RLJ Lodging Trust Reports Fourth Quarter and Full Year 2017 Results

- Fourth quarter Pro forma RevPAR increased 4.0%

- Sold Fairmont Copley Plaza Boston for $170 million

- Completed transformative merger with FelCor Lodging Trust

BETHESDA, Md.--()--RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the quarter and year ended December 31, 2017.

Fourth Quarter Highlights

  • Sold Fairmont Copley Plaza Boston for $170.0 million
  • Net income was $7.4 million, which includes $7.5 million of transaction costs and $31.8 million of non-cash income tax expense
  • Pro forma RevPAR increased 4.0%, Pro forma ADR increased 1.0%, and Pro forma Occupancy increased 2.9%
  • Pro forma Hotel EBITDA Margin of 32.0%
  • Pro forma Consolidated Hotel EBITDA of $143.0 million
  • Adjusted EBITDA of $136.2 million
  • Adjusted FFO of $99.4 million

Full Year Highlights

  • Completed merger with FelCor Lodging Trust (“FelCor”)
  • Net income was $75.7 million, which includes $44.4 million of transaction costs and $39.7 million of non-cash income tax expense
  • Pro forma RevPAR decreased 0.5%, Pro forma ADR decreased 0.4% and Pro forma Occupancy was flat
  • Pro forma Hotel EBITDA Margin of 33.1%
  • Pro forma Consolidated Hotel EBITDA of $605.9 million
  • Adjusted EBITDA of $427.2 million
  • Adjusted FFO of $339.1 million
  • Declared cash dividends of $1.32 per common share
  • Declared cash dividends of $0.975 per Series A Preferred Share

We are very pleased with our fourth quarter results which exceeded our expectations. We are also continuing to demonstrate the value creation potential from the FelCor merger,” commented Ross H. Bierkan, President and Chief Executive Officer. “Combining our recent sale of the Fairmont Copley Plaza Boston, the post year-end disposition of the Embassy Suites Marlborough, and another asset that we have under contract, we will reach our initial goal of selling at least $300 million in assets. Our disposition pipeline is strong, and we are encouraged by our progress and ability to pay down debt with the proceeds. We remain focused on executing on our key strategic priorities of realizing synergies, selling non-core assets, optimizing the balance sheet, and opportunistically reinvesting in our hotels.”

Financial and Operating Results

The prefix “Pro forma” as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are reported on a comparable basis and therefore exclude any hotels sold during the period and non-comparable hotels that were not open for operation or were closed for renovation for comparable periods. Explanations of EBITDA, 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.

Net income for the quarter ended December 31, 2017, decreased $68.4 million to $7.4 million, representing a 90.3% decrease over the comparable period in 2016. Net income included transaction costs of $7.5 million related primarily to the FelCor merger and $31.8 million of non-cash income tax expense related primarily to the change in tax rates from the recently passed tax reform bill.

For the year ended December 31, 2017, net income decreased $125.6 million to $75.7 million, representing a 62.4% decrease over the comparable period in 2016. Net income included transaction costs of $44.4 million related primarily to the FelCor merger and $39.7 million of non-cash income tax expense related primarily to the change in tax rates from the recently passed tax reform bill.

Pro forma RevPAR for the quarter ended December 31, 2017, increased 4.0% over the comparable period in 2016, driven by a Pro forma ADR increase of 1.0%, and a Pro forma Occupancy increase of 2.9%. Adjusting for post hurricane related business, Pro forma RevPAR for the fourth quarter would have increased 1.7%. The Company's top performing markets were Houston, South Florida, and Louisville, with Pro forma RevPAR growth of 20.7%, 15.2%, and 11.4%, respectively.

For the year ended December 31, 2017, Pro forma RevPAR decreased 0.5% over the comparable period in 2016, driven by a Pro forma ADR decrease of 0.4% and flat occupancy.

Pro forma Hotel EBITDA Margin for the quarter ended December 31, 2017, decreased 97 basis points over the comparable period in 2016 to 32.0%. Adjusting for real estate taxes, insurance and operational disruption related to our Courtyard Chicago Downtown Magnificent Mile hotel, Pro Forma Hotel EBITDA margin would have been slightly positive.

For the year ended December 31, 2017, Pro forma Hotel EBITDA Margin decreased 123 basis points over the comparable period in 2016 to 33.1%.

Pro forma Consolidated Hotel EBITDA for the quarter ended December 31, 2017, increased $1.1 million to $143.0 million, representing a 0.8% increase over the comparable period in 2016.

For the year ended December 31, 2017, Pro forma Consolidated Hotel EBITDA decreased $25.8 million to $605.9 million, representing a 4.1% decrease over the comparable period in 2016. Pro forma Consolidated Hotel EBITDA includes prior ownership of $153.2 million from the recently acquired FelCor hotels.

Adjusted FFO for the quarter ended December 31, 2017, increased $25.0 million to $99.4 million, representing a 33.6% increase over the comparable period in 2016. For the year ended December 31, 2017, Adjusted FFO increased $6.4 million to $339.1 million, representing a 1.9% increase over the comparable period in 2016. For the year ended December 31, 2017, Adjusted FFO includes four months of operations from the recently acquired FelCor hotels.

Adjusted FFO per diluted common share and unit for the quarter ended December 31, 2017, was $0.57, representing a 5.0% decrease over the comparable period in 2016. Adjusted FFO per diluted common share and unit for the year ended December 31, 2017, was $2.40, representing a 10.1% decrease over the comparable period in 2016.

Adjusted EBITDA for the quarter ended December 31, 2017, increased $47.2 million to $136.2 million, representing a 53.1% increase over the comparable period in 2016. For the year ended December 31, 2017, Adjusted EBITDA increased $34.8 million to $427.2 million, representing an 8.9% increase over the comparable period in 2016. For the year ended December 31, 2017, Adjusted EBITDA includes four months of ownership from the recently acquired FelCor hotels.

