rlj-20230930
000151133712/312023Q3falsehttp://fasb.org/us-gaap/2023#InvestmentIncomeInterestP3YP1Y00015113372023-01-012023-09-3000015113372023-10-26xbrli:shares00015113372023-09-30iso4217:USD00015113372022-12-31iso4217:USDxbrli:shares0001511337rlj:SeriesACumulativePreferredStockMember2023-09-300001511337rlj:SeriesACumulativePreferredStockMember2022-12-310001511337us-gaap:OccupancyMember2023-07-012023-09-300001511337us-gaap:OccupancyMember2022-07-012022-09-300001511337us-gaap:OccupancyMember2023-01-012023-09-300001511337us-gaap:OccupancyMember2022-01-012022-09-300001511337us-gaap:FoodAndBeverageMember2023-07-012023-09-300001511337us-gaap:FoodAndBeverageMember2022-07-012022-09-300001511337us-gaap:FoodAndBeverageMember2023-01-012023-09-300001511337us-gaap:FoodAndBeverageMember2022-01-012022-09-300001511337us-gaap:HotelOtherMember2023-07-012023-09-300001511337us-gaap:HotelOtherMember2022-07-012022-09-300001511337us-gaap:HotelOtherMember2023-01-012023-09-300001511337us-gaap:HotelOtherMember2022-01-012022-09-3000015113372023-07-012023-09-3000015113372022-07-012022-09-3000015113372022-01-012022-09-300001511337rlj:ManagementAndFranchiseFeeExpenseMember2023-07-012023-09-300001511337rlj:ManagementAndFranchiseFeeExpenseMember2022-07-012022-09-300001511337rlj:ManagementAndFranchiseFeeExpenseMember2023-01-012023-09-300001511337rlj:ManagementAndFranchiseFeeExpenseMember2022-01-012022-09-300001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001511337rlj:SeriesACumulativePreferredStockMember2022-12-310001511337us-gaap:CommonStockMember2022-12-310001511337us-gaap:AdditionalPaidInCapitalMember2022-12-310001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-12-310001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001511337us-gaap:CapitalUnitsMember2022-12-310001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2022-12-310001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-01-012023-09-300001511337us-gaap:CapitalUnitsMember2023-01-012023-09-300001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2023-01-012023-09-300001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001511337us-gaap:CommonStockMember2023-01-012023-09-300001511337us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001511337rlj:SeriesACumulativePreferredStockMember2023-09-300001511337us-gaap:CommonStockMember2023-09-300001511337us-gaap:AdditionalPaidInCapitalMember2023-09-300001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-09-300001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001511337us-gaap:CapitalUnitsMember2023-09-300001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2023-09-300001511337rlj:SeriesACumulativePreferredStockMember2023-06-300001511337us-gaap:CommonStockMember2023-06-300001511337us-gaap:AdditionalPaidInCapitalMember2023-06-300001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-06-300001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001511337us-gaap:CapitalUnitsMember2023-06-300001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2023-06-3000015113372023-06-300001511337us-gaap:CapitalUnitsMember2023-07-012023-09-300001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2023-07-012023-09-300001511337us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001511337us-gaap:CommonStockMember2023-07-012023-09-300001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-07-012023-09-300001511337rlj:SeriesACumulativePreferredStockMember2021-12-310001511337us-gaap:CommonStockMember2021-12-310001511337us-gaap:AdditionalPaidInCapitalMember2021-12-310001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-12-310001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001511337us-gaap:CapitalUnitsMember2021-12-310001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2021-12-3100015113372021-12-310001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-01-012022-09-300001511337us-gaap:CapitalUnitsMember2022-01-012022-09-300001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2022-01-012022-09-300001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001511337us-gaap:CommonStockMember2022-01-012022-09-300001511337us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001511337rlj:SeriesACumulativePreferredStockMember2022-09-300001511337us-gaap:CommonStockMember2022-09-300001511337us-gaap:AdditionalPaidInCapitalMember2022-09-300001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-09-300001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001511337us-gaap:CapitalUnitsMember2022-09-300001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2022-09-3000015113372022-09-300001511337rlj:SeriesACumulativePreferredStockMember2022-06-300001511337us-gaap:CommonStockMember2022-06-300001511337us-gaap:AdditionalPaidInCapitalMember2022-06-300001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-06-300001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001511337us-gaap:CapitalUnitsMember2022-06-300001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2022-06-3000015113372022-06-300001511337us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-07-012022-09-300001511337us-gaap:CapitalUnitsMember2022-07-012022-09-300001511337rlj:NoncontrollingInterestConsolidatedJointVentureMember2022-07-012022-09-300001511337us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001511337us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001511337us-gaap:CommonStockMember2022-07-012022-09-30xbrli:purerlj:propertyrlj:roomrlj:state0001511337us-gaap:WhollyOwnedPropertiesMember2023-01-012023-09-300001511337us-gaap:WhollyOwnedPropertiesMember2023-09-300001511337us-gaap:PartiallyOwnedPropertiesMemberrlj:NinetyFivePercentOwnedMember2023-01-012023-09-300001511337us-gaap:PartiallyOwnedPropertiesMember2023-09-300001511337rlj:FiftyPercentOwnedMemberus-gaap:PartiallyOwnedPropertiesMember2023-01-012023-09-300001511337us-gaap:UnconsolidatedPropertiesMember2023-09-300001511337us-gaap:ConsolidatedPropertiesMember2023-09-300001511337rlj:FiftyPercentOwnedMemberus-gaap:UnconsolidatedPropertiesMember2023-09-300001511337rlj:LeasedHotelPropertiesMember2023-09-30rlj:joint_venture0001511337rlj:A21CNashvilleHotelMember2022-09-300001511337rlj:A21CNashvilleHotelMember2022-07-290001511337rlj:A21CNashvilleHotelMember2022-07-292022-07-290001511337us-gaap:LandAndLandImprovementsMemberrlj:A21CNashvilleHotelMember2022-01-012022-09-300001511337us-gaap:BuildingAndBuildingImprovementsMemberrlj:A21CNashvilleHotelMember2022-01-012022-09-300001511337rlj:A21CNashvilleHotelMemberus-gaap:FurnitureAndFixturesMember2022-01-012022-09-300001511337rlj:A21CNashvilleHotelMember2022-01-012022-09-300001511337rlj:Disposals2022Member2022-01-012022-09-300001511337rlj:MarriottDenverAirportMember2022-09-300001511337rlj:SpringHillSuitesWestminsterMember2022-09-300001511337rlj:Disposals2022Member2022-09-300001511337rlj:SouthernCaliforniaMemberus-gaap:OccupancyMember2023-07-