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MarketScreener Homepage  >  Equities  >  Nyse  >  RLJ Lodging Trust    RLJ

RLJ LODGING TRUST

(RLJ)
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RLJ Lodging Trust : Q2 2020 Results Pro forma Supplemental

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08/07/2020 | 04:14pm EDT

Q2 2020 | Pro Forma Supplemental

RLJ Lodging Trust | Overview

Key Statistics (1)(2)(3)

Properties

103

Hotel Rooms

22,577

Share Price

$9.44

Total Shares and Units Outstanding

165.9M

Market Capitalization

$1.6B

Preferred Equity

$0.3B

Net Debt Outstanding

$1.6B

Total Enterprise Value (TEV)

$3.5B

Total Capitalization

$4.5B

Pro Forma Debt Maturity Schedule (4)

$ in millions

Senior Unsecured Notes

Secured

Unsecured

Revolver

Undrawn Revolver

$200

$400

$400

$150

$625

$475

$145

$200

$181

2020

2021

2022

2023

2024

2025

2026

  1. Number of properties and hotel rooms as of June 30, 2020. Excludes one fully unconsolidated hotel.
  2. Total shares and OP units as of June 30, 2020. Closing stock price per the New York Stock Exchange as of June 30, 2020.
  3. Balance sheet statistics as of June 30, 2020.
  4. Debt maturity schedule as of June 30, 2020 and assumes all extension options are exercised. $400M RCL draw as of 2Q.

2

RLJ Lodging Trust | Strong Liquidity Position

RLJ is well positioned with both significant liquidity and a long runway

  • RLJ 's strong second quarter cash position was further bolstered by a $400M draw on the line of credit
  • Monthly cash burn continues to be lower for RLJ's portfolio relative to peers

Peer Liquidity Summary (1)

2,500

Cash

LOC Draw Balance

Remaining LOC Capacity

millions)

2,000

($ in

1,500

Liquidity

1,000

500

-

HST

RLJ

PK

SHO

PEB

XHR

APLE

INN

DRH

CLDT

HT

Cash Burn

($2.4K)(2)

($1.2K)

($2.0K)

($2.5K)(2)

($1.6K)

($2.1K)

N/A(3)

($0.8K)(2)

($1.7K)

($0.2K)

($1.2K)(4)

per key / per month

($ in thousands)

Note: chart sorted by Cash.

  1. Per 2Q press release/presentations Cash Use is midpoint of range of Company stated, unless otherwise noted.
  2. Includes CapEx.
  3. Not applicable.
  4. Represents average monthly cash burn for 2Q 2020.

3

RLJ Lodging Trust | Pro Forma Statistics

The financial information below reflects Pro Forma statistics for 103 hotels owned as of June 30, 2020

  • Pro forma hotel statistics are reported on a comparable basis and exclude any hotels sold during the period

Pro Forma Hotel Statistics (1)

2019

2020

(all amounts in '000s except operating metrics)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Rooms Available

2,032

2,055

2,077

2,077

8,241

2,055

2,055

Rooms Sold

1,544

1,710

1,684

1,572

6,509

1,242

240

Total Room Revenue

286,623

322,102

299,918

282,232

1,190,876

218,892

27,853

Total Revenue

340,396

381,297

355,413

342,069

1,419,175

265,453

32,596

Occupancy

76.0%

83.2%

81.1%

75.7%

79.0%

60.5%

11.7%

Average Daily Rate (ADR)

$185.63

$188.41

$178.15

$179.56

$182.96

$176.23

$115.94

Revenue per Available Room (RevPAR)

$141.07

$156.78

$144.39

$135.87

$144.51

$106.54

$13.56

Pro forma Hotel EBITDA

102,374

133,610

112,102

102,593

450,678

51,047

(42,722)

Pro forma Hotel EBITDA Margin

30.1%

35.0%

31.5%

30.0%

31.8%

19.2%

(131.1%)

