- Announces 60% increase in quarterly dividend to $0.08 per common share
- Launched three conversions and acquired one high quality hotel
- Maintained $1.1 billion of liquidity and no debt maturities until 2024
BETHESDA, Md., February 27, 2023--(BUSINESS WIRE)--RLJ Lodging Trust (the "Company") (NYSE: RLJ) today reported results for the three months and year ended December 31, 2022.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230227005749/en/
The Mills House Hotel, Charleston, SC. (Photo: Business Wire)
Fourth Quarter Highlights
Portfolio comparable RevPAR of $127.25
Revenue of $302.2 million
Net income attributable to common shareholders of $0.3 million
Net income per diluted share attributable to common shareholders of $0.00
Adjusted EBITDA of $79.0 million
Adjusted FFO per diluted common share and unit of $0.33
Addressed all 2023 debt maturities
Launched The Mills House Hotel, a Curio Collection Hotel by Hilton in Charleston, South Carolina, Zachari Dunes on Mandalay Beach, a Curio Collection Hotel by Hilton in Oxnard, California and The Pierside Hotel in Santa Monica, California
Repurchased 0.7 million common shares at an average price per share of $10.66
Full Year Highlights
Portfolio comparable RevPAR of $129.61
(Video) Here’s Why LaSalle Hotel Properties (LHO) is a BuyRevenue of $1.2 billion
Net income attributable to common shareholders of $16.8 million
Net income per diluted share attributable to common shareholders of $0.10
Adjusted EBITDA of $336.5 million
Adjusted FFO per diluted common share and unit of $1.36
See AlsoAbout - RLJ CompaniesAcquired 21c Hotel Nashville for $59.0 million and sold two non-core hotels for gross proceeds of $49.9 million
Exited all COVID-related restrictions on corporate debt facilities
Repurchased 4.9 million common shares for $57.6 million at an average price per share of $11.75
Maintained $1.1 billion of liquidity, including $481.3 million of unrestricted cash and undrawn revolver
"We were pleased that the strengthening lodging fundamentals we saw throughout last year, especially in Urban markets, carried into the fourth quarter," commented Leslie D. Hale, President and Chief Executive Officer. "Relative to this improving backdrop, we successfully executed on our key initiatives, including capturing the recovery in Urban markets, launching all three of our conversions and entering the growth market of Nashville. We achieved these priorities while strengthening our balance sheet and returning capital to our shareholders through thoughtful share repurchases and dividend raises, including our most recent dividend raise of 60% beginning with this quarter. While the current environment remains uncertain, the continuing improvement in business travel, group booking momentum and the ongoing recovery in Urban leisure gives us confidence that Urban markets will continue to outperform the industry on a relative basis this year, which will benefit our Urban-centric portfolio."
The prefix "Comparable" as defined by the Company, denotes operating results which include results for periods prior to its ownership and exclude sold hotels. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.
Financial and Operating Highlights ($ in millions, except ADR, RevPAR, and per share amounts) (unaudited) | ||||||||
For the three months ended | For the year ended | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Operational Overview: (1) | ||||||||
Comparable ADR | $190.24 | $164.12 | $188.22 | $149.52 | ||||
Comparable Occupancy | 66.9 % | 62.4 % | 68.9 % | 57.6 % | ||||
Comparable RevPAR | $127.25 | $102.48 | $129.61 | $86.18 | ||||
Financial Overview: | ||||||||
Total Revenues | $302.2 | $238.1 | $1,193.7 | $785.7 | ||||
Comparable Hotel Revenue | $302.2 | $240.2 | $1,196.9 | $786.7 | ||||
Net Income (Loss) | $6.8 | ($27.9) | $42.2 | ($311.1) | ||||
Comparable Hotel EBITDA (2) | $87.6 | $64.8 | $370.0 | $202.7 | ||||
Comparable Hotel EBITDA Margin | 29.0 % | 27.0 % | 30.9 % | 25.8 % | ||||
Adjusted EBITDA | $79.0 | $54.7 | $336.5 | $162.0 | ||||
Adjusted FFO | $52.8 | $22.6 | $221.1 | $31.4 | ||||
Adjusted FFO Per Diluted Common Share and Unit | $0.33 | $0.14 | $1.36 | $0.19 | ||||
Note: |
(1) Comparable statistics reflect the Company's 96 hotel portfolio owned as of December 31, 2022. |
(2) Comparable Hotel EBITDA for the three months ended December 31, 2022 and 2021 excludes $0.6 million net income and $1.7 million net loss, respectively, from sold hotels. Comparable Hotel EBITDA for the year ended December 31, 2022 and 2021 excludes $1.2 million net income and $7.6 million net loss, respectively, from sold hotels. Comparable Hotel EBITDA for the three months ended December 31, 2021 includes $1.1 million net income from acquired hotels. Comparable Hotel EBITDA for the year ended December 31, 2022 and 2021 includes $0.6 million and $3.4 million net income, respectively, from acquired hotels. |
Operational Update
During the fourth quarter of 2022, the Company’s portfolio generated Comparable RevPAR of $127.25, achieving 94% of the comparable period in 2019. Comparable occupancy for the fourth quarter of 2022 recovered to 89% of 2019 levels while comparable ADR achieved 105% of 2019 levels. During the fourth quarter, the Company's portfolio benefitted from growth in urban markets and sustained pricing power led by continuing recovery of business travel and strong group activity. Leisure trends remained healthy and performed in line with normal seasonality.
