Q3 RevPAR increased 3.4% over last year Increased third quarter dividend by 25%
RLJ Lodging Trust (NYSE: RLJ) yesterday reported results for the three and nine months ended September 30, 2023.
Third Quarter Highlights
- Portfolio Comparable RevPAR of $141.81; an increase of 3.4% from last year, led by both Occupancy and ADR growth
- Total revenue of $334.4 million
- Net income per diluted share attributable to common shareholders of $0.06
- Comparable Hotel EBITDA of $98.1 million
- Adjusted EBITDA of $88.8 million
- Adjusted FFO per diluted common share and unit of $0.40
- Continued to repurchase common shares, repurchasing 1.5 million common shares for approximately $14.4 million at an average price per share of $9.81
“We were pleased that our urban-centric portfolio achieved RevPAR growth that exceeded the industry for the third straight quarter. Our results were led by our urban markets, which benefited from the continued improvement in business travel, ongoing robust group demand, healthy urban leisure trends and recovering inbound international travel. Our RevPAR growth accelerated throughout the third quarter, with RevPAR exceeding 2019 levels for the first time in September. These positive trends also carried into October,” commented Leslie D. Hale, President and Chief Executive Officer. “Overall, we remain constructive on the outlook for lodging fundamentals, which continue to unfold with trends favorable for our urban-centric portfolio. In addition to achieving above industry RevPAR growth, we also executed on multiple capital allocation initiatives including share repurchases and increasing our dividend, demonstrating the optionality of our strong balance sheet."
| Financial and Operating Highlights ($ in thousands, except ADR, RevPAR, and per share amounts) (unaudited) | ||||
|
| For the three months ended September 30, | For the nine months ended September 30, | ||
|
| 2023 | 2022 | 2023 | 2022 |
| Operational Overview: (1) |
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|
|
|
| Comparable ADR | $191.33 | $188.54 | $197.94 | $187.56 |
| Comparable Occupancy | 74.1% | 72.7% | 72.6% | 69.5% |
| Comparable RevPAR | $141.81 | $137.09 | $143.74 | $130.41 |
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|
|
|
| Financial Overview: |
|
|
|
|
| Total Revenues | $334,406 | $318,071 | $1,005,869 | $891,471 |
| Comparable Hotel Revenue | $334,389 | $318,673 | $1,005,782 | $894,674 |
|
|
|
|
|
|
| Net Income | $16,343 | $17,683 | $68,577 | $35,415 |
|
|
|
|
|
|
| Comparable Hotel EBITDA (2) | $98,065 | $100,020 | $311,788 | $282,423 |
| Comparable Hotel EBITDA Margin | 29.3% | 31.4% | 31.0% | 31.6% |
| Adjusted EBITDA | $88,767 | $91,952 | $285,281 | $257,522 |
|
|
|
|
|
|
| Adjusted FFO | $63,092 | $63,994 | $207,009 | $168,288 |
| Adjusted FFO Per Diluted Common Share and Unit | $0.40 | $0.40 | $1.31 | $1.03 |
| Note: |
| (1) Comparable statistics reflect the Company's 96 hotel portfolio owned as of September 30, 2023. |
| (2) Comparable Hotel EBITDA for the three months ended September 30, 2023 and 2022 excludes $0.1 million and $0.2 million net income, respectively, from sold hotels. Comparable Hotel EBITDA for the nine months ended September 30, 2023 and 2022 excludes $0.5 million net income from sold hotels. Comparable Hotel EBITDA for the three months ended September 30, 2022 includes $0.1 million net loss from acquired hotels. Comparable Hotel EBITDA for the nine months ended September 30, 2022 includes $0.6 million net income from acquired hotels. |
Operational Update
During the third quarter, the Company’s portfolio generated Comparable RevPAR of $141.81, an increase of 3.4% from the comparable period in 2022 and achieved 98% of the third quarter of 2019. Comparable Revenues were $334.4 million for the third quarter, a 4.9% increase over the prior year. The third quarter comparable RevPAR increase over last year was led by a 1.9% increase in Occupancy and a 1.5% increase in ADR. The Company’s performance during the third quarter was positively impacted by sustained positive trends in its Urban markets.
