RLJ Lodging Trust Results

RLJ Lodging Trust Reports Second Quarter 2016 Results

Net income increased 4.1% to $58.7 million - Pro forma RevPAR increased 1.9%, Pro forma ADR increased 1.6%, and Pro forma Occupancy increased 0.4%

RLJ Lodging Trust

RLJ Lodging Trust (NYSE: RLJ) yesterday reported results for the three and six months ended June 30, 2016.

Highlights

  • Net income increased 4.1% to $58.7 million
  • Pro forma RevPAR increased 1.9%, Pro forma ADR increased 1.6%, and Pro forma Occupancy increased 0.4%
  • Pro forma Hotel EBITDA Margin of 39.2%
  • Pro forma Consolidated Hotel EBITDA increased 5.3% to $123.9 million
  • Adjusted FFO increased 4.2% to $102.1 million
  • Refinanced $800.0 million of unsecured debt; extended final maturities to 2021, improved pricing, and enhanced financial covenants
  • Repurchased 0.1 million common shares for $2.0 million
  • Ross H. Bierkan appointed President and Chief Executive Officer
  • Leslie D. Hale appointed Chief Operating Officer

“Our ability to drive positive RevPAR growth and maintain robust hotel EBITDA margins despite severe macro-economic headwinds reaffirms the benefits of our geographically diverse portfolio,” commented Ross H. Bierkan, President and Chief Executive Officer. “While the second half of this year is likely to be influenced by increased market volatility, we remain focused on executing our operational strategy, maintaining a fortress balance sheet, and identifying opportunities to unlock additional shareholder value.”

Financial and Operating Results

Net income for the three months ended June 30, 2016, was $58.7 million, compared to $56.4 million for the comparable period in 2015. For the six months ended June 30, 2016, net income was $84.1 million, compared to $104.5 million for the comparable period in 2015.

Pro forma RevPAR for the three months ended June 30, 2016, increased 1.9% over the comparable period in 2015, driven by a Pro forma ADR increase of 1.6%, and a Pro forma Occupancy increase of 0.4%. Excluding Chicago and Houston, which experienced softness in the quarter, Pro forma RevPAR growth was 3.7%. The Company's non-top 10 markets achieved 6.4% RevPAR growth, which included three markets that achieved double-digit RevPAR growth, including San Antonio, Portland, and Indianapolis, which experienced RevPAR growth of 11.6%, 10.9% and 10.7%, respectively. For the six months ended June 30, 2016, Pro forma RevPAR increased 2.0% over the comparable period in 2015, driven by a Pro forma ADR increase of 1.8%, and a Pro forma Occupancy increase of 0.2%.

Pro forma Hotel EBITDA Margin for the three months ended June 30, 2016, decreased 16 basis points over the comparable period in 2015 to 39.2%. For the six months ended June 30, 2016, Pro forma Hotel EBITDA margin increased seven basis points over the comparable period in 2015 to 36.6%.

Pro forma Consolidated Hotel EBITDA includes the results of non-comparable hotels. For the three months ended June 30, 2016, Pro forma Consolidated Hotel EBITDA increased $6.2 million to $123.9 million, representing a 5.3% increase over the comparable period in 2015. For the six months ended June 30, 2016, Pro forma Consolidated Hotel EBITDA increased $12.5 million to $216.3 million, representing a 6.2% increase over the comparable period in 2015.

Adjusted FFO for the three months ended June 30, 2016, increased $4.1 million to $102.1 million, representing a 4.2% increase over the comparable period in 2015. For the six months ended June 30, 2016, Adjusted FFO increased $7.6 million to $172.9 million, representing a 4.6% increase over the comparable period in 2015.

Adjusted FFO per common share and unit-diluted for the three and six months ended June 30, 2016, was $0.82 and $1.39, respectively, based on the Company’s diluted weighted-average number of common shares and units outstanding of 124.5 million and 124.7 million for each period, respectively.

