RLJ Lodging Trust
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Small Cap Value
Company profile

RLJ Lodging Trust is a self-administered real estate investment trust. The Company is engaged in the acquisition of focused-service and compact full-service hotels. The Company owns approximately 109 hotels with 23,280 rooms, located in 23 states and the District of Columbia, and an interest in one mortgage loan secured by a hotel. Its hotels' brand affiliations include Residence Inn, Courtyard, SpringHill Suites, Fairfield Inn & Suites, Marriott, Hilton Garden Inn, Hampton Inn/Hampton Inn & Suites, Embassy Suites, DoubleTree, Hilton and Hyatt Place. Its operating partnership is RLJ Lodging Trust, L.P. Its properties include Courtyard San Francisco, Courtyard Boulder Longmont, Residence Inn Longmont Boulder, DoubleTree Grand Key Resort and Residence Inn Detroit Novi.

This security is a preferred stock
Closing Price
$22.11
Day's Change
0.0836 (0.38%)
Bid
--
Ask
--
B/A Size
--
Day's High
22.37
Day's Low
22.05
Volume
(Heavy Day)
Volume:
50,056

10-day average volume:
26,665
50,056

RLJ Lodging Trust Reports First Quarter 2020 Results and Provides Business Update

4:30 pm ET May 12, 2020 (BusinessWire) Print

--- Operations currently suspended at 57 hotels

RLJ Lodging Trust (the "Company") (NYSE:RLJ) today reported results for the three months ended March 31, 2020 and is providing a business update on its COVID-19 action plan.

Highlights

$1.2 billion of unrestricted cash and $200 million undrawn on line of credit No debt maturities until 2022 Temporarily suspended operations at 57 hotels due to the ongoing COVID-19 pandemic Total revenue of $265.5 million Net loss of $30.8 million Adjusted EBITDA of $41.4 million Adjusted FFO per diluted common share and unit of $0.10

"Our hearts and minds are with all those affected by the COVID-19 global pandemic, and we express our heartfelt gratitude to the healthcare workers who are on the frontlines every day. This pandemic has inflicted unimaginable damage on the global economy and our industry," commented Leslie D. Hale, President and Chief Executive Officer. "At the onset of this crisis, we took a number of steps to protect our guests and associates, and to position RLJ to financially weather this unprecedented environment. Our dedicated team of asset managers worked incredibly hard with our operating partners to suspend operations at over 50% of our portfolio, and to significantly cut expenses at hotels that remain open, thereby drastically reducing our hotel operating costs. With a focus on further bolstering liquidity, we reduced our dividend to $0.01 per share, decreased spending on a number of growth projects, and suspended share buybacks. Although difficult, these timely actions have materially reduced our cash burn, and combined with our solid balance sheet prior to entering this catastrophe, have positioned us with $1.2 billion of liquidity to sustain an extended period of uncertainty. While we cannot predict the timing or the magnitude of a recovery, we are thoughtfully working with our operators to reopen hotels as appropriate in a socially and financially responsible manner. With a flexible balance sheet, a lean operating model and an orientation towards the transient segment, which should be the first to recover, we believe that not only will we be able to effectively navigate through this crisis, but also be positioned to realize our embedded growth opportunities over the longer term."

The prefix "Pro forma" as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are reported on a comparable basis and therefore exclude any hotels sold during the period and non-comparable hotels that were not open for operation or were closed for renovation for comparable periods. 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
($ in thousands, except ADR, RevPAR, and per share amounts)
(unaudited)
-----------------------------------------------------------------------------------------------------------------------------------------------------
              
                                               For the three months ended March 31,
                                                   ----------------------------------------------------------------------------------------------------
                     2020                   2019                  Change
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Operational Overview: (1)                
Pro forma ADR                          $176.23                $185.63                (5.1)%
Pro forma Occupancy                     60.5%                  76.0%                 (20.5)%
Pro forma RevPAR                       $106.54                $141.07                (24.5)%
                      
Financial Overview:                      
Total Revenues                        $265,481               $399,267                (33.5)%
Pro forma Hotel Revenue               $265,453               $340,396                (22.0)%
                      
Net (Loss) Income                     ($30,829)               $28,331               (208.8)%
                      
Pro forma Hotel EBITDA                 $51,047               $102,374                (50.1)%
Pro forma Hotel EBITDA Margin           19.2%                  30.1%               -1,090 bps
Adjusted EBITDA (2)                    $41,417               $111,546                (62.9)%
                      
Adjusted FFO                           $16,870                $82,639                (79.6)%
Note:
(1) Pro forma statistics reflect the Company's 103 hotel portfolio as of March 31, 2020.

Business Update

COVID-19 Action Plan Update

In response to the significant and ongoing impact from COVID-19 to public health and the broader industry, the Company is providing an update on the wide-ranging actions it has taken at both the property and corporate-level to preserve liquidity:

Suspension of hotel operations: The Company has suspended operations at 57 of its hotels, where carrying costs of operating with low occupancies, exceeded the cost of suspending operations. Cost containment initiatives: At the hotels remaining open, the Company's asset managers continue to work closely with its hotel management partners to manage its hotels under aggressive operating cost containment plans. These plans include significantly reduced staffing, elimination of non-essential amenities & services, and the closure of several floors and all food & beverage outlets at properties. Capital investment reduction: The Company's 2020 capital expenditure program has been reduced by over 80%. All non-essential capital investments have been deferred. The Company will continue to make investments to protect and preserve its properties and expects to re-evaluate future capital plans when there is improved economic visibility. ROI projects: The Company reviewed all 2020 ROI initiatives and suspended 90% of these projects. The Company expects to re-evaluate all ROI projects when there is improved economic visibility. Common stock dividend reduction: The Company's Board of Trustees reduced its first quarter common dividend to $0.01 per common share. The Company will continue to monitor its financial performance and the economic outlook to assess when it is appropriate to resume a regular quarterly common dividend at a level determined to be prudent based on the economic outlook.

