RLJ Lodging Trust (RLJ)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.4B

Revenue growth

1.1%

Net income, last twelve months

$27.6M

Operating margin

9.5%

Net margin

2.0%

Free cash flow

$173.5M

Return on equity

1.3%

Market value

$1.9B

Price to earnings

291.8x

Dividend yield

4.8%

Cash

$937.6M

Debt

$2.7B

Debt to equity

1.25

Shares outstanding

152.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 6 August 2026.

• RevPAR rose 6.8% on rate and occupancy. Comparable ADR rose 4.9% to $217.18 and comparable occupancy reached 77.0%, which was up 1.8% from 75.6%. Six-month comparable RevPAR rose 5.8%.
• Adjusted FFO per share up 8.3%. Adjusted FFO per diluted common share and unit was $0.52 against $0.48 a year earlier. The six-month figure was $0.85, up 7.6%.
• Quarter ran above company expectations. Management said each month of the quarter exceeded the company's expectations, and the company described results as having exceeded its expectations.
• Net income and Adjusted EBITDA grew. Net income was $31.3 million, up 9.4%. Adjusted EBITDA was $110.4 million, up 6.1%, against $104.0 million a year earlier.
• Non-room revenue grew faster than RevPAR. Comparable non-room revenues rose 7.1%, which is 30 basis points above comparable RevPAR growth. Management tied this to its return-on-investment initiatives.
• Out-of-room spend contributed to results. Management said results benefited from continued success in driving out-of-room spend, alongside the ramp of recently completed renovations and conversions.
• Renovated and converted hotels ramping. Management named the ramp of recently completed renovations and conversions as one reason for the quarter's results. Renovation capital for 2026 is guided at $80.0 million to $90.0 million.
• Business travel and urban leisure growing. Management cited the continued acceleration of business travel and robust urban leisure trends as drivers of portfolio results across the quarter.
• Second half trends assumed to continue. The raised full-year guidance reflects management's expectation that the positive trends seen in the quarter continue through the second half of 2026.
• Comparable hotel margin reached 31.3%. Comparable hotel EBITDA margin was 31.3% in the quarter, 10 basis points above the prior year's 31.2%. The six-month margin was 29.0%, up 20 basis points.
• Hotel EBITDA growth followed revenue. Management linked the 7.1% comparable hotel EBITDA growth and 6.1% adjusted EBITDA growth to the top-line performance of the quarter.
• Senior notes repaid at maturity. On July 1, 2026 the company repaid the $500.0 million Senior Notes due 2026 at maturity, using delayed draw term loan proceeds and cash on hand.
• Liquidity and maturities after repayment. After the repayment the company reported $1.0 billion of total liquidity, $2.2 billion of debt, and no debt maturities until 2029, including extension options.
• Delayed draw term loans fully drawn. On June 30, 2026 the company drew $344.0 million of its $569.0 million 2031 delayed draw term loan and the full $150.0 million 2033 delayed draw term loan, for $494.0 million in total.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 142 held.

Every filing

The newest filings with the SEC of 309 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

243 funds held it at 30 Jun 2026: 109 added and 75 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Welltower Inc. (WELL): revenue $13.8B, market value $166.2B
• Prologis, Inc. (PLD): revenue $9.4B, market value $119.1B
• Equinix Inc. (EQIX): revenue $10.1B, market value $100.0B
• American Tower Corp. (AMT): revenue $11.0B, market value $85.3B
• Simon Property Group Inc. (SPG): revenue $6.9B, market value $68.4B
• Digital Realty Trust, Inc. (DLR): revenue $6.8B, market value $66.6B
• Public Storage (PSA): revenue $5.0B, market value $58.0B
• Realty Income Corp. (O): revenue $6.1B, market value $53.2B
• Ventas, Inc. (VTR): revenue $6.8B, market value $42.9B
• Crown Castle Inc. (CCI): revenue –, market value $37.4B

What the company does

RLJ Lodging Trust is a self-advised and self-administered Maryland real estate investment trust that owns hotels. As of 31 December 2025 it owned 93 hotel properties with approximately 20,800 rooms, located in 23 states and the District of Columbia. The hotels are mainly what the company describes as premium-branded, rooms-oriented, focused-service and compact full-service properties in "heart of demand locations". The company says it is one of the largest publicly-traded lodging REITs in the United States by number of hotels and number of rooms. It had 75 employees.