Adjusted EBITDA for the three months ended June 30, 2016, increased $6.7 million to $117.2 million, representing a 6.1% increase over the comparable period in 2015. For the six months ended June 30, 2016, Adjusted EBITDA increased $11.6 million to $203.2 million, representing a 6.1% increase over the comparable period in 2015.

Non-recurring items which were noteworthy for the three months ended June 30, 2016, included a non-cash deferred tax expense of $1.9 million and debt modification and extinguishment costs of $0.6 million.

Non-recurring items are included in net income 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 and six months period ended June 30, 2016 and 2015.

Net cash flow from operating activities for the six months ended June 30, 2016, totaled $164.2 million, compared to $145.9 million for the comparable period in 2015.

Balance Sheet

During the three months ended June 30, 2016, the Company successfully refinanced $800.0 million of unsecured debt.

On April 22, 2016, the Company amended and restated its $400.0 million term loan originally maturing in 2018. The transaction enhanced financial covenants, extended the final maturity to 2021, and improved the pricing by an average of 21 basis points.

The Company also amended and restated its revolving credit facility. The transaction enhanced financial covenants, extended the final maturity from 2017 to 2021, increased the borrowing capacity by an additional $100.0 million to $400.0 million, and improved the pricing by an average of 26 basis points.

As of June 30, 2016, the Company had $160.1 million of unrestricted cash on its balance sheet, $400.0 million available on its revolving credit facility, and $1.6 billion of debt outstanding. The Company’s ratio of net debt to Adjusted EBITDA, pro forma for recent acquisitions and dispositions, for the trailing twelve month period ended June 30, 2016, was 3.7 times.

Dividends

The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the second quarter. The dividend was paid on July 15, 2016, to shareholders of record as of June 30, 2016.

Share Buyback

During the second quarter of 2016, the Company repurchased 0.1 million common shares for $2.0 million at an average price per share of $19.80. As of June 30, 2016, the Company's authorized share buyback program had a remaining capacity of $161.5 million.

Subsequent Events

On July 28, 2016, the Board of Trustees appointed Ross H. Bierkan as President and Chief Executive Officer. Mr. Bierkan has served as Chief Investment Officer since the Company's formation and will continue to serve in that role. In addition, Mr. Bierkan has been elected to the Company’s Board of Trustees.

The Board of Trustees also appointed Leslie D. Hale as Chief Operating Officer. Ms. Hale will serve in the dual role of Chief Operating Officer and Chief Financial Officer of the Company.

2016 Outlook

The Company’s outlook has been updated to reflect recent macro-economic headwinds and global volatility. 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       Prior Outlook
Pro forma RevPAR growth (1) 1.5% to 2.5% 3.0% to 5.0%
Pro forma Hotel EBITDA Margin (1) 36.5% to 37.0% 36.5% to 37.5%
Pro forma Consolidated Hotel EBITDA       $415.0M to $425.0M       $425.0M to $450.0M

(1) Excludes non-comparable hotels.

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, (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.

Hotel EBITDA and Hotel EBITDA Margin

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 that were under renovation or not open for the entirety of the comparable periods, and excludes sold hotels. Prior ownership information has not been audited and reflects unadjusted property-level results provided by the seller of the hotel. Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin exclude the results of non-comparable hotels.

Non-comparable hotels for the three and six months ended June 30, 2016, are noted below:

  • Courtyard San Francisco Union Square, which opened in September 2015.
  • SpringHill Suites Houston Downtown/Convention Center, which opened in August 2015.
  • Hyatt Place DC/Downtown/K Street, which opened in April 2015.
  • Courtyard Waikiki Beach, which underwent a renovation in 2015 that closed a portion of the hotel for the comparable periods.