Estimated Monthly Cash Burn Forecast

The Company estimates the average monthly cash burn across its portfolio to be approximately $25 million to $35 million (excluding capital investments) based on the following assumptions:

Average hotel-level monthly variable costs of approximately $5.0 million to $14.0 million, with the top end of the range assuming that all hotels are suspended through the end of 2020; Average hotel fixed costs of $7.0 million, which includes property taxes and insurance; Corporate-level monthly general and administrative cash expenses of $2.0 million; and Corporate-level outflows of $11.0 million to $12.0 million, which includes interest and scheduled principal payment on the Company's outstanding debt as well as both common and preferred dividends.

The actual monthly cash burn will vary based on the duration that individual hotels are suspended and the extent to which the low occupancy environment persists. If the current operating environment extends into the second half of the year, the Company will undertake additional cost-cutting measures to further reduce its monthly cash burn. Management believes that its current liquidity has positioned the Company to withstand a protracted period of limited hotel demand.

Lender Update

The Company is currently working with its lenders on an amendment of its corporate line of credit and unsecured term loans. The Company expects that this amendment will include the waiver of all financial maintenance covenants through March 31, 2021. The Company cannot provide assurances that it will complete the amendment of the credit facilities with the lenders, which is subject to the completion of the documentation and lender approval.

The Company remains in compliance with its financial covenants under its Senior Unsecured Notes.

Share Repurchases

During the first quarter, the Company repurchased 5.5 million shares of its common shares for $62.6 million at an average price per share of $11.40. The Company suspended share repurchases as broader uncertainty increased due to COVID-19.

Balance Sheet

As of March 31, 2020, the Company had $1.2 billion of unrestricted cash on its balance sheet, $200 million undrawn on its revolving credit facility, and $2.6 billion of debt outstanding.

The Company's ratio of net debt to Adjusted EBITDA for the trailing twelve-month period ended March 31, 2020, was 3.9x.

Dividends

The Company's Board of Trustees declared a quarterly cash dividend of $0.01 per common share of beneficial interest in the first quarter. The dividend was paid on April 15, 2020, to shareholders of record as of March 31, 2020.

The Company's Board of Trustees declared a quarterly cash dividend of $0.4875 on the Company's Series A Preferred Shares. The dividend was paid on April 30, 2020, to shareholders of record as of March 31, 2020.

2020 Outlook

Given the uncertainties related to the pandemic and its impact on travel, the Company in unable to provide a future outlook at this time.

Earnings Call

The Company will conduct its quarterly analyst and investor conference call on May 13, 2020, at 10:00 a.m. (Eastern Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust's first quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company's website at http://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available online through the Investor Relations page of the Company's website.

About Us

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 consists of 103 hotels with approximately 22,570 rooms, located in 23 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.

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 urge 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.

For additional information or to receive press releases via email, please visit our website: http://www.rljlodgingtrust.com

RLJ Lodging Trust Non-GAAP and Accounting Commentary

Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures

The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre, (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin. These Non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company.

Funds From Operations ("FFO")

The Company calculates Funds from Operations ("FFO") in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company's operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts ("REITs"), even though FFO does not represent an amount that accrues directly to common shareholders.

The Company's calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest ("OP units") in RLJ Lodging Trust, L.P., the Company's operating partnership, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.

EBITDA and EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.

In addition to EBITDA, the Company presents EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss (calculated in accordance with GAAP) excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated partnerships and joint ventures. The Company believes that the presentation of EBITDAre provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.

Adjustments to FFO and EBITDA

The Company adjusts FFO, EBITDA, and EBITDAre for certain items that the Company considers either outside the normal course of operations or extraordinary. The Company believes that Adjusted FFO, Adjusted EBITDA, and Adjusted EBITDAre provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income or loss, FFO, EBITDA, and EBITDAre, is beneficial to an investor's understanding of its operating performance. The Company adjusts FFO, EBITDA, and EBITDAre for the following items:

Transaction Costs: The Company excludes transaction costs expensed during the period Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation, non-cash income taxes, and unrealized gains and loss related to interest rate hedges Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside the normal course of operations

Hotel EBITDA and Hotel EBITDA Margin

With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company's hotels and the effectiveness of third-party management companies.

Pro forma Consolidated Hotel EBITDA includes prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels, which has not been audited and excludes results from sold hotels as applicable. Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin exclude the results of non-comparable hotels that were under renovation or not open for the entirety of the comparable periods. The following is a summary of pro forma hotel adjustments:

Pro forma adjustments: Acquired hotels

For the quarters ended March 31, 2020 and 2019, respectively, no hotels were acquired.

Pro forma adjustments: Sold hotels

For the quarters ended March 31, 2020 and 2019, respectively, pro forma adjustments included the following sold hotels:

Courtyard Austin Airport in June 2019 Courtyard Boulder Longmont in June 2019 Courtyard Fort Lauderdale SW Miramar in June 2019 Courtyard Salt Lake City Airport in June 2019 Fairfield Inn & Suites San Antonio Downtown Market in June 2019 Hampton Inn Fort Walton Beach in June 2019 Hampton Inn West Palm Beach Airport Central in June 2019 Hampton Inn & Suites Clearwater St. Petersburg Ulmerton Road in June 2019 Hampton Inn & Suites Denver Tech Center in June 2019 Hilton Garden Inn Bloomington in June 2019 Hilton Garden Inn Durham Raleigh Research Triangle Park in June 2019 Hilton Garden Inn West Palm Beach Airport in June 2019 Residence Inn Chicago Oak Brook in June 2019 Residence Inn Detroit Novi in June 2019 Residence Inn Fort Lauderdale Plantation in June 2019 Residence Inn Fort Lauderdale SW Miramar in June 2019 Residence Inn Longmont Boulder in June 2019 Residence Inn Salt Lake City Airport in June 2019 Residence Inn San Antonio Downtown Market Square in June 2019 Residence Inn Silver Spring in June 2019 SpringHill Suites Boulder Longmont in June 2019 Embassy Suites Myrtle Beach Oceanfront Resort in June 2019 Hilton Myrtle Beach Resort in June 2019 Courtyard Austin Northwest Arboretum in August 2019 Courtyard Boulder Louisville in August 2019 Courtyard Denver West Golden in August 2019 Courtyard Louisville Northeast in August 2019 Courtyard South Bend Mishawaka in August 2019 Hampton Inn Houston Galleria in August 2019 Hyatt House Austin Arboretum in August 2019 Hyatt House Houston Galleria in August 2019 Hyatt House Dallas Lincoln Park in August 2019 Hyatt House Dallas Uptown in August 2019 Residence Inn Austin Northwest Arboretum in August 2019 Residence Inn Austin North Parmer Lane in August 2019 Residence Inn Boulder Louisville in August 2019 Residence Inn Denver West Golden in August 2019 Residence Inn Louisville Northeast in August 2019 SpringHill Suites Austin North Parmer Lane in August 2019 SpringHill Suites Louisville Hurstbourne North in August 2019 SpringHill Suites South Bend Mishawaka in August 2019 Residence Inn Columbia in September 2019 Courtyard Austin South in November 2019 Fairfield Inn & Suites Austin South Airport in November 2019 Marriott Austin South in November 2019 Residence Inn Austin South in November 2019 SpringHill Suites Austin South in November 2019

                                                                                                                                                                RLJ Lodging Trust
                                                                                                                                                           Consolidated Balance Sheets
                                                                                                                                             (Amounts in thousands, except share and per share data)
                                                                                                                                                                   (unaudited)
                                                                                                                                                                                                                               
                                                                                                                                                                                                                        March 31,                             December 31,
                                                                                                                                                                                                                                                                2020                                                       2019
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- -----------------------------------   -------------------- -----------------------------------
Assets                                                                                                                                                                                                                                            
Investment in hotel properties, net                                                                                                                                                                                              $ 4,592,016          $ 4,614,966  
Investment in unconsolidated joint ventures                                                                                                                                                                                           15,820               15,171  
Cash and cash equivalents                                                                                                                                                                                                          1,157,818              882,474  
Restricted cash reserves                                                                                                                                                                                                              43,548               44,686  
Hotel and other receivables, net of allowance of $339 and $251, respectively                                                                                                                                                          22,773               39,762  
Lease right-of-use assets                                                                                                                                                                                                            143,010              144,358  
Deferred income tax asset, net                                                                                                                                                                                                        52,689               51,447  
Prepaid expense and other assets                                                                                                                                                                                                      41,551               58,536  
                                                                                                                                                                                                                                               ---------------  --------------------                      ---------------  --------------------
                                                                                                                                                                                                                                 $ 6,069,225          $ 5,851,400  
        Total assets
                                                                                                                                                                                                                                               ====== ========= ====================                      ====== ========= ====================
Liabilities and Equity                                                                                                                                                                                                                            
Debt, net                                                                                                                                                                                                                        $ 2,594,492          $ 2,195,707  
Accounts payable and other liabilities                                                                                                                                                                                               209,710              183,408  
Advance deposits and deferred revenue                                                                                                                                                                                                 48,930               57,459  
Lease liabilities                                                                                                                                                                                                                    120,514              121,154  
Accrued interest                                                                                                                                                                                                                      15,027                3,024  
Distributions payable                                                                                                                                                                                                                  8,718               64,165  
                                                                                                                                                                                                                                               ---------------  --------------------                      ---------------  --------------------
                                                                                                                                                                                                                                   2,997,391            2,624,917  
        Total liabilities
Equity                                                                                                                                                                                                                                            
Shareholders' equity:                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  
    Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized
                                                                                                                                                                                                                                     366,936              366,936  
        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 March 31, 2020 and December 31, 2019
                                                                                                                                                                                                                                       1,649                1,699  
    Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 164,842,781 and 169,852,246 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
Additional paid-in capital                                                                                                                                                                                                         3,067,693            3,127,982  
Accumulated other comprehensive loss                                                                                                                                                                                                 (75,991 )                               (19,514 )
Distributions in excess of net earnings                                                                                                                                                                                             (311,224 )                              (274,769 )
                                                                                                                                                                                                                                               ---------------  --------------------                      ---------------  --------------------
                                                                                                                                                                                                                                   3,049,063            3,202,334  
        Total shareholders' equity
Noncontrolling interest:                                                                                                                                                                                                                          
                                                                                                                                                                                                                                      13,022               14,065  
    Noncontrolling interest in consolidated joint ventures
                                                                                                                                                                                                                                       9,749               10,084  
    Noncontrolling interest in the Operating Partnership
                                                                                                                                                                                                                                               ---------------  --------------------                      ---------------  --------------------
                                                                                                                                                                                                                                      22,771               24,149  
        Total noncontrolling interest
                                                                                                                                                                                                                                               ---------------  --------------------                      ---------------  --------------------
                                                                                                                                                                                                                                   3,071,834            3,226,483  
        Total equity
                                                                                                                                                                                                                                               ---------------  --------------------                      ---------------  --------------------
Note:
                                                                                          RLJ Lodging Trust
                                                                                Consolidated Statements of Operations
                                                                       (Amounts in thousands, except share and per share data)
                                                                                             (unaudited)
                                                                
