RLJ Lodging Trust Reports Second Quarter 2023 Results

– Q2 RevPAR increased 4.5% over last year

– Announced 25% increase in quarterly dividends

– Nashville property joined the Tapestry Collection by Hilton

– Continued share repurchases

BETHESDA, Md.--(BUSINESS WIRE)-- RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and six months ended June 30, 2023.

Second Quarter Highlights

• Portfolio Comparable RevPAR of $152.89; an increase of 4.5% from last year
• Total revenue of $357.0 million
• Net income of $41.7 million
• Net income per diluted share attributable to common shareholders of $0.22
• Comparable Hotel EBITDA of $122.8 million
• Adjusted EBITDA of $113.8 million
• Adjusted FFO per diluted common share and unit of $0.56
• Recast $600.0 million senior unsecured revolving credit facility, extending maturity to May 2027
• Entered into a new $225.0 million senior unsecured term loan, maturing May 2026
• Repurchased 2.5 million common shares for approximately $25.5 million at an average price per share of $10.23

“We were pleased with our second quarter results as our portfolio once again achieved RevPAR growth ahead of the industry. Our results continued to benefit from our urban-centric portfolio which saw ongoing improvement in corporate demand, strength in urban leisure travel, continued strong production in group, and rising inbound international demand, all of which provided the momentum that drove our RevPAR growth,” commented Leslie D. Hale, President and Chief Executive Officer. “We are successfully executing on our strategy to unlock significant incremental value embedded within our portfolio with our Nashville hotel joining the Tapestry Collection by Hilton, in addition to the ramping of our recently completed conversions. We are also demonstrating our ability to execute on the optionality of our strong balance sheet by repurchasing our shares, increasing our quarterly dividend by 25% and deploying capital towards our current year conversions."

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 June 30,		For the six months ended June 30,
	2023	2022	2023	2022
Operational Overview: (1)
Comparable ADR	$203.53	$196.09	$201.41	$187.03
Comparable Occupancy	75.1%	74.6%	71.9%	67.9%
Comparable RevPAR	$152.89	$146.37	$144.72	$127.01
Financial Overview:
Total Revenues	$356,960	$330,501	$671,463	$573,400
Comparable Hotel Revenue	$356,904	$333,491	$671,392	$576,001
Net Income	$41,720	$33,202	$52,234	$17,732
Comparable Hotel EBITDA (2)	$122,797	$119,152	$213,723	$182,403
Comparable Hotel EBITDA Margin	34.4%	35.7%	31.8%	31.7%
Adjusted EBITDA	$113,829	$110,978	$196,513	$165,570
Adjusted FFO	$87,836	$80,999	$143,916	$104,892
Adjusted FFO Per Diluted Common Share and Unit	$0.56	$0.49	$0.90	$0.64

Note:

(1) Comparable statistics reflect the Company's 96 hotel portfolio owned as of June 30, 2023.

(2) Comparable Hotel EBITDA for the three months ended June 30, 2023 and 2022 excludes $0.2 million and $0.1 million net income, respectively, from sold hotels. Comparable Hotel EBITDA for the six months ended June 30, 2023 and 2022 excludes $0.4 million and $0.3 million net income, respectively, from sold hotels. Comparable Hotel EBITDA for the three months ended June 30, 2022 includes $0.6 million net income from acquired hotels. Comparable Hotel EBITDA for the six months ended June 30, 2022 includes $0.7 million net income from acquired hotels.

Operational Update

During the second quarter, the Company’s portfolio generated Comparable RevPAR of $152.89, an increase of 4.5% from the comparable period in 2022 and achieved 96.4% of the comparable period in 2019. ADR during the second quarter of 2023 increased by 3.8% compared to the comparable period in 2022, achieving 106.5% of the comparable period in 2019. The Company’s performance during the second quarter was positively impacted by continued strength in ADR across the portfolio and sustained improvement in urban markets.

Conversions

As previously announced, the Company's Nashville property joined the Tapestry Collection by Hilton. This marks the Company’s third conversion in 2023, joining previously announced conversions in New Orleans and Houston, and building on its three successful 2022 completed conversions. The affiliation with the Tapestry Collection allows this outstanding lifestyle boutique hotel to fully unlock its potential by immediately leveraging Hilton’s extensive Hilton Honors system. The 124-room property will undergo a comprehensive renovation next year and relaunch as a rebranded lifestyle boutique hotel within the Tapestry Collection by Hilton.