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:SouthernCaliforniaMember2023-07-012023-09-300001511337us-gaap:HotelOtherMemberrlj:SouthernCaliforniaMember2023-07-012023-09-300001511337rlj:SouthernCaliforniaMember2023-07-012023-09-300001511337rlj:SouthernCaliforniaMemberus-gaap:OccupancyMember2022-07-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:SouthernCaliforniaMember2022-07-012022-09-300001511337us-gaap:HotelOtherMemberrlj:SouthernCaliforniaMember2022-07-012022-09-300001511337rlj:SouthernCaliforniaMember2022-07-012022-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:OccupancyMember2023-07-012023-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:FoodAndBeverageMember2023-07-012023-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:HotelOtherMember2023-07-012023-09-300001511337rlj:NorthernCaliforniaMember2023-07-012023-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:OccupancyMember2022-07-012022-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:FoodAndBeverageMember2022-07-012022-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:HotelOtherMember2022-07-012022-09-300001511337rlj:NorthernCaliforniaMember2022-07-012022-09-300001511337us-gaap:OccupancyMemberrlj:SouthFloridaMember2023-07-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:SouthFloridaMember2023-07-012023-09-300001511337us-gaap:HotelOtherMemberrlj:SouthFloridaMember2023-07-012023-09-300001511337rlj:SouthFloridaMember2023-07-012023-09-300001511337us-gaap:OccupancyMemberrlj:SouthFloridaMember2022-07-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:SouthFloridaMember2022-07-012022-09-300001511337us-gaap:HotelOtherMemberrlj:SouthFloridaMember2022-07-012022-09-300001511337rlj:SouthFloridaMember2022-07-012022-09-300001511337us-gaap:OccupancyMemberrlj:ChicagoIllinoisMember2023-07-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:ChicagoIllinoisMember2023-07-012023-09-300001511337us-gaap:HotelOtherMemberrlj:ChicagoIllinoisMember2023-07-012023-09-300001511337rlj:ChicagoIllinoisMember2023-07-012023-09-300001511337us-gaap:OccupancyMemberrlj:ChicagoIllinoisMember2022-07-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:ChicagoIllinoisMember2022-07-012022-09-300001511337us-gaap:HotelOtherMemberrlj:ChicagoIllinoisMember2022-07-012022-09-300001511337rlj:ChicagoIllinoisMember2022-07-012022-09-300001511337rlj:NewYorkCityMemberus-gaap:OccupancyMember2023-07-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:NewYorkCityMember2023-07-012023-09-300001511337us-gaap:HotelOtherMemberrlj:NewYorkCityMember2023-07-012023-09-300001511337rlj:NewYorkCityMember2023-07-012023-09-300001511337rlj:NewYorkCityMemberus-gaap:OccupancyMember2022-07-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:NewYorkCityMember2022-07-012022-09-300001511337us-gaap:HotelOtherMemberrlj:NewYorkCityMember2022-07-012022-09-300001511337rlj:NewYorkCityMember2022-07-012022-09-300001511337us-gaap:OccupancyMemberrlj:BostonMAMember2023-07-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:BostonMAMember2023-07-012023-09-300001511337us-gaap:HotelOtherMemberrlj:BostonMAMember2023-07-012023-09-300001511337rlj:BostonMAMember2023-07-012023-09-300001511337us-gaap:OccupancyMemberrlj:BostonMAMember2022-07-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:BostonMAMember2022-07-012022-09-300001511337us-gaap:HotelOtherMemberrlj:BostonMAMember2022-07-012022-09-300001511337rlj:BostonMAMember2022-07-012022-09-300001511337rlj:WashingtonD.C.Memberus-gaap:OccupancyMember2023-07-012023-09-300001511337rlj:WashingtonD.C.Memberus-gaap:FoodAndBeverageMember2023-07-012023-09-300001511337rlj:WashingtonD.C.Memberus-gaap:HotelOtherMember2023-07-012023-09-300001511337rlj:WashingtonD.C.Member2023-07-012023-09-300001511337rlj:WashingtonD.C.Memberus-gaap:OccupancyMember2022-07-012022-09-300001511337rlj:WashingtonD.C.Memberus-gaap:FoodAndBeverageMember2022-07-012022-09-300001511337rlj:WashingtonD.C.Memberus-gaap:HotelOtherMember2022-07-012022-09-300001511337rlj:WashingtonD.C.Member2022-07-012022-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:OccupancyMember2023-07-012023-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:FoodAndBeverageMember2023-07-012023-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:HotelOtherMember2023-07-012023-09-300001511337rlj:LouisvilleKentuckyMember2023-07-012023-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:OccupancyMember2022-07-012022-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:FoodAndBeverageMember2022-07-012022-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:HotelOtherMember2022-07-012022-09-300001511337rlj:LouisvilleKentuckyMember2022-07-012022-09-300001511337rlj:HoustonTexasMemberus-gaap:OccupancyMember2023-07-012023-09-300001511337rlj:HoustonTexasMemberus-gaap:FoodAndBeverageMember2023-07-012023-09-300001511337rlj:HoustonTexasMemberus-gaap:HotelOtherMember2023-07-012023-09-300001511337rlj:HoustonTexasMember2023-07-012023-09-300001511337rlj:HoustonTexasMemberus-gaap:OccupancyMember2022-07-012022-09-300001511337rlj:HoustonTexasMemberus-gaap:FoodAndBeverageMember2022-07-012022-09-300001511337rlj:HoustonTexasMemberus-gaap:HotelOtherMember2022-07-012022-09-300001511337rlj:HoustonTexasMember2022-07-012022-09-300001511337us-gaap:OccupancyMemberrlj:AustinTexasMember2023-07-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:AustinTexasMember2023-07-012023-09-300001511337us-gaap:HotelOtherMemberrlj:AustinTexasMember2023-07-012023-09-300001511337rlj:AustinTexasMember2023-07-012023-09-300001511337us-gaap:OccupancyMemberrlj:AustinTexasMember2022-07-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:AustinTexasMember2022-07-012022-09-300001511337us-gaap:HotelOtherMemberrlj:AustinTexasMember2022-07-012022-09-300001511337rlj:AustinTexasMember2022-07-012022-09-300001511337us-gaap:OccupancyMemberrlj:OtherMarketsMember2023-07-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:OtherMarketsMember2023-07-012023-09-300001511337us-gaap:HotelOtherMemberrlj:OtherMarketsMember2023-07-012023-09-300001511337rlj:OtherMarketsMember2023-07-012023-09-300001511337us-gaap:OccupancyMemberrlj:OtherMarketsMember2022-07-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:OtherMarketsMember2022-07-012022-09-300001511337us-gaap:HotelOtherMemberrlj:OtherMarketsMember2022-07-012022-09-300001511337rlj:OtherMarketsMember2022-07-012022-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:OccupancyMember2023-01-012023-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:FoodAndBeverageMember2023-01-012023-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:HotelOtherMember2023-01-012023-09-300001511337rlj:NorthernCaliforniaMember2023-01-012023-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:OccupancyMember2022-01-012022-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:FoodAndBeverageMember2022-01-012022-09-300001511337rlj:NorthernCaliforniaMemberus-gaap:HotelOtherMember2022-01-012022-09-300001511337rlj:NorthernCaliforniaMember2022-01-012022-09-300001511337rlj:SouthernCaliforniaMemberus-gaap:OccupancyMember2023-01-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:SouthernCaliforniaMember2023-01-012023-09-300001511337us-gaap:HotelOtherMemberrlj:SouthernCaliforniaMember2023-01-012023-09-300001511337rlj:SouthernCaliforniaMember2023-01-012023-09-300001511337rlj:SouthernCaliforniaMemberus-gaap:OccupancyMember2022-01-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:SouthernCaliforniaMember2022-01-012022-09-300001511337us-gaap:HotelOtherMemberrlj:SouthernCaliforniaMember2022-01-012022-09-300001511337rlj:SouthernCaliforniaMember2022-01-012022-09-300001511337us-gaap:OccupancyMemberrlj:SouthFloridaMember2023-01-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:SouthFloridaMember2023-01-012023-09-300001511337us-gaap:HotelOtherMemberrlj:SouthFloridaMember2023-01-012023-09-300001511337rlj:SouthFloridaMember2023-01-012023-09-300001511337us-gaap:OccupancyMemberrlj:SouthFloridaMember2022-01-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:SouthFloridaMember2022-01-012022-09-300001511337us-gaap:HotelOtherMemberrlj:SouthFloridaMember2022-01-012022-09-300001511337rlj:SouthFloridaMember2022-01-012022-09-300001511337rlj:NewYorkCityMemberus-gaap:OccupancyMember2023-01-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:NewYorkCityMember2023-01-012023-09-300001511337us-gaap:HotelOtherMemberrlj:NewYorkCityMember2023-01-012023-09-300001511337rlj:NewYorkCityMember2023-01-012023-09-300001511337rlj:NewYorkCityMemberus-gaap:OccupancyMember2022-01-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:NewYorkCityMember2022-01-012022-09-300001511337us-gaap:HotelOtherMemberrlj:NewYorkCityMember2022-01-012022-09-300001511337rlj:NewYorkCityMember2022-01-012022-09-300001511337us-gaap:OccupancyMemberrlj:ChicagoIllinoisMember2023-01-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:ChicagoIllinoisMember2023-01-012023-09-300001511337us-gaap:HotelOtherMemberrlj:ChicagoIllinoisMember2023-01-012023-09-300001511337rlj:ChicagoIllinoisMember2023-01-012023-09-300001511337us-gaap:OccupancyMemberrlj:ChicagoIllinoisMember2022-01-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:ChicagoIllinoisMember2022-01-012022-09-300001511337us-gaap:HotelOtherMemberrlj:ChicagoIllinoisMember2022-01-012022-09-300001511337rlj:ChicagoIllinoisMember2022-01-012022-09-300001511337rlj:WashingtonD.C.Memberus-gaap:OccupancyMember2023-01-012023-09-300001511337rlj:WashingtonD.C.Memberus-gaap:FoodAndBeverageMember2023-01-012023-09-300001511337rlj:WashingtonD.C.Memberus-gaap:HotelOtherMember2023-01-012023-09-300001511337rlj:WashingtonD.C.Member2023-01-012023-09-300001511337rlj:WashingtonD.C.Memberus-gaap:OccupancyMember2022-01-012022-09-300001511337rlj:WashingtonD.C.Memberus-gaap:FoodAndBeverageMember2022-01-012022-09-300001511337rlj:WashingtonD.C.Memberus-gaap:HotelOtherMember2022-01-012022-09-300001511337rlj:WashingtonD.C.Member2022-01-012022-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:OccupancyMember2023-01-012023-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:FoodAndBeverageMember2023-01-012023-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:HotelOtherMember2023-01-012023-09-300001511337rlj:LouisvilleKentuckyMember2023-01-012023-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:OccupancyMember2022-01-012022-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:FoodAndBeverageMember2022-01-012022-09-300001511337rlj:LouisvilleKentuckyMemberus-gaap:HotelOtherMember2022-01-012022-09-300001511337rlj:LouisvilleKentuckyMember2022-01-012022-09-300001511337us-gaap:OccupancyMemberrlj:BostonMAMember2023-01-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:BostonMAMember2023-01-012023-09-300001511337us-gaap:HotelOtherMemberrlj:BostonMAMember2023-01-012023-09-300001511337rlj:BostonMAMember2023-01-012023-09-300001511337us-gaap:OccupancyMemberrlj:BostonMAMember2022-01-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:BostonMAMember2022-01-012022-09-300001511337us-gaap:HotelOtherMemberrlj:BostonMAMember2022-01-012022-09-300001511337rlj:BostonMAMember2022-01-012022-09-300001511337rlj:HoustonTexasMemberus-gaap:OccupancyMember2023-01-012023-09-300001511337rlj:HoustonTexasMemberus-gaap:FoodAndBeverageMember2023-01-012023-09-300001511337rlj:HoustonTexasMemberus-gaap:HotelOtherMember2023-01-012023-09-300001511337rlj:HoustonTexasMember2023-01-012023-09-300001511337rlj:HoustonTexasMemberus-gaap:OccupancyMember2022-01-012022-09-300001511337rlj:HoustonTexasMemberus-gaap:FoodAndBeverageMember2022-01-012022-09-300001511337rlj:HoustonTexasMemberus-gaap:HotelOtherMember2022-01-012022-09-300001511337rlj:HoustonTexasMember2022-01-012022-09-300001511337us-gaap:OccupancyMemberrlj:AustinTexasMember2023-01-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:AustinTexasMember2023-01-012023-09-300001511337us-gaap:HotelOtherMemberrlj:AustinTexasMember2023-01-012023-09-300001511337rlj:AustinTexasMember2023-01-012023-09-300001511337us-gaap:OccupancyMemberrlj:AustinTexasMember2022-01-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:AustinTexasMember2022-01-012022-09-300001511337us-gaap:HotelOtherMemberrlj:AustinTexasMember2022-01-012022-09-300001511337rlj:AustinTexasMember2022-01-012022-09-300001511337us-gaap:OccupancyMemberrlj:OtherMarketsMember2023-01-012023-09-300001511337us-gaap:FoodAndBeverageMemberrlj:OtherMarketsMember2023-01-012023-09-300001511337us-gaap:HotelOtherMemberrlj:OtherMarketsMember2023-01-012023-09-300001511337rlj:OtherMarketsMember2023-01-012023-09-300001511337us-gaap:OccupancyMemberrlj:OtherMarketsMember2022-01-012022-09-300001511337us-gaap:FoodAndBeverageMemberrlj:OtherMarketsMember2022-01-012022-09-300001511337us-gaap:HotelOtherMemberrlj:OtherMarketsMember2022-01-012022-09-300001511337rlj:OtherMarketsMember2022-01-012022-09-300001511337us-gaap:SeniorNotesMember2023-09-300001511337us-gaap:SeniorNotesMember2022-12-310001511337rlj:TheRevolverMemberus-gaap:LineOfCreditMember2023-09-300001511337rlj:TheRevolverMemberus-gaap:LineOfCreditMember2022-12-310001511337us-gaap:ConventionalLoanMember2023-09-300001511337us-gaap:ConventionalLoanMember2022-12-310001511337us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel3Member2023-09-300001511337us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel3Member2022-12-310001511337us-gaap:UnsecuredDebtMemberrlj:A500MillionSeniorNotesDue2029Member2023-09-300001511337us-gaap:FairValueInputsLevel1Memberrlj:A500MillionSeniorNotesDue2029Member2023-09-300001511337us-gaap:FairValueInputsLevel1Memberrlj:A500MillionSeniorNotesDue2029Member2022-12-310001511337us-gaap:UnsecuredDebtMemberrlj:A500MillionSeniorNotesDue2026Member2023-09-300001511337us-gaap:FairValueInputsLevel1Memberrlj:A500MillionSeniorNotesDue2026Member2023-09-300001511337us-gaap:FairValueInputsLevel1Memberrlj:A500MillionSeniorNotesDue2026Member2022-12-310001511337us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2023-09-300001511337us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2022-12-310001511337rlj:A500MillionTermLoanMaturing2026Memberus-gaap:SeniorNotesMember2023-09-300001511337rlj:TheRevolverMemberrlj:ExtensionOption1Memberus-gaap:LineOfCreditMember2023-01-012023-09-300001511337rlj:ExtensionOption2Memberrlj:TheRevolverMemberus-gaap:LineOfCreditMember2023-09-30rlj:option0001511337rlj:ExtensionOption2Memberrlj:TheRevolverMemberus-gaap:LineOfCreditMember2023-01-012023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2025Member2023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A200MillionTermLoanMaturing2026Member2023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A200MillionTermLoanMaturing2026Member2023-01-012023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2026Member2023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2026Member2023-01-012023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2023Member2023-01-012023-01-310001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2023Member2023-01-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2023Member2023-01-012023-01-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2023Member2023-01-310001511337rlj:TheRevolverMemberrlj:ExtensionOption1Memberus-gaap:LineOfCreditMember2023-05-012023-05-310001511337rlj:ExtensionOption2Memberrlj:TheRevolverMemberus-gaap:LineOfCreditMember2023-05-310001511337rlj:ExtensionOption2Memberrlj:TheRevolverMemberus-gaap:LineOfCreditMember2023-05-012023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:TheRevolverMemberrlj:SecuredOvernightFinancingRateSOFRMember2023-05-012023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:TheRevolverMemberrlj:SecuredOvernightFinancingRateSOFRMembersrt:MinimumMember2023-05-012023-05-310001511337srt:MaximumMemberus-gaap:UnsecuredDebtMemberrlj:TheRevolverMemberrlj:SecuredOvernightFinancingRateSOFRMember2023-05-012023-05-310001511337us-gaap:UnsecuredDebtMemberus-gaap:BaseRateMemberrlj:TheRevolverMembersrt:MinimumMember2023-05-012023-05-310001511337srt:MaximumMemberus-gaap:UnsecuredDebtMemberus-gaap:BaseRateMemberrlj:TheRevolverMember2023-05-012023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2026Member2023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2024Member2023-05-012023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2024Member2023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2024Member2023-05-012023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2024Member2023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2026Member2023-05-012023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2026Memberrlj:SecuredOvernightFinancingRateSOFRMembersrt:MinimumMember2023-05-012023-05-310001511337srt:MaximumMemberus-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2026Memberrlj:SecuredOvernightFinancingRateSOFRMember2023-05-012023-05-310001511337us-gaap:UnsecuredDebtMemberus-gaap:BaseRateMemberrlj:A225MillionTermLoanMaturing2026Membersrt:MinimumMember2023-05-012023-05-310001511337srt:MaximumMemberus-gaap:UnsecuredDebtMemberus-gaap:BaseRateMemberrlj:A225MillionTermLoanMaturing2026Member2023-05-012023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2025Member2023-05-310001511337us-gaap:UnsecuredDebtMember2023-05-310001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2023Member2023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2023Member2022-12-310001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2024Member2023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2024Member2022-12-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2023Member2023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2023Member2022-12-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2024Member2023-09-300001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2024Member2022-12-310001511337us-gaap:UnsecuredDebtMemberrlj:A400MillionTermLoanMaturing2025Member2022-12-310001511337us-gaap:UnsecuredDebtMemberrlj:A200MillionTermLoanMaturing2026Member2022-12-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2026Member2022-12-310001511337us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Member2023-09-300001511337us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Member2022-12-310001511337us-gaap:UnsecuredDebtMemberrlj:A225MillionTermLoanMaturing2023Member2023-01-012023-09-300001511337rlj:A200MillionTermLoanMaturing2026Member2023-01-012023-09-300001511337us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-09-300001511337us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2022-12-310001511337rlj:OriginalCovenantMember2023-09-300001511337rlj:ThreePointThreeTwoPercentDueApril2022Memberus-gaap:SecuredDebtMember2023-09-30rlj:asset0001511337rlj:ThreePointThreeTwoPercentDueApril2022Memberus-gaap:SecuredDebtMember2022-12-310001511337us-gaap:SecuredDebtMemberrlj:FourPointZeroZeroPercentDueApril2024Member2023-09-300001511337us-gaap:SecuredDebtMemberrlj:FourPointZeroZeroPercentDueApril2024Member2022-12-310001511337us-gaap:SecuredDebtMemberrlj:ThreePointFourThreePercentDueMarch2024Member2023-09-300001511337us-gaap:SecuredDebtMemberrlj:ThreePointFourThreePercentDueMarch2024Member2022-12-310001511337us-gaap:SecuredDebtMemberrlj:WellsFargoLender3Member2023-09-300001511337us-gaap:SecuredDebtMemberrlj:WellsFargoLender3Member2022-12-310001511337us-gaap:SecuredDebtMember2023-09-300001511337rlj:LIBORPlusOnePointSixZeroPercentMemberus-gaap:SecuredDebtMember2019-04-012019-04-30rlj:incrementrlj:loan0001511337rlj:LenderMember2022-12-310001511337us-gaap:SeniorNotesMember2023-07-012023-09-300001511337us-gaap:SeniorNotesMember2022-07-012022-09-300001511337us-gaap:SeniorNotesMember2023-01-012023-09-300001511337us-gaap:SeniorNotesMember2022-01-012022-09-300001511337us-gaap:LineOfCreditMember2023-07-012023-09-300001511337us-gaap:LineOfCreditMember2022-07-012022-09-300001511337us-gaap:LineOfCreditMember2023-01-012023-09-300001511337us-gaap:LineOfCreditMember2022-01-012022-09-300001511337us-gaap:SecuredDebtMember2023-07-012023-09-300001511337us-gaap:SecuredDebtMember2022-07-012022-09-300001511337us-gaap:SecuredDebtMember2023-01-012023-09-300001511337us-gaap:SecuredDebtMember2022-01-012022-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap2.29Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap2.29Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap2.290Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap2.290Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap264Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap264Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap2.51Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap2.51Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap2.39Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap2.39Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.16Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.16Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.200Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.200Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.150Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.150Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.10Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.10Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.98Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.98Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.95Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.95Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.93Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.93Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.90Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.90Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap437Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap437Member2022-12-310001511337rlj:InterestRateSwap0.85Memberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001511337rlj:InterestRateSwap0.85Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.75Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.75Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.24Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap1.24Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.65Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap0.65Member2022-12-310001511337rlj:InterestRateSwap295Memberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001511337rlj:InterestRateSwap295Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap285Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwap285Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwapNew275Member2023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwapNew275Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMemberrlj:InterestRateSwapDesignatedRedesignatedIn2022Member2022-02-012022-02-280001511337us-gaap:InterestRateSwapMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-09-300001511337us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001511337us-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMember2022-07-012022-09-300001511337us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-09-300001511337us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2023-09-300001511337us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2022-12-310001511337us-gaap:FairValueInputsLevel3Member2023-09-300001511337us-gaap:FairValueInputsLevel3Member2022-12-310001511337us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001511337us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001511337us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300001511337us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001511337us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001511337us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001511337us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-31rlj:hotel0001511337srt:MinimumMember2023-01-012023-09-300001511337srt:MaximumMember2023-01-012023-09-300001511337us-gaap:ManagementServiceMember2023-07-012023-09-300001511337us-gaap:ManagementServiceMember2023-01-012023-09-300001511337us-gaap:ManagementServiceMember2022-07-012022-09-300001511337us-gaap:ManagementServiceMember2022-01-012022-09-300001511337us-gaap:FranchiseMember2023-07-012023-09-300001511337us-gaap:FranchiseMember2023-01-012023-09-300001511337us-gaap:FranchiseMember2022-07-012022-09-300001511337us-gaap:FranchiseMember2022-01-012022-09-3000015113372023-04-012023-06-3000015113372023-01-012023-03-3100015113372022-04-012022-06-3000015113372022-01-012022-03-310001511337rlj:A2023ShareRepurchaseProgramMember2023-04-280001511337rlj:A2023ShareRepurchaseProgramMember2023-01-012023-09-300001511337rlj:A2022ShareRepurchaseProgramMember2023-01-012023-09-300001511337rlj:A2023ShareRepurchaseProgramMemberus-gaap:SubsequentEventMember2023-10-012023-11-020001511337us-gaap:SubsequentEventMember2023-10-012023-11-020001511337us-gaap:SubsequentEventMember2023-11-020001511337rlj:A2022ShareRepurchaseProgramMember2022-01-012022-09-300001511337rlj:SeriesACumulativePreferredStockMember2023-07-012023-09-300001511337rlj:SeriesACumulativePreferredStockMember2022-01-012022-03-310001511337rlj:SeriesACumulativePreferredStockMember2023-04-012023-06-300001511337rlj:SeriesACumulativePreferredStockMember2022-04-012022-06-300001511337rlj:SeriesACumulativePreferredStockMember2023-01-012023-03-310001511337rlj:SeriesACumulativePreferredStockMember2022-07-012022-09-300001511337rlj:TheKnickerbockerNewYorkMember2023-09-300001511337us-gaap:LimitedPartnerMember2023-09-300001511337us-gaap:RestrictedStockMember2023-01-012023-09-300001511337us-gaap:RestrictedStockMember2022-12-310001511337us-gaap:RestrictedStockMember2023-09-300001511337us-gaap:RestrictedStockMember2023-07-012023-09-300001511337us-gaap:RestrictedStockMember2022-07-012022-09-300001511337us-gaap:RestrictedStockMember2022-01-012022-09-300001511337us-gaap:PerformanceSharesMember2023-01-012023-09-300001511337rlj:A2015ShareRepurchaseProgramMember2023-01-012023-09-300001511337rlj:A2021PerformanceSharesMember2023-01-012023-09-300001511337rlj:A2021PerformanceSharesMembersrt:MinimumMember2023-01-012023-09-300001511337srt:MaximumMemberrlj:A2021PerformanceSharesMember2023-01-012023-09-300001511337rlj:A2020PerformanceSharesMember2020-01-012020-09-300001511337srt:MinimumMemberrlj:A2020PerformanceSharesMember2021-01-012021-09-300001511337srt:MaximumMemberrlj:A2020PerformanceSharesMember2021-01-012021-09-300001511337rlj:A2021PerformanceSharesMember2021-01-012021-09-300001511337rlj:A2021PerformanceSharesMembersrt:MinimumMember2022-01-012022-09-300001511337srt:MaximumMemberrlj:A2021PerformanceSharesMember2022-01-012022-09-300001511337rlj:A2022PerformanceSharesMember2022-01-012022-09-300001511337srt:MinimumMemberrlj:A2022PerformanceSharesMember2023-01-012023-09-300001511337srt:MaximumMemberrlj:A2022PerformanceSharesMember2023-01-012023-09-300001511337rlj:A2023PerformanceSharesMember2023-01-012023-09-300001511337rlj:A2023PerformanceSharesMembersrt:MinimumMember2023-01-012023-09-300001511337srt:MaximumMemberrlj:A2023PerformanceSharesMember2023-01-012023-09-300001511337rlj:A2020PerformanceSharesMember2023-02-012023-02-280001511337rlj:A2020PerformanceSharesMember2023-09-300001511337rlj:A2020PerformanceSharesMember2023-01-012023-09-300001511337us-gaap:PerformanceSharesMember2023-07-012023-09-300001511337us-gaap:PerformanceSharesMember2022-07-012022-09-300001511337us-gaap:PerformanceSharesMember2022-01-012022-09-300001511337us-gaap:PerformanceSharesMember2023-09-300001511337rlj:A2021ShareRepurchaseProgramMember2023-09-30
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, 2023

