RLJ Lodging Trust (NYSE: RLJ) reported Q4 EPS of ($0.57), $0.07 better than the analyst estimate of ($0.64). Revenue for the quarter came in at $91.1 million versus the consensus estimate of $99.73 million.

Fourth Quarter Highlights

• 95 hotels open throughout quarter, representing 93% of the portfolio
• Total portfolio achieved 34.1% occupancy and open hotels achieved 37.5% occupancy
• Total revenue of $91.1 million
• Pro forma RevPAR decrease of (72.2%)
• Net loss of ($87.9) million
• Net loss per share of ($0.57)
• Adjusted EBITDA of ($12.8) million
• Adjusted FFO per diluted common share and unit of ($0.28)
• Open hotels generated positive Hotel EBITDA of $1.6 million
• Continued to maintain a strong balance sheet with approximately $900 million of unrestricted cash and $200 million undrawn on line of credit
• Successfully extended corporate covenant waiver period through December 31, 2021

“I am very proud of how the entire RLJ team responded to the unprecedented challenges brought on by the pandemic. We were nimble and quickly pivoted to preserving our liquidity, substantially reducing our operating costs and positioning our portfolio to benefit early during a recovery,” commented Leslie D. Hale, President and Chief Executive Officer. “We are encouraged that as the vaccine distribution becomes more widespread, it could lead to meaningful improvement in fundamentals during the second half of this year. As we demonstrated with our third and fourth quarter results, our portfolio construct is allowing us to grow revenues earlier, achieve overall profitability quicker and is positioning us to take advantage of growth opportunities as the recovery unfolds.”

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