RLJ Lodging Trust Reports Third Quarter 2019 Results
RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and nine months ended September 30, 2019.
Highlights
Pro forma RevPAR decreased slightly by 0.3%, driven by a decline of 0.8% in ADR, partially offset by a 0.5% increase in Occupancy Completed previously announced sale of 18 non-core hotels and sold one additional hotel Repurchased approximately 2.8 million common shares for approximately $47.2 million during the third quarter Executed final agreement to terminate Wyndham management and NOI guarantee agreements“We had another successful quarter, coming on the heels of the recent achievement of several significant milestones in our portfolio evolution,” commented Leslie D. Hale, President and Chief Executive Officer. “We continued to build on this momentum by generating solid operating results in a slowing environment and executing on a number of fronts. Despite choppy fundamentals and impact from Hurricane Dorian, which affected South Florida and Charleston, we achieved operating results generally in-line with our expectations. With a fortress balance sheet and over $1 billion of investment capacity, RLJ is well positioned to create shareholder value.”
The prefix “Pro forma”, as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are reported on a comparable basis and therefore exclude any hotels sold during the period and non-comparable hotels that were not open for operation or were closed for renovation for comparable periods. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.
Pro forma RevPAR for the third quarter declined 0.3%. Pro forma RevPAR was negatively impacted by approximately 40 basis points from Hurricane Dorian. The Company's top performing markets were Louisville and Austin with Pro forma RevPAR growth of 43.3% and 11.1%, respectively.
Net Income for the third quarter was $32.5 million, a decrease of $42.2 million from the comparable period in 2018. For the three months ended September 30, 2019 and September 30, 2018, net income included $1.0 million and $47.7 million respectively, from sold hotels. Net income for the three months ended September 30, 2018, included a gain on sale of hotel properties of $35.9 million.
Adjusted EBITDA for the third quarter was $106.3 million, a decrease of $26.4 million from the comparable period in 2018. Adjusted EBITDA was impacted by approximately $2.0 million from Hurricane Dorian, and reduced by approximately $1.0 million from the earlier than expected closing of 18 hotels, and by approximately $0.1 million from the sale of Residence Inn Columbia. For the three months ended September 30, 2019 and September 30, 2018, Adjusted EBITDA included $2.1 million and $26.0 million respectively, from sold hotels.
Financial and Operating Highlights
($ in thousands, except ADR, RevPAR, and per share amounts)
(unaudited)
For the three months ended
September 30,
For the nine months ended
September 30,
2019
2018
Change
2019
2018
Change
Operational Overview: (1)
Pro forma ADR
$
176.93
$
178.29
(0.8)%
$
182.94
$
181.68
0.7%
Pro forma Occupancy
80.8%
80.4%
0.5%
80.0%
79.7%
0.4%
Pro forma RevPAR
$
143.05
$
143.42
(0.3)%
$
146.39
$
144.78
1.1%
Financial Overview:
Total Revenues
$
371,124
$
447,042
(17.0)%
$
1,219,118
$
1,361,327
(10.4)%
Pro forma Hotel Revenue
$
361,437
$
359,167
0.6%
$
1,097,647
$
1,078,874
1.7%
Net Income (2)
$
32,455
$
74,657
(56.5)%
$
94,468
$
162,943
(42.0)%
Pro forma Hotel EBITDA
$
113,620
$
115,057
(1.2)%
$
354,786
$
351,965
0.8%
Pro forma Hotel EBITDA Margin
31.4%
32.0%
(60) bps
32.3%
32.6%
(30) bps
Adjusted EBITDA (3)
$
106,305
$
132,672
(19.9)%
$
366,236
$
408,302
(10.3)%
Adjusted FFO
$
79,184
$
101,387
(21.9)%
$
281,015
$
310,799
(9.6)%
Adjusted FFO Per Diluted Common Share and Unit
$
0.46
$
0.58
(20.7)%
$
1.63
$
1.77
(7.9)%
Note:
(1) Pro forma statistics reflect the Company's 108 hotel portfolio as of September 30, 2019.
(2) Net income for the three months ended September 30, 2019 and 2018, included $1.0 million and $47.7 million respectively, from sold hotels. Net Income for the nine months ended September 30, 2019 and 2018, included ($6.1) million and $70.6 million respectively, from sold hotels.
(3) Adjusted EBITDA for the three months ended September 30, 2019 and 2018, included $2.1 million and $26.0 million respectively, from sold hotels. Adjusted EBITDA for the nine months ended September 30, 2019 and 2018, included $39.0 million and $82.7 million respectively, from sold hotels.
Prior Quarterly Outlook Bridge
The following table reconciles the Company's results for the third quarter with the outlook issued as of August 7, 2019, which previously excluded Pro forma Consolidated Hotel EBITDA from the 18 non-core hotels sold during the third quarter.
Outlook as of
August 7, 2019
Impact of
Disposition(1)
Adjusted Outlook
Actual
Pro forma Consolidated Hotel EBITDA
$109.8M to $114.5M
($0.3M)
$109.5M to $114.2M
$113.6M
Note:(1) Represents loss of EBITDA from sale of Residence Inn Columbia
The Company's Pro forma Consolidated Hotel EBITDA outlook was impacted by approximately $2.0 million due to Hurricane Dorian and reduced by approximately $0.3 million from the sale of Residence Inn Columbia during the third quarter.
Dispositions
The Company closed on the previously announced sale of 18 non-core hotels on August 14, 2019. Separately, the Company also sold the 108-room Residence Inn Columbia in Columbia, MD on September 12, 2019 for approximately $12.7 million.
