RLJ Lodging Trust

05/04/2026 | Press release | Distributed by Public on 05/04/2026 12:49

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q, as well as the information contained in our Annual Report, which is accessible on the SEC's website at www.sec.gov.
Statement Regarding Forward-Looking Information
The following information contains certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements generally are identified by the use of the words "believe," "project," "expect," "anticipate," "estimate," "plan," "may," "will," "will continue," "intend," "should," or similar expressions. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements.
Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. We caution investors not to place undue reliance on these forward-looking statements and urge investors to carefully review the disclosures we make concerning risks and uncertainties in the sections entitled "Special Note About Forward-Looking Statements," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report, as well as the risks, uncertainties and other factors discussed in this Quarterly Report on Form 10-Q and identified in other documents filed by us with the SEC.
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Overview
We are a self-advised and self-administered Maryland REIT that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. We own a geographically diversified portfolio of hotels located in urban markets that exhibit multiple demand generators and attractive long-term growth prospects. We believe that our investment strategy allows us to generate high levels of Revenue per Available Room ("RevPAR"), strong operating margins and attractive returns. Our focused-service and compact full-service hotels typically generate most of their revenue from room rentals, have limited food and beverage outlets and meeting space, and require fewer employees than traditional full-service hotels. We believe these types of hotels have the potential to generate attractive returns relative to other types of hotels due to their ability to achieve RevPAR levels at or close to those achieved by traditional full-service hotels while achieving higher profit margins due to their more efficient operating model and less volatile cash flows.
As of March 31, 2026, we owned 93 hotel properties with approximately 20,800 rooms, located in 23 states and the District of Columbia. We owned, through wholly-owned subsidiaries, a 100% interest in 91 of our hotel properties, a 95% controlling interest in one hotel property, and a 50% non-controlling interest in an entity owning one hotel property. We consolidate our real estate interests in the 92 hotel properties in which we hold a controlling interest, and we record the real estate interest in the one hotel property in which we hold an indirect 50% non-controlling interest using the equity method of accounting. We lease 92 of the 93 hotel properties to our TRSs, of which we own a controlling financial interest.
For U.S. federal income tax purposes, we elected to be taxed as a REIT commencing with our taxable year ended December 31, 2011. Substantially all of our assets and liabilities are held by, and all of our operations are conducted through our Operating Partnership. We are the sole general partner of the Operating Partnership. As of March 31, 2026, we owned, through a combination of direct and indirect interests, 99.5% of the units of limited partnership interest in the OP units.
2026 Significant Activities
Our significant activities reflect our commitment to creating long-term shareholder value through enhancing our hotel portfolio's quality, recycling capital and maintaining a prudent capital structure. The following significant activities have taken place in 2026:
•The completion of a series of refinancing transactions that will allow us to repay the 2026 Senior Notes prior to maturity in July 2026, including:
•The refinancing of two mortgage loans that previously totaled approximately $154.8 million to extend the initial maturities to April 2029 and provide incremental proceeds of $9.6 million, consisting of $23.4 million in additional proceeds and $13.8 million in principal paydowns.
•The recast of our $600.0 million Revolver to extend the initial maturity to February 2030.
•The refinancing of a term loan to extend the scheduled maturity to February 2031 and upsize it to a $569.0 million delayed draw term loan, of which $225.0 million has been funded and $344.0 million of commitments remain available to be drawn by us.
•The issuance of a new $150.0 million delayed draw term loan which matures in February 2033.
•The approval of a new share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares from May 9, 2026 to May 8, 2027.
Our Customers
The majority of our hotels consist of premium-branded, focused-service and compact full-service hotels. As a result of this property profile, the majority of our customers are transient in nature. Transient business typically represents individual business or leisure travelers. The majority of our hotels are located in business districts within major metropolitan areas which benefit from a wide range of demand sources, including corporate, educational, government, leisure and international travel, among others. As a result, macroeconomic or political actions that impact these areas may have a significant effect on our business.
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Group business is typically defined as a minimum of 10 guestrooms booked together as part of the same piece of business. Group business may or may not use the meeting space at any given hotel. Given the limited meeting space at the majority of our hotels, group business that utilizes meeting space represents a small component of our customer base.
A number of our hotel properties are affiliated with brands marketed toward extended-stay customers. Extended-stay customers are generally defined as those staying five nights or longer.
Our Revenues and Expenses
Our revenues are primarily derived from the operation of hotels, including the sale of rooms, food and beverage revenue and other revenue, which consists of parking fees, resort fees, gift shop sales and other guest service fees.
