RLJ Lodging Trust (RLJ) investor relations material

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.