Adjustments to FFO and EBITDA

The Company adjusts FFO and EBITDA for certain additional items, such as transaction and pursuit costs, non-cash income tax expense or benefit, 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, accelerated amortization of deferred financing costs, 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)

 
 
   

June 30,

2016

   

December 31,

2015

      (unaudited)          
Assets
Investment in hotel properties, net $ 3,623,168 $ 3,674,999
Cash and cash equivalents 160,054 134,192
Restricted cash reserves 61,270 55,455
Hotel and other receivables, net of allowance of $146 and $117, respectively 34,286 25,755
Deferred income tax asset 46,950 49,978
Prepaid expense and other assets   34,602     32,563  
Total assets $ 3,960,330   $ 3,972,942  
Liabilities and Equity
Mortgage loans, net $ 414,800 $ 406,049
Term Loans and Revolver, net 1,168,439 1,169,437
Accounts payable and other liabilities 147,180 129,192
Deferred income tax liability 9,801 9,801
Advance deposits and deferred revenue 11,881 11,647
Accrued interest 3,185 4,883
Distributions payable   41,293     41,409  
Total liabilities 1,796,579 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 June 30, 2016 and December 31, 2015, respectively
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 124,328,646 and 124,635,675 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 1,243 1,246
Additional paid-in-capital 2,187,743 2,195,732
Accumulated other comprehensive loss (42,216 ) (16,602 )
Retained earnings   3,877     2,439  
Total shareholders’ equity 2,150,647 2,182,815
Noncontrolling interest:
Noncontrolling interest in consolidated joint venture 5,893 6,177
Noncontrolling interest in the Operating Partnership   7,211     11,532  
Total noncontrolling interest   13,104     17,709  
Total equity   2,163,751     2,200,524  
Total liabilities and equity $ 3,960,330   $ 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

June 30,

   

For the six months ended

June 30,

      2016     2015     2016     2015
Revenue        
Operating revenue
Room revenue $ 277,039 $ 262,240 $ 516,552 $ 494,799
Food and beverage revenue 30,047 29,587 56,601 58,580
Other operating department revenue   10,026     9,425     19,130     18,278  
Total revenue $ 317,112   $ 301,252   $ 592,283   $ 571,657  
Expense
Operating expense
Room expense $ 59,085 $ 55,207 $ 114,113 $ 109,293
Food and beverage expense 20,525 20,492 40,342 41,256
Management and franchise fee expense 32,762 31,677 61,263 59,719
Other operating expense   61,950     59,228     121,971     119,809  
Total property operating expense 174,322 166,604 337,689 330,077
Depreciation and amortization 40,849 37,778 81,579 74,981
Property tax, insurance and other 19,302 18,281 39,457 38,324
General and administrative 6,658 10,393 16,307 20,792
Transaction and pursuit costs   80     853     159     988  
Total operating expense   241,211     233,909     475,191     465,162  
Operating income 75,901 67,343 117,092 106,495
Other (expense) income (326 ) 456 (24 ) 546
Interest income 414 363 810 808
Interest expense   (14,789 )   (12,335 )   (29,681 )   (25,843 )
Income from continuing operations before income tax expense 61,200 55,827 88,197 82,006
Income tax expense   (2,482 )   (89 )   (3,958 )   (464 )
Income from continuing operations 58,718 55,738 84,239 81,542
Gain (loss) on sale of hotel properties   22     672     (150 )   22,970  
Net income 58,740 56,410 84,089 104,512
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture (37 ) (46 ) 25 23
Noncontrolling interest in the Operating Partnership   (256 )   (373 )   (370 )   (694 )
Net income attributable to common shareholders $ 58,447   $ 55,991   $ 83,744   $ 103,841  
Basic per common share data:
Net income per share attributable to common shareholders $ 0.47   $ 0.43   $ 0.67   $ 0.79  
Weighted-average number of common shares   123,544,034     130,670,629     123,641,928     130,969,957  
Diluted per common share data:
Net income per share attributable to common shareholders $ 0.47   $ 0.42   $ 0.67   $ 0.78  
Weighted-average number of common shares   123,942,846     131,618,693     124,051,956     131,947,932  
 

Note:

The Statement of Comprehensive Income and corresponding notes can be found in the Company’s Quarterly Report on Form 10-Q.

