RLJ Lodging Trust ( (RLJ) ) has released its Q3 earnings. Here is a breakdown of the information RLJ Lodging Trust presented to its investors.
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RLJ Lodging Trust is a publicly traded real estate investment trust specializing in owning premium-branded, rooms-oriented, high-margin, urban-centric hotels across major urban markets.
In its third quarter of 2024 earnings report, RLJ Lodging Trust announced a modest growth in key financial metrics, surpassing expectations and demonstrating resilience amidst industry challenges. Noteworthy highlights include an uplift in RevPAR, revenue growth, and strategic financial maneuvers.
The company reported a 2.0% year-over-year increase in revenue per available room (RevPAR) to $145.23 and a 3.0% rise in comparable hotel revenue to $344.7 million. Net income soared by 26.3% to $20.6 million, while adjusted EBITDA climbed 3.6% to $91.9 million. Additionally, RLJ Lodging Trust executed a $500 million term loan and increased its quarterly dividend by 50%, reflecting strong capital management.
The company also strategically repurchased 1.6 million shares for $14.8 million, enhancing shareholder value. The sale of a non-core hotel in Denver for $12.7 million aligns with RLJ’s strategy of recycling proceeds into share repurchases, maintaining a robust balance sheet with $885.4 million in liquidity.
Looking ahead, RLJ Lodging Trust reaffirms its full-year outlook, projecting steady growth in RevPAR and maintaining a solid financial position, underscoring its commitment to optimizing shareholder returns and navigating future market conditions effectively.