1. Results exclude the Chateau LeMoyne-French Quarter New Orleans, which is a fully unconsolidated hotel.

4

RLJ Lodging Trust | 2Q Pro Forma Operating Statistics

Top Markets

Occupancy

ADR

RevPAR

# of Hotels

2020

2019

Var

2020

2019

Var

2020

2019

Var

Northern California

12

8.1%

88.6%

(90.8%)

133.03

234.78

(43.3%)

10.80

207.92

(94.8%)

Southern California

9

16.3%

85.4%

(80.9%)

145.82

181.91

(19.8%)

23.79

155.42

(84.7%)

South Florida

8

11.9%

83.2%

(85.7%)

118.10

168.58

(29.9%)

14.01

140.30

(90.0%)

Austin

3

8.5%

81.5%

(89.5%)

106.19

225.04

(52.8%)

9.06

183.34

(95.1%)

New York City

5

16.6%

92.5%

(82.1%)

100.72

248.35

(59.4%)

16.69

229.73

(92.7%)

Washington, DC

5

16.4%

87.0%

(81.1%)

145.55

237.60

(38.7%)

23.92

206.80

(88.4%)

Chicago

13

18.3%

83.5%

(78.1%)

97.29

148.49

(34.5%)

17.82

123.93

(85.6%)

Houston

9

12.7%

70.8%

(82.1%)

89.67

143.92

(37.7%)

11.37

101.94

(88.8%)

Louisville

2

4.0%

75.5%

(94.7%)

104.84

210.63

(50.2%)

4.22

158.94

(97.3%)

Denver

5

7.7%

78.9%

(90.2%)

94.23

146.80

(35.8%)

7.25

115.78

(93.7%)

Other

32

9.6%

81.7%

(88.3%)

112.89

172.54

(34.6%)

10.81

141.00

(92.3%)

Total

103

11.7%

83.2%

(85.9%)

115.94

188.41

(38.5%)

13.56

156.78

(91.4%)

Service Level

Occupancy

ADR

RevPAR

# of Hotels

2020

2019

Var

2020

2019

Var

2020

2019

Var

Focused-Service

58

13.4%

82.9%

(83.8%)

113.80

182.17

(37.5%)

15.23

150.98

(89.9%)

Compact Full-Service

44

11.0%

83.9%

(86.9%)

117.94

191.55

(38.4%)

12.95

160.80

(91.9%)

Full-Service

1

0.0%

73.5%

(100.0%)

0.00

224.53

(100.0%)

0.00

165.09

(100.0%)

Total

103

11.7%

83.2%

(85.9%)

115.94

188.41

(38.5%)

13.56

156.78

(91.4%)

Chain Scale

Occupancy

ADR

RevPAR

# of Hotels

2020

2019

Var

2020

2019

Var

2020

2019

Var

Upper Upscale

34

11.2%

81.7%

(86.3%)

116.82

186.00

(37.2%)

13.03

151.88

(91.4%)

Upscale

59

12.5%

84.3%

(85.2%)

116.35

187.29

(37.9%)

14.55

157.82

(90.8%)

Upper Midscale

8

8.1%

83.6%

(90.4%)

114.27

170.77

(33.1%)

9.21

142.74

(93.6%)

Other

2

9.6%

86.0%

(88.9%)

84.47

304.17

(72.2%)

8.09

261.57

(96.9%)

Total

103

11.7%

83.2%

(85.9%)

115.94

188.41

(38.5%)

13.56

156.78

(91.4%)

Flags

Occupancy

ADR

RevPAR

# of Hotels

2020

2019

Var

2020

2019

Var

2020

2019

Var

Embassy Suites

21

14.7%

83.2%

(82.3%)

112.59

175.19

(35.7%)

16.58

145.76

(88.6%)

Courtyard

14

12.1%

84.1%

(85.6%)

109.75

191.00

(42.5%)

13.32

160.67

(91.7%)

Residence Inn

14

26.7%

80.2%

(66.8%)

112.62

173.63

(35.1%)