Our operating costs and expenses consist of the costs to provide hotel services, including room expense, food and beverage expense, management and franchise fees and other operating expenses. Room expense includes housekeeping and front office wages and payroll taxes, reservation systems, room supplies, laundry services and other costs. Food and beverage expense primarily includes the cost of food, the cost of beverages and the associated labor costs. Other operating expenses include labor and other costs associated with the other operating department revenue, as well as labor and other costs associated with administrative departments, sales and marketing, repairs and maintenance and utility costs. Our hotels that are subject to franchise agreements are charged a royalty fee, plus additional fees for marketing, central reservation systems and other franchisor costs, in order for the hotel properties to operate under the respective brands. Franchise fees are based on a percentage of room revenue and for certain hotels additional franchise fees are charged for food and beverage revenue. Our hotels are managed by independent, third-party management companies under long-term agreements pursuant to which the management companies typically earn base and incentive management fees based on the levels of revenues and profitability of each individual hotel property. We generally receive a cash distribution from the management companies on a monthly basis, which reflects hotel-level sales less hotel-level operating expenses.
Key Indicators of Financial Performance
We use a variety of operating, financial and other information to evaluate the operating performance of our business. These key indicators include financial information that is prepared in accordance with GAAP as well as other financial measures that are non-GAAP measures. In addition, we use other information that may not be financial in nature, including industry standard statistical information and comparative data. We use this information to measure the operating performance of our individual hotels, groups of hotels and/or business as a whole. We also use these metrics to evaluate the hotels in our portfolio and potential acquisition opportunities to determine each hotel's contribution to cash flow and its potential to provide attractive long-term total returns. The key indicators include:
•Average Daily Rate ("ADR")
•Occupancy
•RevPAR
ADR, Occupancy and RevPAR are commonly used measures within the lodging industry to evaluate operating performance. RevPAR is an important statistic for monitoring operating performance at the individual hotel property level and across our entire business. We evaluate individual hotel RevPAR performance on an absolute basis with comparisons to budget and prior periods, as well as on a regional and company-wide basis. ADR and RevPAR include only room revenue.
We also use non-GAAP measures such as FFO, Adjusted FFO, EBITDA, EBITDAre and Adjusted EBITDA to evaluate the operating performance of our business. For a more in depth discussion of these non-GAAP measures, please refer to the "Non-GAAP Financial Measures" section. In addition, we use Hotel EBITDA, a non-GAAP financial measure, to assess operating performance. For a more in depth discussion of Hotel EBITDA, please refer to Note 14, Segment Information, to the consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
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Critical Accounting Policies and Estimates
The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of our financial statements and the reported amounts of revenues and expenses during the reporting period. It is possible that the actual amounts may differ significantly from these estimates and assumptions. We evaluate our estimates, assumptions and judgments on an ongoing basis, based on information that is available to us, our business and industry experience, and various other matters that we believe are reasonable and appropriate for consideration under the circumstances. Our Annual Report contains a discussion of our critical accounting policies and estimates. There have been no significant changes to our critical accounting policies and estimates since December 31, 2025.
Results of Operations
At March 31, 2026 and 2025, we owned 93 and 95 hotel properties, respectively. Based on when a hotel property is acquired or sold, the operating results for certain hotel properties are not comparable for the three months ended March 31, 2026 and 2025. The non-comparable properties include three hotel properties that were sold in 2025.
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Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025
For the three months ended March 31,
2026 2025 $ Change
(amounts in thousands)
Revenues
Operating revenues
Room revenue $ 275,257 $ 267,654 $ 7,603
Food and beverage revenue 39,717 37,513 2,204
Other revenue 25,003 22,952 2,051
Total revenues 339,977 328,119 11,858
Expenses
Operating expenses
Room expense 72,732 70,851 1,881
Food and beverage expense 30,762 29,289 1,473
Management and franchise fee expense 25,074 25,202 (128)
Other operating expenses 96,426 91,711 4,715
Total property operating expenses 224,994 217,053 7,941
Depreciation and amortization 47,195 45,788 1,407
Property tax, insurance and other 26,972 27,203 (231)
General and administrative 12,979 12,646 333
Transaction costs 32 56 (24)
Total operating expenses 312,172 302,746 9,426
Other income, net 832 888 (56)
Interest income 2,938 3,255 (317)
Interest expense (27,677) (27,552) (125)
(Loss) gain on sale of hotel properties, net (3,647) 1,321 (4,968)
Loss on extinguishment of indebtedness, net (373) - (373)
(Loss) income before equity in income from unconsolidated joint ventures (122) 3,285 (3,407)
Equity in income from unconsolidated joint ventures 37 181 (144)
(Loss) income before income tax expense (85) 3,466 (3,551)
Income tax expense (264) (294) 30
Net (loss) income (349) 3,172 (3,521)
Net loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership 34 17 17
Noncontrolling interest in consolidated joint ventures 174 173 1
Net (loss) income attributable to RLJ (141) 3,362 (3,503)
Preferred dividends (6,279) (6,279) -
Net loss attributable to common shareholders $ (6,420) $ (2,917) $ (3,503)
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Revenues
Total revenues increased $11.9 million to $340.0 million for the three months ended March 31, 2026 from $328.1 million for the three months ended March 31, 2025. The increase was the result of a $7.6 million increase in room revenue, a $2.2 million increase in food and beverage revenue and a $2.1 million increase in other revenue.