Non-recurring items and other adjustments which were noteworthy for the quarter ended December 31, 2017 include transaction costs of $7.5 million primarily related to the FelCor merger and $31.8 million of non-cash income tax expense related primarily to the change in tax rates from the recently passed tax reform bill.

Non-recurring items are included in net income attributable to common shareholders but are excluded from Adjusted EBITDA and Adjusted FFO, as applicable. A complete listing of non-recurring items is provided in the Non-GAAP reconciliation tables located in this press release.

Net cash flow from operating activities for the year ended December 31, 2017, totaled $260.6 million, compared to $331.4 million for the comparable period in 2016.

Dispositions

During the year ended December 31, 2017, the Company sold the 383-room Fairmont Copley Plaza Boston for $170.0 million in December 2017. The Company's Pro forma Consolidated Hotel EBITDA excludes $10.5 million in hotel EBITDA for the year ended December 31, 2017, which is inclusive of the period prior to hotel ownership.

Balance Sheet

As of December 31, 2017, the Company had $586.5 million of unrestricted cash on its balance sheet, $600.0 million available on its revolving credit facility, and $2.8 billion of debt outstanding. The Company’s ratio of net debt to Adjusted EBITDA for the year ended December 31, 2017, was 3.9 times (excluding preferred equity).

Dividends

The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the fourth quarter. The dividend was paid on January 12, 2018, to shareholders of record as of December 29, 2017. For the year ended December 31, 2017, the Company declared a total dividend of $1.32 per common share of beneficial interest.

The Company's Board of Trustees declared a preferred dividend of $0.4875 on its Series A cumulative convertible preferred shares (“Series A Preferred Shares”). The dividend was paid on January 31, 2018, to shareholders of record as of December 29, 2017. For the year ended December 31, 2017, the Company declared a total dividend of $0.975 per Series A Preferred Share.

Subsequent Events

On January 25, 2018, the Company amended three of its unsecured term loans with an aggregate principal amount of $775.0 million. The maturity date of its $400.0 million unsecured term loan due March 2019 and its $225.0 million unsecured term loan due November 2019 were both extended to January 2023. Both term loans were amended to include more favorable pricing. The Company also amended its $150.0 million unsecured term loan due January 2022 with more favorable pricing.

On February 21, 2018, the Company closed on the sale of the Embassy Suites Marlborough for $23.7 million.

2018 Outlook

The Company’s outlook includes only hotels owned as of February 27, 2018. Potential future acquisitions or dispositions could result in a material change to the Company’s outlook. The outlook includes capital expenditures related to renovations and ROI projects in the range of $130 million to $140 million, which the Company anticipates will result in approximately 100 basis points of RevPAR disruption. The outlook also assumes 50 basis points of RevPAR headwinds related to tough comps from last year's hurricane efforts. On the margin front, the outlook assumes 60 to 70 basis points of headwinds from property taxes and insurance increases, partially driven by the impact from Proposition 13 on FelCor's California hotels.

For the full year 2018, the Company anticipates:

           
          Current Outlook
Pro forma RevPAR growth         -1.0% to +1.0%
Pro forma Hotel EBITDA Margin

31.25% to 32.5%

Pro forma Consolidated Hotel EBITDA

$565.0M to $600.0M

Adjusted EBITDA

$527.0M to $562.0M

Corporate Cash General & Administrative        

$37.0M to $39.0M

 

Earnings Call

The Company will conduct its quarterly analyst and investor conference call on February 28, 2018, 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 fourth quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company’s website at http://rljlodgingtrust.com. A replay of the conference call webcast will be archived and available online through the Investor Relations page of the Company’s website.

About Us

RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. The Company's portfolio consists of 156 hotels with approximately 30,570 rooms, located in 26 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.

Forward Looking Statements

The following 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 the Company’s actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the current global economic uncertainty, increased direct competition, changes in government regulations or accounting rules, changes in local, national, and global real estate conditions, declines in the lodging industry, seasonality of the lodging industry, risks related to natural disasters, such as earthquakes and hurricanes, hostilities, including future terrorist attacks or fear of hostilities that affect travel, the Company’s ability to obtain lines of credit or permanent financing on satisfactory terms, changes in interest rates, access to capital through offerings of the Company’s common and preferred shares of beneficial interest, or debt, the Company’s ability to identify suitable acquisitions, the Company’s ability to close on identified acquisitions and integrate those businesses, and inaccuracies of the Company’s accounting estimates. Given these uncertainties, undue reliance should not be placed on such 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, 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://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) Adjusted EBITDA, (5) Hotel EBITDA, and (6) 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, 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.

Funds From Operations (“FFO”)

The Company calculates 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 instead have 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 are redeemable 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.

Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”)

EBITDA is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. 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) from its operating results.

In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions. The Company presents EBITDA attributable to common shareholders, which includes OP units, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand EBITDA attributable to all common shares and OP units.

Adjustments to FFO and EBITDA

The Company adjusts FFO and EBITDA for certain items that the Company considers either outside the normal course of operations or extraordinary. The Company believes that Adjusted FFO and Adjusted EBITDA provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income, FFO, and EBITDA, is beneficial to an investor’s understanding of its operating performance. The Company adjusts FFO and EBITDA for the following items:

  • Transaction Costs: The Company excludes transaction costs expensed during the period.
  • Non-Cash Expenses: The Company excludes the effect of certain non-cash items. The Company has excluded the amortization of share-based compensation, non-cash gain or loss on the sale of assets, and certain non-cash income taxes.
  • Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses. The Company excludes hurricane-related costs not reimbursed by insurance, property-level severance costs, debt modification and extinguishment costs, and other 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.

