EX-99.1 2 rljq32024exhibit991.htm EX-99.1 Document
rljlt_blacklogox2022a.jpg
Press Release                                        

RLJ Lodging Trust Reports Third Quarter 2024 Results

Q3 RevPAR increased 2.0% compared to 2023
Redeployed disposition proceeds to repurchase $20.7 million of common shares
Entered into a new $500.0 million term loan

Bethesda, MD, November 6, 2024 – RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and nine months ended September 30, 2024.

Third Quarter Highlights
Portfolio Comparable RevPAR of $145.23; an increase of 2.0% from last year
Comparable Hotel Revenue of $344.7 million; an increase of 3.0% from last year
Net Income of $20.6 million
Comparable Hotel EBITDA of $100.7 million, an increase of 2.6% from last year
Adjusted EBITDA of $91.9 million; an increase of 3.6% from last year
Adjusted FFO per diluted common share and unit of $0.40
Repurchased 1.6 million shares during the third quarter for approximately $14.8 million at an average price of $9.21
Entered into a new $500.0 million term loan, using the proceeds to refinance a $400.0 million term loan due in 2025 and repay $100.0 million of outstanding borrowings on our revolver
Increased quarterly common share dividend by 50%

“We are pleased with our third quarter results which were ahead of our expectations. We achieved RevPAR growth that was two times the industry and demonstrated the resiliency of our urban centric portfolio,” commented Leslie D. Hale, President and Chief Executive Officer. “In addition to achieving solid operating results, we executed on multiple key initiatives during the quarter including addressing all of our near-term maturities, completing two valuable conversions, accretively recycling non-core disposition proceeds to repurchase stock, raising our quarterly dividend by 50%, and reaffirming our outlook. All of these demonstrate our commitment to unlocking value while enhancing shareholder returns.”

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.
1

rljlt_blacklogox2022a.jpg
Financial and Operating Highlights
($ in thousands, except ADR, RevPAR, Change, and per share amounts)
(unaudited)
For the three months ended September 30,For the nine months ended September 30,
20242023Change20242023Change
Operational Overview: (1)
Comparable ADR$193.39$192.240.6%$199.59$198.880.4%
Comparable Occupancy75.1%74.1%1.4%73.7%72.6%1.5%
Comparable RevPAR$145.23$142.432.0%$147.13$144.411.9%
Financial Overview:
Total Revenue$345,744$334,4063.4%$1,039,451$1,005,8693.3%
Comparable Hotel Revenue$344,727$334,7923.0%$1,039,353$1,007,4333.2%
Net Income$20,643$16,34326.3%$62,680$68,577(8.6)%
Comparable Hotel EBITDA$100,687$98,1562.6%$307,638$312,265(1.5)%
Comparable Hotel EBITDA Margin29.2%29.3%(11) bps29.6%31.0%(140) bps
Adjusted EBITDA$91,927$88,7673.6%$280,494$285,281(1.7)%
Adjusted FFO$61,155$63,092(3.1)%$191,634$207,009(7.4)%
Adjusted FFO Per Diluted Common Share and Unit$0.40$0.40(1.9)%$1.24$1.315.4%
Note:
(1) Comparable statistics reflect the Company's 95 hotel portfolio owned as of September 30, 2024.

Disposition
During the third quarter of 2024, the Company sold one non-core hotel in Denver, Colorado for $12.7 million and recorded a gain-on-sale of $4.8 million.

Share Repurchases
During the third quarter, the Company repurchased 1.6 million common shares for approximately $14.8 million at an average price of $9.21. Year-to-date, the Company has repurchased 2.2 million common shares for approximately $20.7 million at an average price of $9.28 recycling proceeds from the sale of non-core assets this year. As of November 6, 2024, the Company's 2024 share repurchase program has a remaining capacity of $229.3 million.

Balance Sheet
As of September 30, 2024, the Company had approximately $885.4 million of total liquidity, comprised of approximately $385.4 million of unrestricted cash and $500.0 million available under its revolving credit facility (the "Revolver"), and $2.2 billion of debt outstanding.