Share Repurchases
During the third quarter, the Company repurchased 2.8 million shares of its common shares for $47.2 million at an average price per share of $16.94. Year-to-date as of November 7, 2019, the Company repurchased approximately 4.0 million shares of its common shares for approximately $68.0 million at an average price per share of $17.08. As of November 7, 2019, the Company's share buyback program has a remaining capacity of approximately $192 million.
Balance Sheet
As of September 30, 2019, the Company had $845.9 million of unrestricted cash on its balance sheet, $600.0 million available on its revolving credit facility, and $2.2 billion of debt outstanding.
The Company’s ratio of net debt to Adjusted EBITDA for the trailing twelve-month period ended September 30, 2019, was 3.2x.
Dividends
The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the third quarter. The dividend was paid on October 15, 2019, to shareholders of record as of September 30, 2019.
The Company's Board of Trustees declared a preferred dividend of $0.4875 on its Series A cumulative convertible preferred shares. The dividend was paid on October 31, 2019, to shareholders of record as of September 30, 2019.
Outlook
The Company's full-year outlook includes all hotels owned as of November 7, 2019. Potential future acquisitions, dispositions, financings, or share repurchases are not incorporated into the Company's outlook below and could result in a material change to the Company's outlook.
For the full year 2019, the Company is updating its outlook to incorporate actual third quarter operating results and the sale of Residence Inn Columbia.
Prior Outlook as of
August 8, 2019
Impact of
Dispositions
Adjusted Outlook
Outlook as of
November 7, 2019
Pro forma RevPAR growth
0.0% to +2.0%
-
0.0% to +2.0%
0.0% to +1.0%
Pro forma Hotel EBITDA Margin
31.6% to 32.2%
-
31.6% to 32.2%
31.6% to 32.2%
Pro forma Consolidated Hotel EBITDA
$449.0M to $474.0M
($1.2M)
$447.8M to $472.8M
$448.0M to $460.0M
Corporate Cash General & Administrative
$35.0M to $36.0M
-
$35.0M to $36.0M
$35.0M to $36.0M
Adjusted EBITDA
$455.0M to $480.0M
($1.5M)
$453.5M to $478.5M
$453.5M to $460.5M
Adjusted FFO per Diluted Share and Unit
$1.98 to $2.10
($0.01)
$1.97 to $2.09
$1.98 to $2.04
Additionally, key assumptions underlying the Company's full year 2019 outlook include:
Net interest expense of $85 million to $87 million, which excludes the impact of unrealized gains or losses related to interest rate hedges Capital expenditures related to renovations in the range of $90 million to $110 million and approximately 40 bps to 50 bps of renovation related RevPAR disruption Cash income tax expense of $3 million to $4 million Diluted weighted-average common shares and units of 172.2 million, assuming no additional share repurchasesEarnings Call
The Company will conduct its quarterly analyst and investor conference call on November 8, 2019, at 10:00 a.m. (Eastern Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust’s third quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company’s website at http://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available online through the Investor Relations page of the Company’s website.
About Us
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels. The Company's portfolio consists of 108 hotels with approximately 23,170 rooms located in 23 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.
Forward Looking Statements
The following information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “will,” “will continue,” “intend,” “should,” or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs, and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and the Company’s actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the current global economic uncertainty, increased direct competition, changes in government regulations or accounting rules, changes in local, national, and global real estate conditions, declines in the lodging industry, seasonality of the lodging industry, risks related to natural disasters, such as earthquakes and hurricanes, hostilities, including future terrorist attacks or fear of hostilities that affect travel, the Company’s ability to obtain lines of credit or permanent financing on satisfactory terms, changes in interest rates, access to capital through offerings of the Company’s common and preferred shares of beneficial interest, or debt, the Company’s ability to identify suitable acquisitions, the Company’s ability to close on identified acquisitions and integrate those businesses, and inaccuracies of the Company’s accounting estimates. Given these uncertainties, undue reliance should not be placed on such statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled “Risk Factors,” “Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report, as well as risks, uncertainties, and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.
RLJ Lodging Trust
Non-GAAP and Accounting Commentary
Non-Generally Accepted Accounting Principles (“Non-GAAP”) Financial Measures
The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre, (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin. These Non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company.
Funds From Operations (“FFO”)
The Company calculates Funds from Operations (“FFO”) in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”), even though FFO does not represent an amount that accrues directly to common shareholders.
The Company’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest (“OP units”) in RLJ Lodging Trust, L.P., the Company’s operating partnership, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.
EBITDA and EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.
In addition to EBITDA, the Company presents EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss (calculated in accordance with GAAP) excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated partnerships and joint ventures. The Company believes that the presentation of EBITDAre provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between REITs.
Adjustments to FFO and EBITDAre
The Company adjusts FFO, EBITDA, and EBITDAre for certain items that the Company considers either outside the normal course of operations or extraordinary. The Company believes that Adjusted FFO, Adjusted EBITDA, and Adjusted EBITDAre provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income or loss, FFO, EBITDA, and EBITDAre, are beneficial to an investor’s understanding of its operating performance. The Company adjusts FFO, EBITDA, and EBITDAre for the following items:
Transaction Costs: The Company excludes transaction costs expensed during the period Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation, non-cash income taxes, and unrealized gains and loss related to interest rate hedges Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside of the normal course of operationsThe Company previously presented Adjusted EBITDA with adjustments for noncontrolling interests in consolidated joint ventures. The rationale for including 100% of Adjusted EBITDA for consolidated joint ventures with noncontrolling interests is that the full amount of any debt of these consolidated joint ventures is reported in our consolidated balance sheet and metrics using debt to EBITDA provide a better understanding of the Company’s leverage. This is also consistent with NAREIT’s definition of EBITDAre.
