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RLJ Lodging Trust Full Year 2016 Net Income Decreased 8.4% to $201.3 Million

RLJ Lodging Trust Reports Fourth Quarter and Full Year 2016 Results

RLJ Lodging Trust (NYSE: RLJ) today reported results for the quarter and year ended December 31, 2016.

Full Year Highlights

Fourth Quarter Highlights

“Our performance continues to demonstrate the advantages of owning a diversified portfolio, backed by a strong and liquid balance sheet, with a seasoned and disciplined management team,” commented Ross H. Bierkan, President and Chief Executive Officer. “Our upscale, focused-service and compact full-service model continues to generate high margins and significant free cash flow. While we recognize there are headwinds and macro uncertainties, we are confident that we are well positioned to take advantage of any upside in lodging fundamentals.”

Financial and Operating Results

Performance metrics such as Occupancy, Average Daily Rate (“ADR”), Revenue Per Available Room (“RevPAR”), Hotel EBITDA, and Hotel EBITDA Margin are Pro forma. The prefix “Pro forma” as defined by the Company, denotes operating results which include results for periods prior to its ownership. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are reported on a comparable basis and therefore exclude hotels sold during the period and non-comparable hotels that were not open for operation or were closed for renovation for comparable periods. Explanations of EBITDA, 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.

Net income for the quarter ended December 31, 2016, increased $1.5 million to $75.8 million, representing a 2.0% increase over the comparable period in 2015. For the year ended December 31, 2016, net income decreased $18.5 million to $201.3 million, representing an 8.4% decrease over the comparable period in 2015.

Pro forma RevPAR for the quarter ended December 31, 2016, decreased 0.3% over the comparable period in 2015, driven by a Pro forma ADR decrease of 0.2%, and a Pro forma Occupancy decrease of 0.1%. The Company’s top performing markets were Washington, D.C., Southern California, and Atlanta, with RevPAR growth of 12.4%, 8.8%, and 8.1%, respectively. For the year ended December 31, 2016, Pro forma RevPAR increased 1.1% over the comparable period in 2015, driven by a Pro forma ADR increase of 1.1%. Excluding Houston and New York City, which experienced softness during the year, Pro forma RevPAR growth was 2.5%.

Pro forma Hotel EBITDA Margin for the quarter ended December 31, 2016, increased 10 basis points over the comparable period in 2015 to 35.2%. For the year ended December 31, 2016, Pro forma Hotel EBITDA Margin decreased 21 basis points over the comparable period in 2015 to 36.3%.

Pro forma Consolidated Hotel EBITDA includes the results of non-comparable hotels. For the quarter ended December 31, 2016, Pro forma Consolidated Hotel EBITDA increased $1.2 million to $90.9 million, representing a 1.3% increase over the comparable period in 2015. For the year ended December 31, 2016, Pro forma Consolidated Hotel EBITDA increased $15.9 million to $400.3 million, representing a 4.1% increase over the comparable period in 2015.

Note: Pro forma Consolidated Hotel EBITDA excludes $4.0 million and $16.1 million of Hotel EBITDA for the quarter and year ended December 31, 2016, respectively, for hotels sold in 2016.

Adjusted FFO for the quarter ended December 31, 2016, decreased $0.4 million to $74.4 million, representing a 0.5% decrease over the comparable period in 2015. For the year ended December 31, 2016, Adjusted FFO increased $8.0 million to $332.7 million, representing a 2.5% increase over the comparable period in 2015.

Adjusted FFO per common share and unit-diluted for the quarter ended December 31, 2016, was $0.60, unchanged from the comparable period in 2015. Adjusted FFO per common share and unit-diluted for the year ended December 31, 2016, was $2.67, representing a 6.8% increase over the comparable period in 2015.

Adjusted EBITDA for the quarter ended December 31, 2016, decreased $0.8 million to $89.0 million, representing a 0.9% decrease over the comparable period in 2015. For the year ended December 31, 2016, Adjusted EBITDA increased $12.3 million to $392.4 million, representing a 3.2% increase over the comparable period in 2015.

Non-recurring items and other adjustments which were noteworthy for the quarter ended December 31, 2016, included a $46.1 million gain from the sale of three hotels.

Non-recurring items are included in net income but are excluded from Adjusted EBITDA and Adjusted FFO, as applicable. A complete listing of non-recurring items is provided in the Non-GAAP reconciliation tables in this press release for the quarters and years ended December 31, 2016 and 2015.

Net cash flow from operating activities for the year ended December 31, 2016, totaled $331.4 million, compared to $328.9 million for the comparable period in 2015.

