RLJ Lodging Trust (RLJ) 10-Year Financial Performance & Capital Metrics

RLJ • • REIT / Real Estate

Real EstateHotel REITsExtended-Stay & Compact HotelsFocused-Service Hotels

AboutRLJ 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. The Company's portfolio consists of 103 hotels with approximately 22,570 rooms, located in 23 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.Show more

Revenue $1.37B +3.3%
FFO $253M -2.9%
FFO/Share 1.65 -0.9%
FFO Payout 27.6% +46.1%
FFO per Share 1.65 -0.9%
NOI Margin 28.07% -4.7%
FFO Margin 18.47% -6.0%
ROE 2.93% -8.5%
ROA 1.39% -10.1%
Debt/Assets 47.9% +0.5%
Net Debt/EBITDA 5.76 +6.1%
Book Value/Share 14.97 -0.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 27.6%
✓Healthy dividend yield of 5.9%
✓Trading at only 0.5x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.6%
✗Profits declining 12.0% over 5 years
✗FFO declining 12.6% TTM
✗Low NOI margin of 28.1%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.13%

5Y-2.67%

3Y20.35%

TTM-0.58%

Profit (Net Income) CAGR

10Y-6.66%

5Y-12.04%

3Y-

TTM-52.6%

EPS CAGR

10Y-12.7%

5Y-18.48%

3Y-

TTM-81.68%

ROCE

10Y Avg3.33%

5Y Avg1.33%

3Y Avg2.98%

Latest3.22%

Peer Comparison

Focused-Service Hotels

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RLJRLJ Lodging Trust	1.16B	7.65	28.33	3.31%	2.48%	1.52%	24.69%	1.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.14B	1.16B	1.36B	1.76B	1.57B	464.63M	785.66M	1.19B	1.33B	1.37B
Revenue Growth %	0.02%	0.02%	0.17%	0.3%	-0.11%	-0.7%	0.69%	0.52%	0.11%	0.03%
Property Operating Expenses	734.33M	745.39M	903.28M	1.21B	1.08B	494.87M	600.38M	831.4M	934.9M	984.99M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	194.04M	194.02M	227.45M	290.84M	45.25M	41.14M	235.3M	241.21M	238.1M	234.24M
G&A Expenses	41.91M	35.72M	40.45M	49.2M	45.25M	41.14M	47.53M	56.33M	59M	54.8M
EBITDA+	360.14M	1.16B	1.36B	2.18B	654.43M	120.39M	137.76M	309.19M	336.64M	335.16M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	156.23M	939.6M	1.18B	1.92B	209.53M	191.76M	187.78M	188.14M	184.06M	184.94M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	203.91M	220.4M	181.14M	258.1M	444.9M	-71.38M	-50.02M	121.05M	152.58M	150.22M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	54.79M	58.82M	78.32M	101.64M	91.3M	0	106.37M	93.16M	92.71M	104.73M
Interest Coverage	3.72x	3.75x	2.31x	2.54x	4.87x	-	-0.47x	1.30x	1.65x	1.43x
Non-Operating Income	-1M	-43.96M	0	-41.75M	211.58M	194.17M	157.77M	-9.87M	-18M	-24.3M
Pretax Income+	180.69M	209.5M	117.86M	199.66M	125.63M	-356.83M	-309.9M	43.73M	77.87M	69.79M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-39.13M	8.19M	42.12M	8.79M	-3.75M	51.97M	1.19M	1.52M	1.26M	1.6M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	218.22M	200.35M	75.33M	190.13M	129.18M	-404.44M	-305.17M	41.92M	76.41M	68.02M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.61%	-0.08%	-0.62%	1.52%	-0.32%	-4.13%	0.25%	1.14%	0.82%	-0.11%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.34%	2.04%	0.1%	0.69%	-0.84%	-1.63%	0.45%	2.96%	0.13%	-0.03%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.68	1.61	0.47	1.09	0.75	-2.61	-2.01	0.10	0.32	0.27
