NYSE : RLJ
RLJ Lodging Trust — Financial statements
Real Estate · REIT - Hotel & Motel · United States
Last price 12.71 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.92B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.12B | 1.09B | 1.12B | 1.10B | 1.00B | 667.85M |
| Other Revenue | 265.12M | 256.50M | 248.31M | 230.97M | 191.66M | 117.33M |
| Total Revenue | 1.38B | 1.35B | 1.37B | 1.33B | 1.19B | 785.19M |
| Property Expenses | 1.01B | 989.24M | 985.30M | 935.12M | 831.06M | 600.47M |
| Selling, General & Administrative | 48.66M | 47.64M | 54.80M | 59.00M | 56.33M | 47.53M |
| Depreciation & Amortization | 188.90M | 186.36M | 179.43M | 179.10M | 184.88M | 187.78M |
| Total Operating Expenses | 1.25B | 1.22B | 1.22B | 1.17B | 1.07B | 835.77M |
| Operating Income | 133.28M | 126.52M | 150.36M | 152.78M | 121.86M | -50.59M |
| Interest Expense | -112.66M | -112.30M | -111.36M | -98.81M | -87.29M | -117.02M |
| Interest & Investment Income | 13.17M | 13.58M | 17.31M | 19.74M | 4.56M | 996.00K |
| Other Non-Operating Income | 3.26M | 3.48M | 5.34M | 4.36M | 3.63M | 3.04M |
| EBT Excluding Unusual Items | 37.04M | 31.27M | 61.66M | 78.08M | 42.76M | -163.57M |
| Gain (Loss) on Sale of Assets | -6.23M | -1.53M | 8.26M | -34.00K | 1.02M | -2.38M |
| Asset Writedown | -144.84M | |||||
| Other Unusual Items | -2.01M | -47.00K | -129.00K | -169.00K | -39.00K | 893.00K |
| Pretax Income | 28.80M | 29.70M | 69.79M | 77.87M | 43.73M | -309.90M |
| Income Tax Expense | 1.06M | 1.15M | 1.60M | 1.26M | 1.52M | 1.19M |
| Earnings From Continuing Operations | 27.73M | 28.55M | 68.19M | 76.62M | 42.22M | -311.09M |
| Minority Interest in Earnings | -141.00K | -45.00K | -170.00K | -212.00K | -290.00K | 5.92M |
| Net Income | 27.59M | 28.51M | 68.02M | 76.41M | 41.92M | -305.17M |
| Preferred Dividends & Other Adjustments | 26.40M | 26.29M | 26.01M | 26.00M | 25.40M | 25.20M |
| Net Income to Common | 1.19M | 2.22M | 42.01M | 50.41M | 16.53M | -330.37M |
| Basic Shares Outstanding | 149.36M | 149.66M | 152.86M | 155.93M | 161.95M | 164.00M |
| Diluted Shares Outstanding | 149.93M | 149.91M | 153.48M | 156.56M | 162.29M | 164.00M |
| EPS (Basic) | 0.01 | 0.01 | 0.27 | 0.32 | 0.10 | -2.01 |
| EPS (Diluted) | 0.01 | 0.01 | 0.27 | 0.32 | 0.10 | -2.01 |
| Dividend Per Share | 0.60 | 0.60 | 0.50 | 0.36 | 0.12 | 0.04 |
| Operating Margin | 9.65% | 9.37% | 10.98% | 11.52% | 10.21% | -6.44% |
| Profit Margin | 0.09% | 0.16% | 3.07% | 3.80% | 1.38% | -42.08% |
| EBITDA | 325.89M | 317.06M | 335.30M | 336.84M | 310.00M | 135.10M |
| EBITDA Margin | 23.59% | 23.49% | 24.48% | 25.40% | 25.96% | 17.21% |
| D&A For Ebitda | 192.62M | 190.54M | 184.94M | 184.06M | 188.14M | 185.69M |