Hotel EBITDA and Hotel EBITDA Margin
With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company’s hotels and the effectiveness of its third-party management companies.
Pro forma Consolidated Hotel EBITDA includes prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels, which has not been audited and excludes results from sold hotels as applicable. Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin exclude the results of any non-comparable hotels that were under renovation or not open for the entirety of the comparable periods. The following is a summary of pro forma hotel adjustments:
Pro forma adjustments: Acquired hotels
For the three and nine months ended September 30, 2019 and 2018, respectively, no hotels were acquired.
Pro forma adjustments: Sold hotels
For the three and nine months ended September 30, 2019 and 2018, pro forma adjustments included the following sold hotels:
Courtyard Austin Airport Courtyard Austin Northwest Arboretum Courtyard Boulder Longmont Courtyard Boulder Louisville Courtyard Denver West Golden Courtyard Fort Lauderdale SW Miramar Courtyard Louisville Northeast Courtyard Salt Lake City Airport Courtyard South Bend Mishawaka DoubleTree by Hilton Burlington Vermont DoubleTree Columbia Embassy Suites Boston - Marlborough Embassy Suites Myrtle Beach Oceanfront Resort Embassy Suites Napa Valley Fairfield Inn & Suites San Antonio Downtown Market Hampton Inn Fort Walton Beach Hampton Inn Houston Near The Galleria Hampton Inn West Palm Beach Airport Central Hampton Inn & Suites Clearwater St. Petersburg Ulmerton Road Hampton Inn & Suites Denver Tech Center Hilton Garden Inn Bloomington Hilton Garden Inn Durham Raleigh Research Triangle Park Hilton Garden Inn West Palm Beach Airport Hilton Myrtle Beach Resort Holiday Inn San Francisco - Fisherman's Wharf Hyatt House Austin Arboretum Hyatt House Dallas Lincoln Park Hyatt House Dallas Uptown Hyatt House Houston Galleria Residence Inn Austin North Parmer Lane Residence Inn Austin Northwest Arboretum Residence Inn Boulder Louisville Residence Inn Chicago Oak Brook Residence Inn Columbia Residence Inn Denver West Golden Residence Inn Detroit Novi Residence Inn Fort Lauderdale Plantation Residence Inn Fort Lauderdale SW Miramar Residence Inn Longmont Boulder Residence Inn Louisville Northeast Residence Inn Salt Lake City Airport Residence Inn San Antonio Downtown Market Square Residence Inn Silver Spring Sheraton Philadelphia Society Hill Hotel SpringHill Suites Austin North Parmer Lane SpringHill Suites Boulder Longmont SpringHill Suites Louisville Hurstbourne North SpringHill Suites South Bend Mishawaka The Vinoy Renaissance St. Petersburg Resort & Golf ClubRLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(unaudited)
September 30,
2019
December 31,
2018
Assets
Investment in hotel properties, net
$
4,677,019
$
5,378,651
Investment in unconsolidated joint ventures
16,234
22,279
Cash and cash equivalents
845,882
320,147
Restricted cash reserves
48,610
64,695
Hotel and other receivables, net of allowance of $271 and $598, respectively
54,058
52,115
Lease right-of-use assets
145,695
—
Deferred income tax asset, net
44,445
47,395
Intangible assets, net
—
52,448
Prepaid expense and other assets
43,702
67,367
Total assets
$
5,875,645
$
6,005,097
Liabilities and Equity
Debt, net
$
2,199,301
$
2,202,676
Accounts payable and other liabilities
193,008
203,833
Deferred income tax liability
2,766
2,766
Advance deposits and deferred revenue
24,655
25,411
Lease liabilities
121,783
—
Accrued interest
13,706
7,913
Distributions payable
64,215
65,557
Total liabilities
2,619,434
2,508,156
Equity
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at September 30, 2019 and December 31, 2018
366,936
366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 170,632,364 and 174,019,616 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
1,706
1,740
Additional paid-in capital
3,137,736
3,195,381
Accumulated other comprehensive (loss) income
(27,515
)
16,195
Distributions in excess of net earnings
(246,914
)
(150,476
)
Total shareholders’ equity
3,231,949
3,429,776
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures
13,994
11,908
Noncontrolling interest in the Operating Partnership
10,268
10,827
Total noncontrolling interest
24,262
22,735
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018
—
44,430
Total equity
3,256,211
3,496,941
Total liabilities and equity
$
5,875,645
$
6,005,097
Note:
The corresponding notes to the consolidated financial statements can be found in the Company’s Quarterly Report on Form 10-Q.