Acquisitions
In 2022, the Company acquired the 21c Hotel Nashville, a 124-room boutique lifestyle hotel in downtown Nashville for $59.0 million, or approximately $476,000 per key. The property was converted to a hotel in 2017, following the transformational conversion of the historic Gray & Dudley Building.
Conversions
The Company has successfully launched its three hotel conversions of The Mills House Hotel, a Curio Collection Hotel by Hilton in Charleston, South Carolina, Zachari Dunes on Mandalay Beach, a Curio Collection Hotel by Hilton in Oxnard, California and The Pierside Hotel, an independently branded lifestyle property located in Santa Monica, California. All three conversions are anticipated to outperform the Company's original underwriting and demonstrate the ability of the Company to unlock significant embedded value in the portfolio.
Share Repurchases
During 2022, the Company repurchased 4.9 million shares for $57.6 million, at an average price per share of $11.75, which included approximately 0.7 million common shares for $7.6 million at an average price per share of $10.66 during the fourth quarter. Since January 2023, the Company has repurchased $0.5 million of shares at an average price per share of $10.49. The Company's share buyback program currently has approximately $191.9 million of remaining capacity.
Balance Sheet
As of December 31, 2022, the Company had approximately $1.1 billion of total liquidity, comprising approximately $481.3 million of unrestricted cash and $600.0 million available under its revolving credit facility ("Revolver"), and $2.2 billion of debt outstanding.
In November 2022, the Company amended its term loan facility to increase it from $100.0 million to $200.0 million and extend its maturity to January 2026, with two one year extension options. The incremental $100.0 million of proceeds were funded in two tranches, with $5.0 million funded at closing in November 2022 and $95.0 million funded through a delayed draw feature in early 2023 that was used to repay $94.0 million maturing term loans in January 2023.
In January 2023, the Company exercised its option to extend the maturities of approximately $225.0 million of term loans to 2024.
Dividends
The Company’s Board of Trustees recently declared a quarterly cash dividend of $0.05 per common share of beneficial interest of the Company in the fourth quarter. The dividend was paid on January 17, 2023 to shareholders of record as of December 31, 2022.
The Company’s Board of Trustees also declared an increase in its quarterly cash dividend to $0.08 per common share of beneficial interest of the Company for the first quarter of 2023, which represents a 60% increase from the prior quarter dividend. The dividend will be paid on April 17, 2023 to shareholders of record as of March 31, 2023.
The Company's Board of Trustees declared a quarterly cash dividend of $0.4875 on the Company’s Series A Preferred Shares in the fourth quarter. The dividend was paid on January 31, 2023 to shareholders of record as of December 31, 2022.
The Company's Board of Trustees recently declared a quarterly cash dividend of $0.4875 on the Company’s Series A Preferred Shares for the first quarter of 2023. The dividend will be paid on April 28, 2023 to shareholders of record as of March 31, 2023.
2023 Outlook
The Company's first quarter outlook includes all hotels owned as of February 27, 2023.
Q1 2023 | ||
Comparable RevPAR | $133.00 to $137.00 | |
Comparable Hotel EBITDA | $85.0M to $91.0.M | |
Adjusted EBITDA | $76.0M to $82.0M | |
Adjusted FFO per share | $0.29 to $0.33 |
Potential future acquisitions, dispositions, financings, or share repurchases are not incorporated into the Company's outlook below and could result in a material change to the Company's outlook.
