Q2 RevPAR increased 2.6% above 2023
Acquired a boutique lifestyle hotel in
Denver
Announced increase of quarterly dividend to
$0.15 per share
RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported
results for the three and six months ended June 30, 2024.
Second Quarter
Highlights
- Portfolio Comparable RevPAR of $157.30; an increase of 2.6%
from last year
- Total Revenue of $369.3 million; an increase of 3.5% from last
year
- Net Income of $37.3 million
- Comparable Hotel EBITDA of $118.6 million
- Adjusted EBITDA of $109.0 million
- Adjusted FFO per diluted common share and unit of $0.51
- Acquired Hotel Teatro in Denver for $35.5 million
- Repurchased 0.3 million shares for approximately $3.1 million
at an average price of $9.72
- Addressed 2024 debt maturities
“We were encouraged to see industry RevPAR growth improve during
the second quarter despite a choppy backdrop. Relative to this
environment, we were pleased with our solid second quarter
performance, which was driven by strong gains in a number of our
urban markets that benefitted from growth in business and group
segments,” commented Leslie D. Hale, President and Chief Executive
Officer. “Additionally, we were active on multiple fronts
including, acquiring a high-quality boutique lifestyle hotel in
Denver, progressing on our 2024 conversions, and repurchasing
shares while increasing our quarterly dividend. Our strong
execution of these initiatives once again demonstrates the
optionality our strong balance sheet provides to drive multiple
channels of growth simultaneously."
The prefix “comparable” as defined by the Company, denotes
operating results which include results for periods prior to its
ownership and excludes sold hotels. Explanations of EBITDA,
EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO,
and Adjusted FFO, as well as reconciliations of those measures to
net income or loss, if applicable, are included within this
release.
Financial and
Operating Highlights
($ in thousands, except ADR, RevPAR,
Change, and per share amounts)
(unaudited)
For the three months ended
June 30,
For the six months ended June
30,
2024
2023
Change
2024
2023
Change
Operational Overview: (1)
Comparable ADR
$205.20
$204.05
0.6%
$202.26
$201.83
0.2%
Comparable Occupancy
76.7%
75.1%
2.1%
73.0%
71.8%
1.6%
Comparable RevPAR
$157.30
$153.26
2.6%
$147.61
$144.95
1.8%
Financial Overview:
Total Revenue
$369,297
$356,960
3.5%
$693,707
$671,463
3.3%
Comparable Hotel Revenue
$371,027
$358,880
3.4%
$696,505
$674,589
3.2%
Net Income
$37,291
$41,720
(10.6)%
$42,037
$52,234
(19.5)%
Comparable Hotel EBITDA
$118,639
$123,532
(4.0)%
$207,432
$214,577
(3.3)%
Comparable Hotel EBITDA Margin
32.0%
34.4%
(245) bps
29.8%
31.8%
(203) bps
Adjusted EBITDA
$108,971
$113,829
(4.3)%
$188,563
$196,513
(4.0)%
Adjusted FFO
$78,619
$87,836
(10.5)%
$130,473
$143,916
(9.3)%
Adjusted FFO Per Diluted Common Share and
Unit
$0.51
$0.56
(8.9)%
$0.84
$0.90
(6.7)%
Note:
(1) Comparable statistics reflect the
Company's 96 hotel portfolio owned as of June 30, 2024.
Acquisitions and
Dispositions
During the second quarter of 2024, the Company purchased the
110-room Hotel Teatro in Denver, Colorado for a purchase price of
$35.5 million. The hotel is expected to generate an estimated 10%
yield upon stabilization. Additionally, the Company sold a non-core
78-room Residence Inn hotel located in Indiana for a sales price of
$8.1 million.
Share Repurchases
During the second quarter, the Company recycled proceeds from
the sale of a non-core hotel to repurchase common shares. During
the second quarter, the Company repurchased 0.3 million common
shares for approximately $3.1 million at an average price of $9.72.
Year-to-date, the Company has repurchased 0.5 million common shares
for approximately $5.0 million at an average price of $9.66. As of
August 1, the Company's 2024 share repurchase program had a
remaining capacity of $245.0 million.
Balance Sheet
As of June 30, 2024, the Company had approximately $771.1
million of total liquidity, comprising approximately $371.1 million
of unrestricted cash and $400.0 million available under its
revolving credit facility, and $2.2 billion of debt
outstanding.
In April 2024, the Company drew $200.0 million under its $600.0
million revolving credit facility and utilized the proceeds to
repay $200.0 million of maturing mortgage debt.
