RLJ Lodging Trust Reports Second Quarter 2026 Results
Q2 RevPAR increased 6.8%
Adjusted FFO per diluted common share and unit of $0.52 increased 8.3%
Adjusted EBITDA of $110.4 million increased 6.1%
Increasing full-year outlook
Bethesda, MD, August 6, 2026 – RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and six months ended June 30, 2026.
Second Quarter Highlights
•Comparable RevPAR of $167.15, an increase of 6.8% over the prior year
•Comparable Hotel Revenue of $382.0 million, an increase of 6.8% over the prior year
•Net income of $31.3 million, an increase of 9.4% over the prior year
•Comparable Hotel EBITDA of $119.5 million, an increase of 7.1% over the prior year
•Comparable Hotel EBITDA Margin of 31.3%
•Adjusted EBITDA of $110.4 million, an increase of 6.1% over the prior year
•Adjusted FFO per diluted common share and unit of $0.52, an increase of 8.3% over the prior year
"We are pleased with our strong second quarter results, which exceeded our expectations, driven by the broad-based strength across our portfolio, including the continued acceleration of business travel and robust urban leisure trends. Our results further benefitted from our continued success in driving out-of-room spend as well as the successful ramp of our recently completed renovations and conversions.We also continued to advance our conversion pipeline with the completion and relaunch of our Autograph Collection asset in Pittsburgh, further increasing our exposure to the lifestyle segment and evolving consumer preferences.” commented Leslie D. Hale, President and Chief Executive Officer. "The broad-based nature of the growth across markets and demand segments year-to-date give us confidence in the durability of the demand trends we are seeing. As a result, we are raising our full-year guidance to reflect our second quarter outperformance and the continuation of these positive trends through the second half of the year as well as the ongoing ramp of our conversions and renovations."
The prefix “comparable” as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.
1
Financial and Operating Highlights
($ in thousands, except ADR, RevPAR, Change, and per share amounts)
(unaudited)
For the three months ended June 30,
For the six months ended June 30,
2026
2025
Change
2026
2025
Change
Operational Overview: (1)
Comparable ADR
$217.18
$206.96
4.9%
$213.93
$206.49
3.6%
Comparable Occupancy
77.0%
75.6%
1.8%
73.9%
72.4%
2.1%
Comparable RevPAR
$167.15
$156.52
6.8%
$158.10
$149.46
5.8%
Financial Overview:
Total Revenue
$382,988
$363,103
5.5%
$722,965
$691,222
4.6%
Comparable Hotel Revenue
$382,020
$357,542
6.8%
$720,606
$679,058
6.1%
Net income
$31,328
$28,631
9.4%
$30,979
$31,803
(2.6)%
Comparable Hotel EBITDA
$119,514
$111,544
7.1%
$209,179
$195,327
7.1%
Comparable Hotel EBITDA Margin
31.3%
31.2%
10 bps
29.0%
28.8%
20 bps
Adjusted EBITDA
$110,393
$104,008
6.1%
$191,266
$181,602
5.3%
Adjusted FFO
$78,527
$72,658
8.1%
$128,047
$119,579
7.1%
Adjusted FFO Per Diluted Common Share and Unit
$0.52
$0.48
8.3%
$0.85
$0.79
7.6%
Note:
(1) Comparable statistics reflect the Company's 91 hotel portfolio owned as of June 30, 2026.
Operational Update
For the three months ended June 30, 2026, Comparable RevPAR increased by 6.8%, driven by ADR growth of 4.9%, with each month of the quarter exceeding the Company's expectations. Comparable non-room revenues increased 7.1%, exceeding comparable RevPAR growth by 30 basis points and reflecting the continued success of the Company's return-on-investment initiatives. This strong top line performance drove Comparable Hotel EBITDA growth of 7.1% and Adjusted EBITDA growth of 6.1% over the prior year period.
Disposition
During the second quarter of 2026, the Company opportunistically sold one hotel in Fremont, California for $13.2 million, which represents 29.2x Hotel EBITDA on a trailing-twelve month basis, including required capital expenditures.
