RLJ Lodging Trust

Listed Company

RLJCIK 0001511337NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.35B

Net Income

$28.51M

Total Assets

$4.74B

Equity

$2.17B

Shares Out

151.92M

Op. Cash Flow

$243.80M

Business

RLJ Lodging Trust is a self-advised, self-administered real estate investment trust that owns primarily premium-branded, rooms-oriented, focused-service and compact full-service hotels. It offers hotel real estate ownership and asset management services, leasing hotel properties to taxable REIT subsidiaries and partnering with independent managers under franchise affiliations. Key business components include the Operating Partnership/UPREIT structure, a dedicated asset management team, and relationships with major franchisors such as Marriott, Hilton and Hyatt. Its hotels are located across 23 U.S. states and the District of Columbia and are distributed through franchised brand networks and independent management channels.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,350	1,369	1,326	1,194	786
Total property operating expenses	888	878	835	744	512
Depreciation and amortization	186	179	179	185	188
Property tax, insurance and other	101	107	100	87	89
General and administrative	48	55	59	56	48
Transaction costs	410,000	320,000	223,000	−345,000	94,000
Total operating expenses	1,223	1,220	1,173	1,072	981
Other income, net	3	5	4	9	−8
Interest income	14	17	20	5	996,000
Interest expense	−112	−111	−99	−93	−106
(Loss) gain on sale of hotel properties, net	−2	8	−34,000	1	−2
Loss on extinguishment of indebtedness, net	−47,000	−129,000	−169,000	−39,000	893,000
Income before equity in (loss) income from unconsolidated joint ventures	30	69	77	43	−309
Equity in (loss) income from unconsolidated joint ventures	−100,000	459,000	419,000	457,000	−477,000
Income before income tax expense	30	70	78	44	−310
Income tax expense	−1	−2	−1	−2	−1
Net income	29	68	77	42	−311
Noncontrolling interest in consolidated joint ventures	−30,000	45,000	35,000	−210,000	4
Noncontrolling interest in the Operating Partnership	−15,000	−215,000	−247,000	−80,000	2
Net income attributable to RLJ	29	68	76	42	−305
Preferred dividends	−25	−25	−25	−25	−25
Net income attributable to common shareholders	3	43	51	17	−330
Net income per share attributable to common shareholders - basic (in dollars per share)	0.01	0.27	0.32	0.1	−2.01
Weighted-average number of common shares (in shares)	150	153	156	162	164
Net income per share attributable to common shareholders - diluted (in dollars per share)	0.01	0.27	0.32	0.1	−2.01
Weighted-average number of common shares (in shares)	150	153	157	162	164
Unrealized loss on interest rate derivatives	−12	−9	−18	64	41
Comprehensive income	17	59	59	100	−259
Comprehensive income attributable to RLJ	17	59	58	100	−253

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment in hotel properties, net	4,112	4,251	4,136	4,180	4,219
Investment in unconsolidated joint ventures	7	7	7	7	7
Cash and cash equivalents	410	410	517	481	665
Restricted cash reserves	32	24	39	55	49
Accounts Receivable, after Allowance for Credit Loss	30	25	26	39	31
Lease right-of-use assets	124	128	136	137	145
Prepaid expense and other assets	27	39	58	79	33
Total assets	4,742	4,884	4,919	4,978	5,149
Debt, net	2,197	2,220	2,221	2,218	2,409
Accounts payable and other liabilities	142	155	148	156	155
Advance deposits and deferred revenue	51	40	32	24	20
Lease liabilities	118	119	123	117	123
Accrued interest	21	21	23	21	19
Distributions payable	31	31	23	15	8
Total liabilities	2,559	2,586	2,569	2,550	2,735
Commitments and Contingencies (Note 10)	—	—	—	—	—
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 December 31, 2025 and 2024	367	367	367	367	367
Common Stock, Value, Issued	2	2	2	2	2
Additional paid-in capital	2,978	2,992	3,001	3,055	3,093
Accumulated other comprehensive income	2	14	23	41	−17
Distributions in excess of net earnings	−1,178	−1,090	−1,055	−1,049	−1,047
Total shareholders equity	2,170	2,285	2,337	2,415	2,398
Noncontrolling interest in consolidated joint ventures	7	8	8	8	10
Noncontrolling interest in the Operating Partnership	6	6	6	6	6
Total noncontrolling interest	13	14	14	14	16
Total equity	2,183	2,298	2,351	2,429	2,414
Total liabilities and equity	4,742	4,884	4,919	4,978	5,149

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loss (gain) on sale of hotel properties, net	2	−8	34,000	−1	2
Depreciation and amortization	186	179	179	185	188
Amortization of deferred financing costs	8	7	6	6	6
Non-cash lease expense and other amortization	4	6	5	3	−2
Distributions of income from unconsolidated joint venture	0	400,000	0	0	0
Amortization of share-based compensation	15	21	24	22	17
Hotel and other receivables, net	−4	651,000	12	−8	−18
Prepaid expense and other assets	−849,000	4	13	−5	−1
Accounts payable and other liabilities	−5	2	−11	13	7
Advance deposits and deferred revenue	11	8	9	3	−13
Accrued interest	−368,000	−2	2	2	13
Net cash flow provided by operating activities	244	285	315	257	43
Acquisitions, net	0	−159	0	−59	−175
Proceeds from sales of hotel properties, net	69	20	0	48	199
Purchase deposit	0	0	−2	0	0
Improvements and additions to hotel properties and other assets	−126	−136	−132	−124	−48
Net cash flow used in investing activities	−57	−276	−135	−136	−25
Repayments of Revolver	−100	−100	0	−200	−200
Borrowings on Term Loans	100	500	320	5	0
Repayments of Term Loans	0	−400	−319	0	−356
Repayments of mortgage loans	−26	−200	0	0	−149
Repurchase of common shares under share repurchase programs	−29	−22	−76	−58	0
Repurchase of common shares to satisfy employee tax withholding requirements	−4	−9	−4	−4	−3
Distributions on preferred shares	−25	−25	−25	−25	−25
Distributions on common shares	−91	−70	−49	−13	−7
Distributions on Operating Partnership units	−449,000	−340,000	−225,000	−54,000	−18,000
Payments of deferred financing costs	−2	−5	−8	−1	−15
Distribution to consolidated joint venture partner	181,000	0	0	3	0
Borrowings under Revolver	0	200	0	0	0
Net cash flow used in financing activities	−178	−132	−161	−298	−239
Net change in cash, cash equivalents, and restricted cash reserves	9	−122	19	−177	−221

Filings

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