Room Revenue
Room revenue increased $7.6 million to $275.3 million for the three months ended March 31, 2026 from $267.7 million for the three months ended March 31, 2025. The increase was the result of a $12.5 million increase in room revenue attributable to the comparable properties and a $4.9 million decrease in room revenue attributable to the non-comparable properties. The increase in room revenue from the comparable properties was driven by an increase in leisure and corporate travel, in addition to the ramp up of our recently renovated hotels.
The following are the quarter-to-date key hotel operating statistics for the comparable properties:
For the three months ended March 31,
2026 2025
Occupancy 70.8 % 69.0 %
ADR $ 209.91 $ 205.51
RevPAR $ 148.55 $ 141.80
Food and Beverage Revenue
Food and beverage revenue increased $2.2 million to $39.7 million for the three months ended March 31, 2026 from $37.5 million for the three months ended March 31, 2025. The increase in food and beverage revenue was primarily due to increases in banquet and outlet revenue.
Other Revenue
Other revenue increased $2.1 million to $25.0 million for the three months ended March 31, 2026 from $23.0 million for the three months ended March 31, 2025. The increase in other revenue was primarily due to an increase in gift shop sales, parking and amenity fees.
Property Operating Expenses
Property operating expenses increased $7.9 million to $225.0 million for the three months ended March 31, 2026 from $217.1 million for the three months ended March 31, 2025. The increase was due to a $11.7 million increase in property operating expenses from the comparable properties partially offset by a $3.8 million decrease in property operating expenses from the non-comparable properties.
The components of our property operating expenses for the comparable properties were as follows (in thousands):
For the three months ended March 31,
2026 2025 $ Change
Room expense $ 72,718 $ 69,703 $ 3,015
Food and beverage expense 30,772 28,978 1,794
Management and franchise fee expense 25,074 24,594 480
Other operating expenses 96,406 89,999 6,407
Total property operating expenses $ 224,970 $ 213,274 $ 11,696
The increase in property operating expenses from the comparable properties was primarily due to increases in wages and benefits, as well as increases in room expenses and food expenses and increases in other operating expenses, including increases in utilities.
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Depreciation and Amortization
Depreciation and amortization expense increased $1.4 million to $47.2 million for the three months ended March 31, 2026 from $45.8 million for the three months ended March 31, 2025. The increase in depreciation and amortization expense was primarily related to our recently renovated hotels.
Property Tax, Insurance and Other
Property tax, insurance and other expense decreased $0.2 million to $27.0 million for the three months ended March 31, 2026 from $27.2 million for the three months ended March 31, 2025.
General and Administrative
General and administrative expense increased $0.3 million to $13.0 million for the three months ended March 31, 2026 from $12.6 million for the three months ended March 31, 2025.
Other Income, net
Other income, net decreased $0.1 million to $0.8 million for the three months ended March 31, 2026 from $0.9 million for the three months ended March 31, 2025.
Interest Income
Interest income decreased $0.3 million to $2.9 million for the three months ended March 31, 2026 from $3.3 million for the three months ended March 31, 2025.
Interest Expense
Interest expense increased $0.1 million to $27.7 million for the three months ended March 31, 2026 from $27.6 million for the three months ended March 31, 2025. The components of our interest expense for the three months ended March 31, 2026 and 2025 were as follows (in thousands):
For the three months ended March 31,
2026 2025 $ Change
Senior Notes $ 9,688 $ 9,688 $ -
Revolver and Term Loans 13,970 13,534 436
Mortgage loans 2,127 2,355 (228)
Amortization of deferred financing costs 1,892 1,831 61
Non-cash interest expense related to interest rate hedges - 144 (144)
Total interest expense $ 27,677 $ 27,552 $ 125
(Loss) Gain on Sale of Hotel Properties, net
During the three months ended March 31, 2026, we recorded a $3.6 million net loss on the sale of a hotel property, due to the fair value write down related to the sale that is expected to close during the second quarter of 2026. During the three months ended March 31, 2025, we sold one hotel property for a sales price of $24.3 million and recorded a net gain on the sale of $1.3 million.