Dispositions

During the year ended December 31, 2016, the Company sold four hotels for approximately $301.5 million:

Balance Sheet

During the year ended December 31, 2016, the Company successfully refinanced over $1.0 billion of debt:

As of December 31, 2016, the Company had $456.7 million of unrestricted cash on its balance sheet, $400.0 million available on its revolving credit facility, and $1.6 billion of debt outstanding. The Company’s ratio of net debt to Adjusted EBITDA, pro forma for recent dispositions, for the year ended December 31, 2016, was 3.0 times.

Dividends

The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the fourth quarter. The dividend was paid on January 13, 2017, to shareholders of record as of December 30, 2016.

For the year ended December 31, 2016, the Company distributed a total dividend of $1.32 per common share of beneficial interest.

Share Repurchase Program

For the year ended December 31, 2016, the Company repurchased 0.6 million common shares for $13.3 million at an average price per share of $21.73.

2017 Outlook

The Company’s outlook excludes potential future acquisitions and dispositions, which could result in a material change to the Company’s outlook. The 2017 outlook is also based on a number of other assumptions, many of which are outside the Company’s control and all of which are subject to change.

For the full year 2017, the Company anticipates:

     
    Current Outlook
Pro forma RevPAR growth  

-1.0% to +1.0%

Pro forma Hotel EBITDA Margin 34.5% to 35.5%
Pro forma Consolidated Hotel EBITDA $380.0M to $400.0M
Corporate Cash General & Administrative   $27.5M to $28.5M
 

About Us

RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. The Company owns 122 hotels with approximately 20,100 rooms, located in 21 states and the District of Columbia.

RLJ Lodging Trust
Non-GAAP and Accounting Commentary

Non-Generally Accepted Accounting Principles (“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) Adjusted EBITDA, (5) Hotel EBITDA, and (6) 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, 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.

Funds From Operations (“FFO”)

The Company calculates 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 instead have 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.

Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”)

EBITDA is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. 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. The Company presents EBITDA attributable to common shareholders, which includes OP units, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand EBITDA attributable to all common shares and OP units.

Adjustments to FFO and EBITDA

The Company adjusts FFO and EBITDA for certain items that the Company considers outside the normal course of operations or extraordinary. The Company believes that Adjusted FFO and Adjusted EBITDA provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income, FFO, and EBITDA, is beneficial to an investor’s understanding of its operating performance. The Company adjusts FFO and EBITDA for the following items:

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.

Pro forma Consolidated Hotel EBITDA includes unadjusted prior ownership information provided by the sellers of the hotels, which has not been audited and excludes sold hotels. Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin exclude the results of non-comparable hotels that were under renovation or not open for the entirety of the comparable periods. The following is a summary of pro forma hotel adjustments:

Pro forma adjustments: Non-comparable hotels

Non-comparable hotels for the quarter and year ended December 31, 2016 and 2015, are noted below:

Pro forma adjustments: Acquired hotels

Hotels acquired during the comparable quarter and year ended December 31, 2016 and 2015, are noted below:

Pro forma adjustments: Sold hotels

Hotels sold during the comparable quarter and year ended December 31, 2016 and 2015, are noted below:

 
 
RLJ Lodging Trust
Consolidated Balance Sheets

(Amounts in thousands, except share and per share data)

   
December 31, December 31,
    2016   2015
Assets
Investment in hotel properties, net $ 3,368,674 $ 3,674,999
Cash and cash equivalents 456,672 134,192
Restricted cash reserves 67,206 55,455
Hotel and other receivables, net of allowance of $182 and $117, respectively 26,018 25,755
Deferred income tax asset 44,614 49,978
Prepaid expense and other assets 60,209   32,563  
Total assets $ 4,023,393   $ 3,972,942  
Liabilities and Equity
Mortgage loans, net $ 413,407 $ 406,049
Term Loans and Revolver, net 1,169,308 1,169,437
Accounts payable and other liabilities 137,066 129,192
Deferred income tax liability 11,430 9,801
Advance deposits and deferred revenue 11,975 11,647
Accrued interest 3,444 4,883
Distributions payable 41,486   41,409  
Total liabilities 1,788,116 1,772,418
Equity
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at December 31, 2016 and 2015, respectively
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 124,364,178 and 124,635,675 shares issued and outstanding at December 31, 2016 and 2015, respectively 1,244 1,246
Additional paid-in capital 2,187,333 2,195,732
Accumulated other comprehensive loss (4,902 ) (16,602 )
Retained earnings 38,249   2,439  
Total shareholders’ equity 2,221,924 2,182,815
Noncontrolling interest:
Noncontrolling interest in consolidated joint venture 5,973 6,177
Noncontrolling interest in the Operating Partnership 7,380   11,532  
Total noncontrolling interest 13,353   17,709  
Total equity 2,235,277   2,200,524  
Total liabilities and equity $ 4,023,393   $ 3,972,942  
 
