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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                   to    
 
Commission File Number 001-35169

RLJ LODGING TRUST
(Exact Name of Registrant as Specified in Its Charter)

Maryland 27-4706509
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
3 Bethesda Metro Center, Suite 1000  
Bethesda, Maryland 20814
(Address of Principal Executive Offices) (Zip Code)
(301) 280-7777
(Registrant’s Telephone Number, Including Area Code)
  

Securities registered pursuant to Section 12 (b) of the Exchange Act:
Title of ClassTrading SymbolName of Exchange on Which Registered
Common Shares of beneficial interest, par value $0.01 per shareRLJNew York Stock Exchange
$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per shareRLJ-ANew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


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Large accelerated filer  Accelerated filer 
Non-accelerated filer  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 
As of October 29, 2020, 165,021,844 common shares of beneficial interest of the Registrant, $0.01 par value per share, were outstanding.



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TABLE OF CONTENTS
 
  Page
   
   
 
   
 Consolidated Financial Statements (unaudited) 
 
 
 
 
 
   
   
   
   
 
 

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PART I. FINANCIAL INFORMATION
 
Item 1.         Financial Statements
RLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(unaudited)
September 30, 2020December 31, 2019
Assets  
Investment in hotel properties, net$4,519,443 $4,614,966 
Investment in unconsolidated joint ventures7,056 15,171 
Cash and cash equivalents995,963 882,474 
Restricted cash reserves42,686 44,686 
Hotel and other receivables, net of allowance of $366 and $251, respectively14,302 39,762 
Lease right-of-use assets140,283 144,358 
Deferred income tax asset, net 51,447 
Prepaid expense and other assets26,768 58,536 
Total assets$5,746,501 $5,851,400 
Liabilities and Equity  
Debt, net$2,590,331 $2,195,707 
Accounts payable and other liabilities205,730 183,408 
Advance deposits and deferred revenue37,287 57,459 
Lease liabilities119,192 121,154 
Accrued interest13,150 3,024 
Distributions payable8,743 64,165 
Total liabilities2,974,433 2,624,917 
Commitments and Contingencies (Note 11)
Equity 
Shareholders’ equity: 
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at September 30, 2020 and December 31, 2019366,936 366,936 
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 165,022,236 and 169,852,246 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively1,650 1,699 
Additional paid-in capital3,073,915 3,127,982 
Accumulated other comprehensive loss(76,964)(19,514)
Distributions in excess of net earnings(615,283)(274,769)
Total shareholders’ equity2,750,254 3,202,334 
Noncontrolling interest:  
Noncontrolling interest in consolidated joint ventures13,513 14,065 
Noncontrolling interest in the Operating Partnership8,301 10,084 
Total noncontrolling interest21,814 24,149 
Total equity2,772,068 3,226,483 
Total liabilities and equity$5,746,501 $5,851,400 
The accompanying notes are an integral part of these consolidated financial statements.
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RLJ Lodging Trust
Consolidated Statements of Operations and Comprehensive (Loss) Income
(Amounts in thousands, except share and per share data)
(unaudited)
 For the three months ended September 30,For the nine months ended September 30,
 2020201920202019
Revenues
Operating revenues
Room revenue$72,545 $314,195 $319,290 $1,030,722 
Food and beverage revenue3,831 39,447 35,870 133,151 
Other revenue7,556 17,482 26,845 55,245 
Total revenues83,932 371,124 382,005 1,219,118 
Expenses  
Operating expenses  
Room expense22,368 80,650 98,590 253,736 
Food and beverage expense3,167 31,425 31,348 101,544 
Management and franchise fee expense2,630 26,432 17,947 96,376 
Other operating expense49,398 90,048 168,288 288,761 
Total property operating expenses77,563 228,555 316,173 740,417 
Depreciation and amortization48,375 49,295 146,777 162,654 
Property tax, insurance and other25,315 28,798 79,356 90,595 
General and administrative9,313 11,262 32,754 34,187 
Transaction costs(116)(211)(86)773 
Total operating expenses160,450 317,699 574,974 1,028,626 
Other income334 315 1,193 939 
Interest income284 2,691 3,829 4,935 
Interest expense(25,984)(23,333)(73,591)(68,632)
Gain (loss) on sale of hotel properties, net391 (1,037)485 (25,872)
(Loss) income before equity in loss from unconsolidated joint ventures(101,493)32,061 (261,053)101,862 
Equity in loss from unconsolidated joint ventures(7,806)(135)(8,196)(2,919)
(Loss) income before income tax (expense) benefit(109,299)31,926 (269,249)98,943 
Income tax (expense) benefit(64,620)529 (51,665)(4,475)
Net (loss) income(173,919)32,455 (320,914)94,468 
Net (income) loss attributable to noncontrolling interests:  
Noncontrolling interest in consolidated joint ventures(21)104 1,816 360 
Noncontrolling interest in the Operating Partnership839 (96)1,599 (329)
Preferred distributions - consolidated joint venture   (186)
Redemption of preferred equity - consolidated joint venture   (1,153)
Net (loss) income attributable to RLJ(173,101)32,463 (317,499)93,160 
Preferred dividends(6,279)(6,279)(18,836)(18,836)
Net (loss) income attributable to common shareholders$(179,380)$26,184 $(336,335)$74,324 
Basic per common share data:
Net (loss) income per share attributable to common shareholders$(1.10)$0.15 $(2.04)$0.43 
Weighted-average number of common shares163,609,865 170,495,699 164,763,540 171,976,429 
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Diluted per common share data:
Net (loss) income per share attributable to common shareholders$(1.10)$0.15 $(2.04)$0.43 
Weighted-average number of common shares163,609,865 170,600,787 164,763,540 172,066,473 
Comprehensive (loss) income:
Net (loss) income$(173,919)$32,455 $(320,914)$94,468 
Unrealized gain (loss) on interest rate derivatives5,609 (5,679)(57,450)(41,460)
Reclassification of unrealized gain on discontinued cash flow hedges to interest expense   (2,250)
Comprehensive (loss) income(168,310)26,776 (378,364)50,758 
Comprehensive (income) loss attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures(21)104 1,816 360 
Noncontrolling interest in the Operating Partnership839 (96)1,599 (329)
Preferred distributions - consolidated joint venture   (186)
Redemption of preferred equity - consolidated joint venture   (1,153)
Comprehensive (loss) income attributable to RLJ$(167,492)$26,784 $(374,949)$49,450 
 
