RLJ Lodging Trust (RLJ)

RLJ Lodging Trust Reports First Quarter 2026 ResultsMay 4, 2026 7:30 AM
Business Wire
Q1 RevPAR increased 4.8%

Adjusted FFO per diluted common share and unit of $0.33 increased 6.5%

Adjusted EBITDA of $80.9 million increased 4.2%

Comparable Hotel EBITDA Margin increased by 45 bps

Increasing full-year outlook


RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three months ended March 31, 2026.


First Quarter Highlights



Comparable RevPAR of $148.55, an increase of 4.8% over the prior year



Comparable Hotel Revenue of $340.0 million, an increase of 5.4% over the prior year



Net loss of $0.3 million



Comparable Hotel EBITDA of $89.9 million, an increase of 7.2% over the prior year



Comparable Hotel EBITDA Margin of 26.4%, an increase of 45 bps over the prior year



Adjusted EBITDA of $80.9 million



Adjusted FFO per diluted common share and unit of $0.33



Addressed all debt maturities until 2029



“We are pleased with our strong first quarter results, which exceeded our expectations, driven by improving fundamentals, strong performance in a number of our top Urban markets, and the continued ramp of our recently completed, high-impact renovations and conversions. These elements, combined with our success driving non-room revenues and managing expenses, allowed us to grow EBITDA and expand margins," commented Leslie D. Hale, President and Chief Executive Officer. "While the evolving geopolitical environment has added a layer of uncertainty, we continue to be encouraged by the healthy demand trends we are seeing. We are raising our guidance to incorporate the first quarter outperformance, and our favorable view for the remainder of the year is unchanged. We believe the industry setup continues to favor Urban markets, supported by sustained strength in business transient and robust demand for urban leisure experiences, which should disproportionately benefit our portfolio.”


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,








 






2026






2025






Change








Operational Overview: (1)






 






 






 








Comparable ADR






$209.91






$205.51






2.1%








Comparable Occupancy






70.8%






69.0%






2.6%








Comparable RevPAR






$148.55






$141.80






4.8%








 






 






 






 








Financial Overview:






 






 






 








Total Revenue






$339,977






$328,119






3.6%








Comparable Hotel Revenue






$339,958






$322,520






5.4%








 






 






 






 








Net (loss) income






($349)






$3,172






(111.0)%








 






 






 






 








Comparable Hotel EBITDA






$89,918






$83,858






7.2%








Comparable Hotel EBITDA Margin






26.4%






26.0%






45 bps








Adjusted EBITDA






$80,872






$77,594






4.2%








 






 






 






 








Adjusted FFO






$49,518






$46,920






5.5%








Adjusted FFO Per Diluted Common Share and Unit






$0.33






$0.31






6.5%









Note:








(1) Comparable statistics reflect the Company's 92 hotel portfolio owned as of March 31, 2026.







Operational Update


Comparable RevPAR increased by 4.8%, with trends improving sequentially throughout the first quarter. Comparable non-room revenues increased 8.2%, exceeding comparable RevPAR growth by 340 basis points and reflecting the continued success of the Company's return-on-investment initiatives. Strong revenue growth combined with disciplined expense management contributed to Comparable Hotel EBITDA margin expansion of 45 basis points year-over-year and Adjusted EBITDA growth of 4.2% over the prior year period.


Balance Sheet


As of March 31, 2026, the Company had over $950.0 million of total liquidity, comprised of approximately $353.1 million of unrestricted cash and $600 million available under its revolving credit facility (the "Revolver"), as well as nearly $2.2 billion of debt outstanding.


As previously announced, during the first quarter the Company completed the successful refinancing of all of its debt maturities through 2028, further laddering its maturity schedule and adding incremental flexibility to its balance sheet. The refinancing consisted of four tranches including the extension of the Company's Revolver, the upsize and recast of one of its existing term loans, the addition of a new seven-year term loan, as well as the refinancing of its secured mortgage debt maturing in 2026. The Company intends to use the incremental delayed draw proceeds from the term loans to repay its $500 million senior notes maturing in July 2026. Following these refinancing transactions, the Company’s next debt maturity after extension options is not until 2029.


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, 2026 to shareholders of record as of March 31, 2026.


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, 2026 to shareholders of record as of March 31, 2026.


Subsequent Events


In April, the Company's Board of Trustees approved the 2026 share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares, effective May 9, 2026.


2026 Outlook


The Company is updating its full-year outlook to incorporate the strong first quarter outperformance while keeping expectations for the remainder of the year unchanged from its previous outlook.