| EBIT | 133.28M | 126.52M | 150.36M | 152.78M | 121.86M | -50.59M |
| EBIT Margin | 9.65% | 9.37% | 10.98% | 11.52% | 10.21% | -6.44% |
| Funds From Operations (FFO) | 198.32M | 192.03M | 215.01M | 231.44M | 201.63M | 1.57M |
| FFO Per Share | 1.32 | 1.27 | 1.39 | 1.47 | 1.24 | |
| Adjusted Funds From Operations (AFFO) | 217.88M | 209.42M | 241.85M | 260.39M | 221.11M | 31.43M |
| AFFO Per Share | 1.45 | 1.39 | 1.57 | 1.66 | 1.36 | |
| FFO Payout Ratio | 46.05% | 47.58% | 32.47% | 21.26% | 6.59% | 426.82% |
| Effective Tax Rate | 3.70% | 3.86% | 2.29% | 1.61% | 3.47% | |
| Revenue as Reported | 1.38B | 1.35B | 1.37B | 1.33B | 1.19B | 785.66M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 4.17B | 4.24B | 4.38B | 4.27B | 4.32B | 4.36B |
| Cash & Equivalents | 937.60M | 410.16M | 409.81M | 516.67M | 481.32M | 665.34M |
| Accounts Receivable | 30.02M | 29.64M | 25.49M | 26.16M | 38.53M | 31.09M |
| Restricted Cash | 35.77M | 31.90M | 23.52M | 38.65M | 55.07M | 48.53M |
| Other Current Assets | 38.87M | 22.60M | 20.70M | 27.03M | 32.70M | 28.94M |
| Trading Asset Securities | 6.83M | 2.36M | 14.37M | 25.42M | 44.69M | 1.55M |
| Deferred Long-Term Charges | 7.00M | 2.20M | 3.90M | 5.60M | 1.70M | 2.90M |
| Other Long-Term Assets | 7.49M | 7.36M | 7.46M | 7.40M | 6.98M | 6.52M |
| Total Assets | 5.23B | 4.74B | 4.88B | 4.92B | 4.98B | 5.15B |
| Current Portion of Long-Term Debt | 500.00M | 880.19M | 181.00M | 381.59M | 10.05M | |
| Current Portion of Leases | 10.25M | |||||
| Long-Term Debt | 2.20B | 1.32B | 2.04B | 1.84B | 2.22B | 2.42B |
| Long-Term Leases | 119.26M | 107.94M | 119.10M | 122.59M | 117.01M | 123.03M |
| Accounts Payable | 156.58M | 141.13M | 154.64M | 147.23M | 155.92M | 136.77M |
| Accrued Expenses | 20.47M | 20.53M | 20.90M | 22.54M | 20.71M | 19.11M |
| Other Current Liabilities | 30.89M | 30.93M | 30.63M | 22.50M | 14.62M | 8.35M |
| Other Long-Term Liabilities | 46.40M | 51.03M | 40.24M | 32.28M | 23.77M | 20.05M |
| Total Liabilities | 3.07B | 2.56B | 2.59B | 2.57B | 2.55B | 2.74B |
| Preferred Stock, Convertible | 366.94M | 366.94M | 366.94M | 366.94M | 366.94M | 366.94M |
| Common Stock | 1.52M | 1.51M | 1.53M | 1.55M | 1.62M | 1.67M |
| Additional Paid-In Capital | 2.98B | 2.98B | 2.99B | 3.00B | 3.05B | 3.09B |
| Distributions in Excess of Earnings | -1.21B | -1.18B | -1.09B | -1.06B | -1.05B | -1.05B |
| Comprehensive Income & Other | 6.74M | 1.92M | 13.79M | 22.66M | 40.59M | -17.11M |
| Total Common Equity | 1.78B | 1.80B | 1.92B | 1.97B | 2.05B | 2.03B |
| Minority Interest | 13.00M | 13.13M | 13.72M | 13.93M | 13.98M | 16.23M |
| Shareholders' Equity | 2.16B | 2.18B | 2.30B | 2.35B | 2.43B | 2.41B |
| Total Liabilities & Equity | 5.23B | 4.74B | 4.88B | 4.92B | 4.98B | 5.15B |
