RLJ Lodging Trust (NYSE: RLJ) reported Q1 EPS of ($0.51), $0.04 better than the analyst estimate of ($0.55). Revenue for the quarter came in at $119.55 million versus the consensus estimate of $113.77 million.

First Quarter Highlights

• Repaid $200.0 million on Revolving Credit Facility
• Sold one non-core hotel for a gain of $1.1 million
• 97 hotels open during the first quarter, representing 96% of the portfolio
• Total portfolio achieved 43.0% occupancy and open hotels achieved 46.4% occupancy
• Total revenue of $119.6 million
• Net loss of ($79.1) million
• Net loss per share of ($0.51)
• Adjusted EBITDA of $3.6 million
• Adjusted FFO per diluted common share and unit of ($0.18)
• Continued to maintain a strong balance sheet with approximately $648.0 million of unrestricted cash and over $1.0 billion of liquidity

“We are encouraged by the acceleration in lodging demand that we saw throughout the first quarter and are pleased to see the relative outperformance of our portfolio unfold, as we had expected,” commented Leslie D. Hale, President and Chief Executive Officer. “Our portfolio’s favorable positioning with respect to our brands, product type and geographic footprint allowed us to gain significant market share during the first quarter and enabled us to achieve positive corporate EBITDA for the first time since the pandemic unfolded. The strong start to the year has increased our confidence in the strength of the lodging recovery. Against this improving backdrop we are well positioned to unlock our embedded growth catalysts and to outperform throughout the recovery and beyond.”

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