In September 2024, the Company entered into a new $500.0 million unsecured term loan maturing in September 2027, with two one-year extension options. The proceeds from the new loan were used to repay the existing $400.0 million term loan due to mature in May 2025 and $100.0 million of the outstanding borrowings under the Revolver. During the third quarter, the Company also executed several interest rate swaps below current prevailing rates.




2

rljlt_blacklogox2022a.jpg
Dividends
The Company’s Board of Trustees had previously declared a third quarter cash dividend of $0.15 per common share of beneficial interest of the Company, representing a 50% increase from the prior quarter. The dividend was paid on October 15, 2024 to shareholders of record as of September 30, 2024.

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, 2024 to shareholders of record as of September 30, 2024.

Outlook Update
The Company is reaffirming its prior full-year outlook for all assets owned as of November 6, 2024.

FY 2024 (1)
Comparable RevPAR Growth1.0% 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

Note:
(1)Prior FY Hotel EBITDA outlook incorporated $1.0 million from one hotel sold during the third quarter of 2024.

Additionally, the Company's full year 2024 outlook includes:

Net interest expense of $92.0 million to $94.0 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 154.5 million

Earnings Call
The Company will conduct its quarterly analyst and investor conference call on November 7, 2024 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 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 95 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.



3

rljlt_blacklogox2022a.jpg

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 September 30, 2024, which will be filed on November 7, 2024, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.




###
 Additional Contact:
Sean M. Mahoney, Executive Vice President and Chief Financial Officer – (301) 280-7774
For additional information or to receive press releases via email, please visit our website:
 https://www.rljlodgingtrust.com



4

rljlt_blacklogox2022a.jpg
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.

5

rljlt_blacklogox2022a.jpg
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 nine months ended September 30, 2024 and 2023, Comparable adjustments included the following acquired hotel:
Hotel Teatro acquired in June 2024

Comparable adjustments: Sold hotels
For the three and nine months ended September 30, 2024 and 2023, Comparable adjustments included the following sold hotels:
Residence Inn Merrillville sold in May 2024
Fairfield Inn & Suites Denver Cherry Creek sold in September 2024
6

rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(unaudited)
September 30, 2024December 31, 2023
Assets  
Investment in hotel properties, net$4,257,199 $4,136,216 
Investment in unconsolidated joint ventures7,237 7,398 
Cash and cash equivalents385,384 516,675 
Restricted cash reserves38,958 38,652 
Hotel and other receivables, net of allowance of $294 and $265, respectively
26,437 26,163 
Lease right-of-use assets129,526 136,140 
Prepaid expense and other assets43,250 58,051 
Total assets$4,887,991 $4,919,295 
Liabilities and Equity  
Debt, net$2,218,826 $2,220,778 
Accounts payable and other liabilities154,933 147,819 
Advance deposits and deferred revenue36,643 32,281 
Lease liabilities119,508 122,588 
Accrued interest12,114 22,539 
Distributions payable30,431 22,500 
Total liabilities2,572,455 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 September 30, 2024 and December 31, 2023366,936 366,936 
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 153,628,657 and 155,297,829 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively1,536 1,553 
Additional paid-in capital2,990,553 3,000,894 
Distributions in excess of net earnings(1,066,035)(1,055,183)
Accumulated other comprehensive income8,835 22,662 
Total shareholders’ equity2,301,825 2,336,862 
Noncontrolling interests:  
Noncontrolling interest in the Operating Partnership6,258 6,294 
Noncontrolling interest in consolidated joint ventures7,453 7,634 
Total noncontrolling interest13,711 13,928 
Total equity2,315,536 2,350,790 
Total liabilities and equity$4,887,991 $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.

