the three months ended March 31, 2025 and 2024, Comparable adjustments included the following sold hotels:

• Residence Inn Merrillville sold in May 2024
• Fairfield Inn & Suites Denver Cherry Creek sold in September 2024
• Courtyard Atlanta Buckhead sold in March 2025

RLJ Lodging Trust

Consolidated Balance Sheets

(Amounts in thousands, except share and per share data)

(unaudited)

 

 

March 31, 2025

 

December 31, 2024

Assets

 

 

 

Investment in hotel properties, net

$

4,225,887

 

 

$

4,250,524

 

Investment in unconsolidated joint ventures

 

7,638

 

 

 

7,457

 

Cash and cash equivalents

 

347,526

 

 

 

409,809

 

Restricted cash reserves

 

24,868

 

 

 

23,516

 

Hotel and other receivables, net of allowance of $114 and $169, respectively

 

27,515

 

 

 

25,494

 

Lease right-of-use assets

 

126,889

 

 

 

128,111

 

Prepaid expense and other assets

 

57,265

 

 

 

38,968

 

Total assets

$

4,817,588

 

 

$

4,883,879

 

Liabilities and Equity

 

 

 

Debt, net

$

2,221,406

 

 

$

2,220,081

 

Accounts payable and other liabilities

 

147,960

 

 

 

154,643

 

Advance deposits and deferred revenue

 

40,553

 

 

 

40,242

 

Lease liabilities

 

118,825

 

 

 

119,102

 

Accrued interest

 

10,885

 

 

 

20,900

 

Distributions payable

 

30,346

 

 

 

30,634

 

Total liabilities

 

2,569,975

 

 

 

2,585,602

 

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 March 31, 2025 and December 31, 2024

 

366,936

 

 

 

366,936

 

Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 151,926,642 and 153,295,577 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

 

1,519

 

 

 

1,533

 

Additional paid-in capital

 

2,973,288

 

 

 

2,992,487

 

Distributions in excess of net earnings

 

(1,116,044

)

 

 

(1,090,186

)

Accumulated other comprehensive income

 

8,492

 

 

 

13,788

 

Total shareholders’ equity

 

2,234,191

 

 

 

2,284,558

 

Noncontrolling interests:

 

 

 

Noncontrolling interest in the Operating Partnership

 

6,006

 

 

 

6,130

 

Noncontrolling interest in consolidated joint ventures

 

7,416

 

 

 

7,589

 

Total noncontrolling interest

 

13,422

 

 

 

13,719

 

Total equity

 

2,247,613

 

 

 

2,298,277

 

Total liabilities and equity

$

4,817,588

 

 

$

4,883,879

 

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 March 31,

 

 

2025

 

 

 

2024

 

Revenues

 

 

 

Operating revenues

 

 

 

Room revenue

$

267,654

 

 

$

266,630

 

Food and beverage revenue

 

37,513

 

 

 

35,689

 

Other revenue

 

22,952

 

 

 

22,091

 

Total revenues

 

328,119

 

 

 

324,410

 

Expenses

 

 

 

Operating expenses

 

 

 

Room expense

 

70,851

 

 

 

69,386

 

Food and beverage expense

 

29,289

 

 

 

28,627

 

Management and franchise fee expense

 

25,202

 

 

 

25,655

 

Other operating expenses

 

91,711

 

 

 

89,809

 

Total property operating expenses

 

217,053

 

 

 

213,477

 

Depreciation and amortization

 

45,788

 

 

 

44,679

 

Property tax, insurance and other

 

27,203

 

 

 

27,834

 

General and administrative

 

12,646

 

 

 

15,105

 

Transaction costs

 

56

 

 

 

14

 

Total operating expenses

 

302,746

 

 

 

301,109

 

Other income, net

 

888

 

 

 

3,191

 

Interest income

 

3,255

 

 

 

4,787

 

Interest expense

 

(27,552

)

 

 

(26,458

)

Gain on sale of hotel property, net

 

1,321

 

 

 

—

 

Income before equity in income from unconsolidated joint ventures

 

3,285

 

 

 

4,821

 

Equity in income from unconsolidated joint ventures

 

181

 

 

 

234

 

Income before income tax expense

 

3,466

 

 

 

5,055

 

Income tax expense

 

(294

)

 

 

(309

)

Net income

 

3,172

 

 

 

4,746

 

Net loss attributable to noncontrolling interests:

 

 

 

Noncontrolling interest in the Operating Partnership

 

17

 

 

 

2

 

Noncontrolling interest in consolidated joint ventures

 