RLJ Lodging Trust
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(unaudited)
For the three months ended
September 30,
For the nine months ended
September 30,
2019
2018
2019
2018
Revenues
Operating revenues
Room revenue
$
314,195
$
377,237
$
1,030,722
$
1,138,115
Food and beverage revenue
39,447
47,211
133,151
157,850
Other revenue
17,482
22,594
55,245
65,362
Total revenues
371,124
447,042
1,219,118
1,361,327
Expenses
Operating expenses
Room expense
80,650
95,161
253,736
279,589
Food and beverage expense
31,425
37,780
101,544
121,450
Management and franchise fee expense
26,432
34,838
96,376
107,766
Other operating expense
90,048
105,646
288,761
320,325
Total property operating expenses
228,555
273,425
740,417
829,130
Depreciation and amortization
49,295
60,373
162,654
183,429
Property tax, insurance and other
28,798
34,382
90,595
104,418
General and administrative
11,262
11,622
34,187
38,059
Transaction costs
(211
)
261
773
2,181
Total operating expenses
317,699
380,063
1,028,626
1,157,217
Other income
315
856
939
2,514
Interest income
2,691
1,149
4,935
3,339
Interest expense
(23,333
)
(24,629
)
(68,632
)
(78,772
)
(Loss) gain on sale of hotel properties, net
(1,037
)
35,895
(25,872
)
32,957
(Loss) gain on extinguishment of indebtedness, net
—
(1,656
)
—
6,010
Income before equity in (loss) income from unconsolidated joint ventures
32,061
78,594
101,862
170,158
Equity in (loss) income from unconsolidated joint ventures
(135
)
219
(2,919
)
637
Income before income tax expense
31,926
78,813
98,943
170,795
Income tax benefit (expense)
529
(4,156
)
(4,475
)
(7,852
)
Net income
32,455
74,657
94,468
162,943
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures
104
(9
)
360
170
Noncontrolling interest in the Operating Partnership
(96
)
(299
)
(329
)
(626
)
Preferred distributions - consolidated joint venture
—
(374
)
(186
)
(1,109
)
Redemption of preferred equity - consolidated joint venture
—
—
(1,153
)
—
Net income attributable to RLJ
32,463
73,975
93,160
161,378
Preferred dividends
(6,279
)
(6,279
)
(18,836
)
(18,836
)
Net income attributable to common shareholders
$
26,184
$
67,696
$
74,324
$
142,542
Basic per common share data:
Net income per share attributable to common shareholders
$
0.15
$
0.39
$
0.43
$
0.81
Weighted-average number of common shares
170,495,699
174,326,198
171,976,429
174,253,393
Diluted per common share data:
Net income per share attributable to common shareholders
$
0.15
$
0.39
$
0.43
$
0.81
Weighted-average number of common shares
170,600,787
174,479,341
172,066,473
174,365,101
Note:
The Statements of Comprehensive Income and corresponding notes to the consolidated financial statements can be found in the Company’s Quarterly Report on Form 10-Q.
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands, except per share data)
(unaudited)
Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders
For the three months ended
September 30,
For the nine months ended
September 30,
2019
2018
2019
2018
Net income
$
32,455
$
74,657
$
94,468
$
162,943
Preferred dividends
(6,279
)
(6,279
)
(18,836
)
(18,836
)
Preferred distributions - consolidated joint venture
—
(374
)
(186
)
(1,109
)
Redemption of preferred equity - consolidated joint venture
—
—
(1,153
)
—
Depreciation and amortization
49,295
60,373
162,654
183,429
Loss (gain) on sale of hotel properties, net
1,037
(35,895
)
25,872
(32,957
)
Noncontrolling interest in consolidated joint ventures
104
(9
)
360
170
Adjustments related to consolidated joint ventures (1)
(75
)
(78
)
(224
)
(233
)
Adjustments related to unconsolidated joint ventures (2)
504
661
4,733
1,998
FFO
77,041
93,056
267,688
295,405
Transaction costs
(211
)
261
773
2,181
Loss (gain) on extinguishment of indebtedness, net
—
1,656
—
(6,010
)
Amortization of share-based compensation
2,948
4,036
8,708
9,722
Non-cash income tax (benefit) expense
(1,102
)
3,217
2,950
6,171
Other expenses (income) (3)
508
(839
)
896
3,330
Adjusted FFO
$
79,184
$
101,387
$
281,015
$
310,799
Adjusted FFO per common share and unit-basic
$
0.46
$
0.58
$
1.63
$
1.78
Adjusted FFO per common share and unit-diluted
$
0.46
$
0.58
$
1.63
$
1.77
Basic weighted-average common shares and units outstanding (4)
171,268
175,100
172,749
175,027
Diluted weighted-average common shares and units outstanding (4)
171,374
175,253
172,839
175,139
Note:
(1)
Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint ventures.
(2)
Includes our ownership interest in the depreciation and amortization expense and loss on sale of the unconsolidated joint ventures.
(3)
Represents income and expenses outside of the normal course of operations, including debt modification costs, hurricane-related costs that were not reimbursed by insurance, executive transition costs, activist shareholder costs, and unrealized gains and losses on certain interest rate hedges.
(4)
Includes 0.8 million weighted-average operating partnership units for the three and nine month periods ended September 30, 2019 and 2018, respectively.
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
For the three months ended
September 30,
For the nine months ended
September 30,
2019
2018
2019
2018
Net income
$
32,455
$
74,657
$
94,468
$
162,943
Depreciation and amortization
49,295
60,373
162,654
183,429
Interest expense, net of interest income
20,642
23,479
63,697
75,433
Income tax (benefit) expense
(529
)
4,156
4,475
7,852
Adjustments related to unconsolidated joint ventures (1)
628
788
2,182
2,379
EBITDA
102,491
163,453
327,476
432,036
Loss (gain) on sale of hotel properties, net
1,037
(35,895
)
25,872
(32,957
)
Loss on sale of unconsolidated joint ventures (2)
—
—
2,923
—
EBITDAre
103,528
127,558
356,271
399,079
Transaction costs
(211
)
261
773
2,181
Loss (gain) on extinguishment of indebtedness, net
—
1,656
—
(6,010
)
Amortization of share-based compensation
2,948
4,036
8,708
9,722
Other expenses (income) (3)
40
(839
)
484
3,330
Adjusted EBITDA
106,305
132,672
366,236
408,302
General and administrative (4)
8,314
7,763
25,470
25,209
Other corporate adjustments (5)
1,125
584
2,099
1,124
Consolidated Hotel EBITDA
115,744
141,019
393,805
434,635
Pro forma adjustments - income from sold hotels
(2,124
)
(25,962
)
(39,019
)
(82,670
)
Pro forma Consolidated Hotel EBITDA
113,620
115,057
354,786
351,965
Pro forma adjustments - income from non-comparable hotels
—
—
—
—
Pro forma Hotel EBITDA
$
113,620
$
115,057
$
354,786
$
351,965
Note:
(1)
Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint ventures.