                                                                                                 For the three months ended
                                                                                                                                                March 31,
                                                                                                     ----------------------------------------------------------------------------------------
                                                                               2020                                   2019
------------------------------------------------------------------------------- -------------------- ----------------------------------   -------------------- ----------------------------------
Revenues                                                                                               
                                                                                                       
    Operating revenues
                                                                                        $ 218,892           $ 337,670  
        Room revenue
                                                                                           30,767              44,246  
        Food and beverage revenue
                                                                                           15,822              17,351  
        Other revenue
                                                                                                     --------------  --------------------                      --------------  --------------------
                                                                                          265,481             399,267  
    Total revenues
                                                                                                     --------------  --------------------                      --------------  --------------------
Expenses                                                                                               
                                                                                                       
    Operating expenses
                                                                                           63,753              84,188  
        Room expense
                                                                                           26,381              34,209  
        Food and beverage expense
                                                                                           17,144              34,118  
        Management and franchise fee expense
                                                                                           80,957              97,118  
        Other operating expense
                                                                                                     --------------  --------------------                      --------------  --------------------
                                                                                          188,235             249,633  
            Total property operating expenses
                                                                                           49,173              58,403  
    Depreciation and amortization
                                                                                           28,692              30,597  
    Property tax, insurance and other
                                                                                           11,769              11,160  
    General and administrative
                                                                                               10                 559  
    Transaction costs
                                                                                                     --------------  --------------------                      --------------  --------------------
                                                                                          277,879             350,352  
            Total operating expenses
                                                                                                     --------------  --------------------                      --------------  --------------------
                                                                                              579                 274  
    Other income
                                                                                            2,966               1,171  
    Interest income
                                                                                          (23,813 )                              (20,062 )
    Interest expense
                                                                                              102      --  
    Gain on sale of hotel properties, net
                                                                                                     --------------  --------------------                      --------------  --------------------
(Loss) income before equity in income (loss) from unconsolidated joint ventures           (32,564 )                               30,298  
Equity in income (loss) from unconsolidated joint ventures                                    585                (381 )
                                                                                                     --------------  --------------------                      --------------  --------------------
(Loss) income before income tax benefit (expense)                                         (31,979 )                               29,917  
Income tax benefit (expense)                                                                1,150              (1,586 )
                                                                                                     --------------  --------------------                      --------------  --------------------
Net (loss) income                                                                         (30,829 )                               28,331  
Net loss (income) attributable to noncontrolling interests:                                            
                                                                                            1,313                 353  
    Noncontrolling interest in consolidated joint ventures
                                                                                              192                 (92 )
    Noncontrolling interest in the Operating Partnership
                                                                                   --                (186 )
    Preferred distributions - consolidated joint venture
                                                                                   --              (1,153 )
    Redemption of preferred equity - consolidated joint venture
                                                                                                     --------------  --------------------                      --------------  --------------------
Net (loss) income attributable to RLJ                                                     (29,324 )                               27,253  
Preferred dividends                                                                        (6,279 )                               (6,279 )
                                                                                                     --------------  --------------------                      --------------  --------------------
Net (loss) income attributable to common shareholders                                   $ (35,603 )                            $  20,974  
                                                                                                     ======= ======= ====================                      ======= ======= ====================
Basic per common share data:                                                                           
Net (loss) income per share attributable to common shareholders                         $   (0.21 )                            $    0.12  
                                                                                                     ======= ======= ====================                      ======= ======= ====================
Weighted-average number of common shares                                              167,149,733         172,796,998  
                                                                                                     ==============  ====================                      ==============  ====================
Diluted per common share data:                                                                         
Net (loss) income per share attributable to common shareholders                         $   (0.21 )                            $    0.12  
                                                                                                     ======= ======= ====================                      ======= ======= ====================
Note:
                                                                                   RLJ Lodging Trust
                                                                          Reconciliation of Non-GAAP Measures
                                                                     (Amounts in thousands, except per share data)
                                                                                      (unaudited)
                                               
Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders
                                               
                                                                                     For the three months
                                                                                                                              ended March 31,
                                                                                    --------------------------------------------------------------------------------------------
                                                               2020                                     2019
-------------------------------------------------------------- -------------------- ------------------------------------   -------------------- ------------------------------------
Net (loss) income                                                       $  (30,829 )                             $   28,331  
Preferred dividends                                                         (6,279 )                                 (6,279 )
Preferred distributions - consolidated joint venture                --                  (186 )
Redemption of preferred equity - consolidated joint venture         --                (1,153 )
Depreciation and amortization                                               49,173                58,403  
Gain on sale of hotel properties, net                                         (102 )                         --  
Noncontrolling interest in consolidated joint ventures                       1,313                   353  
Adjustments related to consolidated joint ventures (1)                         (75 )                                    (74 )
Adjustments related to unconsolidated joint ventures (2)                       494                   694  
                                                                                    ----------------  --------------------                      ----------------  --------------------
                                                                            13,695                80,089  
    FFO
Transaction costs                                                               10                   559  
Amortization of share-based compensation                                     2,696                 2,725  
Non-cash income tax (benefit) expense                                       (1,242 )                                  1,281  
Other expenses (income) (3)                                                  1,711                (2,015 )
                                                                                    ----------------  --------------------                      ----------------  --------------------
                                                                        $   16,870            $   82,639  
    Adjusted FFO
                                                                                    ======== ======== ====================                      ======== ======== ====================
                                                                     
Adjusted FFO per common share and unit-basic                            $     0.10            $     0.48  
Adjusted FFO per common share and unit-diluted                          $     0.10            $     0.48  
                                                                     