173

 

 

 

189

 

Net income attributable to RLJ

 

3,362

 

 

 

4,937

 

Preferred dividends

 

(6,279

)

 

 

(6,279

)

Net loss attributable to common shareholders

$

(2,917

)

 

$

(1,342

)

 

 

 

 

Basic and diluted per common share data:

 

 

 

Net loss per share attributable to common shareholders

$

(0.02

)

 

$

(0.01

)

Weighted-average number of common shares

 

150,909,513

 

 

 

152,970,215

 

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 March 31,

 

 

2025

 

 

 

2024

 

Net income

$

3,172

 

 

$

4,746

 

Preferred dividends

 

(6,279

)

 

 

(6,279

)

Depreciation and amortization

 

45,788

 

 

 

44,679

 

Gain on sale of hotel property, net

 

(1,321

)

 

 

—

 

Noncontrolling interest in consolidated joint ventures

 

173

 

 

 

189

 

Adjustments related to consolidated joint venture (1)

 

(49

)

 

 

(46

)

Adjustments related to unconsolidated joint venture (2)

 

244

 

 

 

229

 

FFO

 

41,728

 

 

 

43,518

 

Transaction costs

 

56

 

 

 

14

 

Pre-opening costs (3)

 

399

 

 

 

75

 

Amortization of share-based compensation

 

4,349

 

 

 

6,434

 

Non-cash interest expense related to discontinued interest rate hedges

 

144

 

 

 

482

 

Other expenses (4)

 

244

 

 

 

1,331

 

Adjusted FFO

$

46,920

 

 

$

51,854

 

 

 

 

Adjusted FFO per common share and unit-basic

$

0.31

 

 

$

0.34

 

Adjusted FFO per common share and unit-diluted

$

0.31

 

 

$

0.33

 

 

 

 

Basic weighted-average common shares and units outstanding (5)

 

151,681

 

 

 

153,742

 

Diluted weighted-average common shares and units outstanding (5)

 

151,939

 

 

 

155,001

 

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)

Represents expenses and income outside of the normal course of operations.

(5)

Includes 0.8 million weighted-average operating partnership units for the three months ended March 31, 2025 and 2024.

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 March 31,

 

2025

 

 

 

2024

 

Net income

$

3,172

 

 

$

4,746

 

Depreciation and amortization

 

45,788

 

 

 

44,679

 

Interest expense, net of interest income

 

24,297

 

 

 

21,671

 

Income tax expense

 

294

 

 

 

309

 

Adjustments related to unconsolidated joint venture (1)

 

316

 

 

 

335

 

EBITDA

 

73,867

 

 

 

71,740

 

Gain on sale of hotel property, net

 

(1,321

)

 

 

—

 

EBITDAre

 

72,546

 

 

 

71,740

 

Transaction costs

 

56

 

 

 

14

 

Pre-opening costs (2)

 

399

 

 

 

75

 

Amortization of share-based compensation

 

4,349

 

 

 

6,434

 

Other expenses (3)

 

244

 

 

 

1,331

 

Adjusted EBITDA

 

77,594

 

 

 

79,594

 

General and administrative

 

8,297

 

 

 

8,671

 

Other corporate adjustments

 

20

 

 

 

666

 

Consolidated Hotel EBITDA

 

85,911

 

 

 

88,931

 

Comparable adjustments - income from sold hotels

 

(614

)

 

 

(646

)

Comparable adjustments - income from acquired hotels

 

—

 

 

 

52

 

Comparable Hotel EBITDA

$

85,297

 

 

$

88,337

Notes:

(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)

Represents expenses and income outside of the normal course of operations.

RLJ Lodging Trust

Reconciliation of Non-GAAP Measures

(Amounts in thousands except margin data)

(unaudited)

 

Comparable Hotel EBITDA Margin

 

For the three months ended March 31,

 

 

2025

 

 

 

2024

 

Total revenue

$

328,119

 

 

$

324,410

 

Comparable adjustments - revenue from sold hotels

 

(1,102

)

 

 

(2,890

)

Comparable adjustments - revenue from prior ownership of acquired hotels

 

—

 

 

 

1,728

 

Other corporate adjustments / non-hotel revenue

 

(17

)

 

 

(18

)

Comparable Hotel Revenue

$

327,000

 

 

$

323,230

 

 

 

 

 

Comparable Hotel EBITDA

$

85,297

 

 

$

88,337

 

 

 

 

 

Comparable Hotel EBITDA Margin

 

26.1

%

 

 

