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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 June 30, 2022

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 Each 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, a 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 July 29, 2022, 162,749,444 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) 
 
 
 
 
 
   
   
   
   
 
 

ii

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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)
June 30, 2022December 31, 2021
Assets  
Investment in hotel properties, net$4,127,290 $4,219,116 
Investment in unconsolidated joint ventures6,927 6,522 
Cash and cash equivalents511,481 665,341 
Restricted cash reserves44,281 48,528 
Hotel and other receivables, net of allowance of $332 and $274, respectively
40,938 31,091 
Lease right-of-use assets142,213 144,988 
Prepaid expense and other assets60,096 33,390 
Total assets$4,933,226 $5,148,976 
Liabilities and Equity  
Debt, net$2,211,735 $2,409,438 
Accounts payable and other liabilities139,115 155,136 
Advance deposits and deferred revenue18,583 20,047 
Lease liabilities121,609 123,031 
Accrued interest18,617 19,110 
Distributions payable7,995 8,347 
Total liabilities2,517,654 2,735,109 
Commitments and Contingencies (Note 10)
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 June 30, 2022 and December 31, 2021
366,936 366,936 
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 162,981,820 and 166,503,062 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
1,630 1,665 
Additional paid-in capital3,053,345 3,092,883 
Distributions in excess of net earnings(1,044,726)(1,046,739)
Accumulated other comprehensive income (loss)24,594 (17,113)
Total shareholders’ equity2,401,779 2,397,632 
Noncontrolling interests:  
Noncontrolling interest in the Operating Partnership6,325 6,316 
Noncontrolling interest in consolidated joint ventures7,468 9,919 
Total noncontrolling interests13,793 16,235 
Total equity2,415,572 2,413,867 
Total liabilities and equity$4,933,226 $5,148,976 

The accompanying notes are an integral part of these consolidated financial statements.
1

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RLJ Lodging Trust
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Amounts in thousands, except share and per share data)
(unaudited)
 For the three months ended June 30,For the six months ended June 30,
 2022202120222021
Revenues
Operating revenues
Room revenue$280,676 $166,554 $486,455 $269,326 
Food and beverage revenue31,154 12,983 52,055 19,225 
Other revenue18,671 14,717 34,890 25,255 
Total revenues330,501 194,254 573,400 313,806 
Expenses  
Operating expenses  
Room expense65,793 42,898 119,621 72,325 
Food and beverage expense21,770 8,709 37,939 13,265 
Management and franchise fee expense26,067 12,630 46,456 17,991 
Other operating expense76,888 56,883 145,542 106,003 
Total property operating expenses190,518 121,120 349,558 209,584 
Depreciation and amortization46,922 46,915 93,787 93,858 
Impairment losses   5,946 
Property tax, insurance and other22,949 24,048 45,462 44,129 
General and administrative13,348 12,133 27,482 22,934 
Transaction costs136 195 198 255 
Total operating expenses273,873 204,411 516,487 376,706 
Other income (expense), net721 (9,720)8,006 (9,255)
Interest income347 220 519 604 
Interest expense(23,855)(26,366)(48,416)(54,261)
(Loss) gain on sale of hotel properties, net(364)103 1,053 1,186 
Loss on extinguishment of indebtedness, net (6,207) (6,207)
Income (loss) before equity in income (loss) from unconsolidated joint ventures33,477 (52,127)18,075 (130,833)
Equity in income (loss) from unconsolidated joint ventures283 60 405 (238)
Income (loss) before income tax expense33,760 (52,067)18,480 (131,071)
Income tax expense(558)(154)(748)(268)
Net income (loss)33,202 (52,221)17,732 (131,339)
Net (income) loss attributable to noncontrolling interests:  
Noncontrolling interest in the Operating Partnership(125)268 (21)664 
Noncontrolling interest in consolidated joint ventures(111)506 7 1,242 
Net income (loss) attributable to RLJ32,966 (51,447)17,718 (129,433)
Preferred dividends(6,279)(6,279)(12,557)(12,557)
Net income (loss) attributable to common shareholders$26,687 $(57,726)$5,161 $(141,990)
Basic per common share data:
Net income (loss) per share attributable to common shareholders$0.16 $(0.35)$0.03 $(0.87)
Weighted-average number of common shares163,539,446 163,996,003 163,857,785 163,911,475 
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Diluted per common share data:
Net income (loss) per share attributable to common shareholders$0.16 $(0.35)$0.03 $(0.87)
Weighted-average number of common shares163,784,573 163,996,003 164,217,150 163,911,475 
Comprehensive income (loss):
Net income (loss)$33,202 $(52,221)$17,732 $(131,339)
Unrealized gain on interest rate derivatives13,380 5,375 47,573 22,095 
Reclassification of unrealized losses (gains) on discontinued cash flow hedges to other income (expense), net 10,658 (5,866)10,658 
Comprehensive income (loss)46,582 (36,188)59,439 (98,586)
Comprehensive (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership(125)268 (21)664 
Noncontrolling interest in consolidated joint ventures(111)506 7 1,242 
Comprehensive income (loss) attributable to RLJ$46,346 $(35,414)$59,425 $(96,680)
 
