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RLJ

RLJ Lodging Trust

RLJ

RLJ Lodging Trust • NYSE
$7.54 ▼ -0.92% (-0.07)
Market Cap $1.14 B
52w High $10.84
52w Low $6.16
Dividend Yield 0.60%
P/E 150.8
Volume 874.51K
Outstanding Shares 151.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $330.045M ▼ $58.778M ▲ $-3.736M ▼ -1.132% ▼ $-0.069 ▼ $70.986M ▼
Q2-2025 $363.103M ▲ $57.501M ▼ $28.453M ▲ 7.836% ▲ $0.15 ▲ $102.347M ▲
Q1-2025 $328.119M ▼ $58.434M ▲ $3.362M ▼ 1.025% ▼ $-0.02 ▼ $76.053M ▼
Q4-2024 $329.989M ▼ $58.364M ▲ $5.376M ▼ 1.629% ▼ $-0.007 ▼ $79.076M ▼
Q3-2024 $345.744M $57.673M $20.602M 5.959% $0.092 $94.222M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $374.827M ▲ $4.793B ▼ $2.585B ▲ $2.195B ▼
Q2-2025 $373.896M ▲ $4.823B ▲ $2.583B ▲ $2.227B ▼
Q1-2025 $347.526M ▼ $4.818B ▼ $2.57B ▼ $2.234B ▼
Q4-2024 $409.809M ▲ $4.884B ▼ $2.586B ▲ $2.285B ▼
Q3-2024 $385.384M $4.888B $2.572B $2.302B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.798M ▼ $63.301M ▼ $-29.887M ▲ $-30.515M ▲ $2.899M ▼ $63.301M ▼
Q2-2025 $28.631M ▲ $101.32M ▲ $-34.513M ▼ $-38.039M ▲ $28.768M ▲ $101.32M ▲
Q1-2025 $3.172M ▼ $16.3M ▼ $-23.673M ▲ $-53.558M ▼ $-60.931M ▼ $16.3M ▼
Q4-2024 $5.376M ▼ $71.026M ▼ $-29.48M ▼ $-32.563M ▲ $8.983M ▼ $41.59M ▲
Q3-2024 $20.602M $73.007M $-21.212M $-41.759M $17.128M $38.331M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Food and Beverage
Food and Beverage
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲
Hotel Other
Hotel Other
 $20.00M ▲$20.00M ▲$30.00M ▲$30.00M ▲
Occupancy
Occupancy
 $270.00M ▲$270.00M ▲$300.00M ▲$270.00M ▼

Five-Year Company Overview

Income Statement

Income Statement RLJ’s income statement shows a steady recovery story from the pandemic shock to a more normal, profitable footing. Revenue has climbed consistently over the last several years as travel and occupancy have come back, moving from deep stress in 2020 to meaningfully higher, more stable levels now. Profitability has improved along with it: gross profit has turned from a loss into a healthy positive spread, and operating income has shifted from negative to comfortably positive. The strongest bounce in operating profit was in the early rebound years, with a particularly strong step-up in 2023. In 2024, results remain clearly profitable, though operating income is a bit lower than that 2023 high, suggesting the easy part of the recovery phase may be behind them and they are now in a more mature, slower-growth environment. Net income and earnings per share are positive but not large, reflecting a business that has moved out of crisis mode into a more normal, yet still cyclical, level of earnings. Overall, the income statement tells a story of a hotel REIT that has largely repaired its profitability, but still depends heavily on macro travel trends and pricing power to sustain and grow earnings.

Balance Sheet

Balance Sheet RLJ’s balance sheet looks stable and fairly conservative for a hotel-focused REIT. Total assets have gradually edged down from pandemic-era levels, which likely reflects some combination of asset sales, depreciation, and portfolio pruning. This is not necessarily negative; it can indicate disciplined portfolio optimization rather than simple growth for growth’s sake. Debt levels have stayed broadly flat to slightly lower over the last several years, while equity has been quite steady. This combination suggests leverage is being managed carefully, without a big build-up of new borrowing as conditions normalized. The company does not appear to be stretching its balance sheet aggressively. Cash on hand surged during the pandemic, as many hotel owners hoarded liquidity, and has since drifted down as operations normalized and excess cash was used or redeployed. There is still a meaningful cash cushion, but not as elevated as the emergency levels seen earlier. In short, the balance sheet reflects a measured approach: modest asset base contraction, stable debt, and consistent equity, which together support resilience but limit explosive upside without new investment or acquisitions.

