RLJ Lodging Trust (NYSE: RLJ) reported Q3 EPS of ($1.10), $0.42 worse than the analyst estimate of ($0.68). Revenue for the quarter came in at $83.93 million versus the consensus estimate of $88.19 million.

Highlights

• 96 hotels now open, representing 93% of the portfolio
• Total portfolio achieved 29.3% occupancy and open hotels achieved 37.1% occupancy during the third quarter
• Reducing monthly cash burn estimate range by $2.5 million at the mid-point
• Maintained a strong balance sheet with approximately $1.0 billion of unrestricted cash
• Total revenue of $83.9 million
• Net loss of $173.9 million
• Net loss per share of $1.10
• Adjusted EBITDA of ($19.2) million
• Adjusted FFO per diluted common share and unit of ($0.32)

“We are encouraged by our third quarter results, which exceeded our expectations as our portfolio benefited from the relative strength in leisure and an uptick in pockets of business transient and small group demand,” commented Leslie D. Hale, President and Chief Executive Officer. “We executed on all fronts to maintain our strong liquidity. This quarter, we reopened a significant number of hotels and continued our aggressive asset management efforts to minimize operating costs, which led to a further reduction in our burn rate. We believe that our solid execution has positioned us not only to continue to navigate the current environment and benefit early in the recovery, but also to outperform throughout the next lodging cycle.”

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