Balance Sheet
On June 30, 2026, the Company drew $344.0 million under its $569.0 million delayed draw term loan
maturing in 2031 and $150.0 million under its delayed draw term loan maturing in 2033 for total proceeds
of $494.0 million. Subsequent to quarter end, on July 1, 2026, the Company used these proceeds, together
with cash on hand, to fully repay the $500.0 million Senior Notes due 2026 on their maturity date.
Following this repayment, the Company had $1.0 billion of total liquidity, $2.2 billion of debt and no debt maturities until 2029, inclusive of extension options.
Dividends
The Company’s Board of Trustees declared a quarterly cash dividend of $0.15 per common share of beneficial interest of the Company in the second quarter. The dividend was paid on July 15, 2026 to shareholders of record as of June 30, 2026.
2
The Company's Board of Trustees declared a second quarter cash dividend of $0.4875 on the Company’s Series A Preferred Shares. The dividend was paid on July 31, 2026 to shareholders of record as of June 30, 2026.
2026 Outlook
The Company is updating its full-year outlook to incorporate the strong second quarter outperformance and it's expectations that positive trends will continue through the second half of the year.
FY 2026
Comparable RevPAR Growth
+3.5% to +4.5%
Comparable Hotel EBITDA
$369M to $389M
Adjusted EBITDA
$336M to $356M
Adjusted FFO per diluted share
$1.37 to $1.50
Additionally, the Company's full year 2026 outlook includes:
•Net interest expense in the range of $101.0 million to $103.0 million
•Cash corporate G&A in the range of $33.5 million to $34.5 million
•Capital expenditures related to renovations in the range of $80.0 million to $90.0 million
•Diluted weighted average common shares and units of 151.5 million
Potential future acquisitions, dispositions, financings, or share repurchases are not incorporated into the
Company's outlook above and could result in a material change to the Company's outlook.
Earnings Call
The Company will conduct its quarterly analyst and investor conference call on August 7, 2026 at 12:00 p.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 second quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company’s website at http://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available through the Investor Relations section of the Company’s website for two weeks.
Supplemental Information
Please refer to the presentation of supplemental information for additional detail and comparable operating statistics, which will be available through the Investor Relations section of the Company's website.
About Us
RLJ Lodging Trust ("RLJ") is a self-advised, publicly traded real estate investment trust that owns 91 premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within the heart of demand locations. We own a geographically diversified portfolio of hotels located in urban markets that exhibit multiple demand generators and attractive long-term growth prospects.
Forward-Looking Statements
This information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected
3
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 our actual results could differ materially from those set forth in the forward-looking 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 on Form 10-K for the year ended December 31, 2025 and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which will be filed on August 7, 2026, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.
###
Additional Contacts:
Leslie D. Hale, President and Chief Executive Officer – (301) 280-7777
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) EBITDAre, (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) 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, EBITDAre, 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 defines such terms.
Funds From Operations (“FFO”)
The Company calculates Funds from Operations (“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, 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 have instead 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 may be redeemed 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.
EBITDA and EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense. 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 expense) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.
In addition to EBITDA, the Company presents EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. The Company believes that the presentation of EBITDAre provides useful
5
information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.
Adjustments to FFO and EBITDA
The Company adjusts FFO, EBITDA, and EBITDAre for certain items that the Company considers outside the normal course of operations. The Company believes that Adjusted FFO, Adjusted EBITDA, and Adjusted EBITDAre provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income or loss, FFO, EBITDA, and EBITDAre, are beneficial to an investor’s understanding of the Company's operating performance. The Company adjusts FFO, EBITDA, and EBITDAre for the following items:
•Transaction Costs: The Company excludes transaction costs expensed during the period
•Pre-Opening Costs: The Company excludes certain costs related to pre-opening of hotels
•Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation, non-cash income tax expense or benefit, and non-cash interest expense related to discontinued interest rate hedges
•Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside the normal course of operations
Hotel EBITDA and Hotel EBITDA Margin
With respect to Comparable 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.
Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin include prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels and excludes results from sold hotels as applicable.