(2)
Includes our ownership interest in the loss on sale of the unconsolidated joint ventures associated with two resort hotel properties owned by the Company in Myrtle Beach, SC.
(3)
Represents income and expenses outside of the normal course of operations, including debt modification costs, hurricane-related costs that were not reimbursed by insurance, executive transition costs, and activist shareholder costs.
(4)
Excludes amortization of share-based compensation and activist shareholder costs reflected in Adjusted EBITDA.
(5)
Other corporate adjustments include property-level adjustments and certain revenues and expenses at corporate entities. These items include interest income, amortization of deferred management fees, key money amortization, ground rent amortization, legal fees, revenues and expenses associated with non-hotel properties, income (loss) from unconsolidated entities, internal lease rent expense, and other items.
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
Pro forma Hotel EBITDA Margin
For the three months ended
September 30,
For the nine months ended
September 30,
2019
2018
2019
2018
Total revenue
$
371,124
$
447,042
$
1,219,118
$
1,361,327
Pro forma adjustments - revenue from sold hotels
(9,732
)
(86,206
)
(120,148
)
(279,158
)
Other corporate adjustments / non-hotel revenue
45
(1,669
)
(1,323
)
(3,295
)
Pro forma Hotel Revenue
$
361,437
$
359,167
$
1,097,647
$
1,078,874
Pro forma Hotel EBITDA
$
113,620
$
115,057
$
354,786
$
351,965
Pro forma Hotel EBITDA Margin
31.4
%
32.0
%
32.3
%
32.6
%
RLJ Lodging Trust
Consolidated Debt Summary
(Amounts in thousands)
(unaudited)
Loan
Base Term
(Years)
Maturity
(incl.
extensions)
Floating / Fixed
Interest
Rate (1)
Balance as of
September 30,
2019 (2)
Secured Debt
Mortgage loan - 1 hotel
10
Jun 2022
Fixed
5.25
%
$
30,926
Mortgage loan - 2 hotels
10
Oct 2022
Fixed
4.95
%
56,144
Mortgage loan - 1 hotel
10
Oct 2022
Fixed
4.95
%
32,271
Mortgage loan - 1 hotel
10
Oct 2022
Fixed
4.94
%
28,508
Mortgage loan - 7 hotels
3
Apr 2024
Floating (3)
3.33
%
200,000
Mortgage loan - 3 hotels
5
Apr 2026
Floating (3)
2.88
%
96,000
Mortgage loan - 4 hotels
5
Apr 2026
Floating (3)
3.38
%
85,000
Weighted-Average / Secured Total
3.73
%
$
528,849
Unsecured Debt
Revolver (4)
4
Apr 2021
Floating
3.52
%
$
—
$400 Million Term Loan Maturing 2021
5
Apr 2021
Floating (3)(5)
2.97
%
400,000
$150 Million Term Loan Maturing 2022
7
Jan 2022
Floating (3)
3.08
%
150,000
$400 Million Term Loan Maturing 2023
5
Jan 2023
Floating (3)
3.78
%
400,000
$225 Million Term Loan Maturing 2023
5
Jan 2023
Floating (3)
3.78
%
225,000
Senior Unsecured Notes
10
Jun 2025
Fixed
6.00
%
475,000
Weighted-Average / Unsecured Total
4.16
%
$
1,650,000
Weighted-Average / Gross Debt
4.05
%
$
2,178,849
Note:
(1)
Interest rates as of September 30, 2019.
(2)
Excludes the impact of fair value adjustments and deferred financing costs.
(3)
The floating interest rate is hedged with an interest rate swap.
(4)
As of September 30, 2019, there was $600.0 million of borrowing capacity on the revolver, which is charged an unused commitment fee of 0.30% annually.
(5)
Reflects an interest rate swap of $399.0 million on the $400.0 million term loan.