Pro forma Consolidated Hotel EBITDA includes unadjusted prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels, which has not been audited and excludes sold hotels as applicable. Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin exclude the results of non-comparable hotels that were under renovation or not open for the entirety of the comparable periods. The following is a summary of pro forma hotel adjustments:

Pro forma adjustments: Acquired hotels

No hotels were acquired during the year ended December 31, 2016. The Company acquired the following hotels in August 2017 in conjunction with the FelCor merger:

  • DoubleTree Suites by Hilton Austin
  • DoubleTree Suites by Hilton Orlando - Lake Buena Vista
  • Embassy Suites Atlanta - Buckhead
  • Embassy Suites Birmingham
  • Embassy Suites Boston - Marlborough
  • Embassy Suites Dallas - Love Field
  • Embassy Suites Deerfield Beach - Resort & Spa
  • Embassy Suites Fort Lauderdale 17th Street
  • Embassy Suites Los Angeles - International Airport/South
  • Embassy Suites Mandalay Beach - Hotel & Resort
  • Embassy Suites Miami - International Airport
  • Embassy Suites Milpitas Silicon Valley
  • Embassy Suites Minneapolis - Airport
  • Embassy Suites Myrtle Beach - Oceanfront Resort
  • Embassy Suites Napa Valley
  • Embassy Suites Orlando - International Drive South/Convention Center
  • Embassy Suites Phoenix - Biltmore
  • Embassy Suites San Francisco Airport - South San Francisco
  • Embassy Suites San Francisco Airport - Waterfront
  • Embassy Suites Secaucus - Meadowlands
  • Hilton Myrtle Beach Resort
  • Holiday Inn San Francisco - Fisherman's Wharf
  • San Francisco Marriott Union Square
  • DoubleTree by Hilton Burlington Vermont, formerly Sheraton Burlington Hotel & Conference Center
  • Sheraton Philadelphia Society Hill Hotel
  • The Fairmont Copley Plaza, Boston
  • The Knickerbocker, New York
  • The Mills House Wyndham Grand Hotel, Charleston
  • The Vinoy Renaissance St. Petersburg Resort & Golf Club
  • Wyndham Boston Beacon Hill
  • Wyndham Houston - Medical Center Hotel & Suites
  • Wyndham New Orleans - French Quarter
  • Wyndham Philadelphia Historic District
  • Wyndham Pittsburgh University Center
  • Wyndham San Diego Bayside
  • Wyndham Santa Monica At The Pier

Pro forma adjustments: Sold hotels

For the year ended December 31, 2017, the following hotel was sold:

  • The Fairmont Copley Plaza Boston was sold in December 2017

For the year ended December 31, 2016, the following hotels were sold:

  • Holiday Inn Express Merrillville was sold in February 2016
  • SpringHill Suites Bakersfield was sold in November 2016
  • Hilton Garden Inn New York 35th Street was sold in December 2016
  • Hilton New York Fashion District was sold in December 2016
 

RLJ Lodging Trust

Consolidated Balance Sheets

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

 
 

December 31,
2017

 

December 31,
2016

Assets
Investment in hotel properties, net $ 5,791,925 $ 3,367,776
Investment in unconsolidated joint ventures 23,885
Cash and cash equivalents 586,470 456,672
Restricted cash reserves 72,606 67,206
Hotel and other receivables, net of allowance of $510 and $182, respectively 60,011 26,018
Deferred income tax asset, net 56,761 44,614
Intangible assets, net 133,211 898
Prepaid expense and other assets   69,936     60,209  
Total assets $ 6,794,805   $ 4,023,393  
Liabilities and Equity
Debt, net $ 2,880,488 $ 1,582,715
Accounts payable and other liabilities 225,664 137,066
Deferred income tax liability 5,547 11,430
Advance deposits and deferred revenue 30,463 11,975
Accrued interest 17,081 3,444
Distributions payable   65,284     41,486  
Total liabilities 3,224,527 1,788,116
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 December 31, 2017 366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 174,869,046 and 124,364,178 shares issued and outstanding at December 31, 2017 and 2016, respectively 1,749 1,244
Additional paid-in capital 3,208,002 2,187,333
Accumulated other comprehensive income (loss) 8,846 (4,902 )
(Distributions in excess of net earnings) retained earnings   (82,566 )   38,249  
Total shareholders’ equity 3,502,967 2,221,924
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures 11,700 5,973
Noncontrolling interest in the Operating Partnership   11,181     7,380  
Total noncontrolling interest   22,881     13,353  
Preferred equity in a consolidated joint venture, liquidation value of $45,430 at December 31, 2017   44,430      
Total equity   3,570,278     2,235,277  
Total liabilities and equity $ 6,794,805   $ 4,023,393  
 

Note:

The corresponding notes to the consolidated financial statements can be found in the Company’s Annual Report on Form 10-K.
 
 

RLJ Lodging Trust

Consolidated Statements of Operations

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

 
 

For the quarter ended
December 31,

 

For the year ended
December 31,

2017   2016 2017   2016
(unaudited) (unaudited)
Revenue
Operating revenue
Room revenue $ 376,131 $ 233,427 $ 1,146,882 $ 1,010,637
Food and beverage revenue 66,280 29,088 157,672 111,691
Other revenue   20,079     8,938     51,707     37,667  
Total revenue $ 462,490   $ 271,453   $ 1,356,261   $ 1,159,995  
Expense
Operating expense
Room expense $ 94,206 $ 54,872 $ 270,729 $ 228,656
Food and beverage expense 47,456 20,112 113,914 79,589
Management and franchise fee expense 36,523 27,340 122,633 118,210
Other operating expense   109,595     57,521     304,595     241,654  
Total property operating expense 287,780 159,845 811,871 668,109
Depreciation and amortization 64,856 39,968 186,993 162,500
Property tax, insurance and other 30,477 17,249 91,406 77,281
General and administrative 11,695 7,994 40,453 31,516
Transaction costs   7,476     (65 )   44,398     192  
Total operating expense   402,284     224,991     1,175,121     939,598  
Operating income 60,206 46,462 181,140 220,397
Other income (expense) (55 ) 215 269 303
Interest income 682 454 2,987 1,695
Interest expense (29,795 ) (14,587 ) (78,322 ) (58,820 )
Gain on settlement of investment in loan           2,670      
Income before equity in income from unconsolidated joint ventures 31,038 32,544 108,744 163,575
Equity in income from unconsolidated joint ventures   76         133      
Income before income tax expense 31,114 32,544 108,877 163,575
Income tax expense   (32,756 )   (2,793 )   (42,118 )   (8,190 )
Income (loss) from operations (1,642 ) 29,751 66,759 155,385
Gain on sale of hotel properties   9,029     46,084     8,980     45,929  

