RLJ Q2 2024 Earnings Report
Key Takeaways
RLJ Lodging Trust reported a positive second quarter with a 2.6% increase in comparable RevPAR and a 3.5% increase in total revenue. The company acquired Hotel Teatro in Denver and increased its quarterly dividend. The company is updating its full-year outlook range to incorporate recent transactions, year-to-date operating performance, and the current economic environment.
Portfolio Comparable RevPAR increased by 2.6% year-over-year to $157.30.
Total Revenue increased by 3.5% year-over-year to $369.3 million.
Net Income totaled $37.3 million.
The company acquired Hotel Teatro in Denver for $35.5 million.
RLJ
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RLJ Revenue by Segment
Forward Guidance
The Company is updating its full-year outlook range to incorporate recent transactions, year-to-date operating performance, and the current economic environment. FY 2024 Comparable RevPAR Growth is expected to be 1.0% to 2.5%. Comparable Hotel EBITDA is expected to be $382.5M to $402.5M. Adjusted EBITDA is expected to be $346.5M to $366.5M. Adjusted FFO per diluted share is expected to be $1.45 to $1.58.
Positive Outlook
- Comparable RevPAR Growth of 1.0% to 2.5%.
- Comparable Hotel EBITDA of $382.5M to $402.5M.
- Adjusted EBITDA of $346.5M to $366.5M.
- Adjusted FFO per diluted share of $1.45 to $1.58.
- Net interest expense of $93.0 million to $95.0 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 155.0 million.
- No future acquisitions are incorporated into the Company's outlook and could result in a material change to the Company's outlook.
- No future dispositions are incorporated into the Company's outlook and could result in a material change to the Company's outlook.
- No future financings 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