Company Quick10K Filing
RLJ Lodging Trust
Price16.99 EPS1
Shares172 P/E31
MCap2,923 P/FCF10
Net Debt1,305 EBIT168
TEV4,228 TEV/EBIT25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-11
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-06-22
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-24 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-05-12
8-K 2020-05-01
8-K 2020-03-19
8-K 2020-03-13
8-K 2020-02-25
8-K 2020-02-14
8-K 2019-12-18
8-K 2019-11-07
8-K 2019-08-07
8-K 2019-05-08
8-K 2019-02-28
8-K 2018-11-06
8-K 2018-08-07
8-K 2018-07-16
8-K 2018-05-24
8-K 2018-05-09
8-K 2018-04-09
8-K 2018-03-09
8-K 2018-02-27
8-K 2018-02-09
8-K 2018-01-25

RLJ 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit311-6302020.htm
EX-31.2 exhibit312-6302020.htm
EX-32.1 exhibit321-6302020.htm

RLJ Lodging Trust Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.50.40.30.20.10.02012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.0-0.2-0.42012201420172020
Ops, Inv, Fin

rlj-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                   to    
 
Commission File Number 001-35169

RLJ LODGING TRUST
(Exact Name of Registrant as Specified in Its Charter)

Maryland 27-4706509
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
3 Bethesda Metro Center, Suite 1000  
Bethesda, Maryland 20814
(Address of Principal Executive Offices) (Zip Code)
(301) 280-7777
(Registrant’s Telephone Number, Including Area Code)
  

Securities registered pursuant to Section 12 (b) of the Exchange Act:
Title of Class Trading Symbol Name of Exchange on Which Registered
Common Shares of beneficial interest, par value $0.01 per share RLJ New York Stock Exchange
$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per shareRLJ-ANew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


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Large accelerated filer  Accelerated filer 
Non-accelerated filer  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 
As of July 31, 2020, 165,092,557 common shares of beneficial interest of the Registrant, $0.01 par value per share, were outstanding.



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TABLE OF CONTENTS
 
  Page
   
   
 
   
 Consolidated Financial Statements (unaudited) 
 
 
 
 
 
   
   
   
   
 
 

ii

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PART I. FINANCIAL INFORMATION
 
