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RLJ Lodging Trust Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: RLJ

RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and twelve months ended December 31, 2012.

Full Year Highlights

  • Pro forma RevPAR increased 7.4%, Pro forma ADR increased 5.8% and Pro forma Occupancy increased 1.5%
  • Pro forma Hotel EBITDA Margin increased 78 basis points to 33.9%
  • Pro forma Consolidated Hotel EBITDA increased 10.8% to $293.7 million
  • Adjusted FFO increased 30.6% to $185.6 million
  • Acquired four hotels and agreed to acquire one hotel currently under construction for a total investment of $318.8 million in key gateway markets
  • Completed a two-year $210.0 million renovation plan
  • Received three renovation awards from Hilton Worldwide and one from Marriott International
  • Entered into a $700.0 million unsecured facility, with the ability to upsize to $1.2 billion
  • Declared an aggregate cash dividend of $0.70, a 16.7% increase over the prior year’s annualized rate

Fourth Quarter Highlights

  • Pro forma RevPAR increased 10.2%, Pro forma ADR increased 6.6% and Pro forma Occupancy increased 3.4%
  • Pro forma Hotel EBITDA Margin increased 162 basis points to 34.6%
  • Pro forma Consolidated Hotel EBITDA increased 14.4% to $76.0 million
  • Adjusted FFO increased 35.9% to $50.7 million
  • Acquired one hotel and agreed to acquire one hotel currently under construction for a total investment of $136.1 million in key gateway markets
  • Declared a cash dividend of $0.205 per share for the quarter

“2012 marked another outstanding year for RLJ. We demonstrated our commitment to drive growth and deliver excellent results,” commented Thomas J. Baltimore, Jr., President and Chief Executive Officer. “With our two-year renovation plan completed, new hotels in key gateway markets, and a strong balance sheet, we are well positioned to continue to deliver outsized growth.”

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