30.04

139.30

(78.4%)

Wyndham

8

13.6%

83.6%

(83.8%)

127.77

184.76

(30.8%)

17.35

154.43

(88.8%)

Hyatt House

7

9.4%

88.2%

(89.4%)

158.73

201.52

(21.2%)

14.88

177.81

(91.6%)

Marriott

5

2.4%

79.5%

(97.0%)

84.93

216.67

(60.8%)

2.02

172.22

(98.8%)

Fairfield Inn & Suites

5

7.0%

85.9%

(91.8%)

114.69

178.91

(35.9%)

8.04

153.64

(94.8%)

Hilton Garden Inn

5

9.0%

82.1%

(89.1%)

111.91

172.08

(35.0%)

10.02

141.34

(92.9%)

DoubleTree

4

3.2%

94.1%

(96.6%)

148.88

214.76

(30.7%)

4.70

202.13

(97.7%)

SpringHill Suites

3

2.4%

77.5%

(96.9%)

63.72

143.04

(55.5%)

1.53

110.90

(98.6%)

Hyatt Place

3

0.2%

79.3%

(99.7%)

90.37

205.77

(56.1%)

0.20

163.11

(99.9%)

Renaissance

3

5.9%

76.0%

(92.2%)

119.89

171.98

(30.3%)

7.11

130.78

(94.6%)

Hampton Inn

2

12.0%

83.4%

(85.6%)

119.07

157.49

(24.4%)

14.25

131.30

(89.1%)

Homewood Suites

2

27.9%

85.4%

(67.3%)

106.66

202.64

(47.4%)

29.79

173.01

(82.8%)

Hyatt

2

6.6%

78.6%

(91.6%)

162.83

203.08

(19.8%)

10.78

159.52

(93.2%)

Hilton

1

8.2%

78.0%

(89.5%)

119.49

185.32

(35.5%)

9.75

144.54

(93.3%)

Other

4

6.7%

80.6%

(91.7%)

79.90

259.14

(69.2%)

5.36

208.96

(97.4%)

Total

103

11.7%

83.2%

(85.9%)

115.94

188.41

(38.5%)

13.56

156.78

(91.4%)

5

RLJ Lodging Trust | Year-to-Date Pro Forma Operating Statistics

Top Markets

Occupancy

ADR

RevPAR

# of Hotels

2020

2019

Var

2020

2019

Var

2020

2019

Var

Northern California

12

32.0%

84.9%

(62.3%)

225.20

243.20

(7.4%)

72.09

206.39

(65.1%)

Southern California

9

41.5%

82.6%

(49.7%)

163.68

177.72

(7.9%)

67.94

146.79

(53.7%)

South Florida

8

43.5%

86.7%

(49.8%)

220.97

200.33

10.3%

96.07

173.63

(44.7%)

Austin

3

34.8%

82.7%

(57.9%)

198.86

230.68

(13.8%)

69.29

190.72

(63.7%)

New York City

5

40.7%

87.1%

(53.3%)

148.09

215.86

(31.4%)

60.28

188.12

(68.0%)

Washington, DC

5

37.6%

80.0%

(52.9%)

176.98

218.95

(19.2%)

66.62

175.08

(61.9%)

Chicago

13

32.8%

71.4%

(54.0%)

108.71

136.22

(20.2%)

35.70

97.21

(63.3%)

Houston

9

36.3%

72.1%

(49.6%)

132.69

146.17

(9.2%)

48.19

105.33

(54.2%)

Louisville

2

27.7%

71.6%

(61.2%)

161.28

187.69

(14.1%)

44.75

134.39

(66.7%)

Denver

5

31.1%

71.1%

(56.2%)

125.59

142.91

(12.1%)

39.10

101.60

(61.5%)

Other

32

35.1%

78.3%

(55.2%)

156.20

172.41

(9.4%)

54.78

135.06

(59.4%)

Total

103

36.1%

79.6%

(54.7%)

