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10-K
RLJ LODGING TRUST filed this Form 10-K on 03/01/2019
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(8)
In December 2017, the Company sold this hotel property for a sale price of $170.0 million.
(9)
In August 2018, the Company sold this hotel property for a sale price of $185.0 million.
(10)
The Company owns an indirect 50% ownership interest in this hotel property and accounts for its ownership interest using the equity method of accounting. This hotel property is operated without a lease.

The total consideration for the Mergers was approximately $1.4 billion, which included the Company's issuance of approximately 50.4 million Common Shares at $20.18 per share to FelCor common stockholders, the Company's issuance of approximately 12.9 million Series A Preferred Shares at $28.49 per share to former FelCor preferred stockholders, the Operating Partnership's issuance of approximately 0.2 million OP Units at $20.18 per unit to former FelCor LP limited partners, and cash. The total consideration consisted of the following (in thousands):
 
 
Total Consideration
Common Shares
 
$
1,016,227

Series A Preferred Shares
 
366,936

OP Units
 
4,342

Cash, net of cash, cash equivalents, and restricted cash reserves acquired
 
24,883

Total consideration
 
$
1,412,388


The Company allocated the purchase price consideration as follows (in thousands):
 
 
August 31, 2017
Investment in hotel properties
 
$
2,661,114

Investment in unconsolidated joint ventures
 
25,651

Hotel and other receivables
 
28,308

Deferred income tax assets
 
58,170

Intangible assets
 
139,673

Prepaid expenses and other assets
 
23,811

Debt
 
(1,305,337
)
Accounts payable and other liabilities
 
(118,360
)
Advance deposits and deferred revenue
 
(23,795
)
Accrued interest
 
(22,612
)
Distributions payable
 
(4,312
)
Noncontrolling interest in consolidated joint ventures
 
(5,493
)
Preferred equity in a consolidated joint venture
 
(44,430
)
Total consideration
 
$
1,412,388


The Company recognized the following intangible assets in the Mergers (dollars in thousands):
 
 
 
 
Weighted Average Amortization Period
(in Years)
Below market ground leases
 
$
118,050

 
54
Advanced bookings
 
13,862

 
1
Other intangible assets
 
7,761

 
6
Total intangible assets
 
$
139,673

 
46

For the hotel properties acquired during the year ended December 31, 2017, the total revenues and net income from the date of acquisition through December 31, 2017 are included in the accompanying consolidated statements of operations and comprehensive income as follows (in thousands):
 
For the year ended
December 31, 2017
Revenue
$
260,020

Net income
$
14,994

  

F-20

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