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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 September 30, 2022

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 Each ClassTrading SymbolName of Exchange on Which Registered
Common Shares of beneficial interest, par value $0.01 per shareRLJNew 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, a 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.


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 October 27, 2022, 162,053,953 common shares of beneficial interest of the Registrant, $0.01 par value per share, were outstanding.



TABLE OF CONTENTS
 
  Page
   
   
 
   
 Consolidated Financial Statements (unaudited) 
 
 
 
 
 
   
   
   
   
 
 

ii

PART I. FINANCIAL INFORMATION
 
Item 1.         Financial Statements
RLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(unaudited)
September 30, 2022December 31, 2021
Assets  
Investment in hotel properties, net$4,171,428 $4,219,116 
Investment in unconsolidated joint ventures6,777 6,522 
Cash and cash equivalents488,146 665,341 
Restricted cash reserves51,504 48,528 
Hotel and other receivables, net of allowance of $302 and $274, respectively
42,393 31,091 
Lease right-of-use assets138,335 144,988 
Prepaid expense and other assets68,190 33,390 
Total assets$4,966,773 $5,148,976 
Liabilities and Equity  
Debt, net$2,212,752 $2,409,438 
Accounts payable and other liabilities150,946 155,136 
Advance deposits and deferred revenue21,987 20,047 
Lease liabilities117,810 123,031 
Accrued interest9,492 19,110 
Distributions payable14,596 8,347 
Total liabilities2,527,583 2,735,109 
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 September 30, 2022 and December 31, 2021
366,936 366,936 
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 162,726,642 and 166,503,062 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
1,627 1,665 
Additional paid-in capital3,056,603 3,092,883 
Distributions in excess of net earnings(1,041,610)(1,046,739)
Accumulated other comprehensive income (loss)41,805 (17,113)
Total shareholders’ equity2,425,361 2,397,632 
Noncontrolling interests:  
Noncontrolling interest in the Operating Partnership6,341 6,316 
Noncontrolling interest in consolidated joint ventures7,488 9,919 
Total noncontrolling interests13,829 16,235 
Total equity2,439,190 2,413,867 
Total liabilities and equity$4,966,773 $5,148,976 

The accompanying notes are an integral part of these consolidated financial statements.
1

RLJ Lodging Trust
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Amounts in thousands, except share and per share data)
(unaudited)
 For the three months ended September 30,For the nine months ended September 30,
 2022202120222021
Revenues
Operating revenues
Room revenue$267,363 $200,051 $753,818 $469,377 
Food and beverage revenue30,600 17,013 82,655 36,238 
Other revenue20,108 16,705 54,998 41,960 
Total revenues318,071 233,769 891,471 547,575 
Expenses  
Operating expenses  
Room expense68,394 51,951 188,015 124,276 
Food and beverage expense23,375 12,576 61,314 25,841 
Management and franchise fee expense25,390 16,225 71,846 34,216 
Other operating expenses82,021 67,599 227,563 173,602 
Total property operating expenses199,180 148,351 548,738 357,935 
Depreciation and amortization46,559 47,065 140,346 140,923 
Impairment losses 138,899  144,845 
Property tax, insurance and other20,744 21,290 66,206 65,419 
General and administrative13,446 12,630 40,928 35,564 
Transaction costs(773)(154)(575)101 
Total operating expenses279,156 368,081 795,643 744,787 
Other income (expense), net710 676 8,716 (8,579)
Interest income1,281 222 1,800 826 
Interest expense(22,625)(26,933)(71,041)(81,194)
(Loss) gain on sale of hotel properties, net(57)1,947 996 3,133 
Gain on extinguishment of indebtedness, net 7,100  893 
Income (loss) before equity in (loss) income from unconsolidated joint ventures18,224 (151,300)36,299 (282,133)
Equity in (loss) income from unconsolidated joint ventures(150)(232)255 (470)
Income (loss) before income tax expense18,074 (151,532)36,554 (282,603)
Income tax expense(391)(286)(1,139)(554)
Net income (loss)17,683 (151,818)35,415 (283,157)
Net (income) loss attributable to noncontrolling interests:  
Noncontrolling interest in the Operating Partnership(53)727 (74)1,391 
Noncontrolling interest in consolidated joint ventures(36)3,084 (29)4,326 
Net income (loss) attributable to RLJ17,594 (148,007)35,312 (277,440)
Preferred dividends(6,279)(6,279)(18,836)(18,836)
Net income (loss) attributable to common shareholders$11,315 $(154,286)$16,476 $(296,276)
Basic per common share data:
Net income (loss) per share attributable to common shareholders$0.07 $(0.94)$0.10 $(1.81)
Weighted-average number of common shares160,368,297 164,068,011 162,681,840 163,964,227 
2