166.46

187.09

(11.0%)

60.04

148.97

(59.7%)

Service Level

Occupancy

ADR

RevPAR

# of Hotels

2020

2019

Var

2020

2019

Var

2020

2019

Var

Focused-Service

58

35.9%

78.1%

(54.0%)

153.65

177.65

(13.5%)

55.21

138.78

(60.2%)

Compact Full-Service

44

36.7%

81.3%

(54.9%)

175.82

193.53

(9.2%)

64.48

157.29

(59.0%)

Full-Service

1

26.1%

69.6%

(62.5%)

173.35

199.05

(12.9%)

45.29

138.60

(67.3%)

Total

103

36.1%

79.6%

(54.7%)

166.46

187.09

(11.0%)

60.04

148.97

(59.7%)

Chain Scale

Occupancy

ADR

RevPAR

# of Hotels

2020

2019

Var

2020

2019

Var

2020

2019

Var

Upper Upscale

34

36.0%

79.3%

(54.6%)

181.58

193.44

(6.1%)

65.44

153.42

(57.3%)

Upscale

59

36.7%

80.2%

(54.2%)

155.33

180.84

(14.1%)

57.06

144.97

(60.6%)

Upper Midscale

8

30.6%

77.2%

(60.3%)

148.76

164.73

(9.7%)

45.58

127.15

(64.2%)

Other

2

32.0%

77.3%

(58.6%)

198.20

278.85

(28.9%)

63.49

215.57

(70.6%)

Total

103

36.1%

79.6%

(54.7%)

166.46

187.09

(11.0%)

60.04

148.97

(59.7%)

Flags

Occupancy

ADR

RevPAR

# of Hotels

2020

2019

Var

2020

2019

Var

2020

2019

Var

Embassy Suites

21

38.8%

81.4%

(52.3%)

174.06

186.20

(6.5%)

67.62

151.64

(55.4%)

Courtyard

14

37.3%

80.2%

(53.5%)

154.61

180.98

(14.6%)

57.61

145.15

(60.3%)

Residence Inn

14

42.6%

76.4%

(44.2%)

146.20

171.70

(14.9%)

62.26

131.15

(52.5%)

Wyndham

8

37.7%

79.9%

(52.9%)

146.13

172.86

(15.5%)

55.04

138.13

(60.2%)

Hyatt House

7

35.2%

84.3%

(58.3%)

190.19

205.94

(7.6%)

66.92

173.58

(61.4%)

Marriott

5

28.4%

73.7%

(61.5%)

205.02

217.20

(5.6%)

58.14

160.10

(63.7%)

Fairfield Inn & Suites

5

31.6%

80.6%

(60.8%)

161.41

174.86

(7.7%)

50.97

140.92

(63.8%)

Hilton Garden Inn

5

31.3%

76.2%

(58.9%)

149.09

171.77

(13.2%)

46.74

130.91

(64.3%)

DoubleTree

4

37.5%

91.4%

(59.0%)

180.57

204.70

(11.8%)

67.64

187.01

(63.8%)

SpringHill Suites

3

26.6%

69.3%

(61.7%)

134.61

141.55

(4.9%)

35.79

98.13

(63.5%)

Hyatt Place

3

28.1%

75.0%

(62.5%)

158.35

192.07

(17.6%)

44.50

143.99

(69.1%)

Renaissance

3

30.6%

74.3%

(58.8%)

170.84

171.89

(0.6%)

52.27

127.63

(59.0%)

Hampton Inn

2

30.8%

75.9%

(59.4%)

127.50

146.76

(13.1%)

39.31

111.46

(64.7%)

Homewood Suites

2

44.3%

79.3%

(44.2%)

141.21

184.35

(23.4%)

62.51

146.21

(57.2%)

Hyatt

2

33.9%

80.0%

(57.6%)

195.39

216.72

(9.8%)

66.30

173.40

(61.8%)

Hilton

1

37.6%

81.6%

(54.0%)

