RLJ Lodging Trust (NYSE: RLJ) reported Q3 EPS of $0.15, $0.03 better than the analyst estimate of $0.12. Revenue for the quarter came in at $371.12 million versus the consensus estimate of $372.5 million.

Highlights

• Pro forma RevPAR decreased slightly by 0.3%, driven by a decline of 0.8% in ADR, partially offset by a 0.5% increase in Occupancy
• Completed previously announced sale of 18 non-core hotels and sold one additional hotel
• Repurchased approximately 2.8 million common shares for approximately $47.2 million during the third quarter
• Executed final agreement to terminate Wyndham management and NOI guarantee agreements

“We had another successful quarter, coming on the heels of the recent achievement of several significant milestones in our portfolio evolution,” commented Leslie D. Hale, President and Chief Executive Officer. “We continued to build on this momentum by generating solid operating results in a slowing environment and executing on a number of fronts. Despite choppy fundamentals and impact from Hurricane Dorian, which affected South Florida and Charleston, we achieved operating results generally in-line with our expectations. With a fortress balance sheet and over $1 billion of investment capacity, RLJ is well positioned to create shareholder value.”

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