Earnings Call
The Company will conduct its quarterly analyst and investor conference call on February 28, 2023, at 10:00 a.m. (Eastern Standard Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust’s fourth quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company’s website at http://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available through the Investor Relations section of the Company’s website for two weeks.
Supplemental Information
Please refer to the schedule of supplemental information for additional detail and Comparable operating statistics, which is available through the Investor Relations section of the Company's website.
About Us
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels. The Company's portfolio currently consists of 96 hotels with approximately 21,200 rooms, located in 23 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.
Forward Looking Statements
This information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words "believe," "project," "expect," "anticipate," "estimate," "plan," "may," "will," "will continue," "intend," "should," "may," or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled "Risk Factors," "Forward- Looking Statements," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which will be filed on February 28, 2023, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.
For additional information or to receive press releases via email, please visit our website: http://www.rljlodgingtrust.com
RLJ Lodging Trust
Non-GAAP and Accounting Commentary
Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures
The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre, (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin. These Non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin as calculated by the Company may not be comparable to other companies that do not define such terms exactly as the Company defines such terms.
Funds From Operations ("FFO")
The Company calculates Funds from Operations ("FFO") in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts ("REITs"), even though FFO does not represent an amount that accrues directly to common shareholders.
The Company’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest ("OP units") in RLJ Lodging Trust, L.P., the Company’s operating partnership, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.
EBITDA and EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") is defined as net income or loss excluding: (1) interest expense; (2) income tax benefit or expense; and (3) depreciation and amortization expense. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.
In addition to EBITDA, the Company presents EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss (calculated in accordance with GAAP) excluding interest expense, income tax benefit or expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. The Company believes that the presentation of EBITDAre provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.
Adjustments to FFO and EBITDA
The Company adjusts FFO, EBITDA, and EBITDAre for certain items that the Company considers outside the normal course of operations. The Company believes that Adjusted FFO, Adjusted EBITDA, and Adjusted EBITDAre provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income or loss, FFO, EBITDA, and EBITDAre, are beneficial to an investor’s understanding of the Company's operating performance. The Company adjusts FFO, EBITDA, and EBITDAre for the following items:
Transaction Costs: The Company excludes transaction costs expensed during the period
Pre-Opening Costs: The Company excludes certain costs related to pre-opening of hotels
Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation, non-cash income tax expense or benefit, and non-cash interest expense related to discontinued interest rate hedges
Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside the normal course of operations
Hotel EBITDA and Hotel EBITDA Margin
With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company’s hotels and the effectiveness of third-party management companies.
Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin include prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels and excludes results from sold hotels as applicable. The following is a summary of Comparable hotel adjustments:
Comparable adjustments: Acquired hotels
For the years ended December 31, 2022 and 2021, Comparable adjustments included the following acquired hotels:
Hampton Inn & Suites Atlanta Midtown acquired in August 2021
AC Hotel Boston Downtown acquired in October 2021
Moxy Denver Cherry Creek acquired in December 2021
21c Hotel Nashville acquired in July 2022
Comparable adjustments: Sold hotels