Item 1.         Financial Statements
RLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(unaudited)
June 30, 2020December 31, 2019
Assets  
Investment in hotel properties, net$4,555,628  $4,614,966  
Investment in unconsolidated joint ventures14,862  15,171  
Cash and cash equivalents1,048,442  882,474  
Restricted cash reserves44,578  44,686  
Hotel and other receivables, net of allowance of $573 and $251, respectively11,410  39,762  
Lease right-of-use assets141,651  144,358  
Deferred income tax asset, net64,509  51,447  
Prepaid expense and other assets36,357  58,536  
Total assets$5,917,437  $5,851,400  
Liabilities and Equity  
Debt, net$2,591,674  $2,195,707  
Accounts payable and other liabilities205,186  183,408  
Advance deposits and deferred revenue41,216  57,459  
Lease liabilities119,863  121,154  
Accrued interest5,292  3,024  
Distributions payable8,735  64,165  
Total liabilities2,971,966  2,624,917  
Commitments and Contingencies (Note 11)
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 June 30, 2020 and December 31, 2019366,936  366,936  
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 165,092,953 and 169,852,246 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively1,651  1,699  
Additional paid-in capital3,071,063  3,127,982  
Accumulated other comprehensive loss(82,573) (19,514) 
Distributions in excess of net earnings(434,242) (274,769) 
Total shareholders’ equity2,922,835  3,202,334  
Noncontrolling interest:  
Noncontrolling interest in consolidated joint ventures13,492  14,065  
Noncontrolling interest in the Operating Partnership9,144  10,084  
Total noncontrolling interest22,636  24,149  
Total equity2,945,471  3,226,483  
Total liabilities and equity$5,917,437  $5,851,400  
The accompanying notes are an integral part of these consolidated financial statements.
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RLJ Lodging Trust
Consolidated Statements of Operations and Comprehensive (Loss) Income
(Amounts in thousands, except share and per share data)
(unaudited)
 For the three months ended June 30,For the six months ended June 30,
 2020201920202019
Revenues
Operating revenues
Room revenue$27,853  $378,857  $246,745  $716,527  
Food and beverage revenue1,271  49,458  32,039  93,704  
Other revenue3,467  20,412  19,289  37,763  
Total revenues32,591  448,727  298,073  847,994  
Expenses  
Operating expenses  
Room expense12,469  88,898  76,222  173,086  
Food and beverage expense1,801  35,910  28,181  70,119  
Management and franchise fees(1,827) 35,825  15,317  69,944  
Other operating expense37,933  101,596  118,890  198,713  
Total property operating expenses50,376  262,229  238,610  511,862  
Depreciation and amortization49,229  54,956  98,402  113,359  
Property tax, insurance and other25,348  31,201  54,041  61,797  
General and administrative11,673  11,765  23,441  22,925  
Transaction costs20  425  30  984  
Total operating expenses136,646  360,576  414,524  710,927  
Other income282  349  859  622  
Interest income579  1,073  3,545  2,245  
Interest expense(23,794) (25,237) (47,607) (45,299) 
(Loss) gain on sale of hotel properties, net(8) (24,835) 94  (24,835) 
(Loss) income before equity in loss from unconsolidated joint ventures(126,996) 39,501  (159,560) 69,800  
Equity in loss from unconsolidated joint ventures(975) (2,403) (390) (2,784) 
(Loss) income before income tax benefit (expense)(127,971) 37,098  (159,950) 67,016  
Income tax benefit (expense)11,805  (3,417) 12,955  (5,003) 
Net (loss) income(116,166) 33,681  (146,995) 62,013  
Net loss (income) attributable to noncontrolling interests:  
Noncontrolling interest in consolidated joint ventures524  (96) 1,837  256  
Noncontrolling interest in the Operating Partnership568  (141) 760  (233) 
Preferred distributions - consolidated joint venture      (186) 
Redemption of preferred equity - consolidated joint venture      (1,153) 
Net (loss) income attributable to RLJ(115,074) 33,444  (144,398) 60,697  
Preferred dividends(6,279) (6,279) (12,557) (12,557) 
Net (loss) income attributable to common shareholders$(121,353) $27,165  $(156,955) $48,140  
Basic per common share data:
Net (loss) income per share attributable to common shareholders$(0.74) $0.16  $(0.95) $0.27  
Weighted-average number of common shares163,543,701  172,661,878  165,346,717  172,729,064  
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Diluted per common share data:
Net (loss) income per share attributable to common shareholders$(0.74) $0.16  $(0.95) $0.27  
Weighted-average number of common shares163,543,701  172,766,091  165,346,717  172,808,513  
Comprehensive (loss) income:
Net (loss) income$(116,166) $33,681  $(146,995) $62,013  
Unrealized loss on interest rate derivatives(6,582) (21,645) (63,059) (35,781) 
Reclassification of unrealized gain on discontinued cash flow hedges to interest expense      (2,250) 
Comprehensive (loss) income(122,748) 12,036  (210,054) 23,982  
Comprehensive loss (income) attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures524  (96) 1,837  256  
Noncontrolling interest in the Operating Partnership568  (141) 760  (233) 
Preferred distributions - consolidated joint venture      (186) 
Redemption of preferred equity - consolidated joint venture      (1,153) 
Comprehensive (loss) income attributable to RLJ$(121,656) $11,799  $(207,457) $22,666  
 
The accompanying notes are an integral part of these consolidated financial statements.
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RLJ Lodging Trust
Consolidated Statements of Changes in Equity
(Amounts in thousands, except share data)
(unaudited) 
 Shareholders’ EquityNoncontrolling Interest 
 Preferred StockCommon Stock   
 SharesAmountSharesPar 
Value
Additional
Paid-in Capital
Distributions in excess of net earningsAccumulated Other Comprehensive
Loss
Operating
Partnership
Consolidated
Joint 
Ventures
Total 
Equity
Balance at December 31, 201912,879,475  $366,936  169,852,246  $1,699  $3,127,982  $(274,769) $(19,514) $10,084  $14,065  $3,226,483  
Net loss—  —  —  —  —  (144,398) —  (760) (1,837) (146,995) 
Unrealized loss on interest rate derivatives—  —  —  —  —  —  (63,059) —  —  (63,059) 
Redemption of Operating Partnership units—  —  —  —  —  —  —  (8) —  (8) 
Contributions from consolidated joint venture partners—  —  —  —  —  —  —  —  1,264  1,264  
Issuance of restricted stock—  —  801,463  8  (8) —  —  —  —    
Amortization of share-based compensation—  —  —  —  6,487  —  —  —  —  6,487  
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock—  —  (62,987) (1) (848) —  —  —  —  (849) 
Shares acquired as part of a share repurchase program—  —  (5,489,335) (55) (62,550) —  —  —  —  (62,605) 
Forfeiture of restricted stock—  —  (8,434)     —  —  —  —    
Distributions on preferred shares—  —  —  —  —  (12,557) —  —  —  (12,557) 
Distributions on common shares and units—  —  —  —  —  (2,518) —  (172) —  (2,690)