RLJ Lodging Trust Results

RLJ Lodging Trust Reports First Quarter 2016 Results

Completed a comprehensive $1.0 billion refinancing - Repurchased 0.5 million common shares for $11.3 million - Pro forma RevPAR increased 2.1%

RLJ Lodging Trust

RLJ Lodging Trust (NYSE: RLJ) yesterday reported results for the three months ended March 31, 2016.

Highlights

  • Pro forma RevPAR increased 2.1%, Pro forma ADR increased 2.1%, and Pro forma Occupancy increased 0.1%
  • Pro forma Hotel EBITDA Margin increased 35 basis points to 33.6%
  • Pro forma Consolidated Hotel EBITDA increased 7.3% to $92.4 million
  • Adjusted FFO increased 5.2% to $70.8 million
  • Refinanced $233.5 million of secured debt; extended maturities to 2022 and 2023
  • Sold one non-strategic property
  • Repurchased 0.5 million common shares for $11.3 million
  • Subsequent to quarter end, refinanced $800.0 million of unsecured debt; extended maturities to 2021, improved pricing, and enhanced financial covenants

“Our diversified portfolio and prudent capital allocation continue to yield positive results,” commented Thomas J. Baltimore, Jr., President and Chief Executive Officer. “In addition to another quarter of solid performance, we further bolstered our balance sheet by refinancing $1.0 billion of debt and also enhanced capital returns to our shareholders by continuing to repurchase shares. We remain optimistic about 2016 as we benefit from our shift towards higher growth markets and the ramp up of our recent conversions.”

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 were closed for renovation 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, 2016, increased 2.1% over the comparable period in 2015, driven by a Pro forma ADR increase of 2.1%, and a Pro forma Occupancy increase of 0.1%. Excluding Chicago and Houston, which experienced softness in the quarter, Pro forma RevPAR growth was 3.9%. Two of the Company’s markets achieved double-digit RevPAR growth, including Northern California and Southern California, which experienced RevPAR growth of 28.7% and 11.9%, respectively.

Pro forma Hotel EBITDA Margin for the three months ended March 31, 2016, increased 35 basis points over the comparable period in 2015 to 33.6%. Excluding Chicago and Houston, Pro forma Hotel EBITDA Margin increased 82 basis points.

Pro forma Consolidated Hotel EBITDA includes the results of non-comparable hotels. For the three months ended March 31, 2016, Pro forma Consolidated Hotel EBITDA increased $6.3 million to $92.4 million, representing a 7.3% increase over the comparable period in 2015.

Adjusted EBITDA for the three months ended March 31, 2016, increased $4.9 million to $86.0 million, representing a 6.1% increase over the comparable period in 2015.

Adjusted FFO for the three months ended March 31, 2016, increased $3.5 million to $70.8 million, representing a 5.2% increase over the comparable period in 2015.

Adjusted FFO per diluted share and unit for the three months ended March 31, 2016, was $0.57 based on the Company’s diluted weighted-average common shares and units outstanding of 124.9 million.

Non-recurring items which were noteworthy for the three months ended March 31, 2016, included a non-cash deferred tax expense of $1.1 million and $0.7 million of other costs outside the normal course of operations.

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 in this press release for the three months ended March 31, 2016 and 2015.

Net income attributable to common shareholders for the three months ended March 31, 2016, was $25.3 million, compared to $47.9 million for the comparable period in 2015.

Net cash flow from operating activities for the three months ended March 31, 2016, totaled $55.2 million, compared to $44.1 million for the comparable period in 2015.

Balance Sheet

During the three months ended March 31, 2016, the Company successfully refinanced $233.5 million of secured debt.

On March 16, 2016, the Company amended its $74.0 million cross-collateralized, first mortgage non-recourse loan secured by five properties. The transaction increased proceeds to $85.0 million, improved pricing, and extended the final maturity from 2017 to 2023, including extensions.

On March 24, 2016, the Company amended and restated three first mortgage non-recourse loans secured by four properties totaling $148.5 million. The transaction improved pricing and extended the final maturity from 2020 to 2022, including extensions.

As of March 31, 2016, the Company had $126.0 million of unrestricted cash on its balance sheet, $300.0 million available on its Revolver, and $1.6 billion of debt outstanding. The Company’s ratio of net debt to Adjusted EBITDA, pro forma for recent acquisitions and dispositions, for the trailing twelve month period ended March 31, 2016, was 3.8 times.