For the years ended December 31, 2022 and 2021, Comparable adjustments included the following sold hotels:
Courtyard Houston Sugarland sold in January 2021
Residence Inn Chicago Naperville sold in May 2021
Residence Inn Indianapolis Fishers sold in May 2021
Fairfield Inn & Suites Chicago Southeast Hammond sold in July 2021
Residence Inn Chicago Southeast Hammond sold in August 2021
Courtyard Chicago Southeast Hammond sold in August 2021
Embassy Suites Secaucus-Meadowlands ground lease expired in October 2021
DoubleTree Hotel Metropolitan New York City sold in December 2021
Marriott Denver Airport at Gateway Park sold in March 2022
SpringHill Suites Denver North Westminster sold in April 2022
RLJ Lodging Trust Consolidated Balance Sheets (Amounts in thousands, except share and per share data) (unaudited) | ||||||||
December 31, | December 31, | |||||||
Assets | ||||||||
Investment in hotel properties, net | $ | 4,180,328 | $ | 4,219,116 | ||||
Investment in unconsolidated joint ventures | 6,979 | 6,522 | ||||||
Cash and cash equivalents | 481,316 | 665,341 | ||||||
Restricted cash reserves | 55,070 | 48,528 | ||||||
Hotel and other receivables, net of allowance of $319 and $274, respectively | 38,528 | 31,091 | ||||||
Lease right-of-use assets | 136,915 | 144,988 | ||||||
Prepaid expense and other assets | 79,089 | 33,390 | ||||||
Total assets | $ | 4,978,225 | $ | 5,148,976 | ||||
Liabilities and Equity | ||||||||
Debt, net | $ | 2,217,555 | $ | 2,409,438 | ||||
Accounts payable and other liabilities | 155,916 | 155,136 | ||||||
Advance deposits and deferred revenue | 23,769 | 20,047 | ||||||
Lease liabilities | 117,010 | 123,031 | ||||||
Accrued interest | 20,707 | 19,110 | ||||||
Distributions payable | 14,622 | 8,347 | ||||||
Total liabilities | 2,549,579 | 2,735,109 | ||||||
Equity | ||||||||
Shareholders’ equity: | ||||||||
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized | ||||||||
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2022 and 2021 | 366,936 | 366,936 | ||||||
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 162,003,533 and 166,503,062 shares issued and outstanding at December 31, 2022 and 2021, respectively | 1,620 | 1,665 | ||||||
Additional paid-in capital | 3,054,958 | 3,092,883 | ||||||
Accumulated other comprehensive income (loss) | 40,591 | (17,113 | ) | |||||
Distributions in excess of net earnings | (1,049,441 | ) | (1,046,739 | ) | ||||
Total shareholders’ equity | 2,414,664 | 2,397,632 | ||||||
Noncontrolling interest: | ||||||||
Noncontrolling interest in consolidated joint ventures | 7,669 | 9,919 | ||||||
Noncontrolling interest in the Operating Partnership | 6,313 | 6,316 | ||||||
Total noncontrolling interest | 13,982 | 16,235 | ||||||
Total equity | 2,428,646 | 2,413,867 | ||||||
Total liabilities and equity | $ | 4,978,225 | $ | 5,148,976 | ||||
Note: |
The corresponding notes to the consolidated financial statements can be found in the Company’s Annual Report on Form 10-K. |
RLJ Lodging Trust Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (unaudited) | ||||||||||||||||
For the three months ended | For the year ended | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues | ||||||||||||||||
Operating revenues | ||||||||||||||||
Room revenue | $ | 248,636 | $ | 198,476 | $ | 1,002,454 | $ | 667,853 | ||||||||
Food and beverage revenue | 34,372 | 22,756 | 117,027 | 58,994 | ||||||||||||
Other revenue | 19,183 | 16,857 | 74,181 | 58,817 | ||||||||||||
Total revenues | 302,191 | 238,089 | 1,193,662 | 785,664 | ||||||||||||
Expenses | ||||||||||||||||
Operating expenses | ||||||||||||||||
Room expense | 65,426 | 53,089 | 253,441 | 177,365 | ||||||||||||
Food and beverage expense | 26,088 | 15,949 | 87,402 | 41,790 | ||||||||||||
Management and franchise fee expense | 23,719 | 19,060 | 95,565 | 53,276 | ||||||||||||
Other operating expense | 80,437 | 65,490 | 308,000 | 239,092 | ||||||||||||
Total property operating expenses | 195,670 | 153,588 | 744,408 | 511,523 | ||||||||||||
Depreciation and amortization | 44,529 | 46,855 | 184,875 | 187,778 | ||||||||||||
Impairment losses | — | — | — | 144,845 | ||||||||||||
Property tax, insurance and other | 20,790 | 23,433 | 86,996 | 88,852 | ||||||||||||
General and administrative | 15,402 | 11,962 | 56,330 | 47,526 | ||||||||||||
Transaction costs | 230 | (7 | ) | (345 | ) | 94 | ||||||||||
Total operating expenses | 276,621 | 235,831 | 1,072,264 | 980,618 | ||||||||||||
Other income (expense), net | 780 | 965 | 9,496 | (7,614 | ) | |||||||||||
Interest income | 2,759 | 170 | 4,559 | 996 | ||||||||||||
Interest expense | (22,114 | ) | (25,172 | ) | (93,155 | ) | (106,366 | ) | ||||||||
Gain (loss) on sale of hotel properties, net | 21 | (5,511 | ) | 1,017 | (2,378 | ) | ||||||||||
