RLJ Lodging Trust : Q1 2026 Comparable Results Supplemental

Published: 2026-05-04 16:08:21 ET RLJ

Published on 05/04/2026 at 04:08 pm EDT

‌New Pictures

EARNINGS SUPPLEMENTAL Q1 2026

MAY 2026

THE BANKERS ALLEY HOTEL NASHVILLE

‌Properties

Hotel Rooms

20,588

Share Price

$7.42

Total Shares and Units Outstanding

152.7 M

Market Capitalization

$1.1 B

Preferred Equity

$0.3 B

Net Debt Outstanding

$1.8 B

Total Enterprise Value (TEV)

$3.3 B

Total Capitalization

$3.7 B

Pro Forma Debt Maturity Schedule(3)(4)

Key Statistics (1) (2)

Amount Due ($ in millions)

$500

$569

$500

$25

$300

$164

$150

2033

2032

2031

2030

2029

2028

2027

2026

$600

Total Debt Outstanding: $2.2B

% of Debt

Maturing

46%

14%

33%

Properties and hotel rooms owned as of March 31, 2026; excludes Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Unaudited, for comparison purposes only.

Total shares, units, stock price and balance sheet statistics as of March 31, 2026.

Pro Forma reflects the pay down of the $500M HY bonds at maturity in July 2026.

Assumes all extension options are exercised.

OVERVIEW

‌Comparable Hotel Statistics (1) (2)

(all amounts in '000s, except operating metrics)

2025

2026

Rooms Available

1,853

1,874

1,894

7,515

1,853

Rooms Sold

Total Room Revenue

Total Revenue

1,278

$262,736

$322,520

1,417

$292,317

$358,840

1,385

$264,117

$326,270

1,301

$259,100

$325,145

5,381

$1,078,270

$1,332,775

1,311

$275,257

$339,958

Occupancy

69.0%

75.6%

73.1%

68.7%

71.6%

70.8%

Average Daily Rate (ADR)

$205.51

$206.35

$190.67

$199.20

$200.39

$209.91

Room Revenue per Available Room (RevPAR)

$141.80

$156.03

$139.44

$136.79

$143.49

$148.55

Comparable Hotel EBITDA

$83,858

$111,810

$80,029

$87,819

$363,516

$89,918

Comparable Hotel EBITDA Margin

26.0%

31.2%

24.5%

27.0%

27.3%

26.4%

For properties owned as of March 31, 2026; excludes Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Unaudited, for comparison purposes only.

Excludes three hotels sold in 2025.

COMPARABLE HOTEL STATISTICS

Comparable statistics for 92 hotels owned as of March 31, 2026

‌Markets

Occupancy

ADR ($)

RevPAR ($)

Comparable Hotel EBITDA ($M)

# of Hotels

Q1 2026

Q1 2025

Y/Y Growth %

Q1 2026

Q1 2025

Y/Y Growth %

Q1 2026

Q1 2025

Y/Y Growth %

Q1 2026 TTM (3)

LA / Anaheim

76.9%

77.5%

(0.7%)

191.98

191.14

0.4%

147.71

148.16

(0.3%)

31.1

Charleston

78.4%

79.1%

(0.9%)

324.86

306.29

6.1%

254.70

242.41

5.1%

25.4

Louisville

57.9%

64.6%

(10.4%)

206.85

204.11

1.3%

119.75

131.89

(9.2%)

23.1

Washington, DC

65.4%

67.7%

(3.4%)

225.05

235.15

(4.3%)

147.19

159.20

(7.5%)

20.3

NYC

79.4%

75.7%

4.9%

264.22

258.18

2.3%

209.70

195.35

7.3%

20.3

Fort Lauderdale / West Palm Beach

90.2%

86.1%

4.8%

263.75

249.67

5.6%

237.98

215.04

10.7%

20.0

Silicon Valley

68.9%

62.8%

9.7%

220.48

202.32

9.0%

151.96

127.11

19.5%

19.5

Chicago

57.7%

56.2%

2.5%

124.46

126.09

(1.3%)

71.78

70.92

1.2%

16.3

Boston

59.8%

62.9%

(5.0%)

155.39

168.42

(7.7%)

92.88

105.92

(12.3%)