Net income

7,387 75,835 75,739 201,314

Net income (loss) attributable to noncontrolling interests:

Noncontrolling interest in consolidated joint ventures (123 ) (48 ) (117 ) (55 )
Noncontrolling interest in the Operating Partnership 27 (354 ) (291 ) (907 )
Preferred distributions - consolidated joint venture   (374 )       (496 )    
Net income attributable to RLJ 6,917 75,433 74,835 200,352
Preferred dividends   (6,279 )       (8,372 )    
Net income attributable to common shareholders $ 638   $ 75,433   $ 66,463   $ 200,352  
Basic per common share data:
Net income attributable to common shareholders $   $ 0.61   $ 0.47   $ 1.61  
Weighted-average number of common shares   174,147,522     123,698,633     140,616,838     123,651,003  
Diluted per common share data:
Net income attributable to common shareholders $   $ 0.61   $ 0.47   $ 1.61  
Weighted-average number of common shares   174,210,578     123,757,660     140,694,049     123,879,007  
 

Note:

The Statements of Comprehensive Income and corresponding notes can be found in the Company’s Annual Report on Form 10-K.
 
 

RLJ Lodging Trust

Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands, except per share data)

(unaudited)

 

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

 
 

For the quarter ended
December 31,

 

For the year ended
December 31,

2017   2016 2017   2016
Net income $ 7,387 $ 75,835 $ 75,739 $ 201,314
Preferred dividends (6,279 ) (8,372 )
Preferred distributions - consolidated joint venture (374 ) (496 )
Gain on sale of hotel properties (9,029 ) (46,084 ) (8,980 ) (45,929 )
Depreciation and amortization 64,856 39,968 186,993 162,500
Noncontrolling interest in consolidated joint ventures (123 ) (48 ) (117 ) (55 )
Adjustments related to consolidated joint ventures (1) (85 ) (35 ) (193 ) (152 )
Adjustments related to unconsolidated joint ventures (2)   707         900      
FFO 57,060 69,636 245,474 317,678
Non-cash income tax expense 31,775 2,784 39,747 7,001
Transaction costs 7,476 (65 ) 44,398 192
Gain on settlement of investment in loan (2,670 )
Amortization of share-based compensation 2,642 2,055 10,607 5,990
Loan related costs (3) 1,247
Other expenses (4)   475         1,591     604  
Adjusted FFO $ 99,428   $ 74,410   $ 339,147   $ 332,712  
 
Adjusted FFO per common share and unit-basic $ 0.57 $ 0.60 $ 2.40 $ 2.68
Adjusted FFO per common share and unit-diluted $ 0.57 $ 0.60 $ 2.40 $ 2.67
 
Basic weighted-average common shares and units outstanding (5) 174,921 124,257 141,248 124,257
Diluted weighted-average common shares and units outstanding (5) 174,984 124,316 141,325 124,485
 

Note:

(1)   Includes depreciation and amortization expense allocated to the noncontrolling interest in joint ventures.
(2) Includes our ownership interest of the depreciation and amortization expense of the unconsolidated joint ventures.
(3) Represents debt modification costs, debt extinguishment costs, and accelerated amortization of deferred financing costs.
(4) Represents income and expenses outside the normal course of operations, including hurricane-related costs not reimbursed by insurance and property-level severance costs.
(5) Includes 0.8 million and 0.6 million weighted-average operating partnership units for the quarter ended December 31, 2017 and 2016, respectively, and 0.6 million weighted-average operating partnership units for the years ended December 31, 2017 and 2016, respectively.
 
 

RLJ Lodging Trust

Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

 
 

For the quarter ended
December 31,

 

For the year ended
December 31,

2017   2016 2017   2016
Net income $ 7,387 $ 75,835 $ 75,739 $ 201,314
Depreciation and amortization 64,856 39,968 186,993 162,500
Interest expense, net (1) 29,114 14,579 76,703 58,793
Income tax expense 32,756 2,793 42,118 8,190
Noncontrolling interest in consolidated joint ventures (123 ) (48 ) (117 ) (55 )
Adjustments related to consolidated joint ventures (2) (148 ) (35 ) (275 ) (152 )
Adjustments related to unconsolidated joint ventures (3)   837         1,072      
EBITDA 134,679 133,092 382,233 430,590
Transaction costs 7,476 (65 ) 44,398 192
Gain on sale of hotel properties (9,029 ) (46,084 ) (8,980 ) (45,929 )
Gain on settlement of investment in loan (2,670 )
Amortization of share-based compensation 2,642 2,055 10,607 5,990
Loan related costs (4) 924
Other expenses (5)   475         1,591     604  
Adjusted EBITDA 136,243 88,998 427,179 392,371
General and administrative (6) 9,053 5,938 29,846 25,016
Operating results from noncontrolling interest in joint venture (566 ) 84 (679 ) 207
Other corporate adjustments   1,535     (174 )   1,464     (1,142 )
Consolidated Hotel EBITDA   146,265     94,846     457,809     416,452  
Pro forma adjustments - income from sold hotels (3,259 ) (3,980 ) (5,034 ) (16,106 )
Pro forma adjustments - income from prior ownership of acquired hotels (7)       51,057     153,161     231,418  
Pro forma Consolidated Hotel EBITDA   143,006     141,923     605,936     631,764  
Pro forma adjustments - income from non-comparable hotels                
Pro forma Hotel EBITDA $ 143,006   $ 141,923   $ 605,936   $ 631,764  
 

Note:

(1)  

Excludes amounts attributable to investment in loans of $1.4 million for the year ended December 31, 2017, and $0.4 million and $1.7 million for the quarter and year ended December 31, 2016, respectively.

