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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.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.
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