RLJ Lodging Trust
Pro forma Operating Statistics - Top 60 Assets
(unaudited)
Property
City/State
# of Rooms
Pro forma Consolidated
Hotel EBITDA
Marriott Louisville Downtown
Louisville, KY
620
$15,166
The Knickerbocker New York
New York, NY
330
13,405
Wyndham San Diego Bayside
San Diego, CA
600
11,279
San Francisco Marriott Union Square
San Francisco, CA
401
10,911
Wyndham Boston Beacon Hill
Boston, MA
304
9,740
Courtyard Austin Downtown Convention Center
Austin, TX
270
9,395
The Mills House Wyndham Grand Hotel
Charleston, SC
216
9,361
Embassy Suites San Francisco Airport - Waterfront
Burlingame, CA
340
8,839
Embassy Suites San Francisco Airport - South San Francisco
South San Francisco, CA
312
8,257
Embassy Suites Los Angeles - International Airport South
El Segundo, CA
349
8,153
Wyndham New Orleans - French Quarter
New Orleans, LA
374
8,056
DoubleTree Grand Key Resort
Key West, FL
216
7,782
Embassy Suites Fort Lauderdale 17th Street
Fort Lauderdale, FL
361
7,644
Embassy Suites Mandalay Beach - Hotel & Resort
Oxnard, CA
250
7,439
Courtyard San Francisco
San Francisco, CA
166
7,253
Courtyard Portland City Center
Portland, OR
256
7,205
Residence Inn Palo Alto Los Altos
Los Altos, CA
156
6,918
Wyndham Philadelphia Historic District
Philadelphia, PA
364
6,909
Courtyard Waikiki Beach
Honolulu, HI
403
6,621
Hilton Garden Inn San Francisco Oakland Bay Brg
Emeryville, CA
278
6,564
Renaissance Pittsburgh Hotel
Pittsburgh, PA
300
6,517
Hyatt House Emeryville San Francisco Bay Area
Emeryville, CA
234
6,373
Embassy Suites Deerfield Beach - Resort & Spa
Deerfield Beach, FL
244
6,211
Embassy Suites Tampa Downtown Convention Center
Tampa, FL
360
6,185
Fairfield Inn & Suites Washington DC Downtown
Washington, DC
198
6,035
DoubleTree Metropolitan Hotel New York City
New York, NY
764
5,931
Wyndham Santa Monica At The Pier
Santa Monica, CA
132
5,914
Hyatt House Santa Clara
Santa Clara, CA
150
5,780
Hyatt House San Jose Silicon Valley
San Jose, CA
164
5,647
DoubleTree Suites by Hilton Austin
Austin, TX
188
5,602
Embassy Suites Atlanta - Buckhead
Atlanta, GA
316
5,494
Courtyard Charleston Historic District
Charleston, SC
176
5,430
Wyndham Houston - Medical Center Hotel & Suites
Houston, TX
287
5,365
Embassy Suites Milpitas Silicon Valley
Milpitas, CA
266
5,259
Courtyard Chicago Downtown Magnificent Mile
Chicago, IL
306
5,070
Residence Inn Bethesda Downtown
Bethesda, MD
188
4,987
Marriott Denver South @ Park Meadows
Lone Tree, CO
279
4,877
Embassy Suites Boston Waltham
Waltham, MA
275
4,829
Hyatt House San Diego Sorrento Mesa
San Diego, CA
193
4,695
Residence Inn Austin Downtown Convention Center
Austin, TX
179
4,592
Homewood Suites Washington DC Downtown
Washington, DC
175
4,544
Embassy Suites Irvine Orange County
Irvine, CA
293
4,493
Hyatt Centric Midtown Atlanta
Atlanta, GA
194
4,444
Renaissance Fort Lauderdale Plantation Hotel
Plantation, FL
250
4,297
Hilton Cabana Miami Beach
Miami Beach, FL
231
4,186
Embassy Suites Orlando - International Drive South/Convention Center
Orlando, FL
244
4,154
Embassy Suites Dallas - Love Field
Dallas, TX
248
4,148
Hilton Garden Inn New Orleans Convention Center
New Orleans, LA
286
4,123
Hilton Garden Inn Los Angeles Hollywood
Los Angeles, CA
160
4,111
Hyatt Place Washington DC Downtown K Street
Washington, DC
164
4,026
Embassy Suites Los Angeles Downey
Downey, CA
220
3,885
Embassy Suites Miami - International Airport
Miami, FL
318
3,877
Hyatt House San Ramon
San Ramon, CA
142
3,848
Renaissance Boulder Flatiron Hotel
Broomfield, CO
232
3,787
Embassy Suites Phoenix - Biltmore
Phoenix, AZ
232
3,722
Residence Inn National Harbor Washington DC
Oxon Hill, MD
162
3,717
Marriott Denver Airport @ Gateway Park
Aurora, CO
238
3,707
Embassy Suites Minneapolis - Airport
Bloomington, MN
310
3,540
Wyndham Pittsburgh University Center
Pittsburgh, PA
251
3,442
Hyatt Place Fremont Silicon Valley
Fremont, CA
151
3,350
Top 60 Assets
16,266
367,091
Other (48 Assets)
6,913
95,578
Total Portfolio
23,179
$462,669
Note: For the trailing twelve months ended September 30, 2019. Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Amounts in thousands, except rooms. Unaudited information presented only for comparison purposes.