Share Repurchases

During the second quarter the Company repurchased 2.5 million common shares for approximately $25.5 million at an average price per share of $10.23. Additionally, year-to-date through June 30, 2023, the Company has repurchased approximately 5.2 million common shares for approximately $52.9 million, at an average price per share of $10.23. As of August 3, 2023, the 2023 Share Repurchase Program had a remaining capacity of $235.0 million.

Balance Sheet

As of June 30, 2023, the Company had approximately $1.1 billion of total liquidity, comprising approximately $476.9 million of unrestricted cash and $600.0 million available under its revolving credit facility ("Revolver"), and $2.2 billion of debt outstanding, 93.0% of which is currently either fixed or hedged.

During the second quarter, the Company amended its $600.0 million Revolver, extending the maturity of the Revolver to May 2027 with the option to extend up to one additional year. Additionally, the Company entered into a new $225.0 million senior unsecured term loan maturing May 2026, with two, one-year extension options to May 2028. The proceeds from the new term loan were used to repay two term loans maturing in January 2024. In addition, all of the Company's unsecured credit agreements were amended to modify the calculation of certain financial covenants, creating more flexibility.

The Company remained active in managing interest rate risk and executed $250.0 million in interest rate swaps in May, with a weighted average rate of 2.88%.

Dividends

The Company’s Board of Trustees declared a second quarter cash dividend of $0.08 per common share of beneficial interest of the Company. The dividend was paid on July 17, 2023 to shareholders of record as of June 30, 2023. The Company’s Board of Trustees also declared an increase in its quarterly cash dividend to $0.10 per common share of beneficial interest of the Company for the third quarter of 2023, which represents a 25% increase from the prior quarter dividend. The dividend will be paid on October 17, 2023 to shareholders of record as of September 30, 2023.

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, 2023 to shareholders of record as of June 30, 2023. The Company's Board of Trustees recently declared a quarterly cash dividend of $0.4875 on the Company’s Series A Preferred Shares. The dividend will be paid on October 31, 2023 to shareholders of record as of September 30, 2023.

Q3 2023 Outlook

Based on current trends and assuming no material disruptions to travel caused by pandemics or worsening macro-economic conditions, the Company's third quarter 2023 outlook is as follows:

	Q3 2023
Comparable RevPAR	$137.00 to $143.00
Comparable Hotel EBITDA	$94.0M to $104.0M
Adjusted EBITDA	$85.0M to $95.0M
Adjusted FFO per diluted share	$0.37 to $0.44

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 August 4, 2023 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 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 hotels

For the three and six months ended June 30, 2022 and 2023, Comparable adjustments included the following acquired hotel:

• 21c Hotel Nashville acquired in July 2022

Comparable adjustments: Sold hotels

For the three and six months ended June 30, 2022 and 2023, 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)
	June 30, 2023				December 31, 2022
Assets
Investment in hotel properties, net	$	4,150,176			$	4,180,328
Investment in unconsolidated joint ventures		7,480				6,979
Cash and cash equivalents		476,936				481,316
Restricted cash reserves		34,396				55,070
Hotel and other receivables, net of allowance of $291 and $319, respectively		41,748				38,528
Lease right-of-use assets		139,163				136,915
Prepaid expense and other assets		82,601				79,089
Total assets	$	4,932,500			$	4,978,225
Liabilities and Equity
Debt, net	$	2,218,737			$	2,217,555
Accounts payable and other liabilities		126,901				155,916
Advance deposits and deferred revenue		25,042				23,769
Lease liabilities		120,376				117,010
Accrued interest		22,067				20,707
Distributions payable		19,292				14,622
Total liabilities		2,532,415				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 June 30, 2023 and December 31, 2022		366,936				366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 157,686,191 and 162,003,533 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively		1,577				1,620
Additional paid-in capital		3,011,350				3,054,958
Distributions in excess of net earnings		(1,035,566	)			(1,049,441	)
Accumulated other comprehensive income		41,733				40,591
Total shareholders’ equity		2,386,030				2,414,664
Noncontrolling interests:
Noncontrolling interest in the Operating Partnership		6,380				6,313
Noncontrolling interest in consolidated joint ventures		7,675				7,669
Total noncontrolling interest		14,055				13,982
Total equity		2,400,085				2,428,646
Total liabilities and equity	$	4,932,500			$	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 June 30,								For the six months ended June 30,
	2023				2022				2023				2022
Revenues
Operating revenues
Room revenue	$	295,496			$	280,676			$	556,328			$	486,455
Food and beverage revenue		38,132				31,154				71,420				52,055
Other revenue		23,332				18,671				43,715				34,890
Total revenues		356,960				330,501				671,463				573,400
Expenses
Operating expenses
Room expense		70,333				65,793				136,384				119,621
Food and beverage expense		28,037				21,770				54,174				37,939
Management and franchise fee expense		29,277				26,067				55,459				46,456
Other operating expenses		84,207				76,888				166,831				145,542
Total property operating expenses		211,854				190,518				412,848				349,558
Depreciation and amortization		44,925				46,922				89,921				93,787
Property tax, insurance and other		24,684				22,949				49,332				45,462
General and administrative		14,627				13,348				28,283				27,482
Transaction costs		4				136				24				198
Total operating expenses		296,094				273,873				580,408				516,487
Other income, net		736				721				1,585				8,006
Interest income		5,011				347				8,675				519
Interest expense		(24,543	)			(23,855	)			(48,673	)			(48,416	)
(Loss) gain on sale of hotel properties, net		(44	)			(364	)			(44	)			1,053
Loss on extinguishment of indebtedness, net		(169	)			—				(169	)			—
Income before equity in income from unconsolidated joint ventures		41,857				33,477				52,429				18,075
Equity in income from unconsolidated joint ventures		220				283				501				405
Income before income tax expense		42,077				33,760				52,930				18,480
Income tax expense		(357	)			(558	)			(696	)			(748	)
Net income		41,720				33,202				52,234				17,732
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership		(171	)			(125	)			(188	)			(21	)
Noncontrolling interest in consolidated joint ventures		(154	)			(111	)			(6	)			7
Net income attributable to RLJ		41,395				32,966				52,040				17,718
Preferred dividends		(6,279	)			(6,279	)			(12,557	)			(12,557	)
Net income attributable to common shareholders	$	35,116			$	26,687			$	39,483			$	5,161
Basic per common share data:
Net income per share attributable to common shareholders - basic	$	0.22			$	0.16			$	0.25			$	0.03
Weighted-average number of common shares		156,424,444				163,539,446				157,945,406				163,857,785
Diluted per common share data:
Net income per share attributable to common shareholders - diluted	$	0.22			$	0.16			$	0.25			$	0.03
Weighted-average number of common shares		156,741,187				163,784,573				158,381,380				164,217,150
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,
	2023				2022			2023				2022
Net income	$	41,720			$	33,202		$	52,234			$	17,732
Preferred dividends		(6,279	)			(6,279	)		(12,557	)			(12,557	)
Depreciation and amortization		44,925				46,922			89,921				93,787
Loss (gain) on sale of hotel properties, net		44				364			44				(1,053	)
Noncontrolling interest in consolidated joint ventures		(154	)			(111	)		(6	)			7
Adjustments related to consolidated joint venture (1)		(44	)			(49	)		(87	)			(98	)
Adjustments related to unconsolidated joint venture (2)		236				295			473				590
FFO		80,448				74,344			130,022				98,408
Transaction costs		4				136			24				198
Pre-opening costs (3)		639				378			860				612
Loss on extinguishment of indebtedness, net		169				—			169				—
Amortization of share-based compensation		6,089				5,470			11,781				10,654
Non-cash income tax expense		—				135			—				—
Non-cash interest expense related to discontinued interest rate hedges		482				285			964				241
Derivative gains in accumulated other comprehensive income reclassified to earnings (4)		—				—			—				(5,866	)
Other expenses (5)		5				251			96				645
Adjusted FFO	$	87,836			$	80,999		$	143,916			$	104,892
Adjusted FFO per common share and unit-basic	$	0.56			$	0.49		$	0.91			$	0.64
Adjusted FFO per common share and unit-diluted	$	0.56			$	0.49		$	0.90			$	0.64
Basic weighted-average common shares and units outstanding (6)		157,196				164,311			158,717				164,630
Diluted weighted-average common shares and units outstanding (6)		157,513				164,556			159,153				164,989

