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Dec 31, 2023
RLJ Q4 2023 Earnings Report
Reported a Q4 with RevPAR increase of 5.2% and executed multiple capital allocation initiatives.
Key Takeaways
RLJ Lodging Trust reported a successful Q4 2023, marked by top-quartile RevPAR growth and strategic capital allocation moves, including share repurchases and acquisitions. The company's urban-centric portfolio is positioned to capture improving demand in urban markets, with incremental lift from completed conversions expected to continue into 2024.
Portfolio Comparable RevPAR increased to $133.84.
Total Revenue reached $319.7 million.
Net income attributable to common shareholders was $1.7 million.
Adjusted FFO per diluted common share and unit stood at $0.34.
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 provided its annual outlook for all hotels owned as of February 26, 2024. FY 2024 Comparable RevPAR Growth is expected to be 2.5% to 5.5%. Comparable Hotel EBITDA is expected to be $395.0M to $425.0M. Adjusted EBITDA is expected to be $360.0M to $390.0M. Adjusted FFO per diluted share is expected to be $1.55 to $1.75.
Positive Outlook
- Comparable RevPAR Growth of 2.5% to 5.5%
- Comparable Hotel EBITDA of $395.0M to $425.0M
- Adjusted EBITDA of $360.0M to $390.0M
- Adjusted FFO per diluted share of $1.55 to $1.75
- Net interest expense of $91.0 million to $93.0 million.
Challenges Ahead
- First quarter of 2024 to be impacted by the timing of Easter
- Difficult comparisons to prior year growth rates for Q1
- First quarter RevPAR growth to be positive but below the low-end of the full-year range.
- Potential future acquisitions, dispositions, financings, or share repurchases are not incorporated into the Company's outlook
- Capital expenditures related to renovations in the range of $100.0 million to $120.0 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income