RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the quarter and year ended December 31, 2011.
This press release presents data combining the financial and operating results of the Company’s predecessor entity prior to the consummation of the Company’s initial public offering (“IPO”) and the results of the Company post-IPO. The Company completed its IPO and related formation transactions on May 16, 2011.
Full Year Highlights
- Pro forma RevPAR increased 7.7%, ADR increased 4.9% and occupancy increased 2.7%
- Pro forma Hotel EBITDA Margin increased 106 basis points to 33.4%
- Pro forma Consolidated Hotel EBITDA of $253.2 million
- Completed IPO and raised $533.2 million, net of underwriting discounts and commissions
- Entered into a new $300.0 million unsecured revolving credit facility, with the ability to upsize to $450.0 million
- Retired $472.6 million of mortgage debt and refinanced a $140.0 million term loan
- Acquired 10 hotels in nine states for $246.6 million
- Net income attributable to common shareholders for the year ended December 31, 2011, was $11.3 million
Fourth Quarter Highlights
- Pro forma RevPAR increased 5.7%, ADR increased 4.9% and occupancy increased 0.7%
- Acquired the 176-room Courtyard by Marriott Charleston Historic District for $42.0 million
- Financed five separate mortgage loans for $142.0 and retired a $140.0 million term loan
- Authorized a share repurchase program to acquire up to $100.0 million common shares