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) Income
Operating
Partnership
Consolidated
Joint 
Ventures
Total 
Equity
Balance at December 31, 202112,879,475 $366,936 166,503,062 $1,665 $3,092,883 $(1,046,739)$(17,113)$6,316 $9,919 $2,413,867 
Net income (loss)— — — — — 17,718 — 21 (7)17,732 
Unrealized gain on interest rate derivatives— — — — — — 47,573 — — 47,573 
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net— — — — — — (5,866)— — (5,866)
Contributions from consolidated joint venture partners— — — — — — — — 156 156 
Distribution to consolidated joint venture partners— — — — — — — — (2,600)(2,600)
Issuance of restricted stock— — 702,993 7 (7)— — — —  
Amortization of share-based compensation— — — — 11,462 — — — — 11,462 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (260,187)(3)(3,586)— — — — (3,589)
Shares acquired as part of a share repurchase program— — (3,957,983)(39)(47,407)— — — — (47,446)
Forfeiture of restricted stock— — (6,065)— — — — — — — 
Distributions on preferred shares— — — — — (12,557)— — — (12,557)
Distributions on common shares and units— — — — — (3,148)— (12)— (3,160)
Balance at June 30, 202212,879,475 $366,936 162,981,820 $1,630 $3,053,345 $(1,044,726)$24,594 $6,325 $7,468 $2,415,572 
 
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
Operating
Partnership
Consolidated
Joint 
Ventures
Total 
Equity
Balance at March 31, 202212,879,475 $366,936 166,843,586 $1,668 $3,097,166 $(1,069,769)$11,214 $6,209 $7,368 $2,420,792 
Net income— — — — — 32,966 — 125 111 33,202 
Unrealized gain on interest rate derivatives— — — — — — 13,380 — — 13,380 
Distribution to consolidated joint venture partners— — — — — — — — (11)(11)
Issuance of restricted stock— — 270,214 3 (3)— — — —  
Amortization of share-based compensation— — — — 5,907 — — — — 5,907 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (172,561)(2)(2,318)— — — — (2,320)
Shares acquired as part of a share repurchase program— — (3,957,983)(39)(47,407)— — — — (47,446)
Forfeiture of restricted stock— — (1,436)— — — — — — — 
Distributions on preferred shares— — — — — (6,279)— — — (6,279)
Distributions on common shares and units— — — — — (1,644)— (9)— (1,653)
Balance at June 30, 202212,879,475 $366,936 162,981,820 $1,630 $3,053,345 $(1,044,726)$24,594 $6,325 $7,468 $2,415,572 

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 December 31, 202012,879,475 $366,936 165,002,752 $1,650 $3,077,142 $(710,161)$(69,050)$7,869 $13,002 $2,687,388 
Net loss— — — — — (129,433)— (664)(1,242)(131,339)
Unrealized gain on interest rate derivatives— — — — — — 22,095 — — 22,095 
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net— — — — — — 10,658 — — 10,658 
Contributions from consolidated joint venture partners— — — — — — — — 589 589 
Issuance of restricted stock— — 1,759,193 17 (17)— — — —  
Amortization of share-based compensation— — — — 8,124 — — — — 8,124 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (133,767)(1)(2,074)— — — — (2,075)
Forfeiture of restricted stock— — (1,382)— — — — — — — 
Distributions on preferred shares— — — — — (12,557)— — — (12,557)
Distributions on common shares and units— — — — — (2,955)— (10)— (2,965)
Balance at June 30, 202112,879,475 $366,936 166,626,796 $1,666 $3,083,175 $(855,106)$(36,297)$7,195 $12,349 $2,579,918 

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 March 31, 202112,879,475 $366,936 164,918,126 $1,649 $3,078,824 $(795,706)$(52,330)$7,470 $12,365 $2,619,208 
Net loss— — — — — (51,447)— (268)(506)(52,221)
Unrealized gain on interest rate derivatives— — — — — — 5,375 — — 5,375 
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net— — — — — — 10,658 — — 10,658 
Contributions from consolidated joint venture partners— — — — — — — — 490 490 
Issuance of restricted stock— — 1,759,193 17 (17)— — — —  
Amortization of share-based compensation— — — — 5,180