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.


Table of Contents
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 26, 2023, 155,844,358 common shares of beneficial interest of the Registrant, $0.01 par value per share, were outstanding.



Table of Contents
TABLE OF CONTENTS
 
  Page
   
   
 
   
 Consolidated Financial Statements (unaudited) 
 
 
 
 
 
   
   
   
   
 
 

ii

Table of Contents
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, 2023December 31, 2022
Assets  
Investment in hotel properties, net$4,142,365 $4,180,328 
Investment in unconsolidated joint ventures7,294 6,979 
Cash and cash equivalents494,563 481,316 
Restricted cash reserves35,807 55,070 
Hotel and other receivables, net of allowance of $237 and $319, respectively
47,990 38,528 
Lease right-of-use assets137,546 136,915 
Prepaid expense and other assets74,777 79,089 
Total assets$4,940,342 $4,978,225 
Liabilities and Equity  
Debt, net$2,219,781 $2,217,555 
Accounts payable and other liabilities150,650 155,916 
Advance deposits and deferred revenue30,995 23,769 
Lease liabilities119,780 117,010 
Accrued interest12,593 20,707 
Distributions payable22,448 14,622 
Total liabilities2,556,247 2,549,579 
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, 2023 and December 31, 2022
366,936 366,936 
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 156,172,739 and 162,003,533 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
1,562 1,620 
Additional paid-in capital3,003,316 3,054,958 
Distributions in excess of net earnings(1,041,171)(1,049,441)
Accumulated other comprehensive income39,553 40,591 
Total shareholders’ equity2,370,196 2,414,664 
Noncontrolling interests:  
Noncontrolling interest in the Operating Partnership6,361 6,313 
Noncontrolling interest in consolidated joint ventures7,538 7,669 
Total noncontrolling interests13,899 13,982 
Total equity2,384,095 2,428,646 
Total liabilities and equity$4,940,342 $4,978,225 

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

Table of Contents
RLJ Lodging Trust
Consolidated Statements of Operations and Comprehensive 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,
 2023202220232022
Revenues
Operating revenues
Room revenue$277,088 $267,363 $833,416 $753,818 
Food and beverage revenue34,181 30,600 105,601 82,655 
Other revenue23,137 20,108 66,852 54,998 
Total revenues334,406 318,071 1,005,869 891,471 
Expenses  
Operating expenses  
Room expense71,278 68,394 207,662 188,015 
Food and beverage expense27,430 23,375 81,604 61,314 
Management and franchise fee expense27,095 25,390 82,554 71,846 
Other operating expenses87,736 82,021 254,567 227,563 
Total property operating expenses213,539 199,180 626,387 548,738 
Depreciation and amortization44,727 46,559 134,648 140,346 
Property tax, insurance and other26,936 20,744 76,268 66,206 
General and administrative14,747 13,446 43,030 40,928 
Transaction costs2 (773)26 (575)
Total operating expenses299,951 279,156 880,359 795,643 
Other income, net1,921 710 3,506 8,716 
Interest income5,302 1,281 13,977 1,800 
Interest expense(24,833)(22,625)(73,506)(71,041)
Gain (loss) on sale of hotel properties, net16 (57)(28)996 
Loss on extinguishment of indebtedness, net  (169) 
Income before equity in (loss) income from unconsolidated joint ventures16,861 18,224 69,290 36,299 
Equity in (loss) income from unconsolidated joint ventures(186)(150)315 255 
Income before income tax expense16,675 18,074 69,605 36,554 
Income tax expense(332)(391)(1,028)(1,139)
Net income 16,343 17,683 68,577 35,415 
Net (income) loss attributable to noncontrolling interests:  
Noncontrolling interest in the Operating Partnership(50)(53)(238)(74)
Noncontrolling interest in consolidated joint ventures137 (36)131 (29)
Net income attributable to RLJ16,430 17,594 68,470 35,312 
Preferred dividends(6,279)(6,279)(18,836)(18,836)
Net income attributable to common shareholders$10,151 $11,315 $49,634 $16,476 
Basic per common share data:
Net income per share attributable to common shareholders$0.06 $0.07 $0.31 $0.10 
Weighted-average number of common shares154,563,284 160,368,297 156,805,643 162,681,840 
2