In April 2024, the Company exercised its one-year extension
options to extend the maturities of $181.0 million of mortgage
loans to April 2025.
Dividends
The Company’s Board of Trustees declared a second quarter cash
dividend of $0.10 per common share of beneficial interest of the
Company. The dividend was paid on July 15, 2024 to shareholders of
record as of June 28, 2024.
The Company's Board of Trustees declared a second quarter cash
dividend of $0.4875 on the Company’s Series A Preferred Shares. The
dividend was paid on July 31, 2024 to shareholders of record as of
June 28, 2024.
In July, the Company's Board of Trustees approved an increase to
its quarterly cash dividend to $0.15 per common share of beneficial
interest of the Company starting with the third quarter of 2024.
The Dividend will be paid on October 15, 2024 to shareholders of
record as of September 30, 2024.
Outlook Update
The Company is updating its full-year outlook range to
incorporate recent transactions, year-to-date operating
performance, and the current economic environment. 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.
FY 2024
Comparable RevPAR Growth
1.0% to 2.5%
Comparable Hotel EBITDA
$382.5M to $402.5M
Adjusted EBITDA
$346.5M to $366.5M
Adjusted FFO per diluted
share
$1.45 to $1.58
Additionally, the Company's full year 2024 outlook includes:
- Net interest expense of $93.0 million to $95.0 million.
- Capital expenditures related to renovations in the range of
$100.0 million to $120.0 million.
- Diluted weighted average common shares and units of 155.0
million.
Earnings Call
The Company will conduct its quarterly analyst and investor
conference call on August 2, 2024 at 10:00 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 second 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 96 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, 2023 and the Company's Quarterly Report on
Form 10-Q for the quarter ended June 30, 2024, which will be filed
on August 2, 2024, 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 and six months ended June 30, 2024 and 2023,
Comparable adjustments included the following acquired hotel:
- Hotel Teatro acquired in June 2024
Comparable adjustments: Sold
hotel
For the three and six months ended June 30, 2024 and 2023,
Comparable adjustments included the following sold hotel:
- Residence Inn Merrillville sold in May 2024
RLJ Lodging Trust
Consolidated Balance
Sheets
(Amounts in thousands, except
share and per share data)
(unaudited)
June 30, 2024
December 31, 2023
Assets
Investment in hotel properties, net
$
4,274,669
$
4,136,216
Investment in unconsolidated joint
ventures
7,386
7,398
Cash and cash equivalents
371,133
516,675
Restricted cash reserves
36,081
38,652
Hotel and other receivables, net of
allowance of $369 and $265, respectively
30,916
26,163
Lease right-of-use assets
130,875
136,140
Prepaid expense and other assets
66,967
58,051
Total assets
$
4,918,027
$
4,919,295
Liabilities and Equity
Debt, net
$
2,222,642
$
2,220,778
Accounts payable and other liabilities
149,682
147,819
Advance deposits and deferred revenue
33,475
32,281
Lease liabilities
119,902
122,588
Accrued interest
21,934
22,539
Distributions payable
22,621
22,500
Total liabilities
2,570,256
2,568,505
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
June 30, 2024 and December 31, 2023
366,936
366,936
Common shares of beneficial interest,
$0.01 par value, 450,000,000 shares authorized; 155,240,677 and
155,297,829 shares issued and outstanding at June 30, 2024 and
December 31, 2023, respectively
1,552
1,553
Additional paid-in capital
3,000,394
3,000,894
Distributions in excess of net
earnings
(1,057,061
)
(1,055,183
)
Accumulated other comprehensive income
22,171
22,662
Total shareholders’ equity
2,333,992
2,336,862
Noncontrolling interests:
Noncontrolling interest in the Operating
Partnership
6,318
6,294
Noncontrolling interest in consolidated
joint ventures
7,461
7,634
Total noncontrolling interest
13,779
13,928
Total equity
2,347,771
2,350,790
Total liabilities and equity
$
4,918,027
$
4,919,295
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
June 30,
For the six months ended June
30,
2024
2023
2024
2023
Revenues
Operating revenues
Room revenue
$
303,652
$
295,496
$
570,282
$
556,328
Food and beverage revenue
40,843
38,132
76,532
71,420
Other revenue
24,802
23,332
46,893
43,715
Total revenues
369,297
356,960
693,707
671,463
Expenses
Operating expenses
Room expense
73,941
70,333
143,327
136,384
Food and beverage expense
30,304
28,037
58,931
54,174
Management and franchise fee expense
29,789
29,277
55,444
55,459
Other operating expenses
90,792
84,207
180,601
166,831
Total property operating expenses
224,826
211,854
438,303
412,848
Depreciation and amortization
44,474
44,925
89,153
89,921
Property tax, insurance and other
28,753
24,684
56,587
49,332
General and administrative
13,940
14,627
29,045
28,283
Transaction costs
76
4
90
24
Total operating expenses
312,069
296,094
613,178
580,408
Other income, net
687
736
3,878
1,585
Interest income
4,118
5,011
8,905
8,675
Interest expense
(28,049
)
(24,543
)
(54,507
)
(48,673
)
Gain (loss) on sale of hotel properties,
net
3,546
(44
)
3,546
(44
)
Loss on extinguishment of indebtedness,
net
—
(169
)
—
(169
)
Income before equity in income from
unconsolidated joint ventures
37,530
41,857
42,351
52,429
Equity in income from unconsolidated joint
ventures
154
220
388
501
Income before income tax expense
37,684
42,077
42,739
52,930
Income tax expense
(393
)
(357
)
(702
)
(696
)
Net income
37,291
41,720
42,037
52,234
Net (income) loss attributable to
noncontrolling interests:
Noncontrolling interest in the Operating
Partnership
(169
)
(171
)
(167
)
(188
)
Noncontrolling interest in consolidated
joint ventures
(16
)
(154
)
173
(6
)
Net income attributable to RLJ
37,106
41,395
42,043
52,040
Preferred dividends
(6,279
)
(6,279
)
(12,557
)
(12,557
)
Net income attributable to common
shareholders
$
30,827
$
35,116
$
29,486
$
39,483
Basic per common share data:
Net income per share attributable to
common shareholders - basic
$
0.20
$
0.22
$
0.19
$
0.25
Weighted-average number of common
shares
153,641,065
156,424,444
153,305,640
157,945,406
Diluted per common share data:
Net income per share attributable to
common shareholders - diluted
$
0.20
$
0.22
$
0.19
$
0.25
Weighted-average number of common
shares
154,105,871
156,741,187
154,151,135
158,381,380
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
June 30,
For the six months ended June
30,
2024
2023
2024
2023
Net income
$
37,291
$
41,720
$
42,037
$
52,234
Preferred dividends
(6,279
)
(6,279
)
(12,557
)
(12,557
)
Depreciation and amortization
44,474
44,925
89,153
89,921
(Gain) loss on sale of hotel properties,
net
(3,546
)
44
(3,546
)
44
Noncontrolling interest in consolidated
joint ventures
(16
)
(154
)
173
(6
)
Adjustments related to consolidated joint
venture (1)
(47
)
(44
)
(92
)
(87
)
Adjustments related to unconsolidated
joint venture (2)
228
236
457
473
FFO
72,105
80,448
115,625
130,022
Transaction costs
76
4
90
24
Pre-opening costs (3)
125
639
199
860
Loss on extinguishment of indebtedness,
net
—
169
—
169
Amortization of share-based
compensation
5,275
6,089
11,708
11,781
Non-cash interest expense related to
discontinued interest rate hedges
418
482
900
964
Other expenses (4)
620
5
1,951
96
Adjusted FFO
$
78,619
$
87,836
$
130,473
$
143,916
Adjusted FFO per common share and
unit-basic
$
0.51
$
0.56
$
0.85
$
0.91
Adjusted FFO per common share and
unit-diluted
$
0.51
$
0.56
$
0.84
$
0.90
Basic weighted-average common shares and
units outstanding (5)
154,413
157,196
154,077
158,717
Diluted weighted-average common shares and
units outstanding (5)
154,878
157,513
154,923
159,153
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 and six month periods
ended June 30, 2024 and 2023.