 






FY 2026








Comparable RevPAR Growth






+1.5% to +3.5%








Comparable Hotel EBITDA






$356M to $380M








Adjusted EBITDA






$324M to $348M








Adjusted FFO per diluted share






$1.29 to $1.45







Additionally, the Company's full year 2026 outlook includes:



Net interest expense in the range of $101.0 million to $103.0 million



Cash corporate G&A in the range of $32.5 million to $33.5 million



Capital expenditures related to renovations in the range of $80.0 million to $90.0 million



Diluted weighted average common shares and units of 150.8 million



Potential future acquisitions, dispositions, financings, or share repurchases are not incorporated into the Company's outlook above 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 May 4, 2026 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 92 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,” 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, 2025 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which will be filed on May 4, 2026, 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, 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 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 Comparable 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: Sold hotels


For the three months ended March 31, 2026 and 2025, Comparable adjustments included the following sold hotels:



Courtyard Atlanta Buckhead sold in March 2025



Embassy Suites by Hilton Dallas-Love Field sold in December 2025



Residence Inn Houston by the Galleria sold in December 2025





RLJ Lodging Trust




Consolidated Balance Sheets




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




(unaudited)








 








 






March 31, 2026






 






December 31, 2025








Assets






 






 






 








Investment in hotel properties, net






$






4,081,044






 






 






$






4,112,387






 








Investment in unconsolidated joint ventures






 






7,394






 






 






 






7,357






 








Cash and cash equivalents






 






353,084






 






 






 






410,160






 








Restricted cash reserves






 






34,375






 






 






 






31,901






 








Hotel and other receivables, net of allowance of $156 and $170, respectively






 






31,375






 






 






 






29,643






 








Lease right-of-use assets






 






122,429






 






 






 






123,524






 








Prepaid expense and other assets






 






65,531






 






 






 






27,158






 








Total assets






$






4,695,232






 






 






$






4,742,130






 








Liabilities and Equity






 






 






 








Debt, net






$






2,190,370






 






 






$






2,197,218






 








Accounts payable and other liabilities






 






137,071






 






 






 






141,568






 








Advance deposits and deferred revenue






 






51,859






 






 






 






51,029






 








Lease liabilities






 






118,002






 






 






 






118,189






 








Accrued interest






 






10,608






 






 






 






20,532






 








Distributions payable






 






30,516






 






 






 






30,934






 








Total liabilities






 






2,538,426






 






 






 






2,559,470






 








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, 2026 and December 31, 2025






 






366,936






 






 






 






366,936






 








Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 151,975,812 and 151,085,078 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively






 






1,520






 






 






 






1,511






 








Additional paid-in capital






 






2,978,612






 






 






 






2,977,616






 








Distributions in excess of net earnings






 






(1,207,648






)






 






 






(1,178,456






)








Accumulated other comprehensive income






 






4,574






 






 






 






1,919






 








Total shareholders’ equity






 






2,143,994






 






 






 






2,169,526






 








Noncontrolling interests:






 






 






 








Noncontrolling interest in the Operating Partnership






 






5,548






 






 






 






5,696






 








Noncontrolling interest in consolidated joint ventures






 






7,264






 






 






 






7,438






 








Total noncontrolling interest






 






12,812






 






 






 






13,134






 








Total equity






 






2,156,806






 






 






 






2,182,660






 








Total liabilities and equity






$






4,695,232






 






 






$






4,742,130






 









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,








 






 






2026






 






 






 






2025






 








Revenues






 






 






 








Operating revenues






 






 






 








Room revenue






$






275,257






 






 






$






267,654






 








Food and beverage revenue






 






39,717






 






 






 






37,513






 








Other revenue






 






25,003






 






 






 






22,952






 








Total revenues






 






339,977






 






 






 






328,119






 








Expenses






 






 






 








Operating expenses






 






 






 








Room expense






 






72,732






 






 






 






70,851






 








Food and beverage expense






 






30,762






 






 






 






29,289






 








Management and franchise fee expense






 






25,074






 






 






 






25,202






 








Other operating expenses






 






96,426






 






 






 






91,711






 








Total property operating expenses






 






224,994






 






 






 






217,053






 








Depreciation and amortization






 






47,195






 






 






 






45,788






 








Property tax, insurance and other






 






26,972






 






 






 






27,203






 








General and administrative






 






12,979






 






 






 






12,646






 








Transaction costs






 






32






 






 






 






56






 








Total operating expenses






 






312,172






 






 






 






302,746






 








Other income, net






 






832






 






 






 






888






 








Interest income






 






2,938






 






 






 






3,255






 








Interest expense






 






(27,677






)






 






 






(27,552






)