Comparable adjustments: Sold hotels
For the three and six months ended June 30, 2026 and 2025, Comparable adjustments included the following sold hotels:
•Courtyard Atlanta Buckhead sold in March 2025
•Embassy Suites by Hilton Dallas-Love Field sold in December 2025
•Residence Inn Houston by the Galleria sold in December 2025
•Hyatt Place Fremont/Silicon Valley sold in June 2026
6
RLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(unaudited)
June 30, 2026
December 31, 2025
Assets
Investment in hotel properties, net
$
4,047,317
$
4,112,387
Investment in unconsolidated joint ventures
7,494
7,357
Cash and cash equivalents
937,599
410,160
Restricted cash reserves
35,768
31,901
Hotel and other receivables, net of allowance of $96 and $170, respectively
30,024
29,643
Lease right-of-use assets
122,785
123,524
Prepaid expense and other assets
52,699
27,158
Total assets
$
5,233,686
$
4,742,130
Liabilities and Equity
Debt, net
$
2,695,154
$
2,197,218
Accounts payable and other liabilities
156,580
141,568
Advance deposits and deferred revenue
46,400
51,029
Lease liabilities
119,262
118,189
Accrued interest
20,470
20,532
Distributions payable
30,893
30,934
Total liabilities
3,068,759
2,559,470
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 June 30, 2026 and December 31, 2025
366,936
366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 152,375,872 and 151,085,078 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
1,524
1,511
Additional paid-in capital
2,982,795
2,977,616
Distributions in excess of net earnings
(1,206,064)
(1,178,456)
Accumulated other comprehensive income
6,738
1,919
Total shareholders’ equity
2,151,929
2,169,526
Noncontrolling interests:
Noncontrolling interest in the Operating Partnership
5,570
5,696
Noncontrolling interest in consolidated joint ventures
7,428
7,438
Total noncontrolling interest
12,998
13,134
Total equity
2,164,927
2,182,660
Total liabilities and equity
$
5,233,686
$
4,742,130
Note: The corresponding notes to the consolidated financial statements can be found in the Company’s Quarterly Report on Form 10-Q.
7
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,
2026
2025
2026
2025
Revenues
Operating revenues
Room revenue
$
311,760
$
296,101
$
587,017
$
563,755
Food and beverage revenue
43,735
41,934
83,452
79,447
Other revenue
27,493
25,068
52,496
48,020
Total revenues
382,988
363,103
722,965
691,222
Expenses
Operating expenses
Room expense
77,931
74,565
150,663
145,416
Food and beverage expense
32,093
30,375
62,855
59,664
Management and franchise fee expense
29,321
28,393
54,395
53,595
Other operating expenses
99,727
92,787
196,153
184,498
Total property operating expenses
239,072
226,120
464,066
443,173
Depreciation and amortization
47,496
46,363
94,691
92,151
Property tax, insurance and other
26,784
26,490
53,756
53,693
General and administrative
13,424
11,138
26,403
23,784
Transaction costs
692
56
724
112
Total operating expenses
327,468
310,167
639,640
612,913
Other income, net
987
1,148
1,819
2,036
Interest income
3,265
3,361
6,203
6,616
Interest expense
(28,116)
(27,876)
(55,793)
(55,428)
(Loss) gain on sale of hotel properties, net
(116)
(378)
(3,763)
943
Loss on extinguishment of indebtedness, net
(26)
(34)
(399)
(34)
Income before equity in income (loss) from unconsolidated joint ventures
31,514
29,157
31,392
32,442
Equity in income (loss) from unconsolidated joint ventures
100
(187)
137
(6)
Income before income tax expense
31,614
28,970
31,529
32,436
Income tax expense
(286)
(339)
(550)
(633)
Net income
31,328
28,631
30,979
31,803
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership
(128)
(113)
(94)
(96)
Noncontrolling interest in consolidated joint ventures
(164)
(65)
10
108
Net income attributable to RLJ
31,036
28,453
30,895
31,815
Preferred dividends
(6,279)
(6,279)
(12,557)
(12,557)
Net income attributable to common shareholders
$
24,757
$
22,174
$
18,338
$
19,258
Basic per common share data:
Net income per share attributable to common shareholders
$
0.16
$
0.15
$
0.12
$
0.12
Weighted-average number of common shares
149,883,674
149,532,971
149,605,007
150,217,440
Diluted per common share data:
Net income per share attributable to common shareholders
$
0.16
$
0.15
$
0.12
$
0.12
Weighted-average number of common shares
150,928,683
149,598,953
150,382,279
150,355,083
Note: The Statements of Comprehensive Income and corresponding notes to the consolidated financial statements can be found in the Company’s Quarterly Report on Form 10-Q.
