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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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