BETHESDA, Md., Nov 07, 2011 (BUSINESS WIRE) -- RLJ Lodging Trust (the "Company") (NYSE: RLJ) today announced that the Company's Board of Trustees has authorized a share repurchase program to acquire up to $100.0 million of the Company's common shares.
"This initiative provides us with an attractive opportunity to generate strong returns for our shareholders," commented Thomas J. Baltimore, Jr., President and Chief Executive Officer. "Our share repurchase program reflects our confidence in the strength and growth potential within our existing portfolio."
The Company may repurchase its common shares from time to time, in amounts and prices, as it deems appropriate, all subject to market conditions and other considerations, including available investment alternatives and capital availability. Under the terms of the share repurchase program, repurchases can be made in the open market or in privately negotiated transactions, including from the Company's legacy investors.
The program does not obligate the Company to acquire any specified amount of common shares and, at the Company's discretion, may be modified or suspended at any time. The Company expects to fund the repurchase program using cash on its balance sheet.
As of November 7, 2011, the Company has approximately 106.3 million shares outstanding.
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. The Company's portfolio consists of 141 hotels in 20 states and the District of Columbia, with a total of more than 20,600 rooms. Additional information may be found on the Company's website: http://rljlodgingtrust.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts.In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters.Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, that may cause actual results to differ significantly from those expressed in any forward-looking statement, including statements related to, among other things, the timing, price or amount of purchases, if any, under the Company's common stock repurchase program, the Company's target leverage ratio, potential acquisitions or dispositions, RevPAR growth, EBITDA growth, Hotel EBITDA margins or cash G&A expenses.All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance.Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes.For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's final prospectus relating to the Company's initial public offering, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
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SOURCE: RLJ Lodging Trust
RLJ Lodging Trust
Investor Relations Contact:
Leslie D. Hale, Chief Financial Officer