Non-GAAP Financial Measures
We consider the following non-GAAP financial measures useful to investors as key supplemental measures of our performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre and (5) Adjusted EBITDA. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of our operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre, and Adjusted EBITDA, as calculated by us, may not be comparable to FFO, Adjusted FFO, EBITDA, EBITDAre and Adjusted EBITDA as reported by other companies that do not define such terms exactly as we define such terms.
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Funds From Operations
We calculate funds from operations ("FFO") in accordance with standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which defines FFO as net income or loss, excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company's operations. We believe that the presentation of FFO provides useful information to investors regarding our operating performance and can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common shareholders. Our calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing us to non-REITs. We present FFO attributable to common shareholders, which includes our OP units, because our OP units may be redeemed for common shares. We believe it is meaningful for the investor to understand FFO attributable to all common shares and OP units.
We further adjust FFO for certain additional items that are not in NAREIT's definition of FFO, such as transaction costs, pre-opening costs, gains or losses on extinguishment of indebtedness, non-cash income tax expense or benefit, amortization of share-based compensation, non-cash interest expense related to discontinued interest rate hedges, derivative gains or losses in accumulated other comprehensive income reclassified to earnings, and certain other income or expenses that we consider outside the normal course of operations. We believe that Adjusted FFO provides useful supplemental information to investors regarding our ongoing operating performance that, when considered with net income and FFO, is beneficial to an investor's understanding of our operating performance.
The following table is a reconciliation of our GAAP net (loss) income to FFO attributable to common shareholders and unitholders and Adjusted FFO attributable to common shareholders and unitholders for the three months ended March 31, 2026 and 2025 (in thousands):
For the three months ended March 31,
2026 2025
Net (loss) income $ (349) $ 3,172
Preferred dividends (6,279) (6,279)
Depreciation and amortization 47,195 45,788
Loss (gain) on sale of hotel properties, net 3,647 (1,321)
Noncontrolling interest in consolidated joint ventures 174 173
Adjustments related to consolidated joint venture (1) (50) (49)
Adjustments related to unconsolidated joint venture (2) 224 244
FFO 44,562 41,728
Transaction costs 32 56
Pre-opening costs (3) 298 399
Loss on extinguishment of indebtedness, net 373 -
Amortization of share-based compensation 3,656 4,349
Non-cash interest expense related to discontinued interest rate hedges - 144
Other expenses (4) 597 244
Adjusted FFO $ 49,518 $ 46,920
(1)Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint venture.
(2)Includes our ownership interest in the depreciation and amortization expense of the unconsolidated joint venture.
(3)Represents expenses related to the brand conversions of certain hotel properties prior to opening.
(4)Represents expenses and income outside of the normal course of operations.
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EBITDA and EBITDAre
EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense. We consider EBITDA useful to an investor in evaluating and facilitating comparisons of our operating performance between periods and between REITs by removing the impact of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization expense) from our operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and disposals.
In addition to EBITDA, we present EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. We believe that the presentation of EBITDAre provides useful information to investors regarding our operating performance and can facilitate comparisons of operating performance between periods and between REITs.
We also present Adjusted EBITDA, which includes additional adjustments for items such as transaction costs, pre-opening costs, gains or losses on extinguishment of indebtedness, amortization of share-based compensation, derivative gains or losses in accumulated other comprehensive income reclassified to earnings, and certain other income or expenses that we consider outside the normal course of operations. We believe that Adjusted EBITDA provides useful supplemental information to investors regarding our ongoing operating performance that, when considered with net income, EBITDA, and EBITDAre, is beneficial to an investor's understanding of our operating performance.
The following table is a reconciliation of our GAAP net (loss) income to EBITDA, EBITDAre and Adjusted EBITDA for the three months ended March 31, 2026 and 2025 (in thousands):
For the three months ended March 31,
2026 2025
Net (loss) income $ (349) $ 3,172
Depreciation and amortization 47,195 45,788
Interest expense, net of interest income 24,739 24,297
Income tax expense 264 294
Adjustments related to unconsolidated joint venture (1) 420 316
EBITDA 72,269 73,867
Loss (gain) on sale of hotel properties, net 3,647 (1,321)
EBITDAre
75,916 72,546
Transaction costs 32 56
Pre-opening costs (2) 298 399
Loss on extinguishment of indebtedness, net 373 -
Amortization of share-based compensation 3,656 4,349
Other expenses (3) 597 244
Adjusted EBITDA $ 80,872 $ 77,594
(1)Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint venture.