243.67

213.00

14.4%

91.55

173.87

(47.3%)

Other

4

31.0%

73.8%

(58.0%)

181.52

241.45

(24.8%)

56.30

178.21

(68.4%)

Total

103

36.1%

79.6%

(54.7%)

166.46

187.09

(11.0%)

60.04

148.97

(59.7%)

6

RLJ Lodging Trust | Open vs Total Portfolio Weekly Occupancy

RLJ | Weekly Occupancy

36.3%

35.2%

33.6%

32.3%

33.2%

33.2%

33.4%

30.1%

27.7%

27.9%

27.1%

26.2%

24.6%

23.4%

23.9%

24.8%

21.0%

21.9%

19.5% 19.8%

17.6%

18.1%

16.2%

15.4%

12.4%

13.2%

12.2%

12.3%

12.7%

10.7%

7.4%

8.2%

8.6%

6.9%

6.8%

5.8%

April 4 April 11 April 18 April 25

May 2

May 9

May 16 May 23 May 30

June 6 June 13 June 20 June 27

July 4

July 11 July 18 July 25

August 1

Open Hotels

Total Portfolio

7

Forward-Looking Statements

The following information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company's business plans, objectives and expected operating results, measures being taken in response to the COVID-19 pandemic, and the impact of the COVID-19 pandemic on our business, 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 and Section 21E of the Securities Exchange Act of 1934, as amended. 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 the Company believes 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 the Company's actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the current global economic uncertainty and a worsening of global economic conditions or low levels of economic growth; the duration and scope of the COVID-19 pandemic and its impact on the demand for travel and on levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic, including limiting or banning travel; the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity; the pace of recovery when the COVID-19 pandemic subsides; the effects of steps we and our third party management partners take to reduce operating costs; increased direct competition, changes in government regulations or accounting rules; changes in local, national and global real estate conditions; declines in the lodging industry, including as a result of the COVID-19 pandemic; seasonality of the lodging industry; risks related to natural disasters, such as earthquakes and hurricanes; hostilities, including future terrorist attacks or fear of hostilities that affect travel; the Company's ability to obtain lines of credit or permanent financing on satisfactory terms; changes in interest rates; access to capital through offerings of the Company's common and preferred shares of beneficial interest, or debt; the Company's ability to identify suitable acquisitions; the Company's ability to close on identified acquisitions and integrate those businesses; and inaccuracies of the Company's accounting estimates. Given these uncertainties, undue reliance should not be placed on such 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 Annual Report, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.

8

Disclaimer

RLJ Lodging Trust published this content on 07 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2020 20:13:12 UTC

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Financials (USD)
Sales 2020 509 M - -
Net income 2020 -352 M - -
Net Debt 2020 2 084 M - -
P/E ratio 2020 -3,96x
Yield 2020 2,35%
Capitalization 1 392 M 1 392 M -
EV / Sales 2020 6,82x
EV / Sales 2021 4,19x
Nbr of Employees 87
Free-Float 98,6%
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 10,80 $
Last Close Price 8,51 $
Spread / Highest target 52,8%
Spread / Average Target 26,9%
Spread / Lowest Target -5,99%
EPS Revisions
Managers
NameTitle
Leslie D. Hale President, Chief Executive Officer & Trustee
Robert L. Johnson Executive Chairman-Trustees Board
Sean M. Mahoney Chief Financial Officer, Treasurer & Executive VP
Nathaniel A. Davis Lead Independent Trustee
Birch Evans Bayh Independent Trustee
Sector and Competitors
1st jan.Capitalization (M$)
RLJ LODGING TRUST-51.98%1 392
VICI PROPERTIES INC.-7.79%12 290
GAMING AND LEISURE PROPERTIES, INC.-14.56%8 012
HOST HOTELS & RESORTS, INC-42.64%7 187
MGM GROWTH PROPERTIES LLC-9.62%3 631
PARK HOTELS & RESORTS INC.-62.12%2 170