 
RLJ Lodging Trust
Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

   
For the quarter ended For the year ended
December 31, December 31,
2016   2015 2016   2015
    (unaudited)   (unaudited)        
Revenue
Operating revenue
Room revenue $ 233,427 $ 237,399 $ 1,010,637 $ 985,361
Food and beverage revenue 29,088 29,211 111,691 114,818
Other operating department revenue 8,938   8,653   37,667   36,161  
Total revenue $ 271,453   $ 275,263   $ 1,159,995   $ 1,136,340  
Expense
Operating expense
Room expense $ 54,872 $ 54,498 $ 228,656 $ 220,101
Food and beverage expense 20,112 20,367 79,589 81,117
Management and franchise fee expense 27,340 27,758 118,210 116,462
Other operating expense 57,521   58,481   241,654   239,966  
Total property operating expense 159,845 161,104 668,109 657,646
Depreciation and amortization 39,968 41,398 162,500 156,226
Impairment loss 1,003 1,003
Property tax, insurance and other 17,249 18,900 77,281 76,682
General and administrative 7,994 8,769 31,516 37,810
Transaction and pursuit costs (65 ) 53   192   3,058  
Total operating expense 224,991   231,227   939,598   932,425  
Operating income 46,462 44,036 220,397 203,915
Other income 215 495 303 1,598
Interest income 454 382 1,695 1,563
Interest expense (14,587 ) (14,903 ) (58,820 ) (54,788 )
Income from continuing operations before income tax (expense) benefit 32,544 30,010 163,575 152,288
Income tax (expense) benefit (2,793 ) 39,741   (8,190 ) 39,126  
Income from continuing operations 29,751 69,751 155,385 191,414
Gain on sale of hotel properties 46,084   4,616   45,929   28,398  
Net income 75,835 74,367 201,314 219,812
Net income attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture (48 ) (51 ) (55 ) (77 )
Noncontrolling interest in the Operating Partnership (354 ) (530 ) (907 ) (1,514 )
Net income attributable to common shareholders $ 75,433   $ 73,786   $ 200,352   $ 218,221  
Basic per common share data:
Net income attributable to common shareholders $ 0.61   $ 0.58   $ 1.61   $ 1.69  
Weighted-average number of common shares 123,698,633   124,256,834   123,651,003   128,444,469  
Diluted per common share data:
Net income attributable to common shareholders $ 0.61   $ 0.59   $ 1.61   $ 1.68  
Weighted-average number of common shares 123,757,660   124,679,650   123,879,007   128,967,754  
 
 
RLJ Lodging Trust
Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands, except per share data)

(unaudited)

 
Funds From Operations (FFO) Attributable to Common Shareholders and Unitholders
   
For the quarter ended For the year ended
December 31, December 31,
    2016   2015   2016   2015
Net income $ 75,836   $ 74,367 $ 201,314   $ 219,812
Depreciation and amortization 39,968 41,398 162,500 156,226
Gain on sale of hotel properties (46,084 ) (4,616 ) (45,929 ) (28,398 )
Impairment loss 1,003 1,003
Noncontrolling interest in consolidated joint venture (48 ) (51 ) (55 ) (77 )
Adjustments related to consolidated joint venture (1) (36 ) (43 ) (152 ) (170 )
FFO 69,636 112,058 317,678 348,396
Transaction and pursuit costs (65 ) 53 192 3,058
Amortization of share-based compensation (2) 2,055 2,514 5,990 13,002
Non-cash income tax expense (benefit) 2,784 (39,845 ) 7,001 (39,845 )
Loan related costs (3) 1,247 97
Other expense (4)     604    
Adjusted FFO $ 74,410   $ 74,780   $ 332,712   $ 324,708  
 
Adjusted FFO per common share and unit-basic $ 0.60 $ 0.60 $ 2.68 $ 2.51
Adjusted FFO per common share and unit-diluted $ 0.60 $ 0.60 $ 2.67 $ 2.50
 
Basic weighted-average common shares and units outstanding (5) 124,257 125,151 124,257 129,338
Diluted weighted-average common shares and units outstanding (5) 124,316 125,574 124,485 129,862
 

Note:

(1)   Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(2) For the year ended December 31, 2016, includes the forfeiture of unvested restricted shares upon the resignation of the Company’s President and Chief Executive Officer in May 2016.
(3) Represents debt modification costs, debt extinguishment costs, and accelerated amortization of deferred financing costs.
(4) Represents property-level severance costs and other income and expenses outside the normal course of operations.
(5) Includes 0.6 million and 0.9 million weighted-average operating partnership units for the quarter ended December 31, 2016 and 2015, respectively, and 0.6 million and 0.9 million weighted-average operating partnership units for the year ended December 31, 2016 and 2015, respectively.
 
