RLJ Lodging Trust (RLJ, Financial) announced its Q3 2023 results on November 1, 2023. The company reported a 3.4% increase in RevPAR from last year, led by both Occupancy and ADR growth. The total revenue for the quarter was $334.4 million. The net income per diluted share attributable to common shareholders was $0.06. The company continued to repurchase common shares, repurchasing 1.5 million common shares for approximately $14.4 million at an average price per share of $9.81.
Financial Highlights
RLJ reported a Comparable Hotel EBITDA of $98.1 million and an Adjusted EBITDA of $88.8 million. The Adjusted FFO per diluted common share and unit was reported at $0.40. The company's portfolio generated Comparable RevPAR of $141.81, an increase of 3.4% from the comparable period in 2022. Comparable Revenues were $334.4 million for the third quarter, a 4.9% increase over the prior year.
During the third quarter, the company repurchased approximately 1.5 million common shares for approximately $14.4 million at an average price per share of $9.81. As of September 30, 2023, the company had approximately $1.1 billion of total liquidity, comprising approximately $494.6 million of unrestricted cash and $600.0 million available under its revolving credit facility, and $2.2 billion of debt outstanding, 93.0% of which is currently either fixed or hedged.
Dividends and Outlook
The company's Board of Trustees declared a third quarter cash dividend of $0.10 per common share of beneficial interest of the company. The dividend was paid on October 16, 2023 to shareholders of record as of September 29, 2023. For Q4 2023, the company expects a Comparable RevPAR of $129.50 to $134.50, a Comparable Hotel EBITDA of $82.0M to $92.0M, and an Adjusted FFO per diluted share of $0.30 to $0.36.
About RLJ Lodging Trust (RLJ, Financial)
RLJ 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 currently consists of 96 hotels with approximately 21,200 rooms, located in 23 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.
Explore the complete 8-K earnings release (here) from RLJ Lodging Trust for further details.