Diluted per common share data:
Net income (loss) per share attributable to common shareholders$0.07 $(0.94)$0.10 $(1.81)
Weighted-average number of common shares160,784,709 164,068,011 163,064,462 163,964,227 
Comprehensive income (loss):
Net income (loss)$17,683 $(151,818)$35,415 $(283,157)
Unrealized gain on interest rate derivatives17,211 4,595 64,784 26,690 
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net  (5,866)10,658 
Comprehensive income (loss)34,894 (147,223)94,333 (245,809)
Comprehensive (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership(53)727 (74)1,391 
Noncontrolling interest in consolidated joint ventures(36)3,084 (29)4,326 
Comprehensive income (loss) attributable to RLJ$34,805 $(143,412)$94,230 $(240,092)
 
The accompanying notes are an integral part of these consolidated financial statements.
3


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) Income
Operating
Partnership
Consolidated
Joint 
Ventures
Total 
Equity
Balance at December 31, 202112,879,475 $366,936 166,503,062 $1,665 $3,092,883 $(1,046,739)$(17,113)$6,316 $9,919 $2,413,867 
Net income — — — — — 35,312 — 74 29 35,415 
Unrealized gain on interest rate derivatives— — — — — — 64,784 — — 64,784 
Reclassification of unrealized gains on discontinued cash flow hedges to other income (expense), net— — — — — — (5,866)— — (5,866)
Contributions from consolidated joint venture partners— — — — — — — — 154 154 
Distribution to consolidated joint venture partners— — — — — — — — (2,614)(2,614)
Issuance of restricted stock— — 702,993 7 (7)— — — —  
Amortization of share-based compensation— — — — 17,280 — — — — 17,280 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (260,841)(3)(3,595)— — — — (3,598)
Shares acquired as part of a share repurchase program— — (4,190,359)(42)(49,958)— — — — (50,000)
Forfeiture of restricted stock— — (28,213)— — — — — —  
Distributions on preferred shares— — — — — (18,836)— — — (18,836)
Distributions on common shares and units— — — — — (11,347)— (49)— (11,396)
Balance at September 30, 202212,879,475 $366,936 162,726,642 $1,627 $3,056,603 $(1,041,610)$41,805 $6,341 $7,488 $2,439,190 
 
The accompanying notes are an integral part of these consolidated financial statements.

4

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
Income
Operating
Partnership
Consolidated
Joint 
Ventures
Total 
Equity
Balance at June 30, 202212,879,475 $366,936 162,981,820 $1,630 $3,053,345 $(1,044,726)$24,594 $6,325 $7,468 $2,415,572 
Net income— — — — — 17,594 — 53 36 17,683 
Unrealized gain on interest rate derivatives— — — — — — 17,211 — — 17,211 
Contributions from consolidated joint venture partners— — — — — — — — (2)(2)
Distribution to consolidated joint venture partners— — — — — — — — (14)(14)
Amortization of share-based compensation— — — — 5,818 — — — — 5,818 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (654) (9)— — — — (9)
Shares acquired as part of a share repurchase program— — (232,376)(3)(2,551)— — — — (2,554)
Forfeiture of restricted stock— — (22,148)— — — — — —  
Distributions on preferred shares— — — — — (6,279)— — — (6,279)
Distributions on common shares and units— — — — — (8,199)— (37)— (8,236)
Balance at September 30, 202212,879,475 $366,936 162,726,642 $1,627 $3,056,603 $(1,041,610)$41,805 $6,341 $7,488 $2,439,190 

The accompanying notes are an integral part of these consolidated financial statements.

5

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 LossOperating
Partnership
Consolidated
Joint
Ventures
Total
Equity
Balance at December 31, 202012,879,475 $366,936 165,002,752 $1,650 $3,077,142 $(710,161)$(69,050)$7,869 $13,002 $2,687,388 
Net loss— — — — — (277,440)— (1,391)(4,326)(283,157)
Unrealized gain on interest rate derivatives— — — — — — 26,690 — — 26,690 
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net— — — — — — 10,658 — — 10,658 
Redemption of Operating Partnership units— — — — — — — (7)— (7)
Contributions from consolidated joint venture partners— — — — — — — — 891 891 
Issuance of restricted stock— — 1,759,193 17 (17)— — — —  
Amortization of share-based compensation— — — — 13,648 — — — — 13,648 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (160,310)(1)(2,450)— — — — (2,451)
Forfeiture of restricted stock— — (21,853)— — — — — —  
Distributions on preferred shares— — — — — (18,836)— — — (18,836)
Distributions on common shares and units— — — — — (4,644)— (16)— (4,660)
Balance at September 30, 202112,879,475 $366,936 166,579,782 $1,666 $3,088,323 $(1,011,081)$(31,702)$6,455 $9,567 $2,430,164 

The accompanying notes are an integral part of these consolidated financial statements.

6

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 LossOperating
Partnership
Consolidated
Joint
Ventures
Total
Equity
Balance at June 30, 202112,879,475 $366,936 166,626,796 $1,666 $3,083,175 $(855,106)$(36,297)$7,195 $12,349 $2,579,918 
Net loss— — — — — (148,007)— (727)(3,084)(151,818)
Unrealized gain on interest rate derivatives— — — — — — 4,595 — — 4,595