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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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