Table of Contents
Diluted per common share data:
Net income per share attributable to common shareholders$0.06 $0.07 $0.31 $0.10 
Weighted-average number of common shares155,081,645 160,784,709 157,280,206 163,064,462 
Comprehensive income:
Net income $16,343 $17,683 $68,577 $35,415 
Unrealized (loss) gain on interest rate derivatives(2,180)17,211 (1,038)64,784 
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net   (5,866)
Comprehensive income 14,163 34,894 67,539 94,333 
Comprehensive (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership(50)(53)(238)(74)
Noncontrolling interest in consolidated joint ventures137 (36)131 (29)
Comprehensive income attributable to RLJ$14,250 $34,805 $67,432 $94,230 
 
The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents

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 December 31, 202212,879,475 $366,936 162,003,533 $1,620 $3,054,958 $(1,049,441)$40,591 $6,313 $7,669 $2,428,646 
Net income (loss)— — — — — 68,470 — 238 (131)68,577 
Unrealized loss on interest rate derivatives— — — — — — (1,038)— — (1,038)
Issuance of restricted stock— — 1,190,961 12 (12)— — — —  
Amortization of share-based compensation— — — — 19,481 — — — — 19,481 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (407,205)(4)(4,394)— — — — (4,398)
Shares acquired as part of a share repurchase program— — (6,588,722)(66)(66,717)— — — — (66,783)
Forfeiture of restricted stock— — (25,828)— — — — — —  
Distributions on preferred shares— — — — — (18,836)— — — (18,836)
Distributions on common shares and units— — — — — (41,364)— (190)— (41,554)
Balance at September 30, 202312,879,475 $366,936 156,172,739 $1,562 $3,003,316 $(1,041,171)$39,553 $6,361 $7,538 $2,384,095 
 
The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents
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 June 30, 202312,879,475 $366,936 157,686,191 $1,577 $3,011,350 $(1,035,566)$41,733 $6,380 $7,675 $2,400,085 
Net income (loss)— — — — — 16,430 — 50 (137)16,343 
Unrealized loss on interest rate derivatives— — — — — — (2,180)— — (2,180)
Amortization of share-based compensation— — — — 6,753 — — — — 6,753 
Shares acquired as part of a share repurchase program— — (1,505,754)(15)(14,787)— — — — (14,802)
Forfeiture of restricted stock— — (7,698)— — — — — —  
Distributions on preferred shares— — — — — (6,279)— — — (6,279)
Distributions on common shares and units— — — — — (15,756)— (69)— (15,825)
Balance at September 30, 202312,879,475 $366,936 156,172,739 $1,562 $3,003,316 $(1,041,171)$39,553 $6,361 $7,538 $2,384,095 

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

5

Table of Contents
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) IncomeOperating
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 — — — — — 35,312 — 74 29 35,415 
Unrealized gain on interest rate derivatives— — — — — — 64,784 — — 64,784 
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net— — — — — — (5,866)— — (5,866)
Contributions from consolidated joint venture partners— — — — — — — — 154 154 
Distribution to consolidated joint venture partners— — — — — — (2,614)(2,614)
Issuance of restricted stock— — 702,993 7 (7)— — — —  
Amortization of share-based compensation— — — — 17,280 — — — — 17,280 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (260,841)(3)(3,595)— — — — (3,598)
Shares acquired as part of a share repurchase program— — (4,190,359)(42)(49,958)— — — — (50,000)
Forfeiture of restricted stock— — (28,213)— — — — — —  
Distributions on preferred shares— — — — — (18,836)— — — (18,836)
Distributions on common shares and units— — — — — (11,347)— (49)— (11,396)
Balance at September 30, 202212,879,475 $366,936 162,726,642 $1,627 $3,056,603 $(1,041,610)$41,805 $6,341 $7,488 $2,439,190 

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

6

Table of Contents
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 IncomeOperating
Partnership
Consolidated
Joint
Ventures
Total
Equity
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 
Net income— — — — — 17,594 — 53 36 17,683 
Unrealized gain on interest rate derivatives— — — — — — 17,211 — — 17,211 
Contributions from consolidated joint venture partners— — — — — — — — (2)(2)
Distribution to consolidated joint venture partners— — — — — — — — (14)(14)
Amortization of share-based compensation— — — — 5,818 — — — — 5,818 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock— — (654) (9)— — — — (9)
Shares acquired as part of a share repurchase program— — (232,376)(3)(2,551)— — — — (2,554)
Forfeiture of restricted stock— — (22,148)— — — — — —  
Distributions on preferred shares— — — — — (6,279)— — — (6,279)
Distributions on common shares and units— — — — — (8,199)— (37)— (8,236)
Balance at September 30, 202212,879,475 $366,936 162,726,642 $1,627 $3,056,603 $(1,041,610)$41,805 $6,341 $7,488 $2,439,190 