(2) Includes interest, depreciation and amortization expense allocated to the noncontrolling interest in joint ventures.
(3) Includes our ownership interest of the interest, depreciation and amortization expense of the unconsolidated joint ventures.
(4) Represents debt modification costs and debt extinguishment costs.
(5) Represents income and expenses outside the normal course of operations, including hurricane-related costs not reimbursed by insurance and property-level severance costs.
(6) General and administrative expenses exclude amortization of share-based compensation and other non-recurring expenses reflected in Adjusted EBITDA.
(7) The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes.
 
 
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 

Pro forma Hotel EBITDA Margin

 
 

For the quarter ended
December 31,

 

For the year ended
December 31,

2017   2016 2017   2016
Total revenue $ 462,490 $ 271,453 $ 1,356,261 $ 1,159,995
Pro forma adjustments - Revenue from sold hotels

(14,890

) (11,573 ) (20,438 ) (52,279 )
Pro forma adjustments - Revenue from prior ownership of acquired hotels (1)

170,767

496,065

732,891

Other corporate adjustments / non-hotel revenue   (503 )  

(15

)  

(1,052

)  

(55

)
Pro forma Hotel Revenue $ 447,097   $

430,632

  $ 1,830,836   $ 1,840,552  
 
Pro forma Hotel EBITDA $ 143,006   $ 141,923   $ 605,936   $ 631,764  
 
Pro forma Hotel EBITDA Margin 32.0 % 33.0 % 33.1 % 34.3 %
 

Note:

(1)   The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes.
 
 
RLJ Lodging Trust
Consolidated Debt Summary

(Amounts in thousands)

(unaudited)

 
Loan  

Base Term
(Years)

 

Maturity (incl.
extensions)

 

Floating /
Fixed

 

Interest Rate
(1)

 

Balance as of
December 31, 2017 (2)

Secured Debt
Scotiabank - 1 hotel 4 Nov 2018 Floating 4.23% $ 85,000
Wells Fargo - 4 hotels 3 Oct 2021 Floating (3) 4.05% 150,000
Wells Fargo - 4 hotels 2 Mar 2022 Floating (3) 4.04% 143,250
Wells Fargo - 1 hotel 10 Jun 2022 Fixed 5.25% 32,052
PNC - 3 hotels 10 Oct 2022 Fixed 4.95% 84,378
Wells Fargo - 1 hotel 10 Oct 2022 Fixed 4.95% 33,476
Prudential - 1 hotel 10 Oct 2022 Fixed 4.94% 29,573
PNC - 5 hotels 5 Mar 2023 Floating 3.66% 85,000
Senior Secured Notes - 9 hotels 10   Mar 2023   Fixed   5.63%     524,010
Weighted-Average / Secured Total 4.89% $ 1,166,739
 
Unsecured Debt
Revolver (4) 4 Apr 2021 Floating 3.16% $
$400 Million Term Loan Maturing 2019 (6) 5 Mar 2019 (6) Floating (3) 3.35% 400,000
$225 Million Term Loan Maturing 2019 (6) 7 Nov 2019 (6) Floating (3) 4.24% 225,000
$400 Million Term Loan Maturing 2021 5 Apr 2021 Floating (3)(5) 3.14% 400,000
$150 Million Term Loan Maturing 2022 7 Jan 2022 Floating (3) 3.43% 150,000
Senior Unsecured Notes 10   Jun 2025   Fixed   6.00%     475,000
Weighted-Average / Unsecured Total 4.19% $ 1,650,000
                 
Weighted-Average / Total Debt             4.48%   $ 2,816,739
 

Note:

(1)   Interest rates as of December 31, 2017.
(2) Excludes the impact of fair value adjustments and deferred financing costs.
(3) The floating interest rate is hedged with an interest rate swap.
(4) There is $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.30% annually.
(5) Reflects interest rate swap on $350.0 million.
(6) In January 2018, the Company secured an amendment extending the maturity date to January 2023.
 
 
RLJ Lodging Trust
Pro forma Operating Statistics — Top 60 Assets

(unaudited)