(Loss) gain on sale of hotel properties, net






 






(3,647






)






 






 






1,321






 








Loss on extinguishment of indebtedness, net






 






(373






)






 






 






—






 








(Loss) income before equity in income from unconsolidated joint ventures






 






(122






)






 






 






3,285






 








Equity in income from unconsolidated joint ventures






 






37






 






 






 






181






 








(Loss) income before income tax expense






 






(85






)






 






 






3,466






 








Income tax expense






 






(264






)






 






 






(294






)








Net (loss) income






 






(349






)






 






 






3,172






 








Net loss attributable to noncontrolling interests:






 






 






 








Noncontrolling interest in the Operating Partnership






 






34






 






 






 






17






 








Noncontrolling interest in consolidated joint ventures






 






174






 






 






 






173






 








Net (loss) income attributable to RLJ






 






(141






)






 






 






3,362






 








Preferred dividends






 






(6,279






)






 






 






(6,279






)








Net loss attributable to common shareholders






$






(6,420






)






 






$






(2,917






)








 






 






 






 








Basic and diluted per common share data:






 






 






 








Net loss per share attributable to common shareholders






$






(0.05






)






 






$






(0.02






)








Weighted-average number of common shares






 






149,323,243






 






 






 






150,909,513






 









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,








 






 






2026






 






 






 






2025






 








Net (loss) income






$






(349






)






 






$






3,172






 








Preferred dividends






 






(6,279






)






 






 






(6,279






)








Depreciation and amortization






 






47,195






 






 






 






45,788






 








Loss (gain) on sale of hotel properties, net






 






3,647






 






 






 






(1,321






)








Noncontrolling interest in consolidated joint ventures






 






174






 






 






 






173






 








Adjustments related to consolidated joint venture (1)






 






(50






)






 






 






(49






)








Adjustments related to unconsolidated joint venture (2)






 






224






 






 






 






244






 








FFO






 






44,562






 






 






 






41,728






 








Transaction costs






 






32






 






 






 






56






 








Pre-opening costs (3)






 






298






 






 






 






399






 








Loss on extinguishment of indebtedness, net






 






373






 






 






 






—






 








Amortization of share-based compensation






 






3,656






 






 






 






4,349






 








Non-cash interest expense related to discontinued interest rate hedges






 






—






 






 






 






144






 








Other expenses (4)






 






597






 






 






 






244






 








Adjusted FFO






$






49,518






 






 






$






46,920






 








 






 






 






 








Adjusted FFO per common share and unit-basic






$






0.33






 






 






$






0.31






 








Adjusted FFO per common share and unit-diluted






$






0.33






 






 






$






0.31






 








 






 






 






 








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






 






150,095






 






 






 






151,681






 








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






 






150,475






 






 






 






151,939






 









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 income and expenses outside of the normal course of operations.







(5)

Includes 0.8 million weighted-average operating partnership units for the three months ended March 31, 2026 and 2025.









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,








 






 






2026






 






 






 






2025






 








Net (loss) income






$






(349






)






 






$






3,172






 








Depreciation and amortization






 






47,195






 






 






 






45,788






 








Interest expense, net of interest income






 






24,739






 






 






 






24,297






 








Income tax expense






 






264






 






 






 






294






 








Adjustments related to unconsolidated joint venture (1)






 






420






 






 






 






316






 








EBITDA






 






72,269






 






 






 






73,867






 








Loss (gain) on sale of hotel properties, net






 






3,647






 






 






 






(1,321






)








EBITDAre






 






75,916






 






 






 






72,546






 








Transaction costs






 






32






 






 






 






56






 








Pre-opening costs (2)






 






298






 






 






 






399






 








Loss on extinguishment of indebtedness, net






 






373






 






 






 






—






 








Amortization of share-based compensation






 






3,656






 






 






 






4,349






 








Other expenses (3)






 






597






 






 






 






244






 








Adjusted EBITDA






 






80,872






 






 






 






77,594






 








General and administrative






 






9,323






 






 






 






8,297






 








Other corporate adjustments






 






(272






)






 






 






20






 








Consolidated Hotel EBITDA






 






89,923






 






 






 






85,911






 








Comparable adjustments - income from sold hotels






 






(5






)






 






 






(2,053






)








Comparable Hotel EBITDA






$






89,918






 






 






$






83,858






 









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 income and expenses 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,








 






 






2026






 






 






 






2025






 








Total revenue






$






339,977






 






 






$






328,119






 








Comparable adjustments - revenue from sold hotels






 






(1






)






 






 






(5,582






)








Other corporate adjustments / non-hotel revenue






 






(18






)






 






 






