BETHESDA, Md.--(BUSINESS WIRE)--May 1, 2024-- RLJ Lodging Trust (the 'Company') (NYSE: RLJ) today reported results for the three months ended March 31, 2024.

Highlights

Portfolio Comparable RevPAR of $137.88; an increase of 1.0% from last year

Total Revenue of $324.4 million; an increase of 3.1% from last year

Net income of $4.7 million

Comparable Hotel EBITDA of $88.9 million

Adjusted EBITDA of $79.6 million

Adjusted FFO per diluted common share and unit of $0.33

Addressed all 2024 debt maturities

'Our first quarter RevPAR growth came in line with our expectations given the holiday shift and we once again exceeded the industry while gaining market share,' commented Leslie D. Hale, President and Chief Executive Officer. 'Our outperformance relative to the industry continues to underscore the strong positioning of our urban-centric portfolio which is benefiting from steady improvement in business transient demand and increasing international travel, in addition to solid group and healthy urban leisure. Our growth is being further aided by the strong returns we are generating from our conversions and ROI initiatives which bolster our confidence in our next wave of conversions that are on track to be completed this year. We expect our momentum to be driven by positive trends that are disproportionately benefiting urban markets, the continuing ramp up of our completed conversions and our strong balance sheet that provides significant optionality, all of which demonstrate our multiple channels of growth.'

The prefix 'comparable' as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.

Financial and Operating Highlights

https://investor.rljlodgingtrust.com/news-releases/news-release-details/rlj-lodging-trust-reports-first-quarter-2024-results

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