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RLJ Lodging Trust (RLJ) investor relations material
RLJ Lodging Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Third quarter results were in line with expectations, reflecting portfolio resiliency and effective cost controls amid a 5.1% year-over-year REVPAR decline, balanced between occupancy and ADR.
Out-of-room spend grew 1.3% year-over-year despite lower occupancy, driven by ROI initiatives and disciplined expense management.
Strategic investments in transformative renovations and conversions continued, positioning the portfolio for future value creation.
Portfolio focused on premium-branded, high-margin, rooms-oriented hotels in urban markets, with 95 properties and ~21,200 rooms in 23 states and DC as of September 30, 2025.
Sold one hotel for $24.3 million, refinanced a term loan to $300 million, and repurchased 3.3 million shares for $28.6 million.
Financial highlights
Q3 2025 total revenue was $330.0 million, down 4.5% year-over-year; nine-month revenue was $1.02 billion, down 1.7%.
Q3 2025 net loss attributable to common shareholders was $10.0 million, with net loss per share of $0.07; nine-month net income was $9.2 million.
Q3 2025 Adjusted EBITDA was $72.6 million, down from $91.9 million in Q3 2024; nine-month Adjusted EBITDA was $254.2 million.
Q3 2025 Adjusted FFO per diluted share was $0.27, down 32.5% year-over-year; nine-month Adjusted FFO was $160.7 million.
Comparable RevPAR for Q3 was $138.51, down 5.1% year-over-year; occupancy was 73.0%.
Outlook and guidance
Full-year 2025 guidance revised: comparable RevPAR growth expected between -2.6% and -1.9%.
Comparable hotel EBITDA projected at $357.5–$365.5 million; corporate adjusted EBITDA at $324–$332 million.
Adjusted FFO per diluted share expected between $1.31 and $1.37; capital expenditures forecasted at $80–$100 million.
Guidance reflects government shutdown impacts and assumes no further acquisitions, dispositions, or refinancings.
2026 outlook is positive, with anticipated benefits from major events and continued urban market recovery.
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