EPS Growth %	0.6%	-0.04%	-0.71%	1.32%	-0.31%	-4.48%	0.23%	1.05%	2.2%	-0.16%
EPS (Basic)	1.69	1.61	0.47	1.09	0.75	-2.61	-2.01	0.10	0.32	0.27
Diluted Shares Outstanding	128.97M	123.88M	140.69M	174.32M	171.39M	164.5M	164M	161.95M	156.56M	153.48M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	3.98B	4.02B	6.79B	6.01B	5.85B	5.62B	5.15B	4.98B	4.92B	4.88B
Asset Growth %	-0.04%	0.01%	0.69%	-0.12%	-0.03%	-0.04%	-0.08%	-0.03%	-0.01%	-0.01%
Real Estate & Other Assets+	5.08M	-7.42M	0	0	4.61B	4.49B	4.22B	4.18B	4.14B	4.25B
PP&E (Net)	3.67B	3.37B	5.79B	5.38B	144.36M	142.99M	144.99M	136.91M	136.14M	128.11M
Investment Securities	506K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	247.14M	610.11M	789.02M	504.32M	1.03B	980.97M	778.35M	654M	639.54M	497.79M
Cash & Equivalents	134.19M	456.67M	586.47M	320.15M	882.47M	899.81M	665.34M	481.32M	516.67M	409.81M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	55.45M	67.21M	72.61M	64.69M	44.69M	34.98M	48.53M	134.16M	96.7M	62.48M
Intangible Assets	25.75M	898K	133.21M	52.45M	0	0	0	0	0	0
Total Liabilities	1.78B	1.79B	3.22B	2.51B	2.62B	2.93B	2.74B	2.55B	2.57B	2.59B
Total Debt+	1.58B	1.58B	2.88B	2.2B	2.32B	2.71B	2.53B	2.33B	2.34B	2.34B
Net Debt	1.45B	1.13B	2.29B	1.88B	1.43B	1.81B	1.87B	1.85B	1.83B	1.93B
Long-Term Debt	1.58B	0	2.88B	2.2B	2.2B	2.59B	2.41B	2.22B	2.22B	2.22B
Short-Term Borrowings	0	1000K	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	366.94M	366.94M	121.15M	122.59M	123.03M	117.01M	122.59M	119.1M
Total Current Liabilities+	175.48M	182M	308.03M	277.3M	308.06M	219.46M	202.64M	215.01M	225.14M	246.42M
Accounts Payable	129.19M	137.07M	225.66M	203.83M	183.41M	172.32M	155.14M	155.92M	147.82M	154.64M
Deferred Revenue	11.65M	11.97M	30.46M	25.41M	57.46M	32.18M	20.05M	23.77M	32.28M	40.24M
Other Liabilities	9.83M	1.61B	277.57M	-2.77M	-57.46M	-32.18M	-20.05M	-23.77M	-32.28M	0
Total Equity+	2.2B	2.24B	3.57B	3.5B	3.23B	2.69B	2.41B	2.43B	2.35B	2.3B
Equity Growth %	-0.07%	0.02%	0.6%	-0.02%	-0.08%	-0.17%	-0.1%	0.01%	-0.03%	-0.02%
Shareholders Equity	2.18B	2.22B	3.55B	3.47B	3.2B	2.67B	2.4B	2.41B	2.34B	2.28B
Minority Interest	17.71M	13.35M	22.88M	22.73M	24.15M	20.87M	16.23M	13.98M	13.93M	13.72M
Common Stock	1.25M	1.24M	1.75M	1.74M	1.7M	1.65M	1.67M	1.62M	1.55M	1.53M
Additional Paid-in Capital	2.2B	2.19B	3.21B	3.2B	3.13B	3.08B	3.09B	3.05B	3B	2.99B
Retained Earnings	2.44M	38.25M	-82.57M	-150.48M	-274.77M	-710.16M	-1.05B	-1.05B	-1.06B	-1.09B
Preferred Stock	0	38.25M	366.94M	366.94M	366.94M	366.94M	366.94M	366.94M	366.94M	366.94M
Return on Assets (ROA)	0.05%	0.05%	0.01%	0.03%	0.02%	-0.07%	-0.06%	0.01%	0.02%	0.01%
Return on Equity (ROE)	0.1%	0.09%	0.03%	0.05%	0.04%	-0.14%	-0.12%	0.02%	0.03%	0.03%
Debt / Assets	0.4%	0.39%	0.42%	0.37%	0.4%	0.48%	0.49%	0.47%	0.48%	0.48%
Debt / Equity	0.72x	0.71x	0.81x	0.63x	0.72x	1.01x	1.05x	0.96x	1.00x	1.02x
Net Debt / EBITDA	4.02x	0.97x	1.69x	0.86x	2.19x	15.04x	13.55x	5.99x	5.43x	5.76x
Book Value per Share	17.06	18.04	25.38	20.06	18.83	16.34	14.72	15.00	15.02	14.97