 
RLJ Lodging Trust
Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
   
For the quarter ended For the year ended
December 31, December 31,
    2016   2015   2016   2015
Net income $ 75,836   $ 74,367 $ 201,314   $ 219,812
Depreciation and amortization 39,968 41,398 162,500 156,226
Interest expense, net (1) 14,579 14,899 58,793 54,758
Income tax expense (benefit) 2,793 (39,741 ) 8,190 (39,126 )
Noncontrolling interest in consolidated joint venture (48 ) (51 ) (55 ) (77 )
Adjustments related to consolidated joint venture (2) (36 ) (43 ) (152 ) (170 )
EBITDA 133,092 90,829 430,590 391,423
Transaction and pursuit costs (65 ) 53 192 3,058
Gain on sale of hotel properties (46,084 ) (4,616 ) (45,929 ) (28,398 )
Impairment loss 1,003 1,003
Amortization of share-based compensation (3) 2,055 2,514 5,990 13,002
Loan related costs (4) 924
Other expense (5)     604    
Adjusted EBITDA 88,998 89,783 392,371 380,088
General and administrative (6) 5,938 6,255 25,016 24,808
Operating results from noncontrolling interest in joint venture 84 94 207 247
Other corporate adjustments (174 ) (294 ) (1,142 ) (730 )
Consolidated Hotel EBITDA 94,846   95,838   416,452   404,413  
Pro forma adjustments – income from sold hotels (3,980 ) (6,153 ) (16,106 ) (24,758 )
Pro forma adjustments – income from prior ownership of acquired hotels (7)       4,785  
Pro forma Consolidated Hotel EBITDA 90,866   89,685   400,346   384,440  
Pro forma adjustments – income from non-comparable hotels (1,619 ) (506 ) (16,251 ) (2,235 )
Pro forma Hotel EBITDA $ 89,247   $ 89,179   $ 384,095   $ 382,205  
 

Note:

(1)   Excludes amounts attributable to investment in loans of $0.4 million and $1.7 million for the quarter and year ended December 31, 2016, respectively, and $0.3 million and $1.5 million for the quarter and year ended December 31, 2015, respectively.
(2) Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(3) For the year ended December 31, 2016, includes the forfeiture of unvested restricted shares upon the resignation of the Company’s President and Chief Executive Officer in May 2016.
(4) Represents debt modification costs and debt extinguishment costs.
(5) Represents property-level severance costs and other income and expenses outside the normal course of operations.
(6) General and administrative expenses exclude amortization of share-based compensation and other non-recurring expenses reflected in Adjusted EBITDA.
(7) Information has not been audited. Reflects unadjusted property-level results provided by the sellers of the hotels.
 
 
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 
Pro forma Hotel EBITDA Margin
   
For the quarter ended For the year ended
December 31, December 31,
    2016   2015   2016   2015
Total revenue $ 271,453   $ 275,263 $ 1,159,995   $ 1,136,340
Pro forma adjustments – Revenue from sold hotels (11,573 ) (16,623 ) (52,278 ) (77,447 )
Pro forma adjustments – Revenue from prior ownership of acquired hotels (1) 13,113
Pro forma adjustments – Revenue from non-comparable hotels (6,439 ) (4,674 ) (48,223 ) (23,792 )
Other corporate adjustments (14 ) (18 ) (56 ) (61 )
Pro forma Hotel Revenue $ 253,427   $ 253,948   $ 1,059,438   $ 1,048,153  
 
Pro forma Hotel EBITDA $ 89,247   $ 89,179   $ 384,095   $ 382,205  
 
Pro forma Hotel EBITDA Margin 35.2 % 35.1 % 36.3 % 36.5 %
 
 
RLJ Lodging Trust
Consolidated Debt Summary

(Amounts in thousands)

(unaudited)

         
Base Term Maturity (incl. Floating / Interest Balance as of
Loan   (Years)   extensions)   Fixed   Rate (1)   December 31, 2016 (2)
Secured Debt
Wells Fargo – 4 hotels 3 Oct 2021 Floating (3) 4.01% $ 150,000
Wells Fargo – 4 hotels 2 Mar 2022 Floating (3) 4.04% 146,250
Wells Fargo – 1 hotel (4) 10 Jun 2022 Fixed 5.25% 32,648
PNC Bank – 5 hotels 5   Mar 2023   Floating   2.87%   85,000
Weighted-Average / Secured Total 3.88% $ 413,898
 
Unsecured Debt
Revolver (5) 4 Apr 2021 Floating 2.27% $
$400 Million Term Loan Maturing 2019 5 Mar 2019 Floating (3) 2.72% 400,000
$225 Million Term Loan Maturing 2019 7 Nov 2019 Floating (3) 4.04% 225,000
$400 Million Term Loan Maturing 2021 5 Apr 2021 Floating (3)(6) 2.95% 400,000
$150 Million Term Loan Maturing 2022 7   Jan 2022   Floating (3)   3.43%   150,000
Weighted-Average / Unsecured Total 3.14% $ 1,175,000
                 
Weighted-Average / Total Debt             3.33%   $ 1,588,898
 

Note:

(1)   Interest rates as of December 31, 2016.
(2) Excludes deferred financing costs.
(3) The floating interest rate is hedged with interest rate swaps.
(4) Excludes the $1.0 million impact of a fair value adjustment.
(5) There is $400.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.30% annually.
(6) Reflects interest rate swap on $350.0 million.
 