Share Repurchases
During the third quarter the Company repurchased approximately 1.5 million common shares for approximately $14.4 million at an average price per share of $9.81.
Year-to-date the Company has repurchased approximately 6.6 million common shares for approximately $70 million, at an average price per share of $10.12 including repurchasing approximately 0.3 million shares for $2.7 million, subsequent to September 30, 2023. As of November 1, 2023, the 2023 Share Repurchase Program had a remaining capacity of $219.9 million.
Balance Sheet
As of September 30, 2023, the Company had approximately $1.1 billion of total liquidity, comprising approximately $494.6 million of unrestricted cash and $600.0 million available under its revolving credit facility, and $2.2 billion of debt outstanding, 93.0% of which is currently either fixed or hedged.
Dividends
The Company’s Board of Trustees declared a third quarter cash dividend of $0.10 per common share of beneficial interest of the Company. The dividend was paid on October 16, 2023 to shareholders of record as of September 29, 2023.
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, 2023 to shareholders of record as of September 29, 2023.
Q4 2023 Outlook
Based on current trends and assuming no material disruptions to travel or worsening macro-economic conditions, the Company's fourth quarter 2023 outlook is as follows:
|
| Q4 2023 |
| Comparable RevPAR | $129.50 to $134.50 |
| Comparable Hotel EBITDA | $82.0M to $92.0M |
| Adjusted EBITDA | $73.0M to $83.0M |
| Adjusted FFO per diluted share | $0.30 to $0.36 |
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.
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.
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 hotel
For the three and nine months ended September 30, 2022, Comparable adjustments included the following acquired hotel:
- 21c Hotel Nashville acquired in July 2022
Comparable adjustments: Sold hotels
For the nine months ended September 30, 2022, 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) | |||||||
|
| September 30, 2023 |
| December 31, 2022 | ||||
| Assets |
|
|
| ||||
| Investment in hotel properties, net | $ | 4,142,365 |
|
| $ | 4,180,328 |
|
| Investment in unconsolidated joint ventures |
| 7,294 |
|
|
| 6,979 |
|
| Cash and cash equivalents |
| 494,563 |
|
|
| 481,316 |
|
| Restricted cash reserves |
| 35,807 |
|
|
| 55,070 |
|
| Hotel and other receivables, net of allowance of $237 and $319, respectively |
| 47,990 |
|
|
| 38,528 |
|
| Lease right-of-use assets |
| 137,546 |
|
|
| 136,915 |
|
| Prepaid expense and other assets |
| 74,777 |
|
|
| 79,089 |
|
| Total assets | $ | 4,940,342 |
|
| $ | 4,978,225 |
|
| Liabilities and Equity |
|
|
| ||||
| Debt, net | $ | 2,219,781 |
|
| $ | 2,217,555 |
|
| Accounts payable and other liabilities |
| 150,650 |
|
|
| 155,916 |
|
| Advance deposits and deferred revenue |
| 30,995 |
|
|
| 23,769 |
|
| Lease liabilities |
| 119,780 |
|
|
| 117,010 |