 
 
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures

(Amounts in thousands, except per share data)

(unaudited)

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

For the three months ended

June 30,

   

For the six months ended

June 30,

      2016     2015     2016     2015
Net income $ 58,740     $ 56,410 $ 84,089     $ 104,512
Depreciation and amortization 40,849 37,778 81,579 74,981
(Gain) loss on sale of hotel properties (22 ) (672 ) 150 (22,970 )
Noncontrolling interest in consolidated joint venture (37 ) (46 ) 25 23
Adjustments related to consolidated joint venture (1)   (39 )   (43 )   (78 )   (85 )
FFO 99,491 93,427 165,765 156,461
Transaction and pursuit costs 80 853 159 988
Amortization of share-based compensation (2) (578 ) 3,768 2,014 7,791
Non-cash income tax expense 1,897 3,028
Loan related costs (3) 906 7 1,247 97
Other expenses (4)   330         686      
Adjusted FFO $ 102,126   $ 98,055   $ 172,899   $ 165,337  
 
Adjusted FFO per common share and unit-basic $ 0.82 $ 0.75 $ 1.39 $ 1.25
Adjusted FFO per common share and unit-diluted $ 0.82 $ 0.74 $ 1.39 $ 1.24
 
Basic weighted-average common shares and units outstanding (5) 124,103 131,565 124,296 131,864
Diluted weighted-average common shares and units outstanding (5) 124,502 132,513 124,706 132,842
 
 

Note:

(1)   Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(2) For the three and six months ended June 30, 2016, includes the forfeiture of unvested restricted shares upon the resignation of the Company's President and Chief Executive Officer in May 2016.
(3) Represents debt modification costs, debt extinguishment costs, and accelerated amortization of deferred financing costs.
(4) Represents property-level severance costs.
(5) Includes 0.6 million and 0.9 million weighted average operating partnership units for the three months ended June 30, 2016 and 2015, respectively, and 0.7 million and 0.9 million weighted average operating partnership units for the six months ended June 30, 2016 and 2015, respectively.
 
 
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Attributable to Common Shareholders and Unitholders

 
   

For the three months ended

June 30,

   

For the six months ended

June 30,

      2016     2015     2016     2015
Net income $ 58,740     $ 56,410 $ 84,089     $ 104,512
Depreciation and amortization 40,849 37,778 81,579 74,981
Interest expense, net (1) 14,782 12,327 29,668 25,824
Income tax expense 2,482 89 3,958 464
Noncontrolling interest in consolidated joint venture (37 ) (46 ) 25 23
Adjustments related to consolidated joint venture (2)   (39 )   (43 )   (78 )   (85 )
EBITDA 116,777 106,515 199,241 205,719
Transaction and pursuit costs 80 853 159 988
(Gain) loss on sale of hotel properties (22 ) (672 ) 150 (22,970 )
Amortization of share-based compensation (3) (578 ) 3,768 2,014 7,791
Loan related costs (4) 582 924
Other expenses (5)   330         686      
Adjusted EBITDA 117,169 110,464 203,174 191,528
General and administrative (6) 7,069 6,625 13,784 13,001
Operating results from noncontrolling interest in joint venture 76 89 53 62
Other corporate adjustments   (359 )   (562 )   (623 )   (722 )
Consolidated Hotel EBITDA   123,955     116,616     216,388     203,869  
Pro forma adjustments - Income from sold properties (89 ) (1,235 ) (104 ) (3,737 )
Pro forma adjustments - Income from prior ownership (7)       2,247         3,605  
Pro forma Consolidated Hotel EBITDA   123,866     117,628     216,284     203,737  
Non-comparable hotels (8)   (5,328 )   (837 )   (10,093 )   (2,110 )
Pro forma Hotel EBITDA $ 118,538   $ 116,791   $ 206,191   $ 201,627  
 
 

Note:

(1)   Excludes amounts attributable to investment in loans of $0.4 million and $0.8 million for the three and six months ended June 30, 2016, respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2015, respectively.
(2) Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(3) For the three and six months ended June 30, 2016, includes the forfeiture of unvested restricted shares upon the resignation of the Company's President and Chief Executive Officer in May 2016.
(4) Represents debt modification costs and debt extinguishment costs.
(5) Represents 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) Information has not been audited. Reflects unadjusted property-level results provided by the seller of the hotel.
(8) Reflects the results of four non-comparable hotels that were under renovation or 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
Reconciliation of Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 
Pro forma Hotel EBITDA Margin
 
   

For the three months ended

June 30,

   

For the six months ended

June 30,

      2016     2015     2016     2015
Total revenue $ 317,112     $ 301,252 $ 592,283     $ 571,657
Pro forma adjustments - Revenue from sold properties (3,670 ) (170 ) (15,920 )
Pro forma adjustments - Revenue from prior ownership (1) 6,173 9,435
Pro forma adjustments - Other corporate adjustments (15 ) (12 ) (30 ) (27 )
Non-comparable hotels (2)   (14,920 )   (7,255 )   (28,934 )   (13,405 )
Pro forma Hotel Revenue $ 302,177   $ 296,488   $ 563,149   $ 551,740  
 
Pro forma Hotel EBITDA $ 118,538   $ 116,791   $ 206,191   $ 201,627  
 
Pro forma Hotel EBITDA Margin 39.2 % 39.4 % 36.6 % 36.5 %
 
 

Note:

(1)   Information has not been audited. Reflects unadjusted property-level results provided by the seller of the hotel.
(2) Reflects the results of four non-comparable hotels that were under renovation or 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

June 30, 2016 (2)

Secured Debt                    
Wells Fargo - 4 hotels 3 Oct 2021 Floating (3) 4.00 % $ 150,000
Wells Fargo - 4 hotels 2 Mar 2022 Floating (3) 4.04 % 147,750
Wells Fargo - 1 hotel (5) 10 Jun 2022 Fixed 5.25 % 32,927
PNC Bank - 5 hotels 5     Mar 2023     Floating     2.57 %       85,000
Weighted Average / Secured Total 3.82 % $ 415,677
 
Unsecured Debt*
Revolver (6) 4 Apr 2021 Floating 1.97 % $
$400 Million Term Loan Maturing 2019 5 Mar 2019 Floating (3) 2.72 % 400,000
$225 Million Term Loan Maturing 2019 7 Nov 2019 Floating (3) 4.04 % 225,000
$400 Million Term Loan Maturing 2021 5 Apr 2021 Floating (3)(4) 2.91 % 400,000
$150 Million Term Loan Maturing 2022 7     Jan 2022     Floating (3)     3.43 %       150,000
Weighted Average / Unsecured Total 3.12 % $ 1,175,000
                             
Weighted Average / Total Debt                   3.31 %     $ 1,590,677
                                   
 

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 Consolidated Hotel EBITDA — Top 60 Assets
     
Pro forma Consolidated
Property   City/State   # of Rooms   Hotel EBITDA
Marriott Louisville Downtown Louisville, KY 616 $ 16,820
DoubleTree NYC Metropolitan New York, NY 764 14,118
Courtyard Austin Dtwn Conv Ctr Austin, TX 270 9,278
Hilton New York Fashion District New York, NY 280 9,054
Hilton Garden Inn New York W 35th St New York, NY 298 8,561
Courtyard Portland City Center Portland, OR 256 8,118
Embassy Suites Tampa Dtwn Conv Ctr Tampa, FL 360 7,733