16.0

Pittsburgh

55.7%

54.4%

2.5%

164.43

160.36

2.5%

91.62

87.19

5.1%

14.6

Houston

76.6%

73.0%

4.9%

186.20

171.76

8.4%

142.63

125.45

13.7%

14.5

San Diego

74.4%

76.8%

(3.0%)

184.02

187.32

(1.8%)

136.96

143.78

(4.7%)

13.6

Oakland / Burlingame

74.5%

62.7%

18.8%

201.46

182.12

10.6%

150.16

114.23

31.5%

13.2

Austin

74.7%

69.5%

7.5%

221.78

249.49

(11.1%)

165.70

173.35

(4.4%)

12.6

Key West

95.9%

95.3%

0.6%

375.58

359.25

4.5%

360.16

342.52

5.2%

12.6

Miami

92.1%

90.1%

2.3%

256.21

232.74

10.1%

236.03

209.65

12.6%

11.6

Denver

54.3%

51.2%

6.0%

181.95

169.90

7.1%

98.75

87.01

13.5%

11.0

Tampa

77.8%

78.5%

(0.9%)

298.50

304.64

(2.0%)

232.15

239.16

(2.9%)

10.9

Atlanta

66.4%

68.0%

(2.4%)

177.37

180.72

(1.9%)

117.75

122.91

(4.2%)

10.7

San Francisco CBD

69.8%

64.4%

8.4%

399.31

331.01

20.6%

278.89

213.20

30.8%

7.5

New Orleans

67.4%

77.9%

(13.6%)

170.51

196.93

(13.4%)

114.86

153.45

(25.1%)

7.3

Indianapolis

59.4%

56.8%

4.7%

156.68

178.53

(12.2%)

93.11

101.35

(8.1%)

4.4

Waikiki

74.2%

69.8%

6.3%

172.90

181.46

(4.7%)

128.28

126.72

1.2%

0.7

Other Markets (2)

70.1%

65.6%

6.8%

175.35

175.46

(0.1%)

122.84

115.11

6.7%

32.5

Total

70.8%

69.0%

2.6%

209.91

205.51

2.1%

148.55

141.80

4.8%

369.6

Includes 92 hotels owned as of March 31, 2026; excludes Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Unaudited, for comparison purposes only.

Other Markets include Birmingham, Charlotte, Fort Myers, Madison, Minneapolis, Nashville, Orlando, Philadelphia, Phoenix, Portland, and Seattle.

For the trailing twelve-month period ending March 31, 2026.

Q1 2026 | COMPARABLE PORTFOLIO OPERATING STATISTICS (1)

‌RLJ Lodging Trust Reconciliation of Non-GAAP Measures

(Amounts in millions) (unaudited)

Q1 2026 TTM (1)

Net income

$ 25.0

Depreciation and amortization

187.8

Interest expense, net of interest income

99.2

Income tax expense

1.1

Adjustments related to unconsolidated joint venture (2)

1.6

EBITDA

314.7

Loss on sale of hotel properties, net

6.5

EBITDAre

321.2

Transaction costs

0.4

Pre-opening costs (3)

0.8

Loss on extinguishment of indebtedness, net

0.4

Amortization of share-based compensation

14.6

Other expenses (4)

0.5

Adjusted EBITDA

337.9

General and administrative

33.3

Other corporate adjustments

1.9

Consolidated Hotel EBITDA

373.1

Comparable adjustments - income from sold hotels (3.5)

Comparable Hotel EBITDA

$ 369.6

Notes: Comparable statistics reflect the Company's 92 hotel portfolio owned as of March 31, 2026.

For the trailing twelve-month period ending March 31, 2026.

Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint venture.

Represents expenses related to the brand conversions of certain hotel properties prior to opening.

Represents expenses and income outside of the normal course of operations.

Q1 2026 | COMPARABLE HOTEL EBITDA RECONCILIATION

‌FORWARD - LOOKING STATEMENTS

The following information contains certain statements, other than purely historical information, including estimates, projections, statements relating to our 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 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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," or similar expressions. Although we believe 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which was filed on May 4, 2026, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.

MAY 2026 6

Disclaimer

RLJ Lodging Trust published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 20:07 UTC.