The accompanying notes are an integral part of these consolidated financial statements.
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RLJ Lodging Trust
Consolidated Statements of Changes in Equity
(Amounts in thousands, except share data)
(unaudited) 
 Shareholders’ EquityNoncontrolling Interest 
 Preferred StockCommon Stock   
 SharesAmountSharesPar 
Value
Additional
Paid-in Capital
Distributions in excess of net earningsAccumulated Other Comprehensive
Loss
Operating
Partnership
Consolidated
Joint 
Ventures
Total 
Equity
Balance at December 31, 201912,879,475 $366,936 169,852,246 $1,699 $3,127,982 $(274,769)$(19,514)$10,084 $14,065 $3,226,483 
Net loss— — — — — (317,499)— (1,599)(1,816)(320,914)
Unrealized loss on interest rate derivatives— — — — — — (57,450)— — (57,450)
Redemption of Operating Partnership units— — — — — — — (8)— (8)
Contributions from consolidated joint venture partners— — — — — — — — 1,264 1,264 
Issuance of restricted stock— — 801,463 8 (8)— — — —  
Amortization of share-based compensation— — — — 9,934 — — — — 9,934 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (133,704)(1)(1,444)— — — — (1,445)
Shares acquired as part of a share repurchase program— — (5,489,335)(56)(62,549)— — — — (62,605)
Forfeiture of restricted stock— — (8,434)  — — — —  
Distributions on preferred shares— — — — — (18,836)— — — (18,836)
Distributions on common shares and units— — — — — (4,179)— (176)— (4,355)
Balance at September 30, 202012,879,475 $366,936 165,022,236 $1,650 $3,073,915 $(615,283)$(76,964)$8,301 $13,513 $2,772,068 
 
The accompanying notes are an integral part of these consolidated financial statements.