(17






)








Comparable Hotel Revenue






$






339,958






 






 






$






322,520






 








 






 






 






 








Comparable Hotel EBITDA






$






89,918






 






 






$






83,858






 








 






 






 






 








Comparable Hotel EBITDA Margin






 






26.4






%






 






 






26.0






%









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, 2026








 






Low End






 






High End








Net income






$






8.6






 






 






$






30.6






 








Depreciation and amortization






 






191.0






 






 






 






191.0






 








Interest expense, net of interest income






 






101.0






 






 






 






103.0






 








Income tax expense






 






1.4






 






 






 






1.4






 








Adjustments related to joint ventures






 






1.5






 






 






 






1.5






 








EBITDA






 






303.5






 






 






 






327.5






 








Loss on sale of hotel properties, net






 






3.7






 






 






 






3.7






 








EBITDAre






 






307.2






 






 






 






331.2






 








Amortization of share-based compensation






 






16.8






 






 






 






16.8






 








Adjusted EBITDA






 






324.0






 






 






 






348.0






 








General and administrative






 






32.5






 






 






 






33.5






 








Other corporate adjustments






 






(0.5






)






 






 






(1.5






)








Comparable Hotel EBITDA






$






356.0






 






 






$






380.0






 









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








 








 






For the year ended December 31, 2026








 






Low End






 






High End








Net income






$






8.6






 






 






$






30.6






 








Preferred dividends






 






(25.1






)






 






 






(25.1






)








Depreciation and amortization






 






191.0






 






 






 






191.0






 








Loss on sale of hotel properties, net






 






3.7






 






 






 






3.7






 








Adjustments related to joint ventures






 






1.0






 






 






 






1.0






 








FFO






 






179.2






 






 






 






201.2






 








Amortization of share-based compensation






 






16.8






 






 






 






16.8






 








All other items, net






 






(1.4






)






 






 






0.6






 








Adjusted FFO






$






194.6






 






 






$






218.6






 








 






 






 






 








Adjusted FFO per common share and unit-diluted






$






1.29






 






 






$






1.45






 








 






 






 






 








Diluted weighted-average common shares and units outstanding






 






150.8






 






 






 






150.8






 









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, 2026 (3)








Mortgage Debt






 






 






 






 






 






 








Mortgage loan - 1 hotel






10






January 2029






Fixed






5.06%






 






$






25,000








Mortgage loan - 2 hotels (4)






5






April 2029






Floating






4.94%






 






 






68,300








Mortgage loan - 4 hotels (4)






5






April 2029






Floating






5.05%






 






 






81,100








Weighted Average / Mortgage Total






 






 






 






5.01%






 






$






174,400








 






 






 






 






 






 






 








Corporate Debt






 






 






 






 






 






 








Revolver (5)






4






February 2031






Floating






—






 






$






—








$569 Million Term Loan Maturing 2031 (6)






3






February 2031






Floating






5.41%






 






 






225,000








$500 Million Term Loan Maturing 2027






3






September 2029






Floating






4.89%






 






 






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








$300 Million Term Loan Maturing 2030






3






April 2030






Floating






5.41%






 






 






300,000








$150 Million Term Loan Maturing 2033 (7)






7






February 2033






Floating






—






 






 






—








Weighted Average / Corporate Total






 






 






 






4.52%






 






$






2,025,000








 






 






 






 






 






 






 








Weighted-Average / Gross Debt






 






 






 






4.56%






 






$






2,199,400









Notes:








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








(2) Interest rates as of March 31, 2026, inclusive of the impact of interest rate hedges.








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








(4) In April 2026, the Company received additional proceeds of $23.4 million on the $68.3 million loan, increasing it to $91.7 million. The company also paid down approximately $8.4 million on the $81.1 million loan in connection with the draw.








(5) In February 2026, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to February 2030. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending February 2031 if certain conditions are satisfied. As of March 31, 2026, there was $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually.








(6) In February 2026, the Company replaced its $225.0 million term loan with a new and upsized $569.0 million delayed draw term loan, extending the scheduled maturity date to February 2031. As of March 31, 2026, 225.0 million has been funded and $344.0 million of commitments remain available to be drawn by the Company.








(7) In February 2026, the Company entered into a new $150.0 million delayed draw term loan which matures in February 2033. The Company had not drawn on this term loan as of March 31, 2026.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260504822027/en/
Additional Contacts:

Leslie D. Hale, President and Chief Executive Officer – (301) 280-7777

Nikhil Bhalla, Chief Financial Officer – (301) 280-7777


Original: RLJ Lodging Trust Reports First Quarter 2026 Results