RLJ Lodging Trust (NYSE: RLJ) reported Q3 EPS of $0.39, $0.18 better than the analyst estimate of $0.21. Revenue for the quarter came in at $447.04 million versus the consensus estimate of $451 million.

• Sold Vinoy Renaissance for total consideration of $188.5 million, representing 19.6x TTM EBITDA
• Sold Embassy Suites Napa Valley for $102.0 million, equating to 14.6x TTM EBITDA
• Sold DoubleTree Burlington Vermont for $35.0 million, representing 17.3x TTM EBITDA inclusive of required capital expenditures
• Sold Holiday Inn Fisherman\'s Wharf for gross proceeds of $75.3 million subsequent to quarter-end, representing 18.8x TTM EBITDA
• Repaid $85.0 million mortgage loan secured by the Knickerbocker Hotel subsequent to quarter-end
• Pro forma RevPAR decreased 0.8%
• Net income was $74.7 million
• Adjusted EBITDA increased 22.4% to $132.7 million
• Adjusted FFO per diluted common share and unit was $0.58

“We are proud of our team\'s accomplishments over the last twelve months, as we have continued to execute incredibly well on our strategic initiatives, and are tracking ahead of our expectations for each of our objectives,” commented Leslie D. Hale, President and Chief Executive Officer. “We have sold non-core assets for over $700 million at a combined trailing EBITDA multiple of 16.5x and exceeded our leverage targets. Through these dispositions and subsequent debt reduction, RLJ is well positioned to deliver shareholder value in 2019 and beyond. Furthermore, we were very pleased with cost control initiatives during the third quarter that led us to exceed our revised guidance range despite transitory headwinds.”

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