27.3

%

RLJ Lodging Trust

Reconciliation of Non-GAAP Measures - Full-Year Outlook

(Amounts in millions)

(unaudited)

 

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

 

For the year ended December 31, 2025

 

Low End

 

High End

Net income

$

34.9

 

 

$

62.9

 

Depreciation and amortization

 

185.0

 

 

 

185.0

 

Interest expense, net of interest income

 

94.0

 

 

 

96.0

 

Income tax expense

 

1.2

 

 

 

1.2

 

Adjustments related to joint ventures

 

1.2

 

 

 

1.2

 

EBITDA

 

316.3

 

 

 

346.3

 

Gain on sale of hotel properties, net

 

(1.3

)

 

 

(1.3

)

EBITDAre

 

315.0

 

 

 

345.0

 

Amortization of share-based compensation

 

17.5

 

 

 

17.5

 

Adjusted EBITDA

 

332.5

 

 

 

362.5

 

General and administrative

 

34.0

 

 

 

35.0

 

Other corporate adjustments

 

(0.4

)

 

 

(1.4

)

Consolidated Hotel EBITDA

 

366.1

 

 

 

396.1

 

Comparable adjustments - income from sold hotels

 

(0.6

)

 

 

(0.6

)

Consolidated Hotel EBITDA/Comparable Hotel EBITDA

$

365.5

 

 

$

395.5

 

Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders

 

For the year ended December 31, 2025

 

Low End

 

High End

Net income

$

34.9

 

 

$

62.9

 

Preferred dividends

 

(25.0

)

 

 

(25.0

)

Depreciation and amortization

 

185.0

 

 

 

185.0

 

Gain on sale of hotel properties, net

 

(1.3

)

 

 

(1.3

)

Adjustments related to joint ventures

 

1.2

 

 

 

1.2

 

FFO

 

194.8

 

 

 

222.8

 

Amortization of share-based compensation

 

17.5

 

 

 

17.5

 

All other items, net

 

(2.8

)

 

 

(0.8

)

Adjusted FFO

$

209.5

 

 

$

239.5

 

 

 

 

 

Adjusted FFO per common share and unit-diluted

$

1.38

 

 

$

1.58

 

 

 

 

 

Diluted weighted-average common shares and units outstanding

 

151.5

 

 

 

151.5

 

RLJ Lodging Trust

Consolidated Debt Summary

(Amounts in thousands except interest data)

(unaudited)

 

Loan

Base Term (Years)

Maturity (incl. extensions)

Floating / Fixed (1)

Interest Rate (2)

 

Balance as of March 31, 2025 (3)

Mortgage Debt

 

 

 

 

 

 

Mortgage loan - 1 hotel

10

Jan 2029

Fixed

5.06%

 

$

25,000

Mortgage loan - 3 hotels

5

Apr 2026

Floating

4.49%

 

 

96,000

Mortgage loan - 4 hotels

5

Apr 2026

Floating

4.93%

 

 

85,000

Weighted Average / Mortgage Total

 

 

 

4.74%

 

$

206,000

 

 

 

 

 

 

 

Corporate Debt

 

 

 

 

 

 

Revolver (4)

4

May 2028

Floating

6.07%

 

$

100,000

$225 Million Term Loan Maturing 2026

3

May 2028

Floating

5.33%

 

 

225,000

$200 Million Term Loan Maturing 2026 (5)

3

January 2028

Floating

6.02%

 

 

200,000

$500 Million Term Loan Maturing 2027

3

September 2029

Floating

4.55%

 

 

500,000

$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

 

 

 

4.52%

 

$

2,025,000

 

 

 

 

 

 

 

Weighted Average / Total

 

 

 

4.54%

 

$

2,231,000

Notes:

(1)

The floating interest rate is hedged, or partially hedged, with an interest rate swap.

(2)

Interest rates as of March 31, 2025, inclusive of the impact of interest rate hedges.

(3)

Excludes the impact of fair value adjustments and deferred financing costs.

(4)

As of March 31, 2025, there was $500.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually. In April 2025, the Company repaid the $100.0 million outstanding balance on the Revolver with $100.0 million in incremental proceeds from the upsizing of the $200 Million Term Loan Maturing 2026.

(5)

In April 2025, the Company refinanced the $200 Million Term Loan Maturing 2026 to increase the term loan to $300.0 million and extend the initial maturity to April 2030, inclusive of two, one-year extension options at the Company's discretion, subject to certain conditions.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505245862/en/

Sean M. Mahoney, Executive Vice President and Chief Financial Officer – (301) 280-7774