 
Property   City/State   # of Rooms  

Pro forma Consolidated
Hotel EBITDA

Marriott Louisville Downtown   Louisville, KY   616   $ 14,285
The Knickerbocker Hotel New York New York, NY 330 11,291
San Francisco Marriott Union Square San Francisco, CA 401 10,678
Wyndham San Diego Bayside San Diego, CA 600 10,119
The Vinoy Renaissance St. Petersburg Resort & Golf Club St Petersburg, FL 362 9,602
Wyndham Boston Beacon Hill Boston, MA 304 9,201
Embassy Suites Los Angeles - International Airport South El Segundo, CA 349 9,178
DoubleTree Metropolitan Hotel New York City New York, NY 764 9,161
Courtyard Austin Downtown Convention Center Austin, TX 270 8,943
Embassy Suites San Francisco Airport - Waterfront Burlingame, CA 340 8,868
The Mills House Wyndham Grand Hotel, Charleston Charleston, SC 216 8,664
Courtyard Portland City Center Portland, OR 256 8,461
Embassy Suites Mandalay Beach - Hotel & Resort Oxnard, CA 250 8,130
Embassy Suites Tampa Downtown Convention Center Tampa, FL 360 8,068
DoubleTree Grand Key Resort Key West, FL 216 7,873
Embassy Suites Fort Lauderdale 17th Street Fort Lauderdale, FL 361 7,753
Embassy Suites San Francisco Airport - South San Francisco South San Francisco, CA 312 7,737
Hilton Myrtle Beach Resort Myrtle Beach, SC 385 7,377
Wyndham New Orleans - French Quarter New Orleans, LA 374 7,352
Embassy Suites Napa Valley Napa, CA 205 7,013
Embassy Suites Myrtle Beach - Oceanfront Resort Myrtle Beach, SC 255 6,755
Embassy Suites Milpitas Silicon Valley Milpitas, CA 266 6,684
Wyndham Santa Monica At the Pier Santa Monica, CA 132 6,681
Wyndham Philadelphia Historic District Philadelphia, PA 364 6,669
Fairfield Inn & Suites Washington DC Downtown Washington, DC 198 6,616
Courtyard San Francisco San Francisco, CA 166 6,599
Residence Inn Palo Alto Los Altos Los Altos, CA 156 6,589
Sheraton Philadelphia Society Hill Hotel Philadelphia, PA 364 6,504
Hyatt House Emeryville San Francisco Bay Area Emeryville, CA 234 6,432
DoubleTree Suites by Hilton Austin Austin, TX 188 6,227
Renaissance Pittsburgh Hotel Pittsburgh, PA 300 6,053
Hilton Garden Inn San Francisco Oakland Bay Brg Emeryville, CA 278 6,045
Embassy Suites Deerfield Beach - Resort & Spa Deerfield Beach, FL 244 6,001
Embassy Suites Boston Waltham Waltham, MA 275 5,822
Wyndham Houston - Medical Center Hotel & Suites Houston, TX 287 5,821
Hyatt House San Jose Silicon Valley San Jose, CA 164 5,792
Marriott Denver South @ Park Meadows Lone Tree, CO 279 5,679
Courtyard Waikiki Beach Honolulu - Oahu, HI 403 5,466
Hilton Cabana Miami Beach Miami Beach, FL 231 5,410
Courtyard Chicago Downtown Magnificent Mile Chicago, IL 306 5,387
Embassy Suites Los Angeles Downey Downey, CA 220 5,313
Embassy Suites Atlanta - Buckhead Atlanta, GA 316 5,199
Renaissance Fort Lauderdale Plantation Hotel Plantation, FL 250 5,172
Residence Inn Bethesda Downtown Bethesda, MD 188 5,074
Hyatt House Santa Clara Santa Clara, CA 150 5,051
Courtyard Charleston Historic District Charleston, SC 176 5,037
Holiday Inn San Francisco - Fisherman's Wharf San Francisco, CA 585 5,017
Homewood Suites Washington DC Downtown Washington, DC 175 5,001
Residence Inn Austin Downtown Convention Center Austin, TX 179 4,946
Embassy Suites Irvine Orange County Irvine, CA 293 4,909
Marriott Denver Airport @ Gateway Park Aurora, CO 238 4,864
Hilton Garden Inn Los Angeles Hollywood Los Angeles, CA 160 4,733
Hyatt House San Diego Sorrento Mesa San Diego, CA 193 4,567
Renaissance Boulder Flatiron Hotel Broomfield, CO 232 4,432
Hyatt Place Washington DC Downtown K Street Washington, DC 164 4,427
Embassy Suites Minneapolis - Airport Bloomington, MN 310 4,353
Embassy Suites Orlando - International Drive South/Convention Center Orlando, FL 244 4,255
Hyatt Place Fremont Silicon Valley Fremont, CA 151 4,023
Hilton Garden Inn New Orleans Convention Center New Orleans, LA 286 3,995
DoubleTree by Hilton Burlington Vermont South Burlington, VT 309     3,310
Top 60 Assets 17,180 396,664

Other (97 Assets)

13,621     209,272
Total Portfolio 30,801   $ 605,936
 

Note: For the trailing twelve months ended December 31, 2017. Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Amounts in thousands, except rooms. The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes.

 
 
RLJ Lodging Trust
Pro forma Operating Statistics

(unaudited)

 

For the quarter ended December 31, 2017

 
Top Markets  

# of
Hotels

  Occupancy   ADR   RevPAR  

% of
Hotel
EBITDA

2017   2016   Var 2017   2016   Var 2017   2016   Var Q4
Northern California 14 80.9 % 83.2 % (2.7 )% $ 217.36 $ 211.24 2.9 % $ 175.89 $ 175.71 0.1 % 13 %
Southern California 9 82.0 % 78.9 % 3.9 % 166.03 165.34 0.4 % 136.12 130.51 4.3 % 8 %
South Florida 13 85.6 % 78.3 % 9.3 % 165.24 156.80 5.4 % 141.43 122.73 15.2 % 9 %
Austin 14 75.8 % 73.8 % 2.6 % 163.22 166.54 (2.0 )% 123.64 122.94 0.6 % 7 %
Denver 13 68.9 % 69.3 % (0.7 )% 133.46 129.50 3.1 % 91.90 89.80 2.3 % 5 %
Washington, DC 8 76.6 % 74.3 % 3.1 % 179.30 179.45 (0.1 )% 137.30 133.26 3.0 % 5 %
Houston 11 74.4 % 64.1 % 16.1 % 143.09 137.55 4.0 % 106.47 88.18 20.7 % 5 %
Chicago 14 65.7 % 66.3 % (0.9 )% 139.06 145.96 (4.7 )% 91.32 96.75 (5.6 )% 4 %
Louisville 5 67.8 % 63.7 % 6.5 % 148.97 142.42 4.6 % 101.00 90.69 11.4 % 4 %
New York City 5 92.6 % 89.1 % 3.9 % 264.74 267.22 (0.9 )% 245.05 238.04 2.9 % 9 %
Other 51 71.8 %   70.3 %   2.1 %   157.21     155.59   1.0 %   112.91     109.43   3.2 % 31 %
Total 157 75.8 %   73.6 %   2.9 % $ 171.36   $ 169.64   1.0 % $ 129.89   $ 124.91   4.0 % 100 %
 
