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Mar 31, 2024
RLJ Q1 2024 Earnings Report
Reported first quarter results with RevPAR increasing 1.0% above 2023 and expanded conversion pipeline by acquiring Wyndham Boston Beacon Hill.
Key Takeaways
RLJ Lodging Trust reported a 3.1% increase in total revenue to $324.4 million and a net income of $4.7 million for the first quarter of 2024. The company's RevPAR grew by 1.0%, outperforming the industry, driven by strong positioning of its urban-centric portfolio and returns from conversions and ROI initiatives.
Portfolio Comparable RevPAR of $137.88, an increase of 1.0% from last year.
Total Revenue of $324.4 million, an increase of 3.1% from last year.
Net income of $4.7 million.
Adjusted FFO per diluted common share and unit of $0.33.
RLJ
RLJ
RLJ Revenue by Segment
Revenue by Segment
Room Revenue
CapyFin.comFood and Beverage Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The company is reaffirming its annual outlook for all hotels owned as of May 1, 2024.
Positive Outlook
- FY 2024 Comparable RevPAR Growth 2.5% to 5.5%
- FY 2024 Comparable Hotel EBITDA $395.0M to $425.0M
- FY 2024 Adjusted EBITDA $360.0M to $390.0M
- FY 2024 Adjusted FFO per diluted share $1.55 to $1.75
- Net interest expense of $91.0 million to $93.0 million.
Challenges Ahead
- Capital expenditures related to renovations in the range of $100.0 million to $120.0 million.
- Diluted weighted average common shares and units of 155.5 million.
- Cash G&A of $35.0 million to $36.0 million.
- The Company expects second quarter RevPAR growth to be below the mid-point of the full-year range, due to a soft April.
- No future acquisitions, dispositions, financings, or share repurchases are incorporated into the Company's outlook and could result in a material change to the Company's outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income