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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, 2017 to the year ended December 31, 2016
 
For the year ended December 31,
 
 
 
 
 
2017
 
2016
 
$ Change
 
% Change
 
(amounts in thousands)
 
 

Revenues
 

 
 

 
 

 
 

Operating revenues
 

 
 

 
 

 
 

Room revenue
$
1,146,882

 
$
1,010,637

 
$
136,245

 
13.5
 %
Food and beverage revenue
157,672

 
111,691

 
45,981

 
41.2
 %
Other revenue
51,707

 
37,667

 
14,040

 
37.3
 %
Total revenues
1,356,261

 
1,159,995

 
196,266

 
16.9
 %
Expenses
 

 
 

 
 

 
 

Operating expenses
 

 
 

 
 

 
 

Room expense
270,729

 
228,656

 
42,073

 
18.4
 %
Food and beverage expense
113,914

 
79,589

 
34,325

 
43.1
 %
Management and franchise fee expense
122,633

 
118,210

 
4,423

 
3.7
 %
Other operating expense
304,595

 
241,654

 
62,941

 
26.0
 %
Total property operating expenses
811,871

 
668,109

 
143,762

 
21.5
 %
Depreciation and amortization
186,993

 
162,500

 
24,493

 
15.1
 %
Property tax, insurance and other
91,406

 
77,281

 
14,125

 
18.3
 %
General and administrative
40,453

 
31,516

 
8,937

 
28.4
 %
Transaction costs
44,398

 
192

 
44,206

 
 %
Total operating expenses
1,175,121

 
939,598

 
235,523

 
25.1
 %
Other income
269

 
303

 
(34
)
 
(11.2
)%
Interest income
2,987

 
1,695

 
1,292

 
76.2
 %
Interest expense
(78,322
)
 
(58,820
)
 
(19,502
)
 
33.2
 %
Gain on sale of hotel properties, net
8,980

 
45,929

 
(36,949
)
 
(80.4
)%
Gain on settlement of an investment in loan
2,670

 

 
2,670

 
100.0
 %
Income before equity in income from unconsolidated joint ventures
117,724

 
209,504

 
(91,780
)
 
(43.8
)%
Equity in income from unconsolidated joint ventures
133

 

 
133

 
100.0
 %
Income before income tax expense
117,857

 
209,504

 
(91,647
)
 
(43.7
)%
Income tax expense
(42,118
)
 
(8,190
)
 
(33,928
)
 
 %
Net income
75,739

 
201,314

 
(125,575
)
 
(62.4
)%
Net income attributable to noncontrolling interests:
 

 
 

 
 

 
 
Noncontrolling interest in consolidated joint ventures
(117
)
 
(55
)
 
(62
)
 
 %
Noncontrolling interest in the Operating Partnership
(291
)
 
(907
)
 
616

 
(67.9
)%
Preferred distributions - consolidated joint venture
(496
)
 

 
(496
)
 
100.0
 %
Net income attributable to RLJ
74,835

 
200,352

 
(125,517
)
 
(62.6
)%
Preferred dividends
(8,372
)
 

 
(8,372
)
 
100.0
 %
Net income attributable to common shareholders
$
66,463

 
$
200,352

 
$
(133,889
)
 
(66.8
)%
 
Revenues
 
Total revenues increased $196.3 million, or 16.9%, to $1.36 billion for the year ended December 31, 2017 from $1.16 billion for the year ended December 31, 2016. The increase was a result of a $136.2 million increase in room revenue, a $46.0 million increase in food and beverage revenue, and a $14.0 million increase in other revenue.


49

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