RLJ Lodging Trust (NYSE: RLJ) reported Q2 EPS of ($0.74), $0.03 worse than the analyst estimate of ($0.71). Revenue for the quarter came in at $32.6 million versus the consensus estimate of $76.56 million.

Highlights

• Reopened 21 hotels during the second quarter and 15 hotels during the third quarter
• Successfully amended unsecured revolver and term loans to waive certain financial covenants
• Maintained a strong balance sheet with over $1.0 billion of unrestricted cash
• Total revenue of $32.6 million
• Net loss of ($116.2) million
• Net loss per share of ($0.74)
• Adjusted EBITDA of ($50.5) million
• Adjusted FFO per diluted common share and unit of ($0.49)

"Against the backdrop of the most challenging quarter in our industry’s history, we made significant progress on several critical fronts; including reopening 21 hotels in a socially and financially responsible manner, reducing our monthly cash burn, and obtaining covenant waivers which created incremental flexibility," commented Leslie D. Hale, President and Chief Executive Officer. “Our second quarter performance underscores RLJ’s differentiating attributes including our lean operating model, the construct and geographic diversity of our portfolio, and our strong liquidity position. We believe these portfolio attributes provide us with an advantage that will allow us to navigate the current environment, emerge in a relative position of strength during the recovery, and enable us to take advantage of opportunities at the appropriate time.” Ms. Hale continued, “In light of the boarder discussion around racial equality today, it is important to affirm our unwavering commitment to diversity, which has always been a core value for RLJ. I remain proud of the diversity throughout all levels of our organization, including the Board of Trustees, and believe that RLJ can serve as real example for the broader REIT industry.”

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