7

rljlt_blacklogox2022a.jpg
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,
 2024202320242023
Revenues    
Operating revenues    
Room revenue$283,614 $277,088 $853,896 $833,416 
Food and beverage revenue36,983 34,181 113,515 105,601 
Other revenue25,147 23,137 72,040 66,852 
Total revenues345,744 334,406 1,039,451 1,005,869 
Expenses    
Operating expenses    
Room expense74,558 71,278 217,885 207,662 
Food and beverage expense29,348 27,430 88,279 81,604 
Management and franchise fee expense27,339 27,095 82,783 82,554 
Other operating expenses92,350 87,736 272,951 254,567 
Total property operating expenses223,595 213,539 661,898 626,387 
Depreciation and amortization44,892 44,727 134,045 134,648 
Property tax, insurance and other24,156 26,936 80,743 76,268 
General and administrative12,781 14,747 41,826 43,030 
Transaction costs209 299 26 
Total operating expenses305,633 299,951 918,811 880,359 
Other income, net791 1,921 4,669 3,506 
Interest income4,286 5,302 13,191 13,977 
Interest expense(28,643)(24,833)(83,150)(73,506)
Gain (loss) on sale of hotel properties, net4,755 16 8,301 (28)
Loss on extinguishment of indebtedness, net(129)— (129)(169)
Income before equity in (loss) income from unconsolidated joint ventures21,171 16,861 63,522 69,290 
Equity in (loss) income from unconsolidated joint ventures(149)(186)239 315 
Income before income tax expense21,022 16,675 63,761 69,605 
Income tax expense(379)(332)(1,081)(1,028)
Net income 20,643 16,343 62,680 68,577 
Net (income) loss attributable to noncontrolling interests:    
Noncontrolling interest in the Operating Partnership(49)(50)(216)(238)
Noncontrolling interest in consolidated joint ventures137 181 131 
Net income attributable to RLJ20,602 16,430 62,645 68,470 
Preferred dividends(6,279)(6,279)(18,836)(18,836)
Net income attributable to common shareholders$14,323 $10,151 $43,809 $49,634 
Basic per common share data:  
Net income per share attributable to common shareholders - basic$0.09 $0.06 $0.28 $0.31 
Weighted-average number of common shares153,070,639 154,563,284 153,226,734 156,805,643 
Diluted per common share data:  
Net income per share attributable to common shareholders - diluted$0.09 $0.06 $0.28 $0.31 
Weighted-average number of common shares153,240,169 155,081,645 153,830,754 157,280,206 
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.
8

rljlt_blacklogox2022a.jpg
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,
 2024202320242023
Net income$20,643 $16,343 $62,680 $68,577 
Preferred dividends(6,279)(6,279)(18,836)(18,836)
Depreciation and amortization44,892 44,727 134,045 134,648 
(Gain) loss on sale of hotel properties, net(4,755)(16)(8,301)28 
Noncontrolling interest in consolidated joint ventures137 181 131 
Adjustments related to consolidated joint venture (1)(47)(44)(139)(131)
Adjustments related to unconsolidated joint venture (2)227 236 685 709 
FFO54,689 55,104 170,315 185,126 
Transaction costs209 299 26 
Pre-opening costs (3)888 327 1,088 1,188 
Loss on extinguishment of indebtedness, net129 — 129 169 
Amortization of share-based compensation4,550 6,247 16,260 18,028 
Non-cash interest expense related to discontinued interest rate hedges386 482 1,287 1,446 
Other expenses (4)304 930 2,256 1,026 
Adjusted FFO$61,155 $63,092 $191,634 $207,009 
Adjusted FFO per common share and unit-basic$0.40 $0.41 $1.24 $1.31 
Adjusted FFO per common share and unit-diluted$0.40 $0.40 $1.24 $1.31 
Basic weighted-average common shares and units outstanding (5)153,842 155,335 153,999 157,577 
Diluted weighted-average common shares and units outstanding (5)154,012 155,853 154,603 158,052 
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 nine month periods ended September 30, 2024 and 2023.







9

rljlt_blacklogox2022a.jpg
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,
 2024202320242023
Net income$20,643 $16,343 $62,680 $68,577 
Depreciation and amortization44,892 44,727 134,045 134,648 
Interest expense, net of interest income24,357 19,531 69,959 59,529 
Income tax expense379 332 1,081 1,028 
Adjustments related to unconsolidated joint venture (1)331 344 998 1,034 
EBITDA 90,602 81,277 268,763 264,816 
(Gain) loss on sale of hotel properties, net(4,755)(16)(8,301)28 
EBITDAre
85,847 81,261 260,462 264,844 
Transaction costs209 299 26 
Pre-opening costs (2)888 327 1,088 1,188 
Loss on extinguishment of indebtedness, net129 — 129 169 
Amortization of share-based compensation4,550 6,247 16,260 18,028 
Other expenses (3)304 930 2,256 1,026 
Adjusted EBITDA91,927 88,767 280,494 285,281 
General and administrative8,231 8,500 25,566 25,002 
Other corporate adjustments929 873 2,285 2,009 
Consolidated Hotel EBITDA101,087 98,140 308,345 312,292 
Comparable adjustments - income from sold hotels(400)(785)(1,232)(2,171)
Comparable adjustments - income from acquired hotels— 801 525 2,144 
Comparable Hotel EBITDA$100,687 $98,156 $307,638 $312,265 
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.