Dividends

The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the first quarter. The dividend was paid on April 15, 2016, to shareholders of record as of March 31, 2016.

Share Buyback

During the first quarter of 2016, the Company repurchased 0.5 million common shares for $11.3 million at an average price per share of $22.11. As of March 31, 2016, the Company's authorized share buyback program had a remaining capacity of $163.5 million.

Dispositions

On February 22, 2016, the Company sold the 62-room Holiday Inn Express Merrillville in Merrillville, IN for $2.9 million.

Subsequent Events

On April 22, 2016, the Company successfully refinanced $800.0 million of unsecured debt.

The Company amended and restated its $400.0 million 2013 Five-Year Term Loan. The transaction extended the final maturity from 2018 to 2021 and improved pricing by an average of 21 basis points.

The Company also amended and restated its $300.0 million Revolver. Including extensions, the transaction extended the final maturity from 2017 to 2021, increased the capacity to $400.0 million, and improved pricing by an average of 26 basis points.

2016 Outlook

The Company’s outlook remains the same. The outlook excludes potential future acquisitions and dispositions, which could result in a material change to the Company’s outlook. The 2016 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 assumes the hotels were owned since January 1, 2015. Pro forma guidance removes income from hotels that have been sold.

For the full year 2016, the Company anticipates:

       
      Current Outlook
Pro forma RevPAR growth (1)     3.0% to 5.0%
Pro forma Hotel EBITDA Margin (1)     36.5% to 37.5%
Pro forma Consolidated Hotel EBITDA     $425.0M to $450.0M
Corporate Cash General & Administrative     $27.5M to $28.5M
       

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

 

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 125 hotels with approximately 20,800 rooms, 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, 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 Consolidated 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.

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

Adjustments to FFO and EBITDA

The Company adjusts FFO and EBITDA for certain additional items, such as transaction and pursuit costs, the amortization of share based compensation, and certain other expenses that the Company considers outside the normal course of business 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, 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 gain or loss on the disposal of assets, and certain non-cash income taxes.
  • 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 property-related severance costs, debt modification costs, and debt extinguishment costs.
 

RLJ Lodging Trust

Consolidated Balance Sheets

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

 
  March 31,

2016

 

December 31,

2015

    (unaudited)    
Assets
Investment in hotel properties, net $ 3,643,206 $ 3,674,999
Cash and cash equivalents 126,004 134,192
Restricted cash reserves 54,547 55,455
Hotel and other receivables, net of allowance of $129 and $117, respectively 31,007 25,755
Deferred income tax asset 48,847 49,978
Prepaid expense and other assets   36,727     32,563  
Total assets $ 3,940,338   $ 3,972,942  
Liabilities and Equity
Mortgage loans, net $ 415,546 $ 406,049
Term loans and revolving credit facility, net 1,169,840 1,169,437
Accounts payable and other liabilities 130,776 129,192
Deferred income tax liability 9,801 9,801
Advance deposits and deferred revenue 13,460 11,647
Accrued interest 4,872 4,883
Distributions payable   41,361     41,409  
Total liabilities 1,785,656 1,772,418
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, 2016 and December 31, 2015, respectively
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 124,807,780 and 124,635,675 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively 1,248 1,246
Additional paid-in-capital 2,190,737 2,195,732
Accumulated other comprehensive loss (36,850 ) (16,602 )
(Distributions in excess of net earnings) retained earnings   (13,448 )   2,439  
Total shareholders’ equity 2,141,687 2,182,815
Noncontrolling interest
Noncontrolling interest in consolidated joint venture 5,856 6,177
Noncontrolling interest in the Operating Partnership   7,139     11,532  
Total noncontrolling interest   12,995     17,709  
Total equity   2,154,682     2,200,524  
Total liabilities and equity $ 3,940,338   $ 3,972,942  
 
 

RLJ Lodging Trust

Consolidated Statements of Operations

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

(unaudited)

 
 