8
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,
2026
2025
2026
2025
Net income
$
31,328
$
28,631
$
30,979
$
31,803
Preferred dividends
(6,279)
(6,279)
(12,557)
(12,557)
Depreciation and amortization
47,496
46,363
94,691
92,151
Loss (gain) on sale of hotel properties, net
116
378
3,763
(943)
Noncontrolling interest in consolidated joint ventures
(164)
(65)
10
108
Adjustments related to consolidated joint venture (1)
(50)
(49)
(100)
(98)
Adjustments related to unconsolidated joint venture (2)
225
237
449
481
FFO
72,672
69,216
117,235
110,945
Transaction costs
692
56
724
112
Pre-opening costs (3)
573
52
871
451
Loss on extinguishment of indebtedness, net
26
34
399
34
Amortization of share-based compensation
4,042
2,888
7,699
7,237
Non-cash income tax benefit
(18)
—
(18)
—
Non-cash interest expense related to discontinued interest rate hedges
(78)
144
(78)
288
Other expenses (4)
618
268
1,215
512
Adjusted FFO
$
78,527
$
72,658
$
128,047
$
119,579
Adjusted FFO per common share and unit-basic
$
0.52
$
0.48
$
0.85
$
0.79
Adjusted FFO per common share and unit-diluted
$
0.52
$
0.48
$
0.85
$
0.79
Basic weighted-average common shares and units outstanding (5)
150,655
150,305
150,376
150,989
Diluted weighted-average common shares and units outstanding (5)
151,700
150,371
151,153
151,127
Notes:
(1)Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint venture.
(2)Includes our ownership interest in the depreciation and amortization expense of the unconsolidated joint venture.
(3)Represents expenses related to the brand conversions of certain hotel properties prior to opening.
(4)Represents expenses and income outside of the normal course of operations.
(5)Includes 0.8 million weighted-average operating partnership units for the three and six months ended June 30, 2026 and 2025.
9
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
For the three months ended June 30,
For the six months ended June 30,
2026
2025
2026
2025
Net income
$
31,328
$
28,631
$
30,979
$
31,803
Depreciation and amortization
47,496
46,363
94,691
92,151
Interest expense, net of interest income
24,851
24,515
49,590
48,812
Income tax expense
286
339
550
633
Adjustments related to unconsolidated joint venture (1)
365
484
785
800
EBITDA
104,326
100,332
176,595
174,199
Loss (gain) on sale of hotel properties, net
116
378
3,763
(943)
EBITDAre
104,442
100,710
180,358
173,256
Transaction costs
692
56
724
112
Pre-opening costs (2)
573
52
871
451
Loss on extinguishment of indebtedness, net
26
34
399
34
Amortization of share-based compensation
4,042
2,888
7,699
7,237
Other expenses (3)
618
268
1,215
512
Adjusted EBITDA
110,393
104,008
191,266
181,602
General and administrative (4)
8,764
8,001
17,489
16,055
Other corporate adjustments
460
1,379
785
1,642
Consolidated Hotel EBITDA
119,617
113,388
209,540
199,299
Comparable adjustments - income from sold hotels
(103)
(1,844)
(361)
(3,972)
Comparable Hotel EBITDA
$
119,514
$
111,544
$
209,179
$
195,327
Notes:
(1)Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint venture.
(2)Represents expenses related to the brand conversions of certain hotel properties prior to opening.
(3)Represents expenses and income outside the normal course of operations.
(4)Excludes amortization of share-based compensation and general and administrative expenses outside the normal course of operations.