RLJ Lodging Trust
Pro forma Operating Statistics
(unaudited)
For the three months ended September 30, 2019 and 2018
Top Markets
# of
Hotels
Occupancy
ADR
RevPAR
2019
2018
Var
2019
2018
Var
2019
2018
Var
Northern California
12
87.8
%
88.8
%
(1.1
)%
$
236.86
$
241.95
(2.1
)%
$
207.99
$
214.77
(3.2
)%
Southern California
9
89.7
%
88.8
%
1.1
%
192.41
192.73
(0.2
)%
172.66
171.11
0.9
%
South Florida
8
74.9
%
81.0
%
(7.5
)%
138.18
137.63
0.4
%
103.52
111.47
(7.1
)%
Austin
8
72.2
%
68.1
%
6.0
%
164.40
156.96
4.7
%
118.72
106.88
11.1
%
New York City
5
93.1
%
92.7
%
0.5
%
230.84
237.67
(2.9
)%
214.90
220.26
(2.4
)%
Washington, DC
5
83.2
%
82.8
%
0.5
%
190.95
185.95
2.7
%
158.80
153.90
3.2
%
Chicago
13
80.9
%
78.7
%
2.8
%
146.42
154.50
(5.2
)%
118.41
121.60
(2.6
)%
Houston
9
68.0
%
67.6
%
0.7
%
132.80
137.39
(3.3
)%
90.37
92.82
(2.6
)%
Louisville
2
74.5
%
54.8
%
36.1
%
159.75
151.73
5.3
%
119.09
83.11
43.3
%
Denver
5
84.0
%
82.7
%
1.6
%
153.60
151.14
1.6
%
129.08
125.04
3.2
%
Other
32
77.9
%
78.7
%
(1.0
)%
161.06
161.23
(0.1
)%
125.42
126.82
(1.1
)%
Total
108
80.8
%
80.4
%
0.5
%
$
176.93
$
178.29
(0.8
)%
$
143.05
$
143.42
(0.3
)%
Service Level
# of
Hotels
Occupancy
ADR
RevPAR
2019
2018
Var
2019
2018
Var
2019
2018
Var
Focused-Service
62
80.9
%
79.5
%
1.7
%
$
171.89
$
173.99
(1.2
)%
$
139.03
$
138.40
0.5
%
Compact Full-Service
45
81.2
%
82.6
%
(1.7
)%
181.34
182.06
(0.4
)%
147.34
150.46
(2.1
)%
Full-Service
1
72.0
%
49.7
%
45.0
%
166.10
160.23
3.7
%
119.64
79.59
50.3
%
Total
108
80.8
%
80.4
%
0.5
%
$
176.93
$
178.29
(0.8
)%
$
143.05
$
143.42
(0.3
)%
Chain Scale
# of
Hotels
Occupancy
ADR
RevPAR
2019
2018
Var
2019
2018
Var
2019
2018
Var
Upper Upscale
35
78.2
%
78.6
%
(0.5
)%
$
173.94
$
174.39
(0.3
)%
$
136.01
$
136.99
(0.7
)%
Upscale
62
82.7
%
81.7
%
1.2
%
177.28
179.34
(1.1
)%
146.58
146.59
(0.0
) %
Upper Midscale
9
80.0
%
80.2
%
(0.2
)%
152.89
152.27
0.4
%
122.33
122.10
0.2
%
Other
2
88.2
%
85.1
%
3.6
%
277.50
286.75
(3.2
)%
244.76
244.02
0.3
%
Total
108
80.8
%
80.4
%
0.5
%
$
176.93
$
178.29
(0.8
)%
$
143.05
$
143.42
(0.3
)%
Flags
# of
Hotels
Occupancy
ADR
RevPAR
2019
2018
Var
2019
2018
Var
2019
2018
Var
Embassy Suites
21
78.9
%
81.6
%
(3.3
)%
$
167.25
$
168.52
(0.8
)%
$
131.94
$
137.49
(4.0
)%
Courtyard
15
81.1
%
78.6
%
3.2
%
182.42
184.63
(1.2
)%
147.97
145.17
1.9
%
Residence Inn
15
78.2
%
77.6
%
0.8
%
159.81
161.37
(1.0
)%
124.95
125.15
(0.2
)%
Wyndham
8
83.2
%
83.7
%
(0.7
)%
175.65
173.45
1.3
%
146.07
145.26
0.6
%
Hyatt House
7
87.6
%
89.2
%
(1.8
)%
205.99
206.09
(0.1
)%
180.43
183.83
(1.9
)%
Marriott
6
79.1
%
70.1
%
12.8
%
193.20
194.67
(0.8
)%
152.82
136.49
12.0
%
Fairfield Inn & Suites
6
82.5
%
82.2
%
0.4
%
149.39
145.39
2.8
%
123.26
119.44
3.2
%
Hilton Garden Inn
5
80.2
%
76.6
%
4.6
%
168.15
175.53
(4.2
)%
134.80
134.49
0.2
%
DoubleTree
4
90.0
%
89.3
%
0.8
%
191.85
199.72
(3.9
)%
172.74
178.38
(3.2
)%
SpringHill Suites
4
78.8
%
73.4
%
7.4
%
134.39
130.91
2.7
%
105.93
96.08
10.3
%
Hyatt Place
3
83.6
%
85.1
%
(1.8
)%
182.35
188.85
(3.4
)%
152.41
160.77
(5.2
)%
Renaissance
3
78.7
%
81.4
%
(3.3
)%
169.00
167.04
1.2
%
133.04
135.95
(2.1
)%
Hampton Inn
2
79.5
%
80.0
%
(0.7
)%
158.34
163.75
(3.3
)%
125.80
131.05
(4.0
)%
Homewood Suites
2
84.1
%
84.9
%
(1.0
)%
179.68
174.95
2.7
%
151.08
148.58
1.7
%
Hyatt
2
77.7
%
79.2
%
(1.8
)%
183.18
189.81
(3.5
)%
142.39
150.31
(5.3
)%
Hilton
1
59.3
%
75.8
%
(21.7
)%
164.55
161.27
2.0
%
97.62
122.23
(20.1
)%
Other
4
78.7
%
76.6
%
2.7
%
242.24
249.91
(3.1
)%
190.63
191.40
(0.4
)%
Total
108
80.8
%
80.4
%
0.5
%
$
176.93
$
178.29
(0.8
)%
$
143.05
$
143.42
(0.3
)%
Note: Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Unaudited information presented only for comparison purposes.