 
RLJ Lodging Trust
Acquisitions

(unaudited)

           
Gross
Acquisition Management Purchase Price %
Acquisitions   Location   Date   Company   Rooms   ($ in millions)   Interest
2016 Acquisitions
No assets acquired
 
2015 Acquisitions
Hyatt Place Washington DC Downtown K Street Washington, DC Jul 15, 2015 Aimbridge Hospitality 164 $ 68.0 100 %
Homewood Suites Seattle Lynnwood Lynnwood, WA Jul 20, 2015 InnVentures 170 37.9 100 %
Residence Inn Palo Alto Los Altos Los Altos, CA Sep 25, 2015 InnVentures 156     70.0     100 %
2015 Total 490     $ 175.9     100 %
Total Acquisitions 490     $ 175.9     100 %
 
           
RLJ Lodging Trust

Pro forma Operating Statistics(1) — Top 60 Assets

 

Property

   

City/State

   

 # of Rooms

   

Pro forma Consolidated Hotel EBITDA

Marriott Louisville Downtown Louisville, KY 616 $ 16,002
DoubleTree Metropolitan Hotel New York City New York, NY 764 12,355
Courtyard Austin Downtown Convention Center Austin, TX 270 9,430
Courtyard Portland City Center Portland, OR 256 8,533
Courtyard Chicago Downtown Magnificent Mile Chicago, IL 306 8,056
DoubleTree Grand Key Resort Key West, FL 216 7,722
Embassy Suites Tampa Downtown Convention Center Tampa, FL 360 7,457
Courtyard Waikiki Beach Honolulu, HI 403 7,103
Courtyard San Francisco San Francisco, CA 166 6,746
Hyatt House Emeryville San Francisco Bay Area Emeryville, CA 234 6,712
Hilton Garden Inn San Francisco Oakland Bay Brg Emeryville, CA 278 6,434
Fairfield Inn & Suites Washington DC Downtown Washington, DC 198 6,383
Embassy Suites Boston Waltham Waltham, MA 275 6,286
Hyatt House San Jose Silicon Valley San Jose, CA 164 6,112
Residence Inn Palo Alto Los Altos Los Altos, CA 156 6,039
Marriott Denver South @ Park Meadows Lone Tree, CO 279 5,900
Hyatt House Santa Clara Santa Clara, CA 150 5,840
Hilton Cabana Miami Beach Miami Beach, FL 231 5,799
Renaissance Pittsburgh Hotel Pittsburgh, PA 300 5,752
Courtyard Charleston Historic District Charleston, SC 176 5,380
Renaissance Fort Lauderdale Plantation Hotel Plantation, FL 250 5,264
Embassy Suites Los Angeles Downey Downey, CA 220 5,195
Residence Inn Austin Downtown Convention Center Austin, TX 179 5,167
Hilton Garden Inn Los Angeles Hollywood Los Angeles, CA 160 5,116
Marriott Denver Airport @ Gateway Park Aurora, CO 238 4,878
Homewood Suites Washington DC Downtown Washington, DC 175 4,826
Residence Inn Bethesda Downtown Bethesda, MD 188 4,792
Hilton Garden Inn New Orleans Convention Center New Orleans, LA 286 4,270
Marriott Austin South Austin, TX 211 4,199
Hyatt Place Fremont Silicon Valley Fremont, CA 151 4,169
Renaissance Boulder Flatiron Hotel Broomfield, CO 232 4,020
Hyatt House San Diego Sorrento Mesa San Diego, CA 193 3,981
Hyatt Place Washington DC Downtown K Street Washington, DC 164 3,910
Fairfield Inn & Suites Key West Key West, FL 106 3,871
Courtyard New York Manhattan Upper East Side New York, NY 226 3,722
Residence Inn National Harbor Washington DC Oxon Hill, MD 162 3,676
Hyatt House Charlotte Center City Charlotte, NC 163 3,675
Hyatt House San Ramon San Ramon, CA 142 3,630
Hyatt Atlanta Midtown Atlanta, GA 194 3,628
Embassy Suites Irvine Orange County Irvine, CA 293 3,524
Courtyard Atlanta Buckhead Atlanta, GA 181 3,397
Residence Inn Indianapolis Downtown On The Canal Indianapolis, IN 134 3,201
Residence Inn Houston Downtown Convention Center Houston, TX 171 3,201
Courtyard Houston Downtown Convention Center Houston, TX 191 3,182
Homewood Suites Seattle Lynnwood Lynnwood, WA 170 3,159
Courtyard Houston By The Galleria Houston, TX 190 3,153
SpringHill Suites Portland Hillsboro Hillsboro, OR 106 3,141
Hampton Inn Garden City Garden City, NY 143 3,138
Embassy Suites West Palm Beach Central West Palm Beach, FL 194 3,132
Residence Inn Louisville Downtown Louisville, KY 140 3,129
Residence Inn Chicago Oak Brook Oak Brook, IL 156 3,082
Hyatt Place Madison Downtown Madison, WI 151 3,040
Hyatt House Dallas Lincoln Park Dallas, TX 155 2,698
Hilton Garden Inn Pittsburgh University Place Pittsburgh, PA 202 2,603
SpringHill Suites Denver North Westminster Westminster, CO 164 2,485
Courtyard Austin Airport Austin, TX 150 2,477
Marriott Chicago Midway Chicago, IL 200 2,365
Hampton Inn Houston Near The Galleria Houston, TX 176 2,324
Residence Inn Houston By The Galleria Houston, TX 146 1,979
Hyatt Centric The Woodlands The Woodlands, TX 70       1,517
Top 60 Assets 12,921 291,957
Other (2) 7,217       108,389
Total Portfolio           20,138     $ 400,346
 
