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SEC Filings

10-K
RLJ LODGING TRUST filed this Form 10-K on 03/01/2019
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Comparison of the year ended December 31, 2018 to the year ended December 31, 2017
 
For the year ended December 31,
 
 
 
 
 
2018
 
2017
 
$ Change
 
% Change
 
(amounts in thousands)
 
 

Revenues
 

 
 

 
 

 
 

Operating revenues
 

 
 

 
 

 
 

Room revenue
$
1,473,047

 
$
1,146,882

 
$
326,165

 
28.4
 %
Food and beverage revenue
205,518

 
157,672

 
47,846

 
30.3
 %
Other revenue
82,659

 
51,707

 
30,952

 
59.9
 %
Total revenues
1,761,224

 
1,356,261

 
404,963

 
29.9
 %
Expenses
 

 
 

 
 

 
 

Operating expenses
 

 
 

 
 

 
 

Room expense
364,820

 
270,729

 
94,091

 
34.8
 %
Food and beverage expense
157,156

 
113,914

 
43,242

 
38.0
 %
Management and franchise fee expense
138,143

 
122,633

 
15,510

 
12.6
 %
Other operating expense
417,110

 
304,595

 
112,515

 
36.9
 %
Total property operating expenses
1,077,229

 
811,871

 
265,358

 
32.7
 %
Depreciation and amortization
241,641

 
186,993

 
54,648

 
29.2
 %
Property tax, insurance and other
135,059

 
91,406

 
43,653

 
47.8
 %
General and administrative
49,195

 
40,453

 
8,742

 
21.6
 %
Transaction costs
2,057

 
44,398

 
(42,341
)
 
(95.4
)%
Total operating expenses
1,505,181

 
1,175,121

 
330,060

 
28.1
 %
Other income
2,791

 
269

 
2,522

 
 %
Interest income
4,891

 
2,987

 
1,904

 
63.7
 %
Interest expense
(101,643
)
 
(78,322
)
 
(23,321
)
 
29.8
 %
Gain on sale of hotel properties, net
30,941

 
8,980

 
21,961

 
 %
Gain on extinguishment of indebtedness, net
5,996

 

 
5,996

 
100.0
 %
Gain on settlement of an investment in loan

 
2,670

 
(2,670
)
 
(100.0
)%
Income before equity in income from unconsolidated joint ventures
199,019

 
117,724

 
81,295

 
69.1
 %
Equity in income from unconsolidated joint ventures
636

 
133

 
503

 
 %
Income before income tax expense
199,655

 
117,857

 
81,798

 
69.4
 %
Income tax expense
(8,793
)
 
(42,118
)
 
33,325

 
(79.1
)%
Net income
190,862

 
75,739

 
115,123

 
 %
Net income attributable to noncontrolling interests:
 

 
 

 
 

 
 
Noncontrolling interest in consolidated joint ventures
(17
)
 
(117
)
 
100

 
(85.5
)%
Noncontrolling interest in the Operating Partnership
(719
)
 
(291
)
 
(428
)
 
 %
Preferred distributions - consolidated joint venture
(1,483
)
 
(496
)
 
(987
)
 
 %
Net income attributable to RLJ
188,643

 
74,835

 
113,808

 
 %
Preferred dividends
(25,115
)
 
(8,372
)
 
(16,743
)
 
 %
Net income attributable to common shareholders
$
163,528

 
$
66,463

 
$
97,065

 
 %

Revenues
 
Total revenues increased $405.0 million, or 29.9%, to $1.76 billion for the year ended December 31, 2018 from $1.36 billion for the year ended December 31, 2017. The increase was a result of a $326.2 million increase in room revenue, a $47.8 million increase in food and beverage revenue, and a $31.0 million increase in other revenue.


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