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RLJ Lodging Trust
Consolidated Statements of Changes in Equity
(Amounts in thousands, except share data)
(unaudited)
 Shareholders’ EquityNoncontrolling Interest 
 Preferred StockCommon Stock   
 SharesAmountSharesPar 
Value
Additional
Paid-in Capital
Distributions in excess of net earningsAccumulated Other Comprehensive
Loss
Operating
Partnership
Consolidated
Joint 
Ventures
Total 
Equity
Balance at June 30, 202012,879,475 $366,936 165,092,953 $1,651 $3,071,063 $(434,242)$(82,573)$9,144 $13,492 $2,945,471 
Net loss (income)— — — — — (173,101)— (839)21 (173,919)
Unrealized gain on interest rate derivatives— — — — — — 5,609 — — 5,609 
Amortization of share-based compensation— — — — 3,447 — — — — 3,447 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (70,717)(1)(595)— — — — (596)
Distributions on preferred shares— — — — — (6,279)— — — (6,279)
Distributions on common shares and units— — — — — (1,661)— (4)— (1,665)
Balance at September 30, 202012,879,475 $366,936 165,022,236 $1,650 $3,073,915 $(615,283)$(76,964)$8,301 $13,513 $2,772,068 

The accompanying notes are an integral part of these consolidated financial statements.

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RLJ Lodging Trust
Consolidated Statements of Changes in Equity
(Amounts in thousands, except share data)
(unaudited)
 Shareholders’ EquityNoncontrolling Interest 
 Preferred StockCommon Stock   
 SharesAmountSharesPar 
Value
Additional 
Paid-in
Capital
Distributions in excess of net earningsAccumulated Other Comprehensive Income (Loss)Operating
Partnership
Consolidated
Joint
Ventures
Preferred Equity in a Consolidated Joint VentureTotal
Equity
Balance at December 31, 201812,879,475 $366,936 174,019,616 $1,740 $3,195,381 $(150,476)$16,195 $10,827 $11,908 $44,430 $3,496,941 
Net income (loss)— — — — — 93,160 — 329 (360)1,339 94,468 
Unrealized loss on interest rate derivatives— — — — — — (41,460)— — — (41,460)
Reclassification of unrealized gain on discontinued cash flow hedges to interest expense— — — — — — (2,250)— — — (2,250)
Redemption of Operating Partnership units— — — — — — — (9)— — (9)
Contributions from consolidated joint venture partners— — — — — — — — 2,446 — 2,446 
Issuance of restricted stock— — 530,436 5 (5)— — — — —  
Amortization of share-based compensation— — — — 9,249 — — — — — 9,249 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (73,046)(1)(1,292)— — — — — (1,293)
Shares acquired as part of a share repurchase program— — (3,836,582)(38)(65,597)— — — — — (65,635)
Forfeiture of restricted stock— — (8,060)— — — — — — —  
Distributions on preferred shares— — — — — (18,836)— — — — (18,836)
Distributions on common shares and units— — — — — (170,762)— (879)— — (171,641)
Preferred distributions - consolidated joint venture— — — — — — — — — (186)(186)
Redemption of preferred equity - consolidated joint venture— — — — — — — — — (45,583)(45,583)
Balance at September 30, 201912,879,475 $366,936 170,632,364 $1,706 $3,137,736 $(246,914)$(27,515)$10,268 $13,994 $ $3,256,211 

The accompanying notes are an integral part of these consolidated financial statements.

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RLJ Lodging Trust
Consolidated Statements of Changes in Equity
(Amounts in thousands, except share data)
(unaudited)
 Shareholders’ EquityNoncontrolling Interest 
 Preferred StockCommon Stock   
 SharesAmountSharesPar 
Value
Additional 
Paid-in
Capital
Distributions in excess of net earningsAccumulated Other Comprehensive LossOperating
Partnership
Consolidated
Joint
Ventures
Total
Equity
Balance at June 30, 201912,879,475 $366,936 173,459,015 $1,735 $3,182,351 $(216,583)$(21,836)$10,441 $13,957 $3,337,001 
Net income (loss)— — — — — 32,463 — 96 (104)32,455 
Unrealized loss on interest rate derivatives— — — — — — (5,679)