10
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands except margin data)
(unaudited)
Comparable Hotel EBITDA Margin
For the three months ended June 30,
For the six months ended June 30,
2026
2025
2026
2025
Total revenue
$
382,988
$
363,103
$
722,965
$
691,222
Comparable adjustments - revenue from sold hotels
(950)
(5,543)
(2,324)
(12,129)
Other corporate adjustments / non-hotel revenue
(18)
(18)
(35)
(35)
Comparable Hotel Revenue
$
382,020
$
357,542
$
720,606
$
679,058
Comparable Hotel EBITDA
$
119,514
$
111,544
$
209,179
$
195,327
Comparable Hotel EBITDA Margin
31.3
%
31.2
%
29.0
%
28.8
%
11
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures - Full-Year Outlook
(Amounts in millions)
(unaudited)
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
For the year ended December 31, 2026
Low End
High End
Net income
$
21.6
$
38.6
Depreciation and amortization
190.0
190.0
Interest expense, net of interest income
101.0
103.0
Income tax expense
1.1
1.1
Adjustments related to joint ventures
1.6
1.6
EBITDA
315.3
334.3
Loss on sale of hotel properties, net
3.8
3.8
EBITDAre
319.1
338.1
Amortization of share-based compensation
16.8
16.8
All other items, net
0.1
1.1
Adjusted EBITDA
336.0
356.0
General and administrative
33.5
34.5
Other corporate adjustments
(0.1)
(1.1)
Consolidated Hotel EBITDA
369.4
389.4
Comparable adjustments - income from sold hotels
(0.4)
(0.4)
Comparable Hotel EBITDA
$
369.0
$
389.0
Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders
For the year ended December 31, 2026
Low End
High End
Net income
$
21.6
$
38.6
Preferred dividends
(25.1)
(25.1)
Depreciation and amortization
190.0
190.0
Loss on sale of hotel properties, net
3.8
3.8
Adjustments related to joint ventures
1.0
1.0
FFO
191.3
208.3
Amortization of share-based compensation
16.8
16.8
All other items, net
(0.3)
2.7
Adjusted FFO
$
207.8
$
227.8
Adjusted FFO per common share and unit-diluted
$
1.37
$
1.50
Diluted weighted-average common shares and units outstanding
151.5
151.5
12
RLJ Lodging Trust
Consolidated Debt Summary
(Amounts in thousands except interest data)
(unaudited)
Loan
Base Term (Years)
Maturity (incl. extensions)
Floating / Fixed (1)
Interest Rate (2)
Balance as of June 30, 2026 (3)
Mortgage Debt
Mortgage loan - 1 hotel
10
January 2029
Fixed
5.06%
$
25,000
Mortgage loan - 3 hotels
5
April 2029
Floating
5.17%
91,700
Mortgage loan - 4 hotels
5
April 2029
Floating
5.16%
72,700
Weighted Average / Mortgage Total
5.15%
$
189,400
Corporate Debt
Revolver (4)
4
February 2031
Floating
—
$
—
$569 Million Term Loan Maturing 2031 (5)
3
February 2031
Floating
5.40%
569,000
$500 Million Term Loan Maturing 2027
3
September 2029
Floating
5.06%
500,000
$500 Million Senior Notes due 2026 (5)
5
July 2026
Fixed
3.75%
500,000
$500 Million Senior Notes due 2029
8
September 2029
Fixed
4.00%
500,000
$300 Million Term Loan Maturing 2030
3
April 2030
Floating
5.40%
300,000
$150 Million Term Loan Maturing 2033 (5)
7
February 2033
Floating
5.80%
150,000
Weighted Average / Corporate Total
4.75%
$
2,519,000
Weighted-Average / Gross Debt
4.78%
$
2,708,400
Notes:
(1) The floating interest rate is hedged, or partially hedged, with an interest rate swap.
(2) Interest rates as of June 30, 2026, inclusive of the impact of interest rate hedges.
(3) Excludes the impact of fair value adjustments and deferred financing costs.
(4) As of June 30, 2026, there was $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually.
(5) On June 30, 2026, the Company drew the remaining $344.0 million under the $569.0 million delayed draw term loan and the total balance of the $150.0 million delayed draw term loan. On July 1, 2026, the Company used these proceeds to repay its $500.0 million Senior Notes due 2026.