                   
RLJ Lodging Trust
Pro forma Operating Statistics

(unaudited)

 
For the quarter ended December 31, 2016
 
Top Markets           Occupancy     ADR     RevPAR    

% of
Hotel
EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var Q4
Northern California 8 83.3 %   82.0 %   1.6 % $ 205.16   $ 199.63   2.8 % $ 170.95   $ 163.75   4.4 % 11 %
Austin 13 73.6 % 77.6 % (5.1 )% 159.24 163.13 (2.4 )% 117.18 126.51 (7.4 )% 10 %
South Florida 10 78.7 % 80.7 % (2.5 )% 153.68 153.18 0.3 % 120.97 123.64 (2.2 )% 8 %
Chicago 14 66.3 % 62.6 % 5.8 % 145.96 148.13 (1.5 )% 96.75 92.78 4.3 % 8 %
Denver 13 69.3 % 67.3 % 3.0 % 129.50 129.98 (0.4 )% 89.80 87.49 2.6 % 8 %
New York City 3 94.2 % 94.9 % (0.7 )% 246.00 246.00

%

231.75 233.35 (0.7 )% 8 %
Washington, DC 8 74.3 % 67.4 % 10.2 % 179.45 175.89 2.0 % 133.26 118.51 12.4 % 7 %
Louisville 5 63.7 % 68.5 % (7.0 )% 142.42 150.76 (5.5 )% 90.69 103.23 (12.1 )% 6 %
Houston 10 63.5 % 64.4 % (1.5 )% 137.92 157.74 (12.6 )% 87.52 101.64 (13.9 )% 5 %
Southern California 5 84.1 % 80.3 % 4.8 % 157.03 151.24 3.8 % 132.07 121.42 8.8 % 5 %
Other 32 71.5 %   73.4 %   (2.6 )%   151.63     148.32   2.2 %   108.39     108.83   (0.4 )% 24 %
Total 121 73.5 %   73.6 %   (0.1 )% $ 162.19   $ 162.46   (0.2 )% $ 119.20   $ 119.54   (0.3 )% 100 %
 
Service Level           Occupancy     ADR     RevPAR    

% of
Hotel
EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var Q4
Focused-Service 101 73.1 % 73.0 % 0.1 % $ 154.88 $ 154.26 0.4 % $ 113.15 $ 112.59 0.5 % 71 %
Compact Full-Service 19 76.7 % 77.0 % (0.5 )% 182.87 184.40 (0.8 )% 140.21 142.04 (1.3 )% 25 %
Full-Service 1 58.8 %   60.4 %   (2.7 )%   161.31     173.08   (6.8 )%   94.79     104.50   (9.3 )% 4 %
Total 121 73.5 %   73.6 %   (0.1 )% $ 162.19   $ 162.46   (0.2 )% $ 119.20   $ 119.54   (0.3 )% 100 %
 
Chain Scale           Occupancy     ADR     RevPAR    

% of
Hotel
EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var Q4

Upper Upscale

17 70.7 % 71.4 % (1.0 )% $ 162.07 $ 165.25 (1.9 )% $ 114.64 $ 118.02 (2.9 )% 22 %

Upscale

88 74.9 % 74.9 % % 165.63 164.88 0.5 % 124.02 123.49 0.4 % 71 %

Upper Midscale

15 70.5 % 70.2 % 0.4 % 139.88 140.56 (0.5 )% 98.67 98.74 (0.1 )% 7 %

Midscale

1 64.2 %   56.5 %   13.6 %   98.73     100.31   (1.6 )%   63.34     56.63   11.9 % %
Total 121 73.5 %   73.6 %   (0.1 )% $ 162.19   $ 162.46   (0.2 )% $ 119.20   $ 119.54   (0.3 )% 100 %
 
