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Jun 30, 2024
RLJ Q2 2024 Earnings Report
Reported solid second quarter performance driven by strong gains in urban markets and announced an increase in quarterly dividend.
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
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 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