| Total Debt | 2.81B | 2.32B | 2.34B | 2.34B | 2.33B | 2.55B |
| Net Cash (Debt) | -1.87B | -1.90B | -1.92B | -1.80B | -1.81B | -1.88B |
| Net Cash Per Share | -12.47 | -12.70 | -12.48 | -11.51 | -11.14 | -11.49 |
| Filing Date Shares Outstanding | 149.92M | 149.95M | 150.37M | 153.48M | 160.30M | 164.00M |
| Total Common Shares Outstanding | 149.92M | 149.11M | 151.71M | 152.99M | 159.74M | 164.02M |
| Book Value Per Share | 11.91 | 12.09 | 12.64 | 12.88 | 12.82 | 12.38 |
| Tangible Book Value | 1.78B | 1.80B | 1.92B | 1.97B | 2.05B | 2.03B |
| Tangible Book Value Per Share | 11.91 | 12.09 | 12.64 | 12.88 | 12.82 | 12.38 |
| Land | 1.12B | 1.12B | 1.13B | 998.42M | 992.61M | 975.69M |
| Buildings | 4.21B | 4.20B | 4.21B | 4.12B | 4.04B | 4.00B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 27.59M | 28.51M | 68.02M | 76.41M | 41.92M | -305.17M |
| Depreciation & Amortization | 192.62M | 190.54M | 184.94M | 184.06M | 188.14M | 185.69M |
| Other Amortization | 7.63M | 7.55M | 6.62M | 6.10M | 5.97M | 5.88M |
| Gain (Loss) on Sale of Assets | 6.23M | 1.53M | -8.26M | 34.00K | -1.02M | 2.38M |
| Asset Writedown | 144.84M | |||||
| Stock-Based Compensation | 15.80M | 15.34M | 20.80M | 24.29M | 21.66M | 17.05M |
| Income (Loss) on Equity Investments | -43.00K | 100.00K | -59.00K | -419.00K | -457.00K | 477.00K |
| Change in Accounts Receivable | -2.43M | -4.32M | 651.00K | 12.37M | -7.56M | -17.97M |
| Change in Accounts Payable | 9.45M | -5.17M | 1.91M | -11.06M | 13.15M | 7.20M |
| Change in Other Net Operating Assets | 9.59M | 9.62M | 10.50M | 22.99M | 251.00K | -1.28M |
| Other Operating Activities | 553.00K | 92.00K | 299.00K | 381.00K | -5.54M | 3.85M |
| Operating Cash Flow | 266.99M | 243.80M | 285.42M | 315.14M | 256.52M | 42.96M |
| Acquisition of Real Estate Assets | -93.47M | -126.40M | -136.48M | -132.35M | -124.28M | -222.94M |
| Sale of Real Estate Assets | 57.88M | 69.04M | 19.50M | 48.08M | 198.64M | |
| Net Sale / Acq. of Real Estate Assets | -35.59M | -57.36M | -116.98M | -132.35M | -76.21M | -24.30M |
| Cash Acquisition | -158.75M | -59.31M | ||||
| Investment in Marketable & Equity Securities | -331.00K | |||||
| Other Investing Activities | -2.40M | |||||
| Investing Cash Flow | -35.59M | -57.36M | -275.73M | -134.75M | -135.51M | -24.63M |
| Long-Term Debt Issued | 100.00M | 700.00M | 320.00M | 5.00M | 1.00B | |
| Total Debt Issued | 517.40M | 100.00M | 700.00M | 320.00M | 5.00M | 1.00B |
| Long-Term Debt Repaid | -126.25M | -700.00M | -318.66M | -200.00M | -1.19B | |
| Total Debt Repaid | -40.00M | -126.25M | -700.00M | -318.66M | -200.00M | -1.19B |
| Net Debt Issued (Repaid) | 477.40M | -26.25M | 1.34M | -195.00M | -191.41M | |