For the three months ended

March 31,

    2016   2015
Revenue  
Operating revenue
Room revenue $ 239,512 $ 232,559
Food and beverage revenue 26,555 28,993
Other operating department revenue   9,104     8,853  
Total revenue $ 275,171   $ 270,405  
Expense
Operating expense
Room expense $ 55,028 $ 54,086
Food and beverage expense 19,817 20,764
Management and franchise fee expense 28,501 28,042
Other operating expense   60,021     60,581  
Total property operating expense 163,367 163,473
Depreciation and amortization 40,730 37,203
Property tax, insurance and other 20,155 20,043
General and administrative 9,649 10,399
Transaction and pursuit costs   79     135  
Total operating expense   233,980     231,253  
Operating income 41,191 39,152
Other income 302 90
Interest income 397 445
Interest expense   (14,892 )   (13,508 )
Income from continuing operations before income tax expense 26,998 26,179
Income tax expense   (1,476 )   (375 )
Income from continuing operations 25,522 25,804
(Loss) gain on sale of hotel properties   (172 )   22,298  
Net income 25,350 48,102
Net loss (income) attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture 62 69
Noncontrolling interest in the Operating Partnership   (114 )   (321 )
Net income attributable to common shareholders $ 25,298   $ 47,850  
Basic per common share data:
Net income per share attributable to common shareholders $ 0.20   $ 0.36  
Weighted-average number of common shares   123,739,823     131,272,611  
Diluted per common share data
Net income per share attributable to common shareholders $ 0.20   $ 0.36  
Weighted-average number of common shares   124,141,824     132,286,542  
 
 

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,

    2016   2015
Net income $ 25,350   $ 48,102
Depreciation and amortization 40,730 37,203
Loss (gain) on sale of hotel properties 172 (22,298 )
Noncontrolling interest in consolidated joint venture 62 69
Adjustments related to consolidated joint venture (1)   (39 )   (42 )
FFO attributable to common shareholders 66,275 63,034
Transaction and pursuit costs 79 135
Amortization of share-based compensation 2,591 4,023
Non-cash income tax expense 1,131
Loan related costs (2) 341 90
Other expenses (3)   356      
Adjusted FFO attributable to common shareholders $ 70,773   $ 67,282  
 
Adjusted FFO per common share and unit-basic $ 0.57 $ 0.51
Adjusted FFO per common share and unit-diluted $ 0.57 $ 0.51
 
Basic weighted-average common shares and units outstanding (4) 124,490 132,167
Diluted weighted-average common shares and units outstanding (4) 124,892 133,181
 

Note:

(1)   Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(2) Represents debt modification and extinguishment costs.
(3) Represents property-level severance costs.
(4) Includes 0.8 million and 0.9 million weighted average operating partnership units for March 31, 2016 and March 31, 2015, 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 three months ended

March 31,

    2016   2015
Net income $ 25,350   $ 48,102
Depreciation and amortization 40,730 37,203
Interest expense, net (1) 14,886 13,497
Income tax expense 1,476 375
Noncontrolling interest in consolidated joint venture 62 69
Adjustments related to consolidated joint venture (2)   (39 )   (42 )
EBITDA 82,465 99,204
Transaction and pursuit costs 79 135
Loss (gain) on sale of hotel properties 172 (22,298 )
Amortization of share-based compensation 2,591 4,023
Loan related costs (3) 341
Other expenses (4)   356      
Adjusted EBITDA 86,004 81,064
General and administrative (5) 6,717 6,376
Operating results from noncontrolling interest in joint venture (23 ) (27 )
Other corporate adjustments   (265 )   (160 )
Consolidated Hotel EBITDA   92,433     87,253  
Pro forma adjustments - Income from sold properties (14 ) (2,502 )
Pro forma adjustments - Income from prior ownership       1,358  
Pro forma Consolidated Hotel EBITDA   92,419     86,109  
Non-comparable hotels (6)   (4,765 )   (1,273 )
Pro forma Hotel EBITDA $ 87,654   $ 84,836  
 

Note:

(1)   Interest expense is net of interest income, excluding amounts attributable to investment in loans of $0.4 million and $0.4 million for the three months ended March 31, 2016 and 2015, respectively.
(2) Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(3) Represents debt modification costs.
(4) Represents property-level severance costs.
(5) General and administrative expenses exclude amortization of share based compensation and other non-recurring expenses reflected in Adjusted EBITDA.
(6) Reflects the results of four non-comparable hotels that were not open for the entirety of the comparable periods: Courtyard Waikiki Beach, Courtyard San Francisco Union Square, SpringHill Suites Houston Downtown/Convention Center, and Hyatt Place DC/Downtown/K Street.
 
