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RLJ Lodging Trust Reports Fourth Quarter And Full Year 2011 Results

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

“The fourth quarter completed a significant year in RLJ’s evolution. In addition to becoming a publicly traded company in 2011, we acquired 10 hotels and made significant progress on our renovation projects, all while maintaining a stellar balance sheet,” commented Thomas J. Baltimore, Jr., President and Chief Executive Officer. “We remain confident that our strategic actions have provided us with an attractive platform for continued growth as we realize the upside potential embedded in our portfolio and seek additional value-enhancing acquisitions.”

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