Basic weighted-average common shares and units outstanding (4)             167,922               173,570  
Note:
(1)   Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint ventures.
(2)   Includes our ownership interest in the depreciation and amortization expense of the unconsolidated joint ventures.
(3)   Represents income and expenses outside of the normal course of operations, including debt modification costs, legal and other costs, hurricane-related costs that were not reimbursed by insurance, and unrealized gains and losses on certain discontinued cash flow hedges.
                                                                              RLJ Lodging Trust
                                                                     Reconciliation of Non-GAAP Measures
                                                                           (Amounts in thousands)
                                                                                 (unaudited)
                                         
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
                                         
                                                                          For the three months ended
                                                                                                                         March 31,
                                                                              ----------------------------------------------------------------------------------------
                                                        2020                                   2019
-------------------------------------------------------- -------------------- ----------------------------------   -------------------- ----------------------------------
Net (loss) income                                                $ (30,829 )                            $  28,331  
Depreciation and amortization                                       49,173              58,403  
Interest expense, net of interest income                            20,847              18,891  
Income tax (benefit) expense                                        (1,150 )                                1,586  
Adjustments related to unconsolidated joint ventures (1)               618                 817  
                                                                              --------------  --------------------                      --------------  --------------------
                                                                    38,659             108,028  
    EBITDA
Gain on sale of hotel properties, net                                 (102 )                       --  
                                                                              --------------  --------------------                      --------------  --------------------
                                                                    38,557             108,028  
    EBITDAre
Transaction costs                                                       10                 559  
Amortization of share-based compensation                             2,696               2,725  
Other expenses (2)                                                     154                 234  
                                                                              --------------  --------------------                      --------------  --------------------
                                                                    41,417             111,546  
    Adjusted EBITDA
General and administrative (3)                                       9,073               8,426  
Other corporate adjustments (4)                                        305                 501  
                                                                              --------------  --------------------                      --------------  --------------------
                                                                    50,795             120,473  
    Consolidated Hotel EBITDA
                                                                              --------------  --------------------                      --------------  --------------------
Pro forma adjustments - income from sold hotels                        252             (18,099 )
                                                                              --------------  --------------------                      --------------  --------------------
                                                                    51,047             102,374  
    Pro forma Consolidated Hotel EBITDA
                                                                              --------------  --------------------                      --------------  --------------------
Note:
(1)   Includes our ownership interest in the interest, depreciation and amortization expense of the unconsolidated joint ventures.
(2)   Represents expenses outside of the normal course of operations, including debt modification costs, legal and other costs, and hurricane-related costs that were not reimbursed by insurance.
(3)   Excludes amortization of share-based compensation and activist shareholder costs reflected in Adjusted EBITDA.
                                                                          RLJ Lodging Trust
                                                                 Reconciliation of Non-GAAP Measures
                                                                       (Amounts in thousands)
                                                                             (unaudited)
                                 
Pro forma Hotel EBITDA Margin
                                 
                                                                  For the three months ended
                                                                                                                 March 31,
                                                                      ---------------------------------------------------------------------------------------
                                                2020                                   2019
------------------------------------------------ -------------------- ----------------------------------   -------------------- ---------------------------------
Total revenue                                            $ 265,481          $ 399,267  
Pro forma adjustments - revenue from sold hotels    --            (58,498 )
Other corporate adjustments / non-hotel revenue                (28 )                                (373 )
                                                                      --------------  --------------------                      -------------  --------------------
Pro forma Hotel Revenue                                  $ 265,453          $ 340,396  
                                                                      ======= ======= ====================                      ====== ======= ====================
                                                     
Pro forma Hotel EBITDA                                   $  51,047          $ 102,374  
                                                                      ======= ======= ====================                      ====== ======= ====================
                                                     
                                                                                                                                   RLJ Lodging Trust
                                                                                                                               Consolidated Debt Summary
                                                                                                                                (Amounts in thousands)
                                                                                                                                      (unaudited)
                                     
Loan                                         Base Term              Maturity           Floating / Fixed           Interest                             Balance as of
                                                                 (Years)                                   (incl.                                                                             Rate (1)                                             March 31, 2020 (2)
                                                                                                         extensions)
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------------------------------------
Secured Debt                                            
Mortgage loan - 1 hotel                         10                  Jun 2022                 Fixed                         5.25%                      $    30,643  
Mortgage loan - 2 hotels                        10                  Oct 2022                 Fixed                         4.95%        55,555  
Mortgage loan - 1 hotel                         10                  Oct 2022                 Fixed                         4.95%        31,970  
Mortgage loan - 1 hotel                         10                  Oct 2022                 Fixed                         4.94%        28,240  
Mortgage loan - 7 hotels                         3                  Apr 2024             Floating (3)                      3.33%       200,000  
Mortgage loan - 3 hotels                         5                  Apr 2026             Floating (3)                      2.88%        96,000  
Mortgage loan - 4 hotels                         5                  Apr 2026            Floating (3)(5)                    3.38%        85,000  
                                                          --------------------                      --------------------                      --------------------                      --------------------                      -------------------- --------- --------------------
Weighted-Average / Secured Total                                  3.72%                      $   527,408  
                                     
Unsecured Debt                                          
Revolver (4)                                     4                  May 2025               Floating                        2.44%                      $   400,000  
$150 Million Term Loan Maturing 2022             7                  Jan 2022             Floating (3)                      3.08%       150,000  
$400 Million Term Loan Maturing 2023             5                  Jan 2023             Floating (3)                      3.78%       400,000  
$225 Million Term Loan Maturing 2023             5                  Jan 2023             Floating (3)                      3.78%       225,000  
$400 Million Term Loan Maturing 2025             5                  May 2025            Floating (3)(5)                    2.92%       400,000  
Senior Unsecured Notes                          10                  Jun 2025                 Fixed                         6.00%       474,888  
                                                          --------------------                      --------------------                      --------------------                      --------------------                      -------------------- --------- --------------------
Weighted-Average / Unsecured Total                                3.81%                      $ 2,049,888  
                                     