|
| Accrued interest |
| 12,593 |
|
|
| 20,707 |
|
| Distributions payable |
| 22,448 |
|
|
| 14,622 |
|
| Total liabilities |
| 2,556,247 |
|
|
| 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 September 30, 2023 and December 31, 2022 |
| 366,936 |
|
|
| 366,936 |
|
| Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 156,172,739 and 162,003,533 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
| 1,562 |
|
|
| 1,620 |
|
| Additional paid-in capital |
| 3,003,316 |
|
|
| 3,054,958 |
|
| Distributions in excess of net earnings |
| (1,041,171 | ) |
|
| (1,049,441 | ) |
| Accumulated other comprehensive income |
| 39,553 |
|
|
| 40,591 |
|
| Total shareholders’ equity |
| 2,370,196 |
|
|
| 2,414,664 |
|
| Noncontrolling interests: |
|
|
| ||||
| Noncontrolling interest in the Operating Partnership |
| 6,361 |
|
|
| 6,313 |
|
| Noncontrolling interest in consolidated joint ventures |
| 7,538 |
|
|
| 7,669 |
|
| Total noncontrolling interest |
| 13,899 |
|
|
| 13,982 |
|
| Total equity |
| 2,384,095 |
|
|
| 2,428,646 |
|
| Total liabilities and equity | $ | 4,940,342 |
|
| $ | 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 September 30, |
| For the nine months ended September 30, | ||||||||||||
|
|
| 2023 |
|
|
| 2022 |
|
|
| 2023 |
|
|
| 2022 |
|
| Revenues |
|
|
|
|
|
|
| ||||||||
| Operating revenues |
|
|
|
|
|
|
| ||||||||
| Room revenue | $ | 277,088 |
|
| $ | 267,363 |
|
| $ | 833,416 |
|
| $ | 753,818 |
|
| Food and beverage revenue |
| 34,181 |
|
|
| 30,600 |
|
|
| 105,601 |
|
|
| 82,655 |
|
| Other revenue |
| 23,137 |
|
|
| 20,108 |
|
|
| 66,852 |
|
|
| 54,998 |
|
| Total revenues |
| 334,406 |
|
|
| 318,071 |
|
|
| 1,005,869 |
|
|
| 891,471 |
|
| Expenses |
|
|
|
|
|
|
| ||||||||
| Operating expenses |
|
|
|
|
|
|
| ||||||||
| Room expense |
| 71,278 |
|
|
| 68,394 |
|
|
| 207,662 |
|
|
| 188,015 |
|
| Food and beverage expense |
| 27,430 |
|
|
| 23,375 |
|
|
| 81,604 |
|
|
| 61,314 |
|
| Management and franchise fee expense |
| 27,095 |
|
|
| 25,390 |
|
|
| 82,554 |
|
|
| 71,846 |
|
| Other operating expenses |
| 87,736 |
|
|
| 82,021 |
|
|
| 254,567 |
|
|
| 227,563 |
|
| Total property operating expenses |
| 213,539 |
|
|
| 199,180 |
|
|
| 626,387 |
|
|
| 548,738 |
|
| Depreciation and amortization |
| 44,727 |
|
|
| 46,559 |
|
|
| 134,648 |
|
|
| 140,346 |
|
| Property tax, insurance and other |
| 26,936 |
|
|
| 20,744 |
|
|
| 76,268 |
|
|
| 66,206 |
|
| General and administrative |
| 14,747 |
|
|
| 13,446 |
|
|
| 43,030 |
|
|
| 40,928 |
|
| Transaction costs |
| 2 |
|
|
| (773 | ) |
|
| 26 |
|
|
| (575 | ) |
| Total operating expenses |
| 299,951 |
|
|
| 279,156 |
|
|
| 880,359 |
|
|
| 795,643 |
|
| Other income, net |
| 1,921 |
|
|
| 710 |
|
|
| 3,506 |
|
|
| 8,716 |
|
| Interest income |
| 5,302 |
|
|
| 1,281 |
|
|
| 13,977 |
|
|
| 1,800 |
|
| Interest expense |
| (24,833 | ) |
|
| (22,625 | ) |
|
| (73,506 | ) |
|
| (71,041 | ) |
| Gain (loss) on sale of hotel properties, net |
| 16 |
|
|