(Loss) gain on extinguishment of indebtedness, net | (39 | ) | — | (39 | ) | 893 | ||||||||||
Income (loss) before equity in income (loss) from unconsolidated joint ventures | 6,977 | (27,290 | ) | 43,276 | (309,423 | ) | ||||||||||
Equity in income (loss) from unconsolidated joint ventures | 202 | (7 | ) | 457 | (477 | ) | ||||||||||
Income (loss) before income tax expense | 7,179 | (27,297 | ) | 43,733 | (309,900 | ) | ||||||||||
Income tax expense | (379 | ) | (634 | ) | (1,518 | ) | (1,188 | ) | ||||||||
Net income (loss) | 6,800 | (27,931 | ) | 42,215 | (311,088 | ) | ||||||||||
Net (income) loss attributable to noncontrolling interests: | ||||||||||||||||
Noncontrolling interest in consolidated joint ventures | (181 | ) | 58 | (210 | ) | 4,384 | ||||||||||
Noncontrolling interest in the Operating Partnership | (6 | ) | 145 | (80 | ) | 1,536 | ||||||||||
Net income (loss) attributable to RLJ | 6,613 | (27,728 | ) | 41,925 | (305,168 | ) | ||||||||||
Preferred dividends | (6,279 | ) | (6,279 | ) | (25,115 | ) | (25,115 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | 334 | $ | (34,007 | ) | $ | 16,810 | $ | (330,283 | ) | ||||||
Basic per common share data: | ||||||||||||||||
Net income (loss) per share attributable to common shareholders | $ | — | $ | (0.21 | ) | $ | 0.10 | $ | (2.01 | ) | ||||||
Weighted-average number of common shares | 159,769,645 | 164,099,763 | 161,947,807 | 163,998,390 | ||||||||||||
Diluted per common share data: | ||||||||||||||||
Net income (loss) per share attributable to common shareholders | $ | — | $ | (0.21 | ) | $ | 0.10 | $ | (2.01 | ) | ||||||
Weighted-average number of common shares | 160,327,264 | 164,099,763 | 162,292,865 | 163,998,390 | ||||||||||||
Note: |
The Statements of Comprehensive Income and corresponding notes to the consolidated financial statements can be found in the Company’s Annual Report on Form 10-K. |
RLJ Lodging Trust Reconciliation of Non-GAAP Measures (Amounts in thousands, except per share data) (unaudited) | ||||||||||||||||
Funds From Operations (FFO) Attributable to Common Shareholders and Unitholders | ||||||||||||||||
For the three months | For the year ended | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income (loss) | $ | 6,800 | $ | (27,931 | ) | $ | 42,215 | $ | (311,088 | ) | ||||||
Preferred dividends | (6,279 | ) | (6,279 | ) ... | ||||||||||||
FAQs
What does RLJ Lodging Trust do? ›
RLJ Lodging Trust (RLJ) is a real estate investment trust (REIT). It carries out the acquisition of focused-service, premium-branded and compact full-service hotels.
Is Rlj a REIT? ›RLJ Stock Overview
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels. Fair value with moderate growth potential.
How much a company is worth is typically represented by its market capitalization, or the current stock price multiplied by the number of shares outstanding. RLJ Lodging Trust net worth as of February 28, 2023 is $1.86B.
Is RLJ Lodging Trust Black Owned? ›Two of Johnson's holding companies are ranked among the top Black-owned companies in the country on the Black Enterprise 100s list: RLJ-McLarty-Landers Automotive Holdings, LLC and RLJ Equity Partners, LLC. Currently, Mr.
Who is the largest REIT? ›According to their market capitalization, Prologis Inc., American Tower Corp. and Realty Income Corp.
How many hotels does RLJ own? ›The company operates in 21 states with 149 hotels under global brands including Courtyard by Marriott, Hilton Garden Inn, Hyatt Place and Embassy Suites Hotels.
Which REIT is Amazon? ›Amazon's landlord
The first one is STAG Industrial (STAG), a REIT that owns and operates single-tenant industrial properties throughout the U.S. Its biggest tenant is Amazon. The company's portfolio consists of 563 buildings totaling approximately 112 million rentable square feet across 41 states.
REITs are total return investments. They typically provide high dividends plus the potential for moderate, long-term capital appreciation. Long-term total returns of REIT stocks tend to be similar to those of value stocks and more than the returns of lower risk bonds.
Who owns RLJ Equity Partners? ›Robert L. Johnson is the Founder and Chairman of The RLJ Companies, an innovative business network that owns or holds interests in a diverse portfolio of companies including RLJ Equity Partners.
Who owns the largest black owned bank? ›...
OneUnited Bank.
| FEES | Monthly maintenance: $0 to $20, depending on the type of account. |
|---|---|
| BRANCHES | 6; in California, Massachusetts, and Florida |
How much is Robert Johnson worth? ›
In 2001, Johnson became a billionaire after selling the station to Viacom for $3 billion, which catapulted his net worth to an estimated $1.3 billion.