Service Level

# of
Hotels

Occupancy ADR RevPAR

% of
Hotel
EBITDA

2017 2016 Var 2017 2016 Var 2017 2016 Var Q4
Focused-Service 102 75.0 % 73.6 % 2.0 % $ 157.01 $ 155.41 1.0 % $ 117.80 $ 114.33 3.0 % 45 %
Compact Full-Service 49 79.0 % 75.7 % 4.3 % 187.25 186.32 0.5 % 147.85 141.07 4.8 % 49 %
Full-Service 6 61.7 %   61.5 %   0.2 %   160.71     154.93   3.7 %   99.09     95.30   4.0 % 6 %
Total 157 75.8 %   73.6 %   2.9 % $ 171.36   $ 169.64   1.0 % $ 129.89   $ 124.91   4.0 % 100 %
 
Chain Scale

# of
Hotels

Occupancy ADR RevPAR

% of
Hotel
EBITDA

2017 2016 Var 2017 2016 Var 2017 2016 Var Q4
Upper Upscale 49 74.7 % 71.5 % 4.5 % $ 171.84 $ 169.78 1.2 % $ 128.42 $ 121.39 5.8 % 45 %
Upscale 90 76.9 % 75.7 % 1.7 % 167.74 166.29 0.9 % 129.07 125.84 2.6 % 46 %
Upper Midscale 16 73.4 % 73.1 % 0.4 % 156.57 154.40 1.4 % 114.97 112.94 1.8 % 5 %
Other 2 85.1 %   77.5 %   9.8 %   330.57     346.05   (4.5 )%   281.45     268.32   4.9 % 4 %
Total 157 75.8 %   73.6 %   2.9 % $ 171.36   $ 169.64   1.0 % $ 129.89   $ 124.91   4.0 % 100 %
 
Flags

# of
Hotels

Occupancy ADR RevPAR

% of
Hotel
EBITDA

2017 2016 Var 2017 2016 Var 2017 2016 Var Q4
Residence Inn 29 78.1 % 74.4 % 5.0 % $ 149.53 $ 147.20 1.6 % $ 116.82 $ 109.50 6.7 % 11 %
Courtyard 24 75.2 % 74.0 % 1.6 % 165.53 166.08 (0.3 )% 124.41 122.89 1.2 % 13 %
Embassy Suites 24 80.4 % 74.6 % 7.8 % 167.61 167.14 0.3 % 134.74 124.62 8.1 % 20 %
Hyatt House 11 79.4 % 80.4 % (1.3 )% 174.14 167.99 3.7 % 138.25 135.06 2.4 % 7 %
Hilton Garden Inn 8 72.9 % 71.5 % 2.0 % 159.96 157.34 1.7 % 116.68 112.54 3.7 % 4 %
SpringHill Suites 8 67.9 % 65.9 % 3.0 % 127.09 126.88 0.2 % 86.27 83.60 3.2 % 2 %
Wyndham 8 74.8 % 71.7 % 4.4 % 170.32 168.32 1.2 % 127.38 120.63 5.6 % 10 %
Fairfield Inn & Suites 7 74.2 % 72.7 % 2.1 % 150.82 153.16 (1.5 )% 111.97 111.37 0.5 % 2 %
Hampton Inn 7 73.1 % 70.9 % 3.0 % 132.14 125.65 5.2 % 96.54 89.14 8.3 % 3 %
Marriott 6 67.3 % 68.8 % (2.1 )% 189.71 186.68 1.6 % 127.75 128.41 (0.5 )% 6 %
DoubleTree 6

82.6

%

84.9

%

(2.8

)%

213.13

207.75

2.6

%

176.02

176.46

(0.2

)%

6 %
Renaissance 4 73.4 % 70.8 % 3.6 % 184.37 181.31 1.7 % 135.30 128.41 5.4 % 5 %
Hyatt Place 3 77.7 % 81.8 % (4.9 )% 183.29 176.58 3.8 % 142.44 144.37 (1.3 )% 2 %
Homewood Suites 2 70.2 % 71.8 % (2.3 )% 171.41 172.75 (0.8 )% 120.36 124.10 (3.0 )% 1 %
Hilton 2 54.4 % 50.4 % 8.0 % 151.25 143.28 5.6 % 82.34 72.23 14.0 % 1 %
Hyatt 2 75.4 % 75.1 % 0.4 % 191.01 186.15 2.6 % 143.93 139.73 3.0 % 1 %
Other 6

74.9

%   73.7 %  

1.7

%

 

233.41

   

231.85

 

0.7

%  

174.91

   

170.82

 

2.4

% 6 %
Total 157 75.8 %   73.6 %   2.9 % $ 171.36   $ 169.64   1.0 % $ 129.89   $ 124.91   4.0 % 100 %
 

Note: Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes. Percentages may not sum to 100% due to rounding.

 
 
RLJ Lodging Trust
Pro forma Operating Statistics

(unaudited)

 

For the year ended December 31, 2017

 
Top Markets  

# of
Hotels

  Occupancy   ADR   RevPAR  

% of
Hotel
EBITDA

2017   2016   Var 2017   2016   Var 2017   2016   Var FY
Northern California 14 85.0 % 87.0 % (2.3 )% $ 221.47 $ 222.68 (0.5 )% $ 188.15 $ 193.72 (2.9 )% 15 %
Southern California 9 85.6 % 83.3 % 2.7 % 178.88 176.21 1.5 % 153.05 146.76 4.3 % 9 %
South Florida 13 83.9 % 83.0 % 1.1 % 168.26 166.71 0.9 % 141.23 138.44 2.0 % 9 %
Austin 14 77.1 % 78.3 % (1.5 )% 165.83 169.31 (2.1 )% 127.92 132.56 (3.5 )% 7 %
Denver 13 76.2 % 76.7 % (0.7 )% 140.57 137.89 1.9 % 107.09 105.83 1.2 % 5 %
Washington, DC 8 78.7 % 77.5 % 1.5 % 187.61 184.06 1.9 % 147.59 142.60 3.5 % 5 %
Houston 11 71.5 % 68.9 % 3.9 % 145.44 147.83 (1.6 )% 104.06 101.82 2.2 % 4 %
Chicago 14 68.0 % 68.5 % (0.7 )% 142.42 149.69 (4.9 )% 96.83 102.51 (5.5 )% 4 %
Louisville 5 68.3 % 72.2 % (5.4 )% 157.25 157.59 (0.2 )% 107.36 113.75 (5.6 )% 4 %
New York City 5 89.2 % 88.3 % 1.1 % 231.51 236.25 (2.0 )% 206.57 208.50 (0.9 )% 5 %
Other 51 75.9 %   75.9 %   (0.1 )%   161.42     161.72   (0.2 )%   122.48     122.78   (0.2 )% 33 %
Total 157 78.3 %   78.3 %   % $ 173.57   $ 174.31   (0.4 )% $ 135.82   $ 136.45   (0.5 )% 100 %
 