                                                                                                                                                                                        --------------------                      -------------------------------------------------
Note:
(1)   Interest rates as of March 31, 2020.
(2)   Excludes the impact of fair value adjustments and deferred financing costs.
(3)   The floating interest rate is hedged with an interest rate swap.
(4)   As of March 31, 2020, there was $200.0 million undrawn on the Revolver, which is charged an unused commitment fee of 0.20% annually.
                                                                                            RLJ Lodging Trust
                                                                             Pro forma Operating Statistics - Top 60 Assets
                                                                                               (unaudited)
                                                                
-------------------------------------------------------------------- -------------------- ----------------------- -------------------- -------------------- -------------------- ----------------------
Property                                                               City/State                     # of Rooms        Pro forma Consolidated
                                                                                                                                                                                      Hotel EBITDA
-------------------------------------------------------------------- -------------------- ----------------------- -------------------- -------------------- -------------------- ----------------------
Marriott Louisville Downtown                                           Louisville, KY                     620                   $16,074
The Knickerbocker New York                                             New York, NY                       330                   10,713
Wyndham San Diego Bayside                                              San Diego, CA                      600                   10,084
San Francisco Marriott Union Square                                    San Francisco, CA                  401                   10,072
The Mills House Wyndham Grand Hotel                                    Charleston, SC                     216                    9,710
Wyndham Boston Beacon Hill                                             Boston, MA                         304                    9,560
Courtyard Austin Downtown Convention Center                            Austin, TX                         270                    8,125
Wyndham New Orleans - French Quarter                                   New Orleans, LA                    374                    7,859
Embassy Suites San Francisco Airport - Waterfront                      Burlingame, CA                     340                    7,785
DoubleTree Grand Key Resort                                            Key West, FL                       216                    7,462
Embassy Suites Los Angeles - International Airport South               El Segundo, CA                     349                    7,449
Embassy Suites Fort Lauderdale 17th Street                             Fort Lauderdale, FL                361                    6,927
Wyndham Philadelphia Historic District                                 Philadelphia, PA                   364                    6,851
Courtyard Waikiki Beach                                                Honolulu, HI                       403                    6,629
Courtyard Portland City Center                                         Portland, OR                       256                    6,605
Embassy Suites Mandalay Beach - Hotel & Resort                         Oxnard, CA                         250                    6,532
Courtyard San Francisco                                                San Francisco, CA                  166                    6,478
Embassy Suites San Francisco Airport - South San Francisco             South San Francisco, CA            312                    6,242
Embassy Suites Tampa Downtown Convention Center                        Tampa, FL                          360                    6,199
Residence Inn Palo Alto Los Altos                                      Los Altos, CA                      156                    6,016
Wyndham Santa Monica At the Pier                                       Santa Monica, CA                   132                    5,896
Embassy Suites Deerfield Beach - Resort & Spa                          Deerfield Beach, FL                244                    5,573
Renaissance Pittsburgh Hotel                                           Pittsburgh, PA                     300                    5,545
Hyatt House Emeryville San Francisco Bay Area                          Emeryville, CA                     234                    5,389
Courtyard Charleston Historic District                                 Charleston, SC                     176                    5,181
Fairfield Inn & Suites Washington DC Downtown                          Washington, DC                     198                    5,098
Hilton Garden Inn San Francisco Oakland Bay Bridge                     Emeryville, CA                     278                    5,067
Hyatt House Santa Clara                                                Santa Clara, CA                    150                    5,049
Residence Inn Bethesda Downtown                                        Bethesda, MD                       188                    4,889
Courtyard Chicago Downtown Magnificent Mile                            Chicago, IL                        306                    4,762
DoubleTree Suites by Hilton Austin                                     Austin, TX                         188                    4,731
Wyndham Houston - Medical Center Hotel & Suites                        Houston, TX                        287                    4,680
Marriott Denver South @ Park Meadows                                   Lone Tree, CO                      279                    4,318
Embassy Suites Los Angeles Downey                                      Downey, CA                         220                    4,306
Homewood Suites Washington DC Downtown                                 Washington, DC                     175                    4,154
Hyatt House San Diego Sorrento Mesa                                    San Diego, CA                      193                    4,090
Embassy Suites Irvine Orange County                                    Irvine, CA                         293                    4,073
Residence Inn Austin Downtown Convention Center                        Austin, TX                         179                    4,022
Hyatt House San Jose Silicon Valley                                    San Jose, CA                       164                    3,932
Embassy Suites Dallas - Love Field                                     Dallas, TX                         248                    3,840
Embassy Suites Minneapolis - Airport                                   Bloomington, MN                    310                    3,818
Embassy Suites Orlando - International Drive South/Convention Center   Orlando, FL                        244                    3,765
Hyatt Centric Midtown Atlanta                                          Atlanta, GA                        194                    3,630
Renaissance Boulder Flatiron Hotel                                     Broomfield, CO                     232                    3,559
Hilton Garden Inn New Orleans Convention Center                        New Orleans, LA                    286                    3,557
Hyatt Place Washington DC Downtown K Street                            Washington, DC                     164                    3,540
Embassy Suites Miami - International Airport                           Miami, FL                          318                    3,521
Residence Inn National Harbor Washington DC                            Oxon Hill, MD                      162                    3,519
Embassy Suites Atlanta - Buckhead                                      Atlanta, GA                        316                    3,393
Renaissance Fort Lauderdale Plantation Hotel                           Plantation, FL                     250                    3,387
Embassy Suites Milpitas Silicon Valley                                 Milpitas, CA                       266                    3,384
Hyatt House San Ramon                                                  San Ramon, CA                      142                    3,378
Embassy Suites Boston Waltham                                          Waltham, MA                        275                    3,366
Hilton Cabana Miami Beach                                              Miami Beach, FL                    231                    3,359
Embassy Suites Phoenix - Biltmore                                      Phoenix, AZ                        232                    3,205
Wyndham Pittsburgh University Center                                   Pittsburgh, PA                     251                    3,145
Marriott Denver Airport @ Gateway Park                                 Aurora, CO                         238                    3,145
Hilton Garden Inn Los Angeles Hollywood                                Los Angeles, CA                    160                    2,943
Hyatt Place Fremont Silicon Valley                                     Fremont, CA                        151                    2,886
DoubleTree Metropolitan Hotel New York City                            New York, NY                       764                    1,321
Top 60 Assets                                                                        16,266                 $323,788
Other (43 Assets)                                                                     6,311                  $75,563
Note: For the trailing twelve months ended March 31, 2020. Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Amounts in thousands, except rooms. The information has not been audited and is presented only for comparison purposes
                                                                                                                                                                                                       RLJ Lodging Trust
                                                                                                                                                                                                Pro forma Operating Statistics
                                                                                                                                                                                                          (unaudited)
                                                                                                                                                                             