DoubleTree Grand Key Resort

Key West, FL 216 6,845
Courtyard Chicago Downtown Mag Mile Chicago, IL 306 6,787
Hyatt House Emeryville SF Bay Area Emeryville, CA 234 6,614
Hilton Garden Inn SF Oakland Bay Bridge Emeryville, CA 278 6,451
Hilton Cabana Miami Beach Miami Beach, FL 231 6,419
Embassy Suites Boston Waltham Waltham, MA 275 6,264
Fairfield Inn & Suites DC Downtown Washington, DC 198 6,156
Renaissance Pittsburgh Hotel Pittsburgh, PA 300 6,122
Residence Inn Palo Alto Los Altos Los Altos, CA 156 6,090
Marriott Denver South @ Park Meadows Lone Tree, CO 279 5,881
Hyatt House San Jose Silicon Valley San Jose, CA 164 5,817
Hyatt House Santa Clara Santa Clara, CA 150 5,805
Courtyard Charleston Historic District Charleston, SC 176 5,475
Residence Inn Austin Dtwn Conv Ctr Austin, TX 179 5,275
Renaissance Ft Lauderdale Plantation Plantation, FL 250 5,263
Marriott Denver Airport @ Gateway Park Aurora, CO 238 5,254
Hilton Garden Inn Los Angeles Hollywood Los Angeles, CA 160 5,207
Embassy Suites Los Angeles Downey Downey, CA 220 5,059
Hilton Garden Inn New Orleans Conv Ctr New Orleans, LA 286 5,030
Residence Inn Bethesda Downtown Bethesda, MD 188 4,639
Homewood Suites Washington DC Downtown Washington, DC 175 4,540
Courtyard Waikiki Beach Honolulu, HI 403 4,402
Hyatt Atlanta Midtown Atlanta, GA 194 4,247
Hyatt Place Fremont Silicon Valley Fremont, CA 151 4,179
Marriott Austin South Austin, TX 211 4,157
Courtyard San Francisco San Francisco, CA 166 4,148
Fairfield Inn & Suites Key West Key West, FL 106 4,084
Courtyard New York Manhattan Upper East New York, NY 226 3,942
Hyatt House San Diego Sorrento Mesa San Diego, CA 193 3,905
Renaissance Boulder Flatiron Hotel Broomfield, CO 232 3,785
Hyatt House Charlotte Center City Charlotte, NC 163 3,629
Hyatt House San Ramon San Ramon, CA 142 3,353
Residence Inn Louisville Downtown Louisville, KY 140 3,339
Hampton Inn Garden City Garden City, NY 143 3,270
Embassy Suites West Palm Beach Central West Palm Beach, FL 194 3,242
Courtyard Houston By The Galleria Houston, TX 190 3,237
Residence Inn Chicago Oak Brook Oak Brook, IL 156 3,235
Residence Inn National Harbor DC Oxon Hill, MD 162 3,232
Residence Inn Indy Dtwn On The Canal Indianapolis, IN 134 3,225
Embassy Suites Irvine Orange Cnty Arprt Irvine, CA 293 3,177
Courtyard Houston Dtwn Conv Ctr Houston, TX 191 3,132
SpringHill Suites Portland Hillsboro Hillsboro, OR 106 3,074
Courtyard Atlanta Buckhead Atlanta, GA 181 3,041
Hyatt Place Madison Downtown Madison, WI 151 2,976
Homewood Suites Seattle Lynnwood Lynnwood, WA 170 2,969
Hyatt House Dallas Lincoln Park Dallas, TX 155 2,937
Hilton Garden Inn Pittsburgh Univ Pl Pittsburgh, PA 202 2,797
Residence Inn Houston Dtwn Conv Ctr Houston, TX 171 2,778
Hyatt Market Street The Woodlands The Woodlands, TX 70 2,717
Courtyard Austin Airport Austin, TX 150 2,708
Hyatt Place Washington DC Dtwn K St Washington, DC 164 2,694
Residence Inn Houston By The Galleria Houston, TX 146 2,670
Hampton Inn Houston Near The Galleria Houston, TX 176   2,653
Top 60 Assets 13,135 301,609
Other (1) 7,700   115,588
Total Portfolio       20,835   $ 417,197



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