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
June 30,
For the six months ended June
30,
2024
2023
2024
2023
Net income
$
37,291
$
41,720
$
42,037
$
52,234
Depreciation and amortization
44,474
44,925
89,153
89,921
Interest expense, net of interest
income
23,931
19,532
45,602
39,998
Income tax expense
393
357
702
696
Adjustments related to unconsolidated
joint venture (1)
332
345
667
690
EBITDA
106,421
106,879
178,161
183,539
(Gain) loss on sale of hotel properties,
net
(3,546
)
44
(3,546
)
44
EBITDAre
102,875
106,923
174,615
183,583
Transaction costs
76
4
90
24
Pre-opening costs (2)
125
639
199
860
Loss on extinguishment of indebtedness,
net
—
169
—
169
Amortization of share-based
compensation
5,275
6,089
11,708
11,781
Other expenses (3)
620
5
1,951
96
Adjusted EBITDA
108,971
113,829
188,563
196,513
General and administrative
8,665
8,538
17,337
16,502
Other corporate adjustments
691
666
1,358
1,137
Consolidated Hotel EBITDA
118,327
123,033
207,258
214,152
Comparable adjustments - income from sold
hotels
(162
)
(558
)
(352
)
(918
)
Comparable adjustments - income from
acquired hotels
474
1,057
525
1,343
Comparable Hotel EBITDA
$
118,639
$
123,532
$
207,432
$
214,577
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
June 30,
For the six months ended June
30,
2024
2023
2024
2023
Total revenue
$
369,297
$
356,960
$
693,707
$
671,463
Comparable adjustments - revenue from sold
hotels
(359
)
(866
)
(1,001
)
(1,487
)
Comparable adjustments - revenue from
prior ownership of acquired hotels
2,107
2,806
3,834
4,649
Other corporate adjustments / non-hotel
revenue
(18
)
(21
)
(35
)
(36
)
Comparable Hotel Revenue
$
371,027
$
358,880
$
696,505
$
674,589
Comparable Hotel EBITDA
$
118,639
$
123,532
$
207,432
$
214,577
Comparable Hotel EBITDA Margin
32.0
%
34.4
%
29.8
%
31.8
%
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, 2024
Low End
High End
Net income
$
44.0
$
62.0
Depreciation and amortization
187.0
187.0
Interest expense, net of interest
income
93.0
95.0
Income tax expense
1.5
1.5
Adjustments related to joint ventures
1.5
1.5
EBITDA
327.0
347.0
Gain on sale of hotel properties, net
(3.5
)
(3.5
)
EBITDAre
323.5
343.5
Amortization of share-based
compensation
21.0
21.0
All other items, net
2.0
2.0
Adjusted EBITDA
346.5
366.5
General and administrative
36.0
36.0
Consolidated Hotel EBITDA
382.5
402.5
Comparable adjustments - income from sold
hotels
(0.5
)
(0.5
)
Comparable adjustments - income from
acquired hotels
0.5
0.5
Comparable Hotel EBITDA
$
382.5
$
402.5
Funds from Operations (FFO)
Attributable to Common Shareholders and Unitholders
For the year ended December
31, 2024
Low End
High End
Net income
$
44.0
$
62.0
Preferred dividends
(25.0
)
(25.0
)
Depreciation and amortization
187.0
187.0
Gain on sale of hotel properties, net
(3.5
)
(3.5
)
Adjustments related to joint ventures
1.0
1.0
FFO
203.5
221.5
Amortization of share-based
compensation
21.0
21.0
All other items, net
1.0
3.0
Adjusted FFO
$
225.5
$
245.5
Adjusted FFO per common share and
unit-diluted
$
1.45
$
1.58
Diluted weighted-average common shares and
units outstanding
155.0
155.0
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
June 30, 2024
(3)
Mortgage Debt
Mortgage loan - 1 hotel
10
Jan 2029
Fixed
5.06%
$
25,000
Mortgage loan - 3 hotels
5
Apr 2026
Floating
5.04%
96,000
Mortgage loan - 4 hotels
5
Apr 2026
Floating
5.61%
85,000
Weighted Average / Mortgage
Total
5.28%
$
206,000
Corporate Debt
Revolver (4)
4
May 2028
Floating
7.09%
$
200,000
$225 Million Term Loan Maturing 2026
3
May 2028
Floating
4.07%
225,000
$200 Million Term Loan Maturing 2026
3
January 2028
Floating
7.04%
200,000
$400 Million Term Loan Maturing 2025
5
May 2025
Floating
4.72%
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
4.69%
$
2,025,000
Weighted Average / Total
4.75%
$
2,231,000
Notes:
(1)
The floating interest rate is hedged, or
partially hedged, with an interest rate swap.
(2)
Interest rates as of June 30, 2024,
inclusive of the impact of interest rate hedges.
(3)
Excludes the impact of fair value
adjustments and deferred financing costs.
(4)
As of June 30, 2024, there was $400.0
million of borrowing capacity on the Revolver, which is charged an
unused commitment fee of 0.25% annually. In April 2024, the Company
borrowed $200.0 million under the Revolver and utilized the
proceeds to repay a $200.0 million maturing mortgage loan, reducing
the remaining capacity on the Revolver to $400.0 million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240801568739/en/
Sean M. Mahoney, Executive Vice President and Chief Financial
Officer – (301) 280-7774
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