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

7

Table of Contents
RLJ Lodging Trust
Consolidated Statements of Cash Flows
(Amounts in thousands)
(unaudited)
 For the nine months ended September 30,
 20232022
Cash flows from operating activities  
Net income$68,577 $35,415 
Adjustments to reconcile net income to cash flow provided by operating activities:  
Loss (gain) on sale of hotel properties, net28 (996)
Loss on extinguishment of indebtedness, net169  
Depreciation and amortization134,648 140,346 
Amortization of deferred financing costs4,528 4,522 
Other amortization3,662 1,827 
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net (5,866)
Equity in income from unconsolidated joint ventures(315)(255)
Amortization of share-based compensation18,028 16,075 
Changes in assets and liabilities: 
Hotel and other receivables, net(9,462)(11,428)
Prepaid expense and other assets8,388 8,675 
Accounts payable and other liabilities(1,175)23,432 
Advance deposits and deferred revenue7,226 1,537 
Accrued interest(8,114)(9,618)
Net cash flow provided by operating activities226,188 203,666 
Cash flows from investing activities  
Acquisition of hotel property, net (59,219)
(Payments) proceeds from sales of hotel properties, net(28)48,053 
Improvements and additions to hotel properties(101,980)(86,638)
Net cash flow used in investing activities(102,008)(97,804)
Cash flows from financing activities  
Repayment of Revolver (200,000)
Borrowings on Term Loans320,000  
Repayments of Term Loans (318,662) 
Repurchase of common shares under a share repurchase program(66,783)(50,000)
Repurchase of common shares to satisfy employee tax withholding requirements(4,398)(3,598)
Distributions on preferred shares(18,836)(18,836)
Distributions on common shares(33,577)(5,152)
Distributions on Operating Partnership units(149)(18)
Payments of deferred financing costs(7,791)(17)
Contributions from consolidated joint venture partners 154 
Distribution to consolidated joint venture partners (2,614)
Net cash flow used in financing activities(130,196)(280,081)
Net change in cash, cash equivalents, and restricted cash reserves(6,016)(174,219)
Cash, cash equivalents, and restricted cash reserves, beginning of year536,386 713,869 
Cash, cash equivalents, and restricted cash reserves, end of period$530,370 $539,650 

The accompanying notes are an integral part of these consolidated financial statements.
8

Table of Contents
RLJ Lodging Trust
Notes to the Consolidated Financial Statements
(unaudited)

1.              General

Organization
 
RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. The Company elected to be taxed as a REIT, for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2011.
 
Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of September 30, 2023, there were 156,944,570 units of limited partnership interest in the Operating Partnership ("OP units") outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units.

As of September 30, 2023, the Company owned 97 hotel properties with approximately 21,400 rooms, located in 23 states and the District of Columbia.  The Company, through wholly-owned subsidiaries, owned a 100% interest in 95 of its hotel properties, a 95% controlling interest in one hotel property, and a 50% non-controlling interest in an entity owning one hotel property. The Company consolidates its real estate interests in the 96 hotel properties in which it holds a controlling interest, and the Company records the real estate interest in the one hotel property in which it holds an indirect 50% non-controlling interest using the equity method of accounting. The Company leases 96 of the 97 hotel properties to its taxable REIT subsidiaries ("TRSs"), of which the Company owns a controlling financial interest.
 
2.              Summary of Significant Accounting Policies
 
The Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission ("SEC") on February 28, 2023 (the "Annual Report"), contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2022.

Basis of Presentation and Principles of Consolidation
 
The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments of a normal recurring nature that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows.

The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, included in the Annual Report.

The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interest in one hotel property in which it holds a 50% non-controlling interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.

Reclassifications
 
Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows.




9

Table of Contents
Use of Estimates
 
The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements
 
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate that was expected to be discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expired on December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the expiration date of Topic 848 to December 31, 2024.

The Company elected to apply certain of the optional expedients for contract modifications to its financial instruments impacted by the discontinuance of LIBOR. The Company has completed its modifications to these financial instruments affected by reference rate reform. The application of this guidance did not have a material impact on the Company's consolidated financial statements.
3.              Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
September 30, 2023December 31, 2022
Land and improvements$996,972 $992,609 
Buildings and improvements4,096,444 4,040,505 
Furniture, fixtures and equipment782,305 745,978 
5,875,721 5,779,092 
Accumulated depreciation(1,733,356)(1,598,764)
Investment in hotel properties, net$4,142,365 $4,180,328 
 
For the three and nine months ended September 30, 2023, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.7 million and $134.6 million, respectively. For the three and nine months ended September 30, 2022, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.5 million and $139.9 million, respectively.

4.              Acquisition of Hotel Property
 
During the nine months ended September 30, 2022, the Company acquired a 100% interest in the following property:
Property (1)LocationAcquisition DateManagement Company (1)RoomsPurchase Price (in thousands)
21c Hotel NashvilleNashville, TNJuly 29, 2022Accor Hotels124 $59,000 
(1)    During the nine months ended September 30, 2023, the Company converted this hotel property to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton.
10

Table of Contents

The acquisition of the 21c Hotel Nashville was accounted for as an asset acquisition, whereby approximately $1.0 million of transaction costs were capitalized as part of the cost of the acquisition. The allocation of the costs for the property acquired was as follows (in thousands):
September 30, 2022
Land and improvements$19,777 
Buildings and improvements36,169 
Furniture, fixtures and equipment4,075 
Total purchase price $60,021 

The value of the asset acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach used inputs of recent land sales in the hotel market. The depreciated replacement cost approach used inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the asset.

5.            Sale of Hotel Properties  

During the nine months ended September 30, 2022, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $49.9 million.

Hotel Property NameLocationSale DateRooms
Marriott Denver Airport @ Gateway ParkAurora, COMarch 8, 2022238 
SpringHill Suites Denver North WestminsterWestminster, COApril 19, 2022164 
Total402 

The Company recorded a net gain of $1.0 million for the nine months ended September 30, 2022 in connection with the sale of these hotel properties.




























11

Table of Contents
6.          Revenue

The Company recognized revenue from the following geographic markets (in thousands):

For the three months ended September 30, 2023For the three months ended September 30, 2022
Room RevenueFood and Beverage RevenueOther RevenueTotal RevenueRoom RevenueFood and Beverage RevenueOther RevenueTotal Revenue
Southern California$37,507 $4,177 $4,068 $45,752 $33,086 $2,874 $