| (57 | ) |
|
| (28 | ) |
|
| 996 |
|
| Loss on extinguishment of indebtedness, net |
| — |
|
|
| — |
|
|
| (169 | ) |
|
| — |
|
| Income before equity in (loss) income from unconsolidated joint ventures |
| 16,861 |
|
|
| 18,224 |
|
|
| 69,290 |
|
|
| 36,299 |
|
| Equity in (loss) income from unconsolidated joint ventures |
| (186 | ) |
|
| (150 | ) |
|
| 315 |
|
|
| 255 |
|
| Income before income tax expense |
| 16,675 |
|
|
| 18,074 |
|
|
| 69,605 |
|
|
| 36,554 |
|
| Income tax expense |
| (332 | ) |
|
| (391 | ) |
|
| (1,028 | ) |
|
| (1,139 | ) |
| Net income |
| 16,343 |
|
|
| 17,683 |
|
|
| 68,577 |
|
|
| 35,415 |
|
| Net (income) loss attributable to noncontrolling interests: |
|
|
|
|
|
|
| ||||||||
| Noncontrolling interest in the Operating Partnership |
| (50 | ) |
|
| (53 | ) |
|
| (238 | ) |
|
| (74 | ) |
| Noncontrolling interest in consolidated joint ventures |
| 137 |
|
|
| (36 | ) |
|
| 131 |
|
|
| (29 | ) |
| Net income attributable to RLJ |
| 16,430 |
|
|
| 17,594 |
|
|
| 68,470 |
|
|
| 35,312 |
|
| Preferred dividends |
| (6,279 | ) |
|
| (6,279 | ) |
|
| (18,836 | ) |
|
| (18,836 | ) |
| Net income attributable to common shareholders | $ | 10,151 |
|
| $ | 11,315 |
|
| $ | 49,634 |
|
| $ | 16,476 |
|
| Basic per common share data: |
|
|
|
|
|
|
| ||||||||
| Net income per share attributable to common shareholders - basic | $ | 0.06 |
|
| $ | 0.07 |
|
| $ | 0.31 |
|
| $ | 0.10 |
|
| Weighted-average number of common shares |
| 154,563,284 |
|
|
| 160,368,297 |
|
|
| 156,805,643 |
|
|
| 162,681,840 |
|
| Diluted per common share data: |
|
|
|
|
|
|
| ||||||||
| Net income per share attributable to common shareholders - diluted | $ | 0.06 |
|
| $ | 0.07 |
|
| $ | 0.31 |
|
| $ | 0.10 |
|
| Weighted-average number of common shares |
| 155,081,645 |
|
|
| 160,784,709 |
|
|
| 157,280,206 |
|
|
| 163,064,462 |
|
| 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 September 30, | For the nine months ended September 30, | ||||||||||||
|
|
| 2023 |
|
|
| 2022 |
|
| 2023 |
|
|
| 2022 |
|
| Net income | $ | 16,343 |
|
| $ | 17,683 |
| $ | 68,577 |
|
| $ | 35,415 |
|
| Preferred dividends |
| (6,279 | ) |
|
| (6,279 | ) |
| (18,836 | ) |
|
| (18,836 | ) |
| Depreciation and amortization |
| 44,727 |
|
|
| 46,559 |
|
| 134,648 |
|
|
| 140,346 |
|
| (Gain) loss on sale of hotel properties, net |
| (16 | ) |
|
| 57 |
|
| 28 |
|
|
| (996 | ) |
| Noncontrolling interest in consolidated joint ventures |
| 137 |
|
|
| (36 | ) |
| 131 |
|
|
| (29 | ) |
| Adjustments related to consolidated joint venture (1) |
| (44 | ) |
|
| (47 | ) |
| (131 | ) |
|
| (144 | ) |
| Adjustments related to unconsolidated joint venture (2) |
| 236 |
|
|
| 241 |
|
| 709 |
|
|
| 831 |
|
| FFO |
| 55,104 |
|
|
| 58,178 |
|
| 185,126 |
|
|
| 156,587 |
|
| Transaction costs |
| 2 |
|
|
| (773 | ) |
| 26 |
|
|
| (575 | ) |
| Pre-opening costs (3) |
| 327 |
|
|
| 907 |
|
| 1,188 |
|
|
| 1,519 |
|
| Loss on extinguishment of indebtedness, net |
| — |
|
|
| — |