For the three months ended March 31, 2020 and 2019
                                                                                                                                                                             
---------------------- -------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------
              # of                                                           Occupancy                                                                                              ADR                                                                                        RevPAR
                                                                                      -------------------------------------------------------------------------------------------------                             -----------------------------------------------------------------------------------                             -----------------------------------------------------------------------------------
Top Markets                     Hotels                  2020                   2019                    Var                2020            2019                Var                2020            2019                Var
---------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- -------------------  -------------------- ------------  -------------------- ------------  -------------------- -------------------  -------------------- ------------  -------------------- ------------  -------------------- -------------------
Northern California               12                  55.9 %                 81.1 %                (31.1 )%               $ 238.60        $ 252.51         (5.5 )%               $ 133.43        $ 204.85        (34.9 )%
Southern California                9                  66.7 %                 79.7 %                (16.3 )%                 168.05          173.17         (3.0 )%                 112.10          138.06        (18.8 )%
South Florida                      8                  75.1 %                 90.2 %                (16.7 )%                 237.23          229.97          3.2 %                  178.14          207.33        (14.1 )%
Austin                             3                  61.2 %                 83.9 %                (27.1 )%                 211.78          236.21        (10.3 )%                 129.52          198.19        (34.6 )%
New York City                      5                  64.8 %                 81.7 %                (20.7 )%                 160.19          178.67        (10.3 )%                 103.86          146.04        (28.9 )%
Washington, DC                     5                  58.8 %                 72.8 %                (19.2 )%                 185.76          196.40         (5.4 )%                 109.32          143.01        (23.6 )%
Chicago                           13                  47.4 %                 59.1 %                (19.9 )%                 113.12          118.71         (4.7 )%                  53.59           70.19        (23.7 )%
Houston                            9                  60.0 %                 73.3 %                (18.2 )%                 141.79          148.37         (4.4 )%                  85.01          108.75        (21.8 )%
Louisville                         2                  51.5 %                 67.7 %                (24.0 )%                 165.69          161.76          2.4 %                   85.28          109.49        (22.1 )%
Denver                             5                  54.6 %                 63.2 %                (13.7 )%                 130.01          138.01         (5.8 )%                  70.95           87.27        (18.7 )%
Other                             32                  60.6 %                 74.9 %                (19.2 )%                 163.04          172.26         (5.3 )%                  98.75          129.05        (23.5 )%
                                            --------------------                      ---------- ---------                      ---------- ---------                      ---------- ---------                      ------------  -------------------- ------------  -------------------- ---------- ---------                      ------------  -------------------- ------------  -------------------- ---------- ---------
Total                             103                 60.5 %                 76.0 %                (20.5 )%               $ 176.23        $ 185.63         (5.1 )%               $ 106.54        $ 141.07        (24.5 )%
                                            --------------------                      ---------- ---------                      ---------- ---------                      ---------- ---------                      ------ ------ -------------------- ------ ------ -------------------- ---------- ---------                      ------ ------ -------------------- ------ ------ -------------------- ---------- ---------
                                                                                           
---------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- -------------------  -------------------- --------------------------------   --------------------------------   -------------------  -------------------- --------------------------------   --------------------------------   -------------------
              # of                                                           Occupancy                                                                                              ADR                                                                                        RevPAR
                                                                                      -------------------------------------------------------------------------------------------------                             -----------------------------------------------------------------------------------                             -----------------------------------------------------------------------------------
Service Level                   Hotels                  2020                   2019                    Var                2020            2019                Var                2020            2019                Var
---------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- -------------------  -------------------- ------------  -------------------- ------------  -------------------- -------------------  -------------------- ------------  -------------------- ------------  -------------------- -------------------
Focused-Service                   58                  58.5 %                 73.3 %                (20.2 )%               $ 162.77        $ 172.47         (5.6 )%               $  95.18        $ 126.44        (24.7 )%
Compact Full-Service              44                  62.4 %                 78.6 %                (20.6 )%                 186.00          195.67         (4.9 )%                 116.03          153.73        (24.5 )%
Full-Service                       1                  52.3 %                 65.7 %                (20.4 )%                 173.35          170.12          1.9 %                   90.59          111.73        (18.9 )%
                                            --------------------                      ---------- ---------                      ---------- ---------                      ---------- ---------                      ------------  -------------------- ------------  -------------------- ---------- ---------                      ------------  -------------------- ------------  -------------------- ---------- ---------
Total                             103                 60.5 %                 76.0 %                (20.5 )%               $ 176.23        $ 185.63         (5.1 )%               $ 106.54        $ 141.07        (24.5 )%
                                            --------------------                      ---------- ---------                      ---------- ---------                      ---------- ---------                      ------ ------ -------------------- ------ ------ -------------------- ---------- ---------                      ------ ------ -------------------- ------ ------ -------------------- ---------- ---------
                                                                                           
