RLJ Lodging Trust (RLJ) Tops Q1 EPS by 3c, Revenues Beat; Pro Forma RevPAR Up 1.3%

RLJ Lodging Trust (NYSE: RLJ) reported Q1 EPS of $0.12, $0.03 better than the analyst estimate of $0.09. Revenue for the quarter came in at $398.85 million versus the consensus estimate of $396.9 million.

Pro forma RevPAR increased 1.3%, driven by a Pro forma ADR increase of 2.0%
Net income of $28.3 million
Pro forma Consolidated Hotel EBITDA of $120.5 million, an increase of 0.6% over the prior year
Pro forma Hotel EBITDA Margin of 30.2%
Adjusted FFO of $82.6 million, an increase of 1.4% over the prior year
Repurchased 0.6 million common shares since the beginning of the year for $10.8 million at an average price of $17.53
Refinanced approximately $381 million of debt subsequent to quarter-end, reducing interest rates, extending maturities, and adding flexibility

“We are pleased with our solid performance this quarter, which underscores the targeted capital investments we made last year in markets and assets that are positioned for outsized growth in 2019 and beyond. Our asset management team successfully implemented cost containment initiatives to mitigate the significant cost pressures that we are seeing, which aided in our ability to outperform our bottom line expectations,” commented Leslie D. Hale, President and Chief Executive Officer. “In addition to achieving solid results, we prudently allocated capital through highly accretive share repurchases, further strengthened our balance sheet, and made progress on our strategic initiative to sell our non-core hotels. All of these initiatives have positioned RLJ to achieve our key 2019 strategic priorities.”

For earnings history and earnings-related data on RLJ Lodging Trust (RLJ) click here.

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