|
| 169 |
|
|
| — |
|
| Amortization of share-based compensation |
| 6,247 |
|
|
| 5,420 |
|
| 18,028 |
|
|
| 16,074 |
|
| Non-cash interest expense related to discontinued interest rate hedges |
| 482 |
|
|
| 252 |
|
| 1,446 |
|
|
| 493 |
|
| Derivative gains in accumulated other comprehensive income reclassified to earnings (4) |
| — |
|
|
| — |
|
| — |
|
|
| (5,866 | ) |
| Other expenses (5) |
| 930 |
|
|
| 10 |
|
| 1,026 |
|
|
| 56 |
|
| Adjusted FFO | $ | 63,092 |
|
| $ | 63,994 |
| $ | 207,009 |
|
| $ | 168,288 |
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted FFO per common share and unit-basic | $ | 0.41 |
|
| $ | 0.40 |
| $ | 1.31 |
|
| $ | 1.03 |
|
| Adjusted FFO per common share and unit-diluted | $ | 0.40 |
|
| $ | 0.40 |
| $ | 1.31 |
|
| $ | 1.03 |
|
|
|
|
|
|
|
|
| ||||||||
| Basic weighted-average common shares and units outstanding (6) |
| 155,335 |
|
|
| 161,140 |
|
| 157,577 |
|
|
| 163,454 |
|
| Diluted weighted-average common shares and units outstanding (6) |
| 155,853 |
|
|
| 161,557 |
|
| 158,052 |
|
|
| 163,836 |
|
| 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. For the three and nine months ended September 30, 2023, other expenses included one-time management company transition costs of $0.6 million. | |
| (6) | Includes 0.8 million weighted-average operating partnership units for the three and nine month periods ended September 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 September 30, | For the nine months ended September 30, | ||||||||||||
|
|
| 2023 |
|
|
| 2022 |
|
| 2023 |
|
|
| 2022 |
|
| Net income | $ | 16,343 |
|
| $ | 17,683 |
| $ | 68,577 |
|
| $ | 35,415 |
|
| Depreciation and amortization |
| 44,727 |
|
|
| 46,559 |
|
| 134,648 |
|
|
| 140,346 |
|
| Interest expense, net of interest income |
| 19,531 |
|
|
| 21,344 |
|
| 59,529 |
|
|
| 69,241 |
|
| Income tax expense |
| 332 |
|
|
| 391 |
|
| 1,028 |
|
|
| 1,139 |
|
| Adjustments related to unconsolidated joint venture (1) |
| 344 |
|
|
| 354 |
|
| 1,034 |
|
|
| 1,169 |
|
| EBITDA |
| 81,277 |
|
|
| 86,331 |
|
| 264,816 |
|
|
| 247,310 |
|
| (Gain) loss on sale of hotel properties, net |
| (16 | ) |
|
| 57 |
|
| 28 |
|
|
| (996 | ) |
| EBITDAre |
| 81,261 |
|
|
| 86,388 |
|
| 264,844 |
|
|
| 246,314 |
|
| Transaction costs |
| 2 |
|
|
| (773 | ) |
| 26 |
|
|
| (575 | ) |
| Pre-opening costs (2) |
| 327 |
|
|
| 907 |
|
| 1,188 |
|
|
| 1,519 |
|
| Loss on extinguishment of indebtedness, net |
| — |
|
|
| — |
|
| 169 |
|
|
| — |
|
| Amortization of share-based compensation |
| 6,247 |
|
|
| 5,420 |
|
| 18,028 |
|
|
| 16,074 |
|
| Derivative gains in accumulated other comprehensive income reclassified to earnings (3) |
| — |
|
|
| — |
|
| — |
|
|
| (5,866 | ) |
| Other expenses (4) |
| 930 |
|
|
| 10 |
|
| 1,026 |
|
|
| 56 |
|
| Adjusted EBITDA |
| 88,767 |
|
|
| 91,952 |
|
| 285,281 |
|
|
| 257,522 |
|
| General and administrative |
| 8,500 |
|
|
| 8,026 |
|
| 25,002 |
|
|
| 24,854 |
|
| Other corporate adjustments |