Cash Flow

Cash Flow RLJ’s cash flow profile has improved markedly from the pandemic lows and now looks solid and self-funding. Operating cash flow has moved from negative territory in 2020 to comfortably positive levels in recent years, tracking the recovery in occupancy and room rates. This indicates the core hotel portfolio is again generating meaningful cash after covering day-to-day expenses. Free cash flow has also been consistently positive for the past few years, even after factoring in capital spending. That suggests RLJ has enough internal cash to maintain and upgrade properties while still having residual cash for debt service, dividends, or selective investments. Capital spending ramped up in the middle of the recovery period and then appears unusually light in the most recent year. For a hotel REIT, sustained underinvestment is generally not realistic over the long term, so investors should assume capex may rise again as renovation cycles and conversion projects continue. Overall, cash generation looks healthy and supports the current portfolio, but future growth and brand-standard renovations will likely call for ongoing, and possibly higher, reinvestment over time.

Competitive Edge

Competitive Edge RLJ occupies a focused and reasonably strong competitive position in the hotel REIT space, built more on asset quality and strategy than on uniqueness of the guest experience. Its portfolio is concentrated in premium-branded hotels under major flags like Marriott, Hilton, and Hyatt, often in dense urban and high-barrier-to-entry locations. This provides access to powerful loyalty programs, marketing engines, and reservation systems, which help drive occupancy and rate. It also means RLJ benefits from the scale and reputation of these brands, rather than needing to build its own consumer brand from scratch. A key strength is the emphasis on focused-service and compact full-service hotels, which generally have leaner cost structures and more predictable margins than large, full-service convention properties. RLJ also emphasizes “capital recycling”: selling non-core or lower-return assets and reinvesting in higher-quality or better-located properties, as well as value-add renovations and conversions. Risks include heavy exposure to urban and travel-sensitive markets, dependence on third-party brand standards and management, and strong competition from both other hotel owners and alternative accommodations. Still, the combination of brand affiliations, market selection, and asset management expertise gives RLJ a defendable, if not truly unique, position in the lodging REIT sector.

Innovation and R&D

Innovation and R&D As a REIT, RLJ doesn’t operate like a technology company with large formal R&D budgets, but it does pursue innovation in how it manages and upgrades its hotels. The company’s main “innovation” focus is on using existing technologies and design approaches to improve efficiency and sustainability. This includes investments in more energy-efficient systems, water-saving measures, and waste reduction initiatives, all coordinated by an in-house design and construction team. These projects can reduce operating costs over time and appeal to increasingly sustainability-minded guests and corporate customers. RLJ is also active in hotel conversions and repositionings: acquiring underperforming properties, renovating them, and converting them to stronger premium or “soft” brands. This requires design, construction, and operational know-how more than lab-style R&D, but it is still a form of innovation in how capital is deployed and how properties are repositioned in their local markets. Where RLJ appears less differentiated is in guest-facing technology. The company leans largely on its brand partners for things like mobile check-in, digital keys, and in-room technology. Over time, its competitive standing will depend in part on how quickly and effectively it and its operators adopt new tools such as AI-driven pricing, personalization, and operational automation. So while RLJ is not a technological pioneer, it does appear disciplined in applying practical, cost-saving, and value-adding innovations across its portfolio.

Summary

RLJ Lodging Trust has transitioned from a period of severe pandemic stress to a more stable and profitable footing, with revenue and earnings now firmly positive and cash flows healthy. The income statement and cash flow trends show a largely completed recovery, though growth has moderated after the initial rebound. The balance sheet is steady rather than aggressive, with stable debt levels, a maintained equity base, and a reasonable cash position. This points to a measured risk profile but also suggests that major expansion or transformation would likely require either asset recycling or external capital. Competitively, RLJ leans on a portfolio of well-located, premium-branded hotels and a disciplined capital recycling and renovation strategy, rather than on flashy, proprietary technology or unique consumer brands. Its main advantages are asset quality, geographic focus on high-demand markets, strong relationships with major hotel flags, and operational efficiency in focused-service properties. Future performance will hinge on macro travel trends, the success of ongoing conversions and renovations, the level and timing of capital spending, and how well the company and its brand partners adopt new technologies and adapt to changing guest preferences. Overall, RLJ appears to be a disciplined, income-oriented hotel REIT that has largely repaired its fundamentals, with ongoing exposure to the usual lodging-cycle risks and opportunities.

NEWS

November 5, 2025 · 4:30 PM UTC

RLJ Lodging Trust Reports Third Quarter 2025 Results

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September 22, 2025 · 9:00 AM UTC

RLJ Lodging Trust Announces Third Quarter 2025 Earnings Release and Conference Call Dates

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September 18, 2025 · 9:00 AM UTC

RLJ Lodging Trust Appoints Nikhil Bhalla as Chief Financial Officer

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September 15, 2025 · 9:00 AM UTC

RLJ Lodging Trust Announces Dividends for Third Quarter of 2025

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