10

rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands except margin data)
(unaudited)
 
Comparable Hotel EBITDA Margin
 For the three months ended September 30,For the nine months ended September 30,
 2024202320242023
Total revenue$345,744 $334,406 $1,039,451 $1,005,869 
Comparable adjustments - revenue from sold hotels(1,000)(2,115)(3,879)(5,551)
Comparable adjustments - revenue from prior ownership of acquired hotels— 2,518 3,834 7,167 
Other corporate adjustments / non-hotel revenue(18)(17)(53)(52)
Comparable Hotel Revenue$344,727 $334,792 $1,039,353 $1,007,433 
Comparable Hotel EBITDA$100,687 $98,156 $307,638 $312,265 
Comparable Hotel EBITDA Margin29.2 %29.3 %29.6 %31.0 %
































11

rljlt_blacklogox2022a.jpg
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 EndHigh End
Net income$50.0 $68.0 
Depreciation and amortization187.0 187.0 
Interest expense, net of interest income92.0 94.0 
Income tax expense1.5 1.5 
Adjustments related to joint ventures1.5 1.5 
EBITDA 332.0 352.0 
Gain on sale of hotel properties, net
(8.5)(8.5)
EBITDAre
323.5 343.5 
Amortization of share-based compensation21.0 21.0 
All other items, net2.0 2.0 
Adjusted EBITDA346.5 366.5 
General and administrative36.0 36.0 
Consolidated Hotel EBITDA382.5 402.5 
Comparable adjustments - income from sold hotels(0.5)(0.5)
Comparable adjustments - income from acquired hotels0.5 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 EndHigh End
Net income$50.0 $68.0 
Preferred dividends(25.0)(25.0)
Depreciation and amortization187.0 187.0 
Gain on sale of hotel properties, net
(8.5)(8.5)
Adjustments related to joint ventures1.0 1.0 
FFO204.5 222.5 
Amortization of share-based compensation21.0 21.0 
All other items, net(1.0)1.0 
Adjusted FFO$224.5 $244.5 
Adjusted FFO per common share and unit-diluted$1.45 $1.58 
Diluted weighted-average common shares and units outstanding
154.5 154.5 


12

rljlt_blacklogox2022a.jpg
RLJ Lodging Trust
Consolidated Debt Summary
(Amounts in thousands except interest data)
(unaudited)
LoanBase Term (Years)Maturity
(incl. extensions)
Floating / Fixed (1)Interest Rate (2)Balance as of
September 30, 2024 (3)
Mortgage Debt
Mortgage loan - 1 hotel10Jan 2029Fixed5.06%$25,000 
Mortgage loan - 3 hotels5Apr 2026Floating4.78%96,000 
Mortgage loan - 4 hotels5Apr 2026Floating5.29%85,000 
Weighted Average / Mortgage Total5.02%$206,000 
Corporate Debt
Revolver (4)4May 2028Floating6.59%$100,000 
$225 Million Term Loan Maturing 20263May 2028Floating3.91%225,000 
$200 Million Term Loan Maturing 20263January 2028Floating6.55%200,000 
$500 Million Term Loan Maturing 20273September 2029Floating4.82%500,000 
$500 Million Senior Notes due 20265July 2026Fixed3.75%500,000 
$500 Million Senior Notes due 20298September 2029Fixed4.00%500,000 
Weighted Average / Corporate Total4.51%$2,025,000 
Weighted Average / Total4.56%$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, 2024, 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, 2024, there was $500.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually.
13