 

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, 2016 (2)

Secured Debt          
Wells Fargo - 4 hotels 3 Oct 2021 Floating (3) 3.99% $ 150,000
Wells Fargo - 4 hotels 2 Mar 2022 Floating (3) 4.04% 148,500
Wells Fargo - 1 hotel (5) 10 Jun 2022 Fixed 5.25% 33,112
PNC Bank - 5 hotels 5   Mar 2023   Floating   2.54%     85,000
Weighted Average / Secured Total 3.81% $ 416,612
 
Unsecured Debt
Revolver (6) 4 Nov 2017 Floating 2.19% $
2013 Five-Year Term Loan 5 Aug 2018 Floating (3)(4) 3.10% 400,000
2012 Five-Year Term Loan 5 Mar 2019 Floating (3) 2.72% 400,000
2012 Seven-Year Term Loan 7 Nov 2019 Floating (3) 4.04% 225,000
2014 Seven-Year Term Loan 7   Jan 2022   Floating (3)   3.43%     150,000
Weighted Average / Unsecured Total 3.19% $ 1,175,000
                 
Weighted Average / Total Debt             3.35%   $ 1,591,612
 

Note:

(1)   Interest rates as of March 31, 2016.
(2) Excludes deferred financing costs.
(3) The floating interest rate is hedged with an interest rate swap.
(4) Reflects interest rate swap on $350.0 million.
(5) Excludes the $1.2 million impact of a fair value adjustment.
(6) As of March 31, 2016, there was $300.0 million of borrowing capacity on the Revolver, which was charged an unused commitment fee of 0.35% annually.
 
 

RLJ Lodging Trust

Acquisitions

(unaudited)

 
Acquisitions   Location  

Acquisition

Date

 

Management

Company

  Rooms  

Gross

Purchase Price

($ in millions)

 

%

Interest

2016 Acquisitions            
No assets acquired to date

 
2015 Acquisitions
Hyatt Place DC/Downtown/K Street Washington, DC Jul 15, 2015 Aimbridge Hospitality 164 $ 68.0 100 %
Homewood Suites Seattle/Lynnwood Lynnwood, WA Jul 20, 2015 InnVentures 170 37.9 100 %
Residence Inn Palo Alto Los Altos Los Altos, CA Sep 25, 2015 InnVentures 156     70.0   100 %
2015 Total 490   $ 175.9   100 %
Total Acquisitions 490   $ 175.9   100 %
 
 

RLJ Lodging Trust

Pro forma Operating Statistics — Top 60 Assets

 
Property   City/State   # of Rooms  

Pro forma Consolidated

Hotel EBITDA

Marriott Louisville Downtown   Louisville, KY   616   $ 16,253
DoubleTree NYC Metropolitan New York, NY 764 14,853
Hilton New York Fashion District New York, NY 280 9,464
Courtyard Austin Dtwn Conv Ctr Austin, TX 270 9,449
Hilton Garden Inn New York W 35th St New York, NY 298 9,060
Courtyard Portland City Center Portland, OR 256 7,769
Embassy Suites Tampa Dtwn Conv Ctr Tampa, FL 360 7,516
Courtyard Chicago Downtown Mag Mile Chicago, IL 306 6,655