RLJ Lodging Trust
Pro forma Operating Statistics
(unaudited)
For the nine months ended September 30, 2019 and 2018
Top Markets
# of
Hotels
Occupancy
ADR
RevPAR
2019
2018
Var
2019
2018
Var
2019
2018
Var
Northern California
12
85.9
%
84.3
%
1.8
%
$
241.02
$
232.05
3.9
%
$
206.93
$
195.66
5.8
%
Southern California
9
85.0
%
86.4
%
(1.7
)%
182.94
182.70
0.1
%
155.51
157.92
(1.5
)%
South Florida
8
82.7
%
86.4
%
(4.3
)%
181.36
181.44
(0.0
)%
150.00
156.77
(4.3
)%
Austin
8
77.9
%
74.7
%
4.3
%
182.39
179.56
1.6
%
142.13
134.15
5.9
%
New York City
5
89.2
%
89.4
%
(0.2
)%
221.13
222.60
(0.7
)%
197.14
198.90
(0.9
)%
Washington, DC
5
81.0
%
82.1
%
(1.2
)%
209.27
207.87
0.7
%
169.60
170.57
(0.6
)%
Chicago
13
74.6
%
71.9
%
3.8
%
139.95
145.39
(3.7
)%
104.35
104.48
(0.1
)%
Houston
9
70.7
%
71.0
%
(0.4
)%
141.84
146.30
(3.0
)%
100.29
103.86
(3.4
)%
Louisville
2
72.6
%
58.3
%
24.5
%
178.02
173.87
2.4
%
129.23
101.34
27.5
%
Denver
5
75.5
%
76.7
%
(1.7
)%
146.92
145.60
0.9
%
110.86
111.71
(0.8
)%
Other
32
78.2
%
78.6
%
(0.5
)%
168.60
167.07
0.9
%
131.81
131.25
0.4
%
Total
108
80.0
%
79.7
%
0.4
%
$
182.94
$
181.68
0.7
%
$
146.39
$
144.78
1.1
%
Service Level
# of
Hotels
Occupancy
ADR
RevPAR
2019
2018
Var
2019
2018
Var
2019
2018
Var
Focused-Service
62
79.1
%
78.7
%
0.5
%
$
174.64
$
174.31
0.2
%
$
138.09
$
137.20
0.7
%
Compact Full-Service
45
81.2
%
81.7
%
(0.6
)%
189.06
187.12
1.0
%
153.59
152.89
0.5
%
Full-Service
1
70.4
%
54.0
%
30.5
%
187.69
185.47
1.2
%
132.21
100.15
32.0
%
Total
108
80.0
%
79.7
%
0.4
%
$
182.94
$
181.68
0.7
%
$
146.39
$
144.78
1.1
%
Chain Scale
# of
Hotels
Occupancy
ADR
RevPAR
2019
2018
Var
2019
2018
Var
2019
2018
Var
Upper Upscale
35
78.9
%
78.7
%
0.3
%
$
186.43
$
183.64
1.5
%
$
147.15
$
144.48
1.8
%
Upscale
62
81.0
%
80.8
%
0.2
%
178.92
178.73
0.1
%
144.90
144.42
0.3
%
Upper Midscale
9
78.3
%
76.2
%
2.8
%
159.24
160.14
(0.6
)%
124.65
121.98
2.2
%
Other
2
81.0
%
79.1
%
2.3
%
278.36
274.83
1.3
%
225.41
217.51
3.6
%
Total
108
80.0
%
79.7
%
0.4
%
$
182.94
$
181.68
0.7
%
$
146.39
$
144.78
1.1
%
Flags
# of
Hotels
Occupancy
ADR
RevPAR
2019
2018
Var
2019
2018
Var
2019
2018
Var
Embassy Suites
21
80.6
%
81.7
%
(1.4
)%
$
179.94
$
178.17
1.0
%
$
145.00
$
145.60
(0.4
)%
Courtyard
15
80.3
%
79.2
%
1.4
%
180.81
180.51
0.2
%
145.19
143.00
1.5
%
Residence Inn
15
77.2
%
77.7
%
(0.6
)%
166.80
167.42
(0.4
)%
128.80
130.02
(0.9
)%
Wyndham
8
81.0
%
80.5
%
0.6
%
173.82
173.80
0.0
%
140.81
139.93
0.6
%
Hyatt House
7
85.4
%
87.2
%
(2.1
)%
205.96
200.60
2.7
%
175.89
174.92
0.6
%
Marriott
6
75.9
%
69.4
%
9.3
%
204.48
197.97
3.3
%
155.21
137.48
12.9
%
Fairfield Inn & Suites
6
81.3
%
79.1
%
2.7
%
163.39
162.85
0.3
%
132.77
128.86
3.0
%
Hilton Garden Inn
5
77.5
%
77.2
%
0.4
%
170.51
171.49
(0.6
)%
132.23
132.41
(0.1
)%
DoubleTree
4
90.9
%
90.2
%
0.8
%
200.41
203.64
(1.6
)%
182.20
183.64
(0.8
)%
SpringHill Suites
4
74.4
%
72.0
%
3.3
%
137.75
135.25
1.9
%
102.42
97.35
5.2
%
Hyatt Place
3
77.9
%
81.8
%
(4.8
)%
188.55
187.89
0.4
%
146.83
153.64
(4.4
)%
Renaissance
3
75.8
%
78.7
%
(3.7
)%
170.88
169.42
0.9
%
129.46
133.28
(2.9
)%
Hampton Inn
2
77.1
%
75.7
%
1.9
%
150.78
153.75
(1.9
)%
116.29
116.34
0.0
%
Homewood Suites
2
80.9
%
79.0
%
2.5
%
182.71
181.53
0.7
%
147.85
143.36
3.1
%
Hyatt
2
79.2
%
80.5
%
(1.6
)%
205.63
195.70
5.1
%
162.95
157.58
3.4
%
Hilton
1
74.1
%
83.2
%
(10.9
)%
199.93
205.10
(2.5
)%
148.17
170.55
(13.1
)%
Other
4
75.5
%
73.4
%
2.8
%
241.73
241.42
0.1
%
182.40
177.21
2.9
%
Total
108
80.0
%
79.7
%
0.4
%
$
182.94
$
181.68
0.7
%
$
146.39
$
144.78
1.1
%
Note: Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Unaudited information presented only for comparison purposes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191107006105/en/