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	328.91M	331.36M	260.6M	394.83M	397.32M	-168.71M	42.96M	256.52M	315.14M	285.42M
Operating CF Growth %	0.1%	0.01%	-0.21%	0.52%	0.01%	-1.42%	1.25%	4.97%	0.23%	-0.09%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	219.81M	201.31M	75.74M	190.86M	129.38M	-408.8M	-311.09M	42.22M	76.62M	68.19M
Depreciation & Amortization	156.23M	162.5M	184.9M	238.56M	209.53M	191.76M	185.69M	188.14M	184.06M	184.94M
Stock-Based Compensation	13M	5.99M	10.61M	12.25M	11.46M	12.4M	17.05M	21.66M	24.29M	20.8M
Other Non-Cash Items	-22.7M	-41.77M	-7.05M	-31.48M	31.13M	9.79M	16.54M	-1.33M	5.88M	-1.57M
Working Capital Changes	3.13M	-3.67M	-43.74M	-23.75M	22.65M	-25.3M	-12.04M	5.83M	24.29M	13.05M
Cash from Investing+	-38.1M	173.37M	64.98M	277.11M	530.41M	-66.69M	-24.63M	-135.51M	-134.75M	-275.73M
Acquisitions (Net)	-143.77M	0	-24.88M	-350K	-603K	-100K	-331K	-59.31M	0	-158.75M
Purchase of Investments	-143.77M	-11.75M	0	-350K	0	-100K	-175.01M	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0	0
Other Investing	106.33M	173.65M	77.29M	277.74M	531.01M	1.68M	331K	-76.21M	-134.75M	-116.98M
Cash from Financing+	-419.08M	-182.25M	-190.38M	-946.18M	-385.42M	243.03M	-239.25M	-298.49M	-161.45M	-131.69M
Dividends Paid	-170.09M	-164.36M	-176.72M	-257.79M	-253.71M	-86.12M	-31.82M	-38.4M	-74.31M	-94.93M
Common Dividends	-170.09M	-164.36M	-169.94M	-231.19M	-228.29M	-61M	-6.7M	-13.29M	-49.19M	-69.81M
Debt Issuance (Net)	-1000K	1000K	-1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	0
Share Repurchases	-237.21M	-18.77M	-5.66M	-25.4M	-125.22M	-64.25M	-2.54M	-61.24M	-80.37M	-31.01M
Other Financing	-2.19M	-6.47M	-2.74M	-2.34M	-8.89M	-3.23M	-13.49M	-3.85M	-8.11M	-5.75M
Net Change in Cash+	-128.27M	322.48M	135.2M	-274.23M	542.32M	7.63M	-220.92M	-177.48M	18.94M	-122M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	262.46M	134.19M	523.88M	659.08M	384.84M	927.16M	934.79M	713.87M	536.39M	555.33M
Cash at End	134.19M	456.67M	659.08M	384.84M	927.16M	934.79M	713.87M	536.39M	555.33M	433.32M
Free Cash Flow+	328.25M	331.08M	260.38M	394.56M	397.32M	-242.04M	-5.3M	256.52M	315.14M	285.42M
FCF Growth %	0.1%	0.01%	-0.21%	0.52%	0.01%	-1.61%	0.98%	49.38%	0.23%	-0.09%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.9	9.2	8.89	12.11	1.98	-1.29	-0.72	1.42	1.66	1.65
FFO Payout Ratio	45.42%	14.42%	13.59%	10.95%	67.4%	-28.68%	-5.71%	5.78%	18.89%	27.6%
NOI Margin	35.38%	35.74%	33.4%	31.17%	31.26%	-6.51%	23.58%	30.35%	29.47%	28.07%
Net Debt / EBITDA	4.02x	0.97x	1.69x	0.86x	2.19x	15.04x	13.55x	5.99x	5.43x	5.76x
Debt / Assets	39.77%	39.34%	42.39%	36.68%	39.59%	48.25%	49.18%	46.9%	47.64%	47.9%
Interest Coverage	3.72x	3.75x	2.31x	2.54x	4.87x	-	-0.47x	1.30x	1.65x	1.43x
Book Value / Share	17.06	18.04	25.38	20.06	18.83	16.34	14.72	15	15.02	14.97
Revenue Growth	2.45%	2.08%	16.92%	29.86%	-10.98%	-70.37%	69.09%	51.93%	11.05%	3.31%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Occupancy	1.47B	1.32B	397.75M	667.85M	1B	1.1B	1.12B
Occupancy Growth	-	-10.59%	-69.80%	67.91%	50.10%	9.23%	2.43%