DoubleTree Grand Key Resort

Key West, FL 216 6,540
Hilton Garden Inn SF Oakland Bay Bridge Emeryville, CA 278 6,455
Hilton Cabana Miami Beach Miami Beach, FL 231 6,321
Residence Inn Palo Alto Los Altos Los Altos, CA 156 6,146
Hyatt House Emeryville SF Bay Area Emeryville, CA 234 6,123
Renaissance Pittsburgh Hotel Pittsburgh, PA 300 6,076
Embassy Suites Boston Waltham Waltham, MA 275 6,054
Fairfield Inn & Suites DC Downtown Washington, DC 198 5,933
Hyatt House San Jose Silicon Valley San Jose, CA 164 5,848
Hyatt House Santa Clara Santa Clara, CA 150 5,718
Marriott Denver South @ Park Meadows Lone Tree, CO 279 5,664
Courtyard Charleston Historic District Charleston, SC 176 5,602
Marriott Denver Airport @ Gateway Park Aurora, CO 238 5,398
Residence Inn Austin Dtwn Conv Ctr Austin, TX 179 5,322
Hilton Garden Inn New Orleans Conv Ctr New Orleans, LA 286 5,176
Renaissance Ft Lauderdale Plantation Plantation, FL 250 5,103
Hilton Garden Inn Los Angeles Hollywood Los Angeles, CA 160 5,019
Embassy Suites Los Angeles Downey Downey, CA 220 4,779
Residence Inn Bethesda Downtown Bethesda, MD 188 4,645
Homewood Suites Washington DC Downtown Washington, DC 175 4,509
Hyatt Atlanta Midtown Atlanta, GA 194 4,386
Courtyard New York Manhattan Upper East New York, NY 226 4,213
Hyatt Place Fremont Silicon Valley Fremont, CA 151 4,191
Fairfield Inn & Suites Key West Key West, FL 106 4,108
Courtyard Waikiki Beach Honolulu, HI 403 4,055
Marriott Austin South Austin, TX 211 4,022
Renaissance Boulder Flatiron Hotel Broomfield, CO 232 3,799
Hyatt House San Diego Sorrento Mesa San Diego, CA 193 3,760
Courtyard Houston By The Galleria Houston, TX 190 3,513
Hyatt House Charlotte Center City Charlotte, NC 163 3,446
Embassy Suites West Palm Beach Central West Palm Beach, FL 194 3,379
Residence Inn Louisville Downtown Louisville, KY 140 3,315
Hyatt House San Ramon San Ramon, CA 142 3,285
Residence Inn Chicago Oak Brook Oak Brook, IL 156 3,237
Embassy Suites Irvine Orange Cnty Arprt Irvine, CA 293 3,214
Residence Inn National Harbor DC Oxon Hill, MD 162 3,204
Residence Inn Indy Dtwn On The Canal Indianapolis, IN 134 3,204
Hyatt Market Street The Woodlands The Woodlands, TX 70 3,172
Hampton Inn Garden City Garden City, NY 143 3,071

SpringHill Suites Portland Hillsboro

Hillsboro, OR 106 2,992
Residence Inn Houston By The Galleria Houston, TX 146 2,966
Hyatt Place Madison Downtown Madison, WI 151 2,930
Courtyard Atlanta Buckhead Atlanta, GA 181 2,928
Courtyard Houston Dtwn Conv Ctr Houston, TX 191 2,906
Hyatt House Dallas Lincoln Park Dallas, TX 155 2,880
Homewood Suites Seattle Lynnwood Lynnwood, WA 170 2,875
Residence Inn Houston Dtwn Conv Ctr Houston, TX 171 2,823
Hilton Garden Inn Pittsburgh Univ Pl Pittsburgh, PA 202 2,768
Courtyard Austin Airport Austin, TX 150 2,718
Hampton Inn Houston Near The Galleria Houston, TX 176 2,590
Courtyard San Francisco San Francisco, CA 166 2,144
Hyatt Place Washington DC Dtwn K St Washington, DC 164     1,177
Top 60 Assets 13,135 296,721
Other (1) 7,700     114,238
Total Portfolio       20,835   $ 410,959
 
 

RLJ Lodging Trust

Pro forma Operating Statistics

 

For the three months ended March 31, 2016

 
Top Markets       Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

  # of Hotels   2016   2015   Var   2016   2015   Var   2016   2015   Var   Q1
South Florida 10 89.0 %   91.7 %   (2.9 )% $ 218.29   $ 214.21   1.9 % $ 194.28   $ 196.44   (1.1 )% 17 %
Austin 13 79.4 % 77.8 % 2.1 % 177.77 176.96 0.5 % 141.22 137.67 2.6 % 12 %
Northern California 7 85.6 % 75.7 % 13.0 % 212.81 186.75 14.0 % 182.08 141.46 28.7 % 11 %
Louisville 5 73.6 % 70.2 % 4.8 % 152.92 153.84 (0.6 )% 112.54 108.03 4.2 % 7 %
Houston 9 72.3 % 74.3 % (2.7 )% 159.90 168.01 (4.8 )% 115.54 124.79 (7.4 )% 7 %
Denver 13 68.6 % 65.7 % 4.4 % 127.99 129.72 (1.3 )% 87.77 85.19 3.0 % 7 %
Southern California 6 81.4 % 77.4 % 5.1 % 158.76 149.20 6.4 % 129.19 115.48 11.9 % 5 %
DC 7 65.1 % 70.9 % (8.1 )% 174.38 165.98 5.1 % 113.54 117.62 (3.5 )% 5 %
Chicago 14 54.5 % 62.4 % (12.7 )% 129.28 129.00 0.2 % 70.48 80.55 (12.5 )% 3 %
NYC 5 92.3 % 91.6 % 0.7 % 168.52 170.38 (1.1 )% 155.51 156.11 (0.4 )% 1 %
Other 32 74.2 %   74.2 %   (0.1 )%   153.74     151.20   1.7 %   114.03     112.25   1.6 % 25 %
Total 121 75.4 %   75.3 %   0.1 % $ 165.59   $ 162.24   2.1 % $ 124.80   $ 122.22   2.1 % 100 %
 
