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SEC Filings

10-K
RLJ LODGING TRUST filed this Form 10-K on 03/01/2019
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For the year ended December 31, 2016
 
Room Revenue
 
Food and Beverage Revenue
 
Other Revenue
 
Total Revenue
New York City
$
132,872

 
$
5,075

 
$
3,489

 
$
141,436

Northern California
99,535

 
4,967

 
2,059

 
106,561

South Florida
80,309

 
12,924

 
4,391

 
97,624

Austin
81,036

 
8,957

 
2,711

 
92,704

Chicago
74,605

 
13,382

 
1,807

 
89,794

Denver
72,119

 
13,005

 
1,377

 
86,501

Washington, DC
66,650

 
3,044

 
2,315

 
72,009

Louisville
46,378

 
16,092

 
2,784

 
65,254

Southern California
56,060

 
4,191

 
1,784

 
62,035

Houston
52,989

 
3,051

 
2,916

 
58,956

Other
248,084

 
27,003

 
12,034

 
287,121

Total
$
1,010,637

 
$
111,691

 
$
37,667

 
$
1,159,995


9. Debt
 
The Company's debt consisted of the following (in thousands):
 
December 31, 2018
 
December 31, 2017
Senior Notes
$
505,322

 
$
1,062,716

Revolver and Term Loans, net
1,169,165

 
1,170,954

Mortgage loans, net
528,189

 
646,818

Debt, net
$
2,202,676

 
$
2,880,488


Senior Notes

The Company's senior secured notes and the senior unsecured notes are collectively the "Senior Notes". The Company's Senior Notes consisted of the following (in thousands):
 
 
 
 
 
 
 
 
Outstanding Borrowings at
 
 
Number of Assets Encumbered
 
Interest Rate
 
Maturity Date
 
December 31, 2018
 
December 31, 2017
Senior secured notes (1) (2) (3)
 
 
5.63%
 
 
$

 
$
552,669

Senior unsecured notes (1) (2) (4)
 
 
6.00%
 
June 2025
 
505,322

 
510,047

Total Senior Notes
 
 
 
 
 
 
 
$
505,322

 
$
1,062,716


(1)
Requires payments of interest only through maturity.
(2)
The senior secured notes include $28.7 million at December 31, 2017, and the senior unsecured notes include $30.3 million and $35.1 million at December 31, 2018 and 2017, respectively, related to fair value adjustments on the Senior Notes that were assumed in the Mergers.
(3)
On March 9, 2018, the Company completed the early redemption of the senior secured notes in full for an aggregate amount of approximately $539.0 million, which included the redemption price of 102.813% for the outstanding principal amount. The Company recognized a gain of approximately $7.7 million on the early redemption, which is included in gain on extinguishment of indebtedness, net in the accompanying consolidated statements of operations and comprehensive income. The gain on extinguishment of indebtedness excludes $5.1 million related to two hotel properties that were sold during the year ended December 31, 2018 that is included in gain on sale of hotel properties, net in the accompanying consolidated statement of operations and comprehensive income.
(4)
The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a price of 103.0% of face value.

The Senior Notes contain certain financial covenants relating to the Company's total leverage ratio, secured leverage ratio, and interest coverage ratio. If an event of default exists, the Company is not permitted to (i) incur additional indebtedness, except to refinance maturing debt with replacement debt, as defined under our indentures; (ii) pay dividends in excess of the

F-25

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