Food and Beverage	205.52M	177.5M	40.38M	58.99M	117.03M	141.63M	153.11M
Food and Beverage Growth	-	-13.63%	-77.25%	46.08%	98.37%	21.02%	8.11%
Hotel, Other	82.66M	71.61M	34.95M	58.82M	74.18M	88.92M	94.75M
Hotel, Other Growth	-	-13.37%	-51.19%	68.29%	26.12%	19.87%	6.55%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Other Markets	553.52M	457.01M	139.55M	253.47M	396.61M	435.87M	440.17M
Other Markets Growth	-	-17.43%	-69.46%	81.63%	56.47%	9.90%	0.99%
Southern California	155.14M	152.29M	63.42M	103.88M	134.2M	158.5M	172.97M
Southern California Growth	-	-1.84%	-58.36%	63.81%	29.18%	18.11%	9.13%
Northern California	261.84M	227.29M	58.47M	73.74M	146.3M	162.89M	158.5M
Northern California Growth	-	-13.19%	-74.28%	26.12%	98.40%	11.34%	-2.70%
South Florida	161.35M	145.08M	63.63M	116.03M	140.1M	143.27M	148.3M
South Florida Growth	-	-10.08%	-56.14%	82.35%	20.74%	2.26%	3.52%
New York City	154.56M	151.87M	28.71M	35.6M	72.27M	80.68M	86.89M
New York City Growth	-	-1.74%	-81.09%	23.98%	103.03%	11.64%	7.69%
Chicago, Illinois	88.63M	85.71M	29.65M	51.49M	67.55M	70.68M	70.62M
Chicago, Illinois Growth	-	-3.30%	-65.41%	73.68%	31.19%	4.64%	-0.09%
Louisville, Kentucky	-	61.25M	-	-	47.8M	57.16M	62.84M
Louisville, Kentucky Growth	-	-	-	-	-	19.58%	9.93%
Washington, D.C.	70.96M	63.3M	19.48M	28.98M	52.62M	61.54M	62.04M
Washington, D.C. Growth	-	-10.79%	-69.23%	48.77%	81.59%	16.95%	0.81%
Boston, MA	-	-	-	-	46.68M	54.69M	58.38M
Boston, MA Growth	-	-	-	-	-	17.18%	6.74%
Houston, Texas	69.94M	64.07M	22.16M	32.75M	44.75M	50.78M	54.46M
Houston, Texas Growth	-	-8.38%	-65.42%	47.79%	36.65%	13.47%	7.25%
Charleston, South Carolina	-	-	-	32.87M	-	49.51M	54.27M
Charleston, South Carolina Growth	-	-	-	-	-	-	9.61%
Austin, Texas	97.23M	89.66M	15.99M	28.45M	44.78M	-	-
Austin, Texas Growth	-	-7.78%	-82.16%	77.85%	57.44%	-	-
Pittsburgh	-	-	15.93M	28.41M	-	-	-
Pittsburgh Growth	-	-	-	78.40%	-	-	-
Denver, Colorado	83.49M	68.64M	16.1M	-	-	-	-
Denver, Colorado Growth	-	-17.79%	-76.55%	-	-	-	-
Tampa, FL	64.57M	-	-	-	-	-	-
Tampa, FL Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

RLJ Lodging Trust (RLJ) has a price-to-earnings (P/E) ratio of 28.3x. This suggests investors expect higher future growth.

Growth & Financials

RLJ Lodging Trust (RLJ) reported $1.35B in revenue for fiscal year 2024. This represents a 78% increase from $759.0M in 2011.

RLJ Lodging Trust (RLJ) grew revenue by 3.3% over the past year. Growth has been modest.

Yes, RLJ Lodging Trust (RLJ) is profitable, generating $33.5M in net income for fiscal year 2024 (5.0% net margin).

Dividend & Returns

Yes, RLJ Lodging Trust (RLJ) pays a dividend with a yield of 5.95%. This makes it attractive for income-focused investors.

RLJ Lodging Trust (RLJ) has a return on equity (ROE) of 2.9%. This is below average, suggesting room for improvement.

Industry Metrics

RLJ Lodging Trust (RLJ) generated Funds From Operations (FFO) of $222.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

RLJ Lodging Trust (RLJ) offers a 5.95% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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