RLJ Lodging Trust Files 2023 10-K

TL;DR

<b>RLJ Lodging Trust filed its 2023 10-K, detailing financial performance and assets as of December 31, 2023.</b>

AI Summary

RLJ Lodging Trust (RLJ-PA) filed a Annual Report (10-K) with the SEC on February 27, 2024. RLJ Lodging Trust reported $155,297,829 in total assets for the fiscal year ended December 31, 2023. The company had $12,879,475 in net income for the fiscal year ended December 31, 2023. RLJ Lodging Trust's total debt was not explicitly stated in the provided data. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 7373 Wisconsin Ave, Suite 1500, Bethesda, MD 20814.

Why It Matters

For investors and stakeholders tracking RLJ Lodging Trust, this filing contains several important signals. The 10-K filing provides a comprehensive overview of RLJ Lodging Trust's financial health and operational performance for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. Key financial figures such as total assets and net income are disclosed, allowing stakeholders to evaluate the company's financial position and profitability over the reporting period.

Risk Assessment

Risk Level: — RLJ Lodging Trust shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information including financial statements and risk factors. Specific financial performance details or significant changes that might indicate higher risk are not immediately apparent from the provided snippet.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand RLJ Lodging Trust's performance and potential challenges in the hotel REIT sector.

Financial Highlights

total Assets

155,297,829

net Income

12,879,475

eps

0.01

Key Numbers

• 155,297,829 — Total Assets (As of December 31, 2023)
• 12,879,475 — Net Income (For the fiscal year ended December 31, 2023)
• 0.01 — EPS (For the fiscal year ended December 31, 2023)
• 2023-12-31 — Fiscal Year End (Reporting period)

Key Players & Entities

• RLJ Lodging Trust (company) — FILER
• 7373 WISCONSIN AVE (company) — BUSINESS ADDRESS
• BETHESDA (company) — BUSINESS ADDRESS
• MD (company) — BUSINESS ADDRESS
• 20814 (company) — BUSINESS ADDRESS
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240227 (date) — FILED AS OF DATE

FAQ

Industry Context

RLJ Lodging Trust operates as a real estate investment trust (REIT) focused on the lodging industry.

Regulatory Implications

The filing is a 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive summary of a company's financial performance.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's disclosed risk factors to understand potential challenges.
3. Compare the 2023 financial results with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K was filed with the SEC.

Year-Over-Year Comparison

The provided data snippet focuses on the 2023 fiscal year. A comparison with the previous filing (e.g., 2022) would require access to that document.

Key Financial Figures

• $0.01 — hares of beneficial interest, par value $0.01 per share RLJ New York Stock Exchange
• $1.95 — per share RLJ New York Stock Exchange $1.95 Series A Cumulative Convertible Preferr
• $10.27 — 6,125,324 based on the closing price of $10.27 as reported on the New York Stock Excha

Filing Documents

• rlj-20231231.htm (10-K) — 3230KB
• exhibit101412312023.htm (EX-10.14) — 128KB
• exhibit101512312023.htm (EX-10.15) — 142KB
• exhibit21112312023.htm (EX-21.1) — 72KB
• exhibit23112312023.htm (EX-23.1) — 2KB
• exhibit31112312023.htm (EX-31.1) — 14KB
• exhibit31212312023.htm (EX-31.2) — 14KB
• exhibit32112312023.htm (EX-32.1) — 9KB
• exhibit97112312023.htm (EX-97.1) — 20KB
• rlj-20231231_g1.jpg (GRAPHIC) — 122KB
• 0001511337-24-000006.txt (&nbsp;) — 15989KB
• rlj-20231231.xsd (EX-101.SCH) — 108KB
• rlj-20231231_cal.xml (EX-101.CAL) — 104KB
• rlj-20231231_def.xml (EX-101.DEF) — 440KB
• rlj-20231231_lab.xml (EX-101.LAB) — 1169KB
• rlj-20231231_pre.xml (EX-101.PRE) — 679KB
• rlj-20231231_htm.xml (XML) — 2918KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 29 Item 6. Reserved 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 43 Item 9A.

Controls and Procedures

Controls and Procedures 44 Item 9B. Other Information 44 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 44 PART III Item 10. Directors, Executive Officers and Corporate Governance 45 Item 11.

Executive Compensation

Executive Compensation 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 45 Item 13. Certain Relationships and Related Transactions and Director Independence 45 Item 14. Principal Accountant Fees and Services 45 PART IV Item 15. Exhibits and Financial Statement Schedules 46 Item 16. Form 10-K Summary 48 1 Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10-K, 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, 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," "may" 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. Factors that might cause actual outcomes to differ materially from our forward-looking statements include the following: the current global economic uncertainty, increased direct and indirect competition, changes in government regulations or accounting rules, changes in local, national and global real estate conditions, declines in the lodging industry, seasonality of the lodging industry, risks related to natural disasters, such as ea

Business

Item 1. Business Our Company We are a self-advised and self-administered Maryland real estate investment trust ("REIT") that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. We are one of the largest U.S. publicly-traded lodging REITs in terms of both number of hotels and number of rooms. Our hotels are concentrated in markets that we believe exhibit multiple demand generators and attractive long-term growth prospects. We believe premium-branded, focused-service and compact full-service hotels with these characteristics generate high levels of RevPAR, strong operating margins and attractive returns. As of December 31, 2023, we owned 97 hotel properties with approximately 21,400 rooms, located in 23 states and the District of Columbia. We owned, through wholly-owned subsidiaries, a 100% interest in 95 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 96 hotel properties in which we hold a controlling financial 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 96 of the 97 hotel properties to our TRSs, of which we own a controlling financial interest. For U.S. federal income tax purposes, we elect to be taxed as a REIT. Substantially all of our assets and liabilities are held by, and all of our operations are conducted through, the Operating Partnership. We are the sole general partner of the Operating Partnership. As of December 31, 2023, we owned, through a combination of direct and indirect interests, 99.5% of the units of limited partnership interest in the Operating Partnership ("OP units"). The Lodging Industry The lodging industry in the United States consists of public and priva

View Full Filing

View this 10-K filing on SEC EDGAR