Company Results

RLJ Lodging Trust Reports First Quarter 2014 Results

Pro forma RevPAR increased 6.0%, Pro forma ADR increased 3.3%, and Pro forma Occupancy increased 2.7%

RLJ Lodging Trust

RLJ Lodging Trust (NYSE: RLJ) reported results for the three months ended March 31, 2014.

First Quarter Highlights

  • Pro forma RevPAR increased 6.0%, Pro forma ADR increased 3.3%, and Pro forma Occupancy increased 2.7%
  • Adjusting for renovation disruption in the quarter, Pro forma RevPAR is estimated to have increased approximately 90 basis points to 6.9%
  • Pro forma Hotel EBITDA Margin of 31.8%
  • Pro forma Consolidated Hotel EBITDA increased 4.0% to $78.1 million
  • Adjusted FFO increased 21.5% to $53.5 million
  • Completed an acquisition of a 10-hotel Hyatt-branded portfolio for approximately $312.5 million and the disposition of 13 non-strategic hotels for approximately $114.5 million
  • Declared a regular quarterly cash dividend of $0.22 per share, an increase of approximately 7.3% over the prior quarter's regular dividend

“We started 2014 with very strong momentum. We completed several key transactions in addition to once again reporting strong operational results,” commented Thomas J. Baltimore, Jr., President and Chief Executive Officer. “We reinvested the proceeds from the sale of 13 non-strategic properties into 10 properties that increase our presence in high-growth markets. The results have been immediately accretive and provide us with a very solid foundation for future growth.”

Financial and Operating Results

Performance metrics such as Occupancy, Average Daily Rate (“ADR”), Revenue Per Available Room (“RevPAR”), Hotel EBITDA, and Hotel EBITDA Margin are pro forma. The prefix “pro forma” as defined by the Company, denotes operating results which include results for periods prior to its ownership. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are reported on a comparable basis and therefore exclude hotels sold during the period and non-comparable hotels that were not open for operation or closed for renovations for comparable periods. Explanations of EBITDA, Adjusted EBITDA, Hotel EBITDA, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included at the end of this release.

Pro forma RevPAR for the three months ended March 31, 2014, increased 6.0% over the comparable period in 2013, driven by a Pro forma ADR increase of 3.3% and a Pro forma Occupancy increase of 2.7%. Adjusting for disruption caused by recent renovations, the Company estimates that RevPAR growth would have increased by an additional 90 basis points to 6.9%. Among the Company’s top six markets, the best performers in the quarter were Denver and Washington, D.C., which experienced RevPAR growth of 13.3% and 9.0%, respectively.

Pro forma Hotel EBITDA Margin for the three months ended March 31, 2014, decreased 28 basis points over the comparable period in 2013 to 31.8%, adjusted to normalize 2013 ground rent at the Courtyard Waikiki Beach.

Pro forma Consolidated Hotel EBITDA includes the results of non-comparable hotels and is adjusted to normalize 2013 ground rent at the Courtyard Waikiki Beach. For the three months ended March 31, 2014, Pro forma Consolidated Hotel EBITDA increased $3.0 million to $78.1 million, representing a 4.0% increase over the comparable period in 2013.

Adjusted EBITDA for the three months ended March 31, 2014, increased $6.1 million to $67.4 million, representing a 9.9% increase over the comparable period in 2013.

Adjusted FFO for the three months ended March 31, 2014, increased $9.5 million to $53.5 million, representing a 21.5% increase over the comparable period in 2013.

Adjusted FFO per diluted share and unit for the three months ended March 31, 2014, was $0.43 based on the Company’s diluted weighted-average common shares and units outstanding of 123.8 million.

Non-recurring items which are noteworthy for the three months ended March 31, 2014, include a loss on disposal of $2.6 million and approximately $1.1 million primarily related to the loss on defeasance and accelerated amortization of deferred financing fees, both of which are associated with non-strategic hotels sold during the quarter.

Non-recurring items are included in net income attributable to common shareholders but have been excluded from Adjusted EBITDA and Adjusted FFO, as applicable. A complete listing is provided in the Non-GAAP reconciliation tables for the three months ended March 31, 2014 and 2013.

Net income attributable to common shareholders for the three months ended March 31, 2014, was $11.9 million compared to $8.5 million in the comparable period in 2013.

Net cash flow from operating activities for the three months ended March 31, 2014, totaled $31.6 million compared to $34.0 million for the comparable period in 2013.

Acquisitions/Dispositions

During the three months ended March 31, 2014, the Company acquired a 10-hotel portfolio for approximately $312.5 million and sold 13 hotels for approximately $114.5 million.

On March 12, 2014, the Company acquired 10 Hyatt, Hyatt Place, and Hyatt House-branded hotels totaling 1,560 rooms for approximately $312.5 million, or approximately $200,000 per key. The portfolio consists of high-performing and well-situated hotels, the majority of which are located on the West Coast. With the addition of this portfolio, the Company expects to more than double its Hotel EBITDA generated from the West Coast.

On February 20, 2014, the Company sold an 11-hotel portfolio consisting of 1,205 rooms for approximately $84.8 million. The sale price, adjusted for pending capital expenditures, represents a capitalization rate of approximately 7.9% on the portfolio's 2013 net operating income.

On February 25, 2014, the Company sold the 150-room Hilton Garden Inn St. George in St. George, Utah for approximately $15.7 million. The sale price, adjusted for pending capital expenditures, represents a capitalization rate of approximately 8.7% on the hotel's 2013 net operating income.

On March 26, 2014, the Company sold the 182-room Hilton Mystic in Mystic, Connecticut for approximately $14.1 million. The sale price, adjusted for pending capital expenditures, represents a capitalization rate of approximately 7.4% on the hotel's projected 2014 net operating income.

Balance Sheet

In March 2014, the Company amended its credit agreement to extend the maturity date of its 2012 Five-Year Term Loan from November 20, 2017 to March 20, 2019, expand the accordion feature, and reduce the applicable margin by 15 basis points. The Company also exercised the accordion feature of its 2012 Five-Year Term Loan and 2013 Five-Year Term Loan, resulting in proceeds of $175.0 million.

As of March 31, 2014, the Company had $270.8 million of unrestricted cash on its balance sheet, $300.0 million available on its revolving credit facility, and $1.6 billion of debt outstanding. The Company’s ratio of net debt to Adjusted EBITDA for the trailing twelve month period was 3.9 times.

Dividends

The Company’s Board of Trustees declared a cash dividend of $0.22 per common share of beneficial interest. The dividend was paid on April 15, 2014, to shareholders of record as of March 31, 2014, and represents an increase of approximately 7.3% over the prior quarter's regular dividend of $.205.

2014 Outlook

The Company’s outlook has been updated to reflect recent acquisition and disposition activity. The outlook excludes any potential future acquisition and disposition, which could result in a material change to the Company’s outlook. The 2014 outlook is also based on a number of other assumptions, many of which are outside the Company’s control and all of which are subject to change.

Pro forma operating statistics include results for periods prior to the Company’s ownership and therefore assume the hotels were owned since January 1, 2013. Pro forma Consolidated Hotel EBITDA includes approximately $4.5 million of prior ownership Hotel EBITDA for 10 recently acquired hotels that is not included in the Company’s Adjusted EBITDA or Adjusted FFO. Pro forma guidance removes income from hotels that were sold. For the full year 2014, the Company anticipates:

(1) Excludes non-comparable hotels. Properties closed for renovations are considered non-comparable and therefore are excluded for periods in which they were closed.

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 owns 146 properties, comprised of 144 hotels with approximately 22,400 rooms and two planned hotel conversions, located in 21 states and the District of Columbia.

RLJ Lodging Trust

Non-GAAP and Accounting Commentary

Non-Generally Accepted Accounting Principles (“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, and (5) Hotel EBITDA. 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, and Hotel EBITDA 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, items classified by GAAP as extraordinary, 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.

Hotel EBITDA

With respect to Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and 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 operating the Company’s business on a property-level basis.

Pro forma Hotel EBITDA includes hotel results from prior ownership periods and excludes non-comparable hotels which were not open for operation or closed for renovations for comparable periods. Pro forma Consolidated Hotel EBITDA includes hotel results from prior ownership periods and includes the results of non-comparable hotels which were not open for operation or closed for renovations during the comparable periods.

Adjustments to FFO and EBITDA

The Company adjusts FFO and EBITDA for certain additional items, such as discontinued operations, transaction and pursuit costs, the amortization of share-based compensation, and certain other expenses that the Company considers outside the normal course of business. 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, as applicable:

  • Transaction and Pursuit Costs: The Company excludes transaction and pursuit costs expensed during the period because it believes they do not reflect the underlying performance of the Company.
  • Non-Cash Expenses: The Company excludes the effect of certain non-cash items because it believes they do not reflect the underlying performance of the Company. The Company has excluded the amortization of share based compensation, non-cash loss on the disposal of assets, and the accelerated amortization of deferred financing fees.
  • Other Non-operational Expenses: The Company excludes the effect of certain non-operational expenses because it believes they do not reflect the underlying performance of the Company. The Company has excluded legal expenses it considered outside the normal course of business and the loss on defeasance of debt.

New Accounting Treatment for Discontinued Operations: The Company adopted Financial Accounting Standards Board Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Going forward, the Company will only classify dispositions in discontinued operations if they represent a strategic shift in operations (e.g., disposal of a major line of business). The 13 assets sold during the quarter are not considered as a strategic shift in operations.

 

RLJ Lodging Trust

Consolidated Balance Sheets

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

 
           
 

March 31,

 2014

 

December 31, 2013

   

(unaudited)

   
Assets
Investment in hotels and other properties, net $ 3,422,662 $ 3,241,163
Cash and cash equivalents 270,765 332,248
Restricted cash reserves 57,193 62,430
Hotel and other receivables, net of allowance of $172 and $234, respectively 31,758 22,762
Deferred financing costs, net 11,977 11,599
Deferred income tax asset 2,636 2,529
Purchase deposits 7,246 7,246
Prepaid expense and other assets 39,428   37,997  
Total assets $ 3,843,665   $ 3,717,974  
Liabilities and Equity
Mortgage loans $ 536,470 $ 559,665
Term loans 1,025,000 850,000
Accounts payable and accrued expense 102,518 115,011
Deferred income tax liability 3,467 3,548
Advance deposits and deferred revenue 14,093 9,851
Accrued interest 2,613 2,695
Distributions payable 28,677   30,870  
Total liabilities 1,712,838 1,571,640
Equity
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively.
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 122,901,341 and 122,640,042 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively. 1,229 1,226
Additional paid-in-capital 2,180,505 2,178,004
Accumulated other comprehensive loss (7,302 ) (5,941

)

Distributions in excess of net earnings (60,848 ) (45,522

)

Total shareholders’ equity 2,113,584 2,127,767
Noncontrolling interest
Noncontrolling interest in joint venture 6,090 7,306
Noncontrolling interest in Operating Partnership 11,153   11,261  
Total noncontrolling interest 17,243   18,567  
Total equity 2,130,827   2,146,334  
Total liabilities and equity $ 3,843,665   $ 3,717,974  
 
 

RLJ Lodging Trust

Consolidated Statements of Operations

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

(Unaudited)

 
 

For the three months ended March 31,

    2014   2013
Revenue  
Operating revenue
Room revenue $ 206,025 $ 185,448
Food and beverage revenue 23,367 23,212
Other operating department revenue 6,981   6,210  
Total revenue 236,373   214,870  
Expense
Operating expense
Room expense 47,521 43,097
Food and beverage expense 16,873 16,557
Management fee expense 9,113 7,381
Other operating expense 72,076   66,366  
Total property operating expense 145,583 133,401
Depreciation and amortization 32,876 31,344
Property tax, insurance and other 17,252 14,710
General and administrative 10,129 8,798
Transaction and pursuit costs 1,484   1,089  
Total operating expense 207,324   189,342  
Operating income 29,049 25,528
Other income 110 79
Interest income 323 296
Interest expense (14,646 ) (16,874 )
Income from continuing operations before income tax expense 14,836 9,029
Income tax expense (294 ) (226 )
Income from continuing operations 14,542 8,803
Loss from discontinued operations (219 )
Loss on disposal of hotel properties (2,557 )  
Net income 11,985 8,584
Net (income) loss attributable to non-controlling interests
Noncontrolling interest in consolidated joint venture 34 48
Noncontrolling interest in common units of Operating Partnership (87 ) (139 )
Net income attributable to common shareholders $ 11,932   $ 8,493  
Basic per common share data:
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties $ 0.10 $ 0.08
Discontinued operations    
Net income per share attributable to common shareholders $ 0.10   $ 0.08  
Weighted-average number of common shares 121,740,962   106,815,375  
Diluted per common share data:
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties $ 0.10 $ 0.08
Discontinued operations    
Net income per share attributable to common shareholders $ 0.10   $ 0.08  
Weighted-average number of common shares 122,867,755   107,423,195  
 
 

RLJ Lodging Trust

Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands, except per share data)

(Unaudited)

 

Funds From Operations (FFO)

 
  For the three months ended March 31,
    2014   2013
Net income $ 11,985   $ 8,584
Depreciation and amortization 32,876 31,344
Loss on disposal of hotel properties 2,557
Noncontrolling interest in joint venture 34 48
Adjustments related to discontinued operations (1) 91
Adjustments related to joint venture (2) (46 ) (121 )
FFO attributable to common shareholders 47,406 39,946
Transaction and pursuit costs 1,484 1,089
Amortization of share based compensation 3,573 3,014
Loan related costs (3) 1,073
Other expenses (4)   13  
Adjusted FFO $ 53,536   $ 44,062  
 
Adjusted FFO per common share and unit-basic $ 0.44 $ 0.41
Adjusted FFO per common share and unit-diluted $ 0.43 $ 0.41
 
Basic weighted-average common shares and units outstanding (5) 122,635 107,709
Diluted weighted-average common shares and units outstanding (5) 123,762 108,317
 

Note:

(1)   Includes depreciation and amortization expense from discontinued operations.
(2) Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(3) Represents primarily a loss on defeasance and accelerated amortization of deferred financing fees.
(4) Represents legal expenses outside the normal course of operations.
(5) Includes 0.9 million operating partnership units.
 
 

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 three months ended March 31,
    2014   2013
Net income $ 11,985   $ 8,584
Depreciation and amortization 32,876 31,344
Interest expense, net (1) 14,638 16,866
Income tax expense 294 226
Noncontrolling interest in joint venture 34 48
Adjustments related to discontinued operations (2) 252
Adjustments related to joint venture (3) (46 ) (121 )
EBITDA 59,781 57,199
Transaction and pursuit costs 1,484 1,089
Loss on disposal of hotel properties 2,557
Amortization of share based compensation 3,573 3,014
Other expenses (4)   13  
Adjusted EBITDA $ 67,395   $ 61,315  
General and administrative (5) 6,555 5,783
Operating results from noncontrolling interest in joint venture 12 73

Apartment income

49 (43 )
Pro forma adjustments (6) 4,511 10,396
Income from sold properties (415 ) (2,475 )
Other corporate adjustments 14   67  
Pro forma Consolidated Hotel EBITDA 78,121   75,116  
Non-comparable hotels (7) (11 ) (190 )
Pro forma Hotel EBITDA $ 78,110   $ 74,926  
 

Note:

(1)   Interest expense is net of interest income, excludes amounts attributable to investment in loans of $0.3 million for both the three months ended March 31, 2014 and 2013.
(2) Includes depreciation, amortization and interest expense from discontinued operations.
(3) Includes depreciation, amortization and interest expense allocated to the noncontrolling interest in the joint venture.
(4) Represents legal expenses outside the normal course of operations.
(5) General and administrative expenses exclude amortization of share based compensation, which is reflected in Adjusted EBITDA.
(6) Reflects prior ownership results of recent acquisitions and normalizes ground rent for the Courtyard Waikiki Beach. For the three months ended March 31, 2013, Pro forma Hotel EBITDA for the Courtyard Waikiki Beach was reduced by $0.9 million.
(7) Reflects the results of Residence Inn Atlanta Midtown Historic, which is currently closed for a comprehensive renovation.
 
 

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 March

31, 2014

Secured Debt          
Capmark Financial Group - 1 hotel 10 May 2015 Fixed 5.55% $ 10,816
Capmark Financial Group - 1 hotel 10 June 2015 Fixed 5.55% 4,692
Barclay’s Bank - 12 hotels 10 June 2015 Fixed 5.55% 110,611
Barclay’s Bank - 4 hotels 10 June 2015 Fixed 5.60% 27,534
Capmark Financial Group - 1 hotel 10 July 2015 Fixed 5.50% 6,391
Barclay’s Bank - 1 hotel 10 September 2015 Fixed

5.44%

10,426
Wells Fargo - 5 hotels 3 October 2016 Floating 3.75% 142,000
PNC Bank - 5 hotels 4 May 2017 Floating 2.50% 74,000
Wells Fargo - 4 hotels 3   September 2020   Floating (2)   4.19%   150,000
Secured Total / Weighted Average 4.27% $ 536,470
 
Unsecured Debt
Credit Facility 4 November 2017 Floating 1.92% $
2013 Five-Year Term Loan 5 August 2018

Floating (2)(3)

3.07% 400,000
2012 Five-Year Term Loan 5 March 2019

Floating (2)(4)

1.70% 400,000
Seven-Year Term Loan 7   November 2019   Floating (2)   4.04%   225,000
Unsecured Total / Weighted Average 2.75% $ 1,025,000
                 
Total Debt / Weighted Average             3.27%   $ 1,561,470
                       

Note:

(1)   Interest rates include the effect of interest rate swaps as of March 31, 2014.
(2) The floating interest rate is hedged with an interest rate swap.

(3)

Reflects interest rate swap on $350.0 million.

(4)

Interest rate does not reflect forward interest rate swap. Forward swap only applicable to $275.0 million.
 
 
RLJ Lodging Trust
Acquisitions
                         
          Gross Purchase  
Price %
2014 Acquisitions   Location   Acquisition Date   Management Company   Rooms   ($ in millions) (1)   Interest
Hyatt House Charlotte Center City Charlotte, NC March 12, 2014 Hyatt Affiliate 163 $ 32.5 100 %
Hyatt House Cypress Anaheim Cypress, CA March 12, 2014 Hyatt Affiliate 142 14.8 100 %
Hyatt House Emeryville SF Bay Area Emeryville, CA March 12, 2014 Hyatt Affiliate 234 39.3 100 %
Hyatt House San Diego Sorrento Mesa San Diego, CA March 12, 2014 Hyatt Affiliate 193 36.0 100 %
Hyatt House San Jose Silicon Valley San Jose, CA March 12, 2014 Hyatt Affiliate 164 44.2 100 %
Hyatt House San Ramon San Ramon, CA March 12, 2014 Hyatt Affiliate 142 20.8 100 %
Hyatt House Santa Clara Santa Clara, CA March 12, 2014 Hyatt Affiliate 150 40.6 100 %
Hyatt Market Street The Woodlands The Woodlands, TX March 12, 2014 Hyatt Affiliate 70 25.8 100 %
Hyatt Place Fremont Silicon Valley Fremont, CA March 12, 2014 Hyatt Affiliate 151 23.5 100 %
Hyatt Place Madison Downtown Madison, WI March 12, 2014 Hyatt Affiliate 151     35.1   100 %
Total Acquisitions 1,560   $ 312.5  
Hilton Cabana Miami Beach (2) Miami Beach, FL N/A N/A 231     71.6   100 %
Total Acquisitions (including Hilton Cabana) 1,791   $ 384.1  
                           
Gross Purchase
Price %
2013 Acquisitions   Location   Acquisition Date   Management Company   Rooms   ($ in millions) (1)   Interest
Courtyard Houston Downtown Convention Center Houston, TX March 19, 2013 White Lodging Services 191 $ 34.4 100 %
Residence Inn Houston Downtown Convention Center Houston, TX March 19, 2013 White Lodging Services 171 29.5 100 %
Humble Tower Apartments (3) Houston, TX March 19, 2013 N/A 82 15.6 100 %
Courtyard Waikiki Beach Honolulu, HI June 17, 2013 Highgate Hotels 399 75.3 100 %
Vantaggio Suites Cosmo / Courtyard San Francisco (4) San Francisco, CA June 21, 2013 N/A 150 29.5 100 %
Residence Inn Atlanta Midtown Historic (5) Atlanta, GA August 6, 2013 N/A 78 5.0 100 %
SpringHill Suites Portland Hillsboro Hillsboro, OR October 8, 2013 InnVentures 106     24.0   100 %
Total Acquisitions 1,177   $ 213.3  
                           

Note:

(1)   Gross purchase price does not include net closing adjustments. Please refer to the 10-Q for the net purchase price.
(2) On November 30, 2012, the Company signed a purchase and sale agreement to acquire upon completion the 231-room Hilton Cabana Miami Beach for a fixed purchase price of $71.6 million, or approximately $310,000 per key.
(3) This property is currently not open for operations. Conversion to a SpringHill Suites is in progress.
(4) This property is currently not open for operations. Conversion to a Courtyard by Marriott is in progress.
(5) The Company was the successful bidder at a foreclosure sale of the property collateralizing the non-performing loan. The purchase price equates to the original amount paid for the mortgage note in November 2009. The property is closed and undergoing a major renovation.
 

 
RLJ Lodging Trust
Pro forma Operating Statistics — Top 50 Assets

(Amounts in thousands, except rooms)

(Unaudited)

 
For the trailing twelve months ended March 31, 2014
      Pro forma Consolidated
Property   City/State   Rooms   Hotel EBITDA
DoubleTree NYC Metropolitan New York, NY 764 $ 19,717
Marriott Louisville Downtown Louisville, KY 616 14,055
Hilton New York Fashion District New York, NY 280 11,085
Hilton Garden Inn New York W 35th St New York, NY 298 10,633
Courtyard Austin Dtwn Conv Ctr Austin, TX 270 9,134
Courtyard Chicago Downtown Mag Mile Chicago, IL 306 6,891
Fairfield Inn & Suites DC Downtown Washington, DC 198 5,814
Embassy Suites Tampa Dtwn Conv Ctr Tampa, FL 360 5,725
Renaissance Pittsburgh Hotel Pittsburgh, PA 300 5,644
Courtyard Waikiki Beach (1) Honolulu - Oahu, HI 403 5,586
Embassy Suites Boston Waltham Waltham, MA 275 5,109
Courtyard New York Manhattan Upper East New York, NY 226 4,946
Residence Inn Austin Dtwn Conv Ctr Austin, TX 179 4,919
Marriott Denver Airport @ Gateway Park Aurora, CO 238 4,700
Marriott Denver South @ Park Meadows Lone Tree, CO 279 4,654
Hilton Garden Inn SF Oakland Bay Bridge Emeryville, CA 278 4,633
Hilton Garden Inn Los Angeles Hollywood Los Angeles, CA 160 4,410
Residence Inn Bethesda Downtown Bethesda, MD 187 4,409
Courtyard Houston By The Galleria Houston, TX 190 4,407
Homewood Suites Washington DC Downtown Washington, DC 175 4,312
Courtyard Charleston Historic District Charleston, SC 176 4,243
Hilton Garden Inn New Orleans Conv Ctr New Orleans, LA 286 4,072
Residence Inn National Harbor DC Oxon Hill, MD 162 3,931
Hyatt House Emeryville SF Bay Area Emeryville, CA 234 3,916
Hyatt House Santa Clara Santa Clara, CA 150 3,829
Embassy Suites Los Angeles Downey Downey, CA 219 3,826
Hyatt House San Jose Silicon Valley San Jose, CA 164 3,708
Renaissance Boulder Flatiron Hotel Broomfield, CO 232 3,392
Renaissance Ft Lauderdale Plantation Plantation, FL 250 3,317
Marriott Austin South Austin, TX 211 3,312
Courtyard Houston Dtwn Conv Ctr Houston, TX 191 3,287
Residence Inn Chicago Oak Brook Oak Brook, IL 156 3,282
Hilton Garden Inn Bloomington Bloomington, IN 168 <



Logos, product and company names mentioned are the property of their respective owners.