---------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- -------------------  -------------------- --------------------------------   --------------------------------   -------------------  -------------------- --------------------------------   --------------------------------   -------------------
              # of                                                           Occupancy                                                                                              ADR                                                                                        RevPAR
                                                                                      -------------------------------------------------------------------------------------------------                             -----------------------------------------------------------------------------------                             -----------------------------------------------------------------------------------
Chain Scale                     Hotels                  2020                   2019                    Var                2020            2019                Var                2020            2019                Var
---------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- -------------------  -------------------- ------------  -------------------- ------------  -------------------- -------------------  -------------------- ------------  -------------------- ------------  -------------------- -------------------
Upper Upscale                     34                  60.9 %                 76.9 %                (20.8 )%               $ 193.44        $ 201.43         (4.0 )%               $ 117.86        $ 154.98        (24.0 )%
Upscale                           59                  61.0 %                 76.0 %                (19.8 )%                 163.33          173.60         (5.9 )%                  99.57          131.99        (24.6 )%
Upper Midscale                     8                  53.2 %                 70.7 %                (24.7 )%                 153.98          157.50         (2.2 )%                  81.95          111.38        (26.4 )%
Other                              2                  54.5 %                 68.5 %                (20.5 )%                 218.21          246.72        (11.6 )%                 118.88          169.06        (29.7 )%
                                            --------------------                      ---------- ---------                      ---------- ---------                      ---------- ---------                      ------------  -------------------- ------------  -------------------- ---------- ---------                      ------------  -------------------- ------------  -------------------- ---------- ---------
Total                             103                 60.5 %                 76.0 %                (20.5 )%               $ 176.23        $ 185.63         (5.1 )%               $ 106.54        $ 141.07        (24.5 )%
                                            --------------------                      ---------- ---------                      ---------- ---------                      ---------- ---------                      ------ ------ -------------------- ------ ------ -------------------- ---------- ---------                      ------ ------ -------------------- ------ ------ -------------------- ---------- ---------
                                                                                           
              # of                                                           Occupancy                                                                                              ADR                                                                                        RevPAR
                                                                                      -------------------------------------------------------------------------------------------------                             -----------------------------------------------------------------------------------                             -----------------------------------------------------------------------------------
Flags                           Hotels                  2020                   2019                    Var                2020            2019                Var                2020            2019                Var
---------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- -------------------  -------------------- ------------  -------------------- ------------  -------------------- -------------------  -------------------- ------------  -------------------- ------------  -------------------- -------------------
Embassy Suites                    21                  63.0 %                 79.7 %                (20.9 )%               $ 188.44        $ 197.81         (4.7 )%               $ 118.67        $ 157.58        (24.7 )%
Courtyard                         14                  62.4 %                 76.2 %                (18.2 )%                 163.34          169.80         (3.8 )%                 101.91          129.45        (21.3 )%
Residence Inn                     14                  58.5 %                 72.5 %                (19.3 )%                 161.51          169.54         (4.7 )%                  94.47          122.91        (23.1 )%
Wyndham                            8                  61.8 %                 76.2 %                (19.0 )%                 150.17          159.65         (5.9 )%                  92.74          121.66        (23.8 )%
Hyatt House                        7                  61.0 %                 80.3 %                (24.0 )%                 195.03          210.85         (7.5 )%                 118.95          169.31        (29.7 )%
Marriott                           5                  54.3 %                 67.9 %                (19.9 )%                 210.26          217.82         (3.5 )%                 114.26          147.84        (22.7 )%
Fairfield Inn & Suites             5                  56.1 %                 75.2 %                (25.4 )%                 167.25          170.20         (1.7 )%                  93.91          128.07        (26.7 )%
Hilton Garden Inn                  5                  53.7 %                 70.2 %                (23.5 )%                 155.29          171.40         (9.4 )%                  83.46          120.37        (30.7 )%
DoubleTree                         4                  71.8 %                 88.6 %                (19.0 )%                 181.96          193.89         (6.2 )%                 130.58          171.71        (24.0 )%
SpringHill Suites                  3                  50.8 %                 61.0 %                (16.8 )%                 137.96          139.63         (1.2 )%                  70.05           85.22        (17.8 )%
Hyatt Place                        3                  56.0 %                 70.6 %                (20.7 )%                 158.62          176.52        (10.1 )%                  88.80          124.66        (28.8 )%
Renaissance                        3                  55.3 %                 72.4 %                (23.7 )%                 176.31          171.80          2.6 %                   97.43          124.45        (21.7 )%
Hampton Inn                        2                  49.7 %                 68.4 %                (27.4 )%                 129.52          133.54         (3.0 )%                  64.38           91.40        (29.6 )%
Homewood Suites                    2                  60.6 %                 73.2 %                (17.2 )%                 157.14          162.76         (3.5 )%                  95.22          119.11        (20.1 )%
Hyatt                              2                  61.2 %                 81.5 %                (24.8 )%                 198.91          230.02        (13.5 )%                 121.82          187.43        (35.0 )%
Hilton                             1                  67.0 %                 85.3 %                (21.5 )%                 258.80          238.59          8.5 %                  173.35          203.52        (14.8 )%
Other                              4                  55.3 %                 66.9 %                (17.3 )%                 193.86          219.90        (11.8 )%                 107.24          147.12        (27.1 )%
                                            --------------------                      ---------- ---------                      ---------- ---------                      ---------- ---------                      ------------  -------------------- ------------  -------------------- ---------- ---------                      ------------  -------------------- ------------  -------------------- ---------- ---------
Note: Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. The information has not been audited and is presented only for comparison purposes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200512005898/en/

SOURCE: RLJ Lodging Trust

Sean M. Mahoney, Executive Vice President and Chief Financial Officer - (301) 280-7774

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