Service Level

# of
Hotels

Occupancy ADR RevPAR

% of
Hotel
EBITDA

2017 2016 Var 2017 2016 Var 2017 2016 Var FY
Focused-Service 102 77.2 % 77.8 % (0.8 )% $ 160.55 $ 161.16 (0.4 )% $ 123.92 $ 125.34 (1.1 )% 46 %
Compact Full-Service 49 81.2 % 80.0 % 1.5 % 186.51 188.09 (0.8 )% 151.40 150.49 0.6 % 46 %
Full-Service 6 67.4 %   71.1 %   (5.2 )%   175.29     173.04   1.3 %   118.21     123.05   (3.9 )% 8 %
Total 157 78.3 %   78.3 %   % $ 173.57   $ 174.31   (0.4 )% $ 135.82   $ 136.45   (0.5 )% 100 %
 
Chain Scale

# of
Hotels

Occupancy ADR RevPAR

% of
Hotel
EBITDA

2017 2016 Var 2017 2016 Var 2017 2016 Var FY
Upper Upscale 49 77.5 % 77.1 % 0.6 % $ 177.82 $ 178.34 (0.3 )% $ 137.89 $ 137.42 0.3 % 47 %
Upscale 90 79.1 % 79.7 % (0.8 )% 167.45 168.09 (0.4 )% 132.39 134.01 (1.2 )% 45 %
Upper Midscale 16 77.2 % 77.5 % (0.3 )% 164.65 167.40 (1.6 )% 127.18 129.70 (1.9 )% 6 %
Other 2 79.9 %   74.9 %   6.6 %   284.48     293.56   (3.1 )%   227.18     219.92   3.3 % 2 %
Total 157 78.3 %   78.3 %   % $ 173.57   $ 174.31   (0.4 )% $ 135.82   $ 136.45   (0.5 )% 100 %
 
Flags

# of
Hotels

Occupancy ADR RevPAR

% of
Hotel
EBITDA

2017 2016 Var 2017 2016 Var 2017 2016 Var FY
Residence Inn 29 79.1 % 78.9 % 0.3 % $ 153.33 $ 152.96 0.2 % $ 121.35 $ 120.71 0.5 % 11 %
Courtyard 24 78.0 % 78.3 % (0.3 )% 167.72 169.72 (1.2 )% 130.83 132.85 (1.5 )% 13 %
Embassy Suites 24 81.3 % 79.7 % 2.0 % 176.29 176.52 (0.1 )% 143.26 140.64 1.9 % 22 %
Hyatt House 11 81.5 % 84.2 % (3.2 )% 175.02 172.35 1.6 % 142.60 145.09 (1.7 )% 6 %
Hilton Garden Inn 8 74.1 % 75.2 % (1.5 )% 160.96 162.89 (1.2 )% 119.31 122.57 (2.7 )% 4 %
SpringHill Suites 8 70.6 % 71.9 % (1.8 )% 131.98 133.30 (1.0 )% 93.23 95.84 (2.7 )% 2 %
Wyndham 8 78.5 % 76.5 % 2.7 % 174.26 173.96 0.2 % 136.84 133.00 2.9 % 10 %
Fairfield Inn & Suites 7 76.1 % 76.8 % (0.9 )% 161.60 162.64 (0.6 )% 122.97 124.92 (1.6 )% 3 %
Hampton Inn 7 74.9 % 75.0 % (0.1 )% 139.78 139.97 (0.1 )% 104.67 104.93 (0.2 )% 2 %
Marriott 6 71.8 % 75.4 % (4.8 )% 195.29 196.39 (0.6 )% 140.14 148.07 (5.4 )% 7 %
DoubleTree 6

85.8

%

86.7

%

(1.1

)%

191.99

193.44

(0.8

)%

164.65

167.72

(1.8 )% 5 %
Renaissance 4 75.6 % 75.7 % (0.2 )% 184.54 184.75 (0.1 )% 139.47 139.91 (0.3 )% 4 %
Hyatt Place 3 81.9 % 85.3 % (4.0 )% 184.45 180.00 2.5 % 151.10 153.60 (1.6 )% 2 %
Homewood Suites 2 77.8 % 75.3 % 3.4 % 184.19 184.65 (0.3 )% 143.35 139.05 3.1 % 1 %
Hilton 2 67.9 % 68.8 % (1.3 )% 170.27 167.49 1.7 % 115.54 115.19 0.3 % 2 %
Hyatt 2 78.3 % 75.3 % 4.0 % 187.94 196.53 (4.4 )% 147.17 147.93 (0.5 )% 1 %
Other 6

77.0

%  

75.8

%  

1.5

%  

216.04

   

223.05

 

(3.1

)%  

166.28

   

169.17

 

(1.7

)% 5 %
Total 157 78.3 %   78.3 %  

% $ 173.57   $ 174.31   (0.4 )% $ 135.82   $ 136.45   (0.5 )% 100 %
 

Note: Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes. Percentages may not sum to 100% due to rounding.

 

Contacts

RLJ Lodging Trust
Leslie D. Hale
Chief Operating Officer and Chief Financial Officer
301-280-7774

Release Summary

RLJ Lodging Trust Reports Fourth Quarter and Full Year 2017 Results

Contacts

RLJ Lodging Trust
Leslie D. Hale
Chief Operating Officer and Chief Financial Officer
301-280-7774