(2)Represents expenses related to the brand conversions of certain hotel properties prior to opening.
(3)Represents expenses and income outside of the normal course of operations.
Liquidity and Capital Resources
Our liquidity requirements consist primarily of the funds necessary to pay for operating expenses and other expenditures directly associated with our hotel properties, including:
•funds necessary to pay for the costs of acquiring hotel properties;
•redevelopments, conversions, renovations and other capital expenditures that need to be made periodically to our hotel properties;
•recurring maintenance and capital expenditures necessary to maintain our hotel properties in accordance with brand standards;
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•interest expense and scheduled principal payments on outstanding indebtedness;
•distributions on common and preferred shares;
•share repurchases under our share repurchase programs; and
•corporate and other general and administrative expenses.
As of March 31, 2026, we had $387.5 million of cash, cash equivalents, and restricted cash reserves as compared to $442.1 million at December 31, 2025.
Sources and Uses of Cash
Cash flows from Operating Activities
The net cash flow provided by operating activities totaled $26.2 million and $16.3 million for the three months ended March 31, 2026 and 2025, respectively. Our cash flows provided by operating activities generally consist of the net cash generated by our hotel operations, the cash paid for corporate expenses and other working capital changes. Refer to the "Results of Operations" section for further discussion of our operating results for the three months ended March 31, 2026 and 2025.
Cash flows from Investing Activities
The net cash flow used in investing activities totaled $28.4 million for the three months ended March 31, 2026 primarily due to capital improvements and additions to our hotel properties and other assets.
The net cash flow used in investing activities totaled $23.7 million for the three months ended March 31, 2025 primarily due to $46.8 million in capital improvements and additions to our hotel properties and other assets and a purchase deposit of $1.0 million. The net cash flow used in investing activities was partially offset by $24.1 million in proceeds from the sale of a hotel property.
Cash flows from Financing Activities
The net cash flow used in financing activities totaled $52.4 million for the three months ended March 31, 2026 primarily due to $5.4 million in repayments of mortgage loans, $29.6 million in distributions to shareholders and unitholders, $3.1 million paid to repurchase common shares to satisfy employee tax withholding requirements, and $14.4 million in deferred financing cost payments.
The net cash flow used in financing activities totaled $53.6 million for the three months ended March 31, 2025 primarily due to $20.8 million paid to repurchase common shares under a share repurchase program, $29.6 million in distributions to shareholders and unitholders, and $3.1 million paid to repurchase common shares to satisfy employee tax withholding requirements.
Capital Expenditures and Reserve Funds
We maintain each of our hotel properties in good repair and condition and in conformity with applicable laws and regulations, franchise agreements and management agreements. The cost of routine improvements and alterations are paid out of FF&E reserves, which are funded by a portion of each hotel property's gross revenues. Routine capital expenditures may be administered by the property management companies. However, we have approval rights over the capital expenditures as part of the annual budget process for each of our hotel properties.
From time to time, certain of our hotel properties may undergo renovations as a result of our decision to upgrade portions of the hotels, such as guestrooms, public space, meeting space, and/or restaurants, in order to better compete with other hotels and alternative lodging options in our markets. In addition, upon acquisition of a hotel property we often are required to complete a property improvement plan in order to bring the hotel up to the respective franchisor's standards. If permitted by the terms of the management agreement, funding for a renovation will first come from the FF&E reserves. To the extent that the FF&E reserves are not available or sufficient to cover the cost of the renovation, we will fund all or the remaining portion of the renovation with cash and cash equivalents on hand, our Revolver and/or other sources of available liquidity.
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With respect to some of our hotels that are operated under franchise agreements with major national hotel brands and for some of our hotels subject to first mortgage liens, we are obligated to maintain FF&E reserve accounts for future capital expenditures at these hotels. The amount funded into each of these reserve accounts is generally determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents for each of the respective hotels, and typically ranges between 4.0% and 5.0% of the respective hotel's total gross revenue. As of March 31, 2026, approximately $34.4 million was held in FF&E reserve accounts for future capital expenditures.
RLJ Lodging Trust published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 04, 2026 at 18:49 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]