Flags           Occupancy     ADR     RevPAR    

% of
Hotel
EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var Q4
Courtyard 23 72.0 % 71.5 % 0.7 % $ 165.50 $ 165.80 (0.2 )% $ 119.19 $ 118.59 0.5 % 20 %
Residence Inn 29 74.4 % 73.9 % 0.7 % 147.20 149.19 (1.3 )% 109.50 110.24 (0.7 )% 17 %
Hyatt House 11 80.4 % 82.5 % (2.5 )% 167.99 161.30 4.1 % 135.06 133.05 1.5 % 11 %
Marriott 5 64.6 % 63.4 % 1.9 % 155.38 162.83 (4.6 )% 100.35 103.25 (2.8 )% 8 %
DoubleTree 3 89.5 % 89.3 % 0.2 % 237.76 238.57 (0.3 )% 212.88 213.12 (0.1 )% 7 %
Hilton Garden Inn 8 71.5 % 72.8 % (1.7 )% 157.34 156.04 0.8 % 112.54 113.59 (0.9 )% 7 %
SpringHill Suites 7 77.6 % 79.2 % (1.9 )% 158.71 154.79 2.5 % 123.21 122.53 0.6 % 7 %
Renaissance 3 69.0 % 70.7 % (2.4 )% 166.81 164.46 1.4 % 115.10 116.25 (1.0 )% 4 %
Fairfield Inn & Suites 7 65.9 % 67.4 % (2.2 )% 126.88 130.96 (3.1 )% 83.60 88.25 (5.3 )% 4 %
Hampton Inn 7 72.7 % 71.4 % 1.8 % 153.16 153.96 (0.5 )% 111.37 109.94 1.3 % 4 %
Embassy Suites 7 70.9 % 71.6 % (0.9 )% 125.65 126.63 (0.8 )% 89.14 90.60 (1.6 )% 3 %
Hyatt Place 3 81.8 % 78.2 % 4.6 % 176.58 160.83 9.8 % 144.37 125.77 14.8 % 3 %
Homewood Suites 2 71.8 % 64.9 % 10.8 % 172.75 173.69 (0.5 )% 124.10 112.64 10.2 % 2 %
Hyatt 2 75.1 % 77.5 % (3.2 )% 186.15 200.55 (7.2 )% 139.73 155.50 (10.1 )% 1 %
Hilton 1 68.3 % 70.5 % (3.1 )% 182.64 213.97 (14.6 )% 124.72 150.80 (17.3 )% 1 %
Other 3 58.5 %   58.1 %   0.6 %   142.11     148.72   (4.4 )%   83.09     86.47   (3.9 )% 1 %
Total 121 73.5 %   73.6 %   (0.1 )% $ 162.19   $ 162.46   (0.2 )% $ 119.20   $ 119.54   (0.3 )% 100 %
 
                 
RLJ Lodging Trust
Pro forma Operating Statistics

(unaudited)

 
For the year ended December 31, 2016
 
Top Markets         Occupancy     ADR     RevPAR    

% of
Hotel
EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var FY
Northern California 8 87.6 %   84.4 %   3.7 % $ 211.02   $ 199.24   5.9 % $ 184.76   $ 168.25   9.8 % 11 %
Austin 13 78.0 % 80.1 % (2.7 )% 163.40 161.45 1.2 % 127.39 129.32 (1.5 )% 10 %
South Florida 10 83.5 % 83.3 % 0.2 % 164.48 164.44 % 137.31 136.94 0.3 % 9 %
Denver 13 76.7 % 75.7 % 1.3 % 137.89 135.46 1.8 % 105.83 102.58 3.2 % 9 %
Chicago 14 68.5 % 70.1 % (2.3 )% 149.69 151.28 (1.1 )% 102.51 106.03 (3.3 )% 7 %
Washington, DC 8 77.1 % 74.7 % 3.3 % 181.98 176.76 3.0 % 140.35 132.01 6.3 % 7 %
Louisville 5 72.2 % 72.4 % (0.3 )% 157.59 158.04 (0.3 )% 113.75 114.45 (0.6 )% 7 %
Southern California 5 85.7 % 83.3 % 2.9 % 166.43 158.58 5.0 % 142.63 132.12 8.0 % 5 %
Houston 10 67.8 % 69.6 % (2.7 )% 147.46 162.80 (9.4 )% 99.93 113.37 (11.9 )% 5 %
New York City 3 94.3 % 93.9 % 0.4 % 219.14 225.37 (2.8 )% 206.75 211.68 (2.3 )% 5 %
Other 32 76.6 %   77.0 %   (0.5 )%   155.88     151.70   2.8 %   119.43     116.85   2.2 % 25 %
Total 121 77.9 %   77.9 %   % $ 165.52   $ 163.73   1.1 % $ 128.95   $ 127.52   1.1 % 100 %
 