How the business is organised

The company works through an umbrella partnership structure. Substantially all of its assets and operations sit in the Operating Partnership, and the company is its sole general partner, owning 99.5% of the OP units. It held a 100% interest in 91 of its hotels, a 95% controlling interest in one hotel, and a 50% non-controlling interest in an entity owning one hotel.

The hotel owners lease 92 of the 93 hotels to taxable REIT subsidiaries (TRSs). The TRSs hire independent managers to run the hotels. The managers collect hotel revenue and pay operating expenses, including their own management fees, on behalf of the TRSs. As a REIT, the company is required to distribute 90% of its REIT taxable income, excluding net capital gains, to keep that status.

What it owns

About 89.3% of the hotels operate under Marriott, Hilton or Hyatt brands.

- Marriott brands: 35 hotels and 7,436 rooms, including 12 Courtyard hotels and 8 Residence Inn hotels. - Hilton brands: 36 hotels and 8,777 rooms, including 18 Embassy Suites hotels with 5,041 rooms. - Hyatt brands: 12 hotels and 1,936 rooms, of which 7 are Hyatt House. - Wyndham: 4 hotels and 1,642 rooms. - Other brand affiliation or independent: 6 hotels and 968 rooms.

The company says these hotels typically earn most of their revenue from room rentals, have limited food and beverage outlets and meeting space, and need fewer employees than traditional full-service hotels.

How it makes money

Substantially all revenue comes from operating the hotels. Room revenue made up approximately 81.0% of total revenues in 2025. The rest comes from food and beverage sales and other revenue such as parking fees, resort fees and gift shop sales.

The main costs are room expense, food and beverage expense, and management and franchise fees. The base management fee is a percentage of gross hotel revenues. An incentive management fee is typically paid when a hotel's operating income passes certain thresholds. The franchise fee is a percentage of room revenue, plus a further percentage for marketing and central reservation systems.

The company tracks occupancy, average daily rate and RevPAR, which is the product of the two and covers room revenue only. The business is seasonal. Hotels in the northeastern metropolitan areas are slower from December through March, while Florida hotels generally earn more from January through April.

Who stays there

Most guests are transient, meaning individual business or leisure travellers. Most hotels sit in business districts within major metropolitan areas, where demand comes from corporate, educational, government, leisure and international sources. Group business is defined as at least 10 guestrooms booked together. Because most hotels have limited meeting space, group business that uses meeting space is a small part of the customer base. Some hotels carry brands aimed at extended-stay guests, who generally stay five nights or longer.

How it manages and competes

A dedicated asset management team watches hotel performance daily and meets often with the managers' executives and hotel staff. The company has limited or, in some cases, no ability to influence its managers' staffing decisions. It does keep approval rights over key positions at many hotels, such as the general manager and director of sales. It also has approval rights over capital spending in each hotel's annual budget.

Renovation and routine upkeep are paid first from FF&E reserve accounts. These are typically funded at between 3.0% and 5.0% of a hotel's total gross revenue.

Hotels compete for guests on location, quality of accommodations, convenience, brand affiliation, room rates, service levels, amenities and event space. Rivals include other focused-service and compact full-service hotels and online services that market homes and apartments. For acquisitions, the company competes with pension funds, private equity funds, other REITs and hotel companies. The company says it intends to buy hotels, and to sell those whose returns appear to have been maximized, to reinvest the proceeds.

Rules, insurance and people

The hotels must comply with the Americans with Disabilities Act and with federal, state and local environmental, health and safety laws. Some hotels contain asbestos-containing building materials, which the company says is appropriately contained. It carries general liability, fire, business interruption and umbrella coverage, with earthquake, wind, flood and hurricane coverage where it considers it warranted. It does not carry cyber insurance or cover communicable disease losses.

The company states a goal of reducing carbon emissions by 35% by 2030. Its board has seven independent trustees.

*From RLJ Lodging Trust's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1511337/000151133726000007/rlj-20251231.htm)*

From the company's 10-K.