| 873 |
|
|
| 358 |
|
| 2,009 |
|
|
| (1 | ) |
| Consolidated Hotel EBITDA |
| 98,140 |
|
|
| 100,336 |
|
| 312,292 |
|
|
| 282,375 |
|
| Comparable adjustments - income from sold hotels |
| (75 | ) |
|
| (213 | ) |
| (504 | ) |
|
| (510 | ) |
| Comparable adjustments - income from acquired hotels |
| — |
|
|
| (103 | ) |
| — |
|
|
| 558 |
|
| Comparable Hotel EBITDA | $ | 98,065 |
|
| $ | 100,020 |
| $ | 311,788 |
|
| $ | 282,423 |
|
| Notes: Comparable statistics reflect the Company's 96 hotel portfolio owned as of September 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. For the three and nine months ended September 30, 2023, other expenses included one-time management company transition costs of $0.6 million. | |
| RLJ Lodging Trust Reconciliation of Non-GAAP Measures (Amounts in thousands except %) (unaudited)
Comparable Hotel EBITDA Margin | |||||||||||||||
|
| For the three months ended September 30, |
| For the nine months ended September 30, | ||||||||||||
|
|
| 2023 |
|
|
| 2022 |
|
|
| 2023 |
|
|
| 2022 |
|
| Total revenue | $ | 334,406 |
|
| $ | 318,071 |
|
| $ | 1,005,869 |
|
| $ | 891,471 |
|
| Comparable adjustments - revenue from sold hotels |
| — |
|
|
| — |
|
|
| (35 | ) |
|
| (2,337 | ) |
| Comparable adjustments - revenue from prior ownership of acquired hotels |
| — |
|
|
| 614 |
|
|
| — |
|
|
| 5,585 |
|
| Other corporate adjustments / non-hotel revenue |
| (17 | ) |
|
| (12 | ) |
|
| (52 | ) |
|
| (45 | ) |
| Comparable Hotel Revenue | $ | 334,389 |
|
| $ | 318,673 |
|
| $ | 1,005,782 |
|
| $ | 894,674 |
|
|
|
|
|
|
|
|
|
| ||||||||
| Comparable Hotel EBITDA | $ | 98,065 |
|
| $ | 100,020 |
|
| $ | 311,788 |
|
| $ | 282,423 |
|
|
|
|
|
|
|
|
|
| ||||||||
| Comparable Hotel EBITDA Margin |
| 29.3 | % |
|
| 31.4 | % |
|
| 31.0 | % |
|
| 31.6 | % |
| 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 September 30, 2023 (3) |
| Mortgage Debt |
|
|
|
|
|
|
| Mortgage loan - 1 hotel | 10 | Jan 2029 | Fixed | 5.06% |
| $ 25,000 |
| Mortgage loan - 7 hotels | 3 | Apr 2024 | Floating | 5.94% |
| 200,000 |
| Mortgage loan - 3 hotels | 5 | Apr 2026 | Floating | 5.02% |
| 96,000 |
| Mortgage loan - 4 hotels | 5 | Apr 2026 | Floating | 5.61% |
| 85,000 |
| Weighted Average / Mortgage Total |
|
|
| 5.60% |
| $ 406,000 |
|
|
|
|
|
|
|
|
| Corporate Debt |
|
|
|
|
|
|
| Revolver (4) | 4 | May 2028 | Floating | — |
| $ — |
| $225 Million Term Loan Maturing 2026 | 3 | May 2028 | Floating | 2.97% |
| 225,000 |
| $200 Million Term Loan Maturing 2026 | 3 | January 2028 | Floating | 3.48% |
| 200,000 |
| $400 Million Term Loan Maturing 2025 | 5 | May 2025 | Floating | 3.38% |
| 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 |
|
|
| 3.61% |
| $ 1,825,000 |
|
|
|
|
|
|
|
|
| Weighted Average / Total |
|
|
| 3.97% |
| $ 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, 2023, 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, 2023, there was $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually. | |