| Repurchase of Common Stock | -4.90M | -32.15M | -31.01M | -80.37M | -61.24M | -2.54M |
| Common Dividends Paid | -91.33M | -91.36M | -69.81M | -49.19M | -13.29M | -6.70M |
| Preferred Dividends Paid | -25.11M | -25.11M | -25.11M | -25.11M | -25.11M | -25.11M |
| Total Dividends Paid | -116.45M | -116.48M | -94.93M | -74.31M | -38.40M | -31.82M |
| Other Financing Activities | -15.25M | -2.83M | -5.75M | -8.11M | -3.85M | -13.49M |
| Net Cash Flow | 572.21M | 8.74M | -122.00M | 18.94M | -177.48M | -220.92M |
| Levered Free Cash Flow | 218.82M | 194.31M | 272.78M | 283.65M | 246.66M | 118.06M |
| Unlevered Free Cash Flow | 281.60M | 256.94M | 335.76M | 339.31M | 295.25M | 185.31M |
| Cash Interest Paid | 104.58M | 104.33M | 103.71M | 89.83M | 87.18M | 92.73M |
| Cash Income Tax Paid | 698.00K | 830.00K | 2.22M | 2.54M | 1.25M | 477.00K |
| Change in Working Capital | 16.61M | 135.00K | 13.05M | 24.29M | 5.83M | -12.04M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.90B | 1.11B | 1.55B | 1.80B | 1.69B | 2.29B |
| Enterprise Value | 3.77B | 3.45B | 3.87B | 3.98B | 3.87B | 4.58B |
| Last Close Price | 12.61 | 7.11 | 9.00 | 9.83 | 8.58 | 11.16 |
| Price/FFO Ratio | 8.88 | 5.58 | 6.46 | 6.68 | 6.94 | |
| Price/AFFO Ratio | 8.08 | 5.12 | 5.73 | 5.92 | 6.31 | |
| PE Ratio | 1,586.76 | 501.09 | 36.87 | 35.69 | 102.36 | |
| PS Ratio | 1.38 | 0.82 | 1.13 | 1.36 | 1.42 | 2.91 |
| PB Ratio | 1.06 | 0.51 | 0.67 | 0.77 | 0.70 | 0.95 |
| P/OCF Ratio | 7.12 | 4.56 | 5.43 | 5.71 | 6.59 | 53.21 |
| EV/Sales Ratio | 2.73 | 2.56 | 2.83 | 3.00 | 3.24 | 5.83 |
| EV/EBITDA Ratio | 11.57 | 10.89 | 11.55 | 11.82 | 12.48 | 33.91 |
| EV/EBIT Ratio | 28.29 | 27.30 | 25.76 | 26.07 | 31.75 | |
| Debt / Equity Ratio | 1.30 | 1.06 | 1.02 | 1.00 | 0.96 | 1.06 |
| Debt / EBITDA Ratio | 8.25 | 6.96 | 6.65 | 6.63 | 7.16 | 17.21 |
| Net Debt / Equity Ratio | 0.86 | 0.87 | 0.83 | 0.77 | 0.74 | 0.78 |
| Net Debt / EBITDA Ratio | 5.74 | 6.00 | 5.71 | 5.35 | 5.83 | 13.95 |
| Asset Turnover | 0.28 | 0.28 | 0.28 | 0.27 | 0.24 | 0.15 |
| Quick Ratio | 1.38 | 0.41 | 1.16 | 0.99 | 2.95 | 4.00 |
| Current Ratio | 1.48 | 0.46 | 1.28 | 1.10 | 3.41 | 4.45 |
| Return on Equity (ROE) | 1.26% | 1.27% | 2.93% | 3.21% | 1.74% | -12.20% |
| Return on Assets (ROA) | 1.66% | 1.64% | 1.92% | 1.93% | 1.50% | -0.59% |
| Return on Invested Capital (ROIC) | 2.72% | 2.66% | 3.15% | 3.18% | 2.42% | -0.97% |
| Earnings Yield | 0.06% | 2.57% | 4.39% | 4.25% | 2.48% | -13.35% |
| Dividend Yield | 4.76% | 8.05% | 4.90% | 3.06% | 1.13% | 0.29% |
| Payout Ratio | 7,550.02% | 408.56% | 139.56% | 97.26% | 91.60% | |
| Buyback Yield / Dilution | 1.09% | 2.32% | 1.97% | 3.54% | 1.04% | 0.31% |
| Total Shareholder Return | 5.85% | 10.38% | 6.87% | 6.60% | 2.17% | 0.59% |