Is Harbor Bank Black Owned? ›One of 42 Black-owned financial institutions in the country and one of few Black-owned banks in Maryland, Harbor Bank was formed to provide financial services to underserved communities, who have historically been kept out of the traditional banking system.
What is the safest REIT? ›Most REITs pay above-average dividends backed by steady rental income. However, some REIT dividends are safer than others. Three of the safest in the sector are those paid by Prologis (PLD 1.48%), Camden Properties Trust (CPT 0.95%), and Realty Income (O 0.62%).
What REIT pays highest dividend? ›- Chimera Investment Corporation (NYSE: CIM) - Dividend Yield 16.45% ...
- Annaly Capital Management, Inc. ( ...
- New York Mortgage Trust, Inc. ( ...
- Ellington Financial Inc. ( ...
- Necessity Retail REIT Inc (NASDAQ: RTL) - Dividend Yield 13.11%
In reality, REITs are one of the most time-tested ways for regular investors of all ages to exponentially grow not just their income, but overall wealth. According to Forbes, real estate is the third most common way people become billionaires.
Who owns the Pelican hotel? ›Perhaps this was Donald Bren's, chairman of the Irvine Company which owns The Resort at Pelican Hill, vision all along: to create an iconic place that would build memories and moments for people for generations.
Who bought Rosewood Hotels? ›Hong Kong-based company Rosewood Hotel Group (formerly New World Hospitality and rebranded in May 2013) is a subsidiary of Chow Tai Fook Enterprises, a privately owned Hong Kong-based company.
Who owns the Capital hotel? ›...
Capital Hotel, London.
| Capital Hotel | |
|---|---|
| Coordinates | 51°30′0.36″N 0°9′42.12″W |
| Opening | April 1971 |
| Owner | David Levin |
Warren Buffett invests in a wide range of industries through the conglomerate Berkshire Hathaway (BRK. A) (BRK. B), real estate included. Yet only one real estate investment trust (REIT) holds a position within its portfolio: Net lease REIT STORE Capital (STOR).
What are the most successful REITs? ›- Gaming and Leisure Properties Inc. (GLPI)
- Iron Mountain Inc. (IRM)
- Public Storage (PSA)
- Prologis Inc. (PLD)
- American Tower Corp. (AMT)
- Blackstone Mortgage Trust Inc. (BXMT)
- Realty Income Corp. (O)
- Easterly Government Properties Inc. (DEA)
Does Buffett like REITs? ›
Buffett may not invest in rental properties, but he occasionally invests in real estate investment trusts ("REITs"), which are publicly listed real estate investment firms.
What is a lodging REIT? ›Lodging REITs own and manage hotels and resorts and rent space in those properties to guests. Lodging REITs own different classes of hotels based on features such as the hotels' level of service and amenities.
What is the history of RLJ Lodging Trust? ›RLJ Lodging Trust started as RLJ Development and changed its name when it went public on the New York Stock Exchange under RLJ on May 13, 2011. The company operates in 21 states with 149 hotels under global brands including Courtyard by Marriott, Hilton Garden Inn, Hyatt Place and Embassy Suites Hotels.
What is a disadvantage of a REIT? ›Key Takeaways
The potential downsides of a REIT investment include taxes, fees, and market volatility due to interest rate movements or trends in the real estate market. REITs tend to specialize in specific property types.
Today especially, REITs are a lot safer because their valuations are a lot lower than those of rental properties. REIT share prices have dropped a lot in 2022 along with the rest of the stock market (SPY), but real estate prices have yet to adjust lower in any meaningful way.
How much should you hold in a REIT? ›“I recommend REITs within a managed portfolio,” Devine said, noting that most investors should limit their REIT exposure to between 2 percent and 5 percent of their overall portfolio.
Where is Rlj from? ›The internet's first known instance of the R+L=J theory dates back to 1997. On September 18, 1997, a user going by the handle Rodrick Su posted a short list of unanswered plot questions from the book A Game of Thrones to the Usenet group rec. arts. sf.
When was RLJ Lodging Trust founded? › Where is RLJ Equity Partners headquarters? ›Founded in 2006, RLJ Equity Partners is a private equity firm based in Bethesda, Maryland.
Who owns recurrent Ventures Inc? ›ABOUT NORTH EQUITY
Its investment portfolio includes Recurrent Ventures, the parent company of best-in-class digital brands such as Popular Science, The Drive, and Domino; and Organic Ventures Inc., a media SaaS platform.