RLJ Lodging Trust
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RLJ Lodging Trust (RLJ) investor relations material

RLJ Lodging Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Feb, 2026

Executive summary

  • Fourth quarter and full-year results exceeded expectations in a challenging environment, with urban markets and renovated hotels driving outperformance.

  • Portfolio comprised 92 hotels with 20,588 rooms as of December 31, 2025, excluding one unconsolidated property.

  • Full year 2025 adjusted FFO per diluted share was $1.39, adjusted EBITDA was $334.6 million, and net income totaled $28.6 million.

  • Asset sales at accretive multiples, significant capital returned to shareholders, and all near-term debt maturities addressed.

  • Market capitalization stood at $1.1B, with total enterprise value at $3.3B and total capitalization at $3.7B.

Financial highlights

  • FY 2025 total revenue was $1,332.8M, down from $1,345.9M in FY 2024; Q4 comparable hotel revenue was $325.1M, up 0.2% year-over-year.

  • Comparable hotel EBITDA for FY 2025 was $363.5M, a decrease from $392.0M in FY 2024; Q4 comparable hotel EBITDA was $87.8M.

  • Q4 adjusted EBITDA was $80.4M, down 0.9% year-over-year; full year adjusted EBITDA was $334.6M, down 7.5%.

  • Q4 adjusted FFO per diluted share was $0.32, down 3.0% year-over-year; full year was $1.39, down 11.5%.

  • Comparable hotel EBITDA margin was 27.0% in Q4 (down 44 bps) and 27.3% for the year (down 185 bps).

Outlook and guidance

  • 2026 guidance: comparable RevPAR growth of 0.5%–3%, comparable hotel EBITDA of $344–$374 million, corporate adjusted EBITDA of $312–$342 million, and adjusted FFO per diluted share of $1.21–$1.41.

  • Capital expenditures expected at $80–$90 million; cash G&A at $32.5–$33.5 million; net interest expense at $101–$103 million.

  • Total revenue growth projected to outpace RevPAR growth due to continued non-room revenue initiatives.

  • First quarter expected to be softest due to tough comps; stronger performance anticipated in later quarters.

  • Adjusted FFO per diluted share guidance for 2026 is $1.21 to $1.41.

2026 RevPAR outlook vs. unique catalysts
Capital allocation strategy for $1B liquidity
Drivers of 2025 Hotel EBITDA Margin decline
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Frequently asked questions

RLJ Lodging Trust is a real estate investment trust (REIT) specializing in the ownership of premium-branded, focused-service, and compact full-service hotels. The company's portfolio includes properties primarily affiliated with well-recognized brands such as Marriott, Hilton, and Hyatt. RLJ Lodging Trust focuses on high-demand urban, airport, and suburban markets, catering to both business and leisure travelers. Its revenue is generated through hotel operations managed by third-party operators. The company is headquartered in Bethesda, Maryland, and its shares are listed on the NYSE.

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