Service Level         Occupancy     ADR     RevPAR    

% of
Hotel
EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var FY
Focused-Service 101 77.4 % 77.3 % 0.1 % $ 159.31 $ 156.65 1.7 % $ 123.30 $ 121.12 1.8 % 72 %
Compact Full-Service 19 80.6 % 80.9 % (0.4 )% 181.39 181.32 % 146.15 146.68 (0.4 )% 24 %
Full-Service 1 68.6 %   67.2 %   2.1 %   178.15     182.27   (2.3 )%   122.21     122.42   (0.2 )% 4 %
Total 121 77.9 %   77.9 %   % $ 165.52   $ 163.73   1.1 % $ 128.95   $ 127.52   1.1 % 100 %
 
Chain Scale         Occupancy     ADR     RevPAR    

% of
Hotel
EBITDA

# of Hotels 2016   2015   Var 2016 2015 Var 2016 2015 Var FY

Upper Upscale

17 76.2 % 76.6 % (0.4 )% $ 170.17 $ 169.36 0.5 % $ 129.69 $ 129.65 % 23 %

Upscale

88 79.1 % 78.7 % 0.4 % 166.34 164.37 1.2 % 131.53 129.39 1.7 % 68 %

Upper Midscale

15 74.7 % 76.1 % (1.9 )% 151.60 149.09 1.7 % 113.18 113.42 (0.2 )% 9 %

Midscale

1 62.1 %   62.8 %   (1.1 )%   107.90     106.43   1.4 %   66.97     66.81   0.2 % %
Total 121 77.9 %   77.9 %   % $ 165.52   $ 163.73   1.1 % $ 128.95   $ 127.52   1.1 % 100 %
 
Flags         Occupancy     ADR     RevPAR    

% of
Hotel
EBITDA

# of Hotels 2016   2015   Var 2016   2015   Var 2016   2015   Var FY
Courtyard 23 76.4 % 76.5 % (0.1 )% $ 165.02 $ 166.25 (0.7 )% $ 126.14 $ 127.21 (0.8 )% 19 %
Residence Inn 29 78.9 % 78.1 % 1.0 % 152.96 151.88 0.7 % 120.71 118.68 1.7 % 17 %
Hyatt House 11 84.2 % 82.1 % 2.5 % 172.35 163.62 5.3 % 145.09 134.39 8.0 % 11 %
Marriott 5 71.8 % 70.8 % 1.3 % 164.78 166.61 (1.1 )% 118.29 118.01 0.2 % 9 %
SpringHill Suites 7 81.7 % 82.3 % (0.7 )% 168.40 161.22 4.5 % 137.61 132.63 3.8 % 7 %
Hilton Garden Inn 8 75.2 % 76.0 % (1.0 )% 162.89 158.29 2.9 % 122.57 120.37 1.8 % 7 %
DoubleTree 3 90.7 % 90.0 % 0.8 % 216.01 220.48 (2.0 )% 195.82 198.35 (1.3 )% 6 %
Hampton Inn 7 76.8 % 78.1 % (1.6 )% 162.64 158.63 2.5 % 124.92 123.87 0.8 % 4 %
Embassy Suites 7 75.0 % 76.0 % (1.4 )% 139.97 138.83 0.8 % 104.93 105.55 (0.6 )% 4 %
Renaissance 3 73.4 % 76.8 % (4.3 )% 167.25 163.05 2.6 % 122.79 125.15 (1.9 )% 4 %
Fairfield Inn & Suites 7 73.1 % 75.2 % (2.8 )% 130.27 127.82 1.9 % 95.20 96.09 (0.9 )% 4 %
Hyatt Place 3 85.9 % 83.5 % 2.9 % 173.38 161.57 7.3 % 148.94 134.89 10.4 % 2 %
Homewood Suites 2 75.3 % 74.5 % 1.1 % 184.65 180.08 2.5 % 139.05 134.16 3.6 % 2 %
Hilton 1 80.8 % 76.8 % 5.3 % 194.67 222.85 (12.6 )% 157.28 171.04 (8.0 )% 2 %
Hyatt 2 75.3 % 77.0 % (2.3 )% 196.53 205.22 (4.2 )% 147.93 158.07 (6.4 )% 1 %
Other 3 59.8 %   62.4 %   (4.2 )%   149.52     150.33   (0.5 )%   89.47     93.85   (4.7 )% 1 %
Total 121 77.9 %   77.9 %   % $ 165.52   $ 163.73   1.1 % $ 128.95   $ 127.52   1.1 % 100 %
 

Posted by on February 23, 2017.

Categories: Financial

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