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.
(6)		Includes 0.8 million weighted-average operating partnership units for the three and six month periods ended June 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 June 30,							For the six months ended June 30,
	2023				2022			2023				2022
Net income	$	41,720			$	33,202		$	52,234			$	17,732
Depreciation and amortization		44,925				46,922			89,921				93,787
Interest expense, net of interest income		19,532				23,508			39,998				47,897
Income tax expense		357				558			696				748
Adjustments related to unconsolidated joint venture (1)		345				408			690				815
EBITDA		106,879				104,598			183,539				160,979
Loss (gain) on sale of hotel properties, net		44				364			44				(1,053	)
EBITDAre		106,923				104,962			183,583				159,926
Transaction costs		4				136			24				198
Pre-opening costs (2)		639				378			860				612
Loss on extinguishment of indebtedness, net		169				—			169				—
Amortization of share-based compensation		6,089				5,470			11,781				10,654
Derivative gains in accumulated other comprehensive income reclassified to earnings (3)		—				—			—				(5,866	)
Other expenses (4)		5				32			96				46
Adjusted EBITDA		113,829				110,978			196,513				165,570
General and administrative		8,538				7,878			16,502				16,828
Other corporate adjustments		666				(194	)		1,137				(359	)
Consolidated Hotel EBITDA		123,033				118,662			214,152				182,039
Comparable adjustments - income from sold hotels		(236	)			(106	)		(429	)			(297	)
Comparable adjustments - income from acquired hotels		—				596			—				661
Comparable Hotel EBITDA	$	122,797			$	119,152		$	213,723			$	182,403

Notes: Comparable statistics reflect the Company's 96 hotel portfolio owned as of June 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.

RLJ Lodging Trust Reconciliation of Non-GAAP Measures (Amounts in thousands except %) (unaudited)
Comparable Hotel EBITDA Margin
	For the three months ended June 30,								For the six months ended June 30,
	2023				2022				2023				2022
Total revenue	$	356,960			$	330,501			$	671,463			$	573,400
Comparable adjustments - revenue from sold hotels		(35	)			(117	)			(35	)			(2,337	)
Comparable adjustments - revenue from prior ownership of acquired hotels		—				3,124				—				4,970
Other corporate adjustments / non-hotel revenue		(21	)			(17	)			(36	)			(32	)
Comparable Hotel Revenue	$	356,904			$	333,491			$	671,392			$	576,001
Comparable Hotel EBITDA	$	122,797			$	119,152			$	213,723			$	182,403
Comparable Hotel EBITDA Margin		34.4	%			35.7	%			31.8	%			31.7	%

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 June 30, 2023 (3)
Mortgage Debt
Mortgage loan - 1 hotel	10	Jan 2029	Fixed	5.06	%		$	25,000
Mortgage loan - 7 hotels (4)	3	Apr 2024	Floating	5.94	%			200,000
Mortgage loan - 3 hotels	5	Apr 2026	Floating	4.95	%			96,000
Mortgage loan - 4 hotels	5	Apr 2026	Floating	5.51	%			85,000
Weighted Average / Mortgage Total				5.56	%		$	406,000
Corporate Debt
Revolver (5)	4	May 2028	Floating	—			$	—
$225 Million Term Loan Maturing 2026	3	May 2028	Floating	3.02	%			225,000
$200 Million Term Loan Maturing 2026	3	January 2028	Floating	3.50	%			200,000
$400 Million Term Loan Maturing 2025	5	May 2025	Floating	3.43	%			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				3.63	%		$	1,825,000
Weighted Average / Total				3.98	%		$	2,231,000

Notes:
(1)		The floating interest rate is hedged with an interest rate swap.
(2)		Interest rates as of June 30, 2023, inclusive of the impact of interest rate hedges.
(3)		Excludes the impact of fair value adjustments and deferred financing costs.
(4)		In April 2023 the Company exercised the right to a one-year extension on this loan.
(5)		As of June 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/20230803569129/en/

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

Source: RLJ Lodging Trust