Service Level       Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var Q1
Focused-Service 100 74.2 % 73.8 % 0.6 % $ 158.50 $ 154.36 2.7 % $ 117.56 $ 113.86 3.3 % 71 %
Compact Full-Service 20 79.0 % 80.3 % (1.7 )% 183.87 181.28 1.4 % 145.18 145.66 (0.3 )% 25 %
Full-Service 1 73.2 %   69.9 %   4.7 %   167.81     172.47   (2.7 )%   122.80     120.56   1.9 % 4 %
Total 121 75.4 %   75.3 %   0.1 % $ 165.59   $ 162.24   2.1 % $ 124.80   $ 122.22   2.1 % 100 %
 
Chain Scale       Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var Q1
Upper Upscale 18 75.9 % 77.0 % (1.4 )% $ 182.69 $ 180.28 1.3 % $ 138.74 $ 138.83 (0.1 )% 27 %
Upscale 87 76.1 % 75.1 % 1.3 % 161.34 157.75 2.3 % 122.72 118.48 3.6 % 64 %
Upper Midscale 15 71.0 % 73.9 % (3.9 )% 155.89 152.66 2.1 % 110.72 112.86 (1.9 )% 9 %
Midscale 1 44.1 %   58.8 %   (25.0 )%   96.90     83.85   15.6 %   42.74     49.30   (13.3 )% %
Total 121 75.4 %   75.3 %   0.1 % $ 165.59   $ 162.24   2.1 % $ 124.80   $ 122.22   2.1 % 100 %
 
Flags       Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var Q1
Residence Inn 29 74.6 % 74.6 % % $ 156.94 $ 152.86 2.7 % $ 117.12 $ 114.06 2.7 % 18 %
Courtyard 22 71.5 % 73.4 % (2.5 )% 156.11 157.65 (1.0 )% 111.65 115.65 (3.5 )% 16 %
Hyatt House 11 85.1 % 73.1 % 16.5 % 172.18 160.31 7.4 % 146.59 117.20 25.1 % 12 %
SpringHill Suites 6 80.8 % 81.8 % (1.1 )% 189.45 177.97 6.4 % 153.16 145.51 5.3 % 9 %
Marriott 5 71.0 % 69.7 % 1.9 % 160.83 163.33 (1.5 )% 114.18 113.79 0.3 % 9 %
Hilton Garden Inn 9 75.7 % 78.1 % (3.0 )% 168.78 162.61 3.8 % 127.85 126.99 0.7 % 8 %
Hampton Inn 7 73.7 % 75.5 % (2.5 )% 167.02 162.79 2.6 % 123.02 122.93 0.1 % 5 %
Embassy Suites 7 72.0 % 74.4 % (3.2 )% 145.38 144.07 0.9 % 104.70 107.23 (2.4 )% 4 %
Hilton 2 92.4 % 93.5 % (1.2 )% 218.33 229.23 (4.8 )% 201.66 214.31 (5.9 )% 4 %
Fairfield Inn & Suites 8 71.4 % 69.4 % 2.9 % 124.64 122.36 1.9 % 88.96 84.87 4.8 % 4 %
Renaissance 3 66.0 % 72.3 % (8.7 )% 170.60 167.90 1.6 % 112.57 121.39 (7.3 )% 3 %
DoubleTree 3 88.0 % 88.2 % (0.2 )% 180.72 181.04 (0.2 )% 159.12 159.72 (0.4 )% 2 %
Hyatt 2 74.9 % 75.1 % (0.3 )% 209.11 203.80 2.6 % 156.60 153.02 2.3 % 2 %
Hyatt Place 2 84.0 % 80.5 % 4.3 % 155.25 146.81 5.8 % 130.42 118.24 10.3 % 2 %
Homewood Suites 2 61.8 % 64.4 % (4.1 )% 176.79 169.35 4.4 % 109.17 109.02 0.1 % 1 %
Other 3 51.8 %   60.1 %   (13.8 )%   156.67     147.34   6.3 %   81.12     88.51   (8.3 )% 1 %
Total 121 75.4 %   75.3 %   0.1 % $ 165.59   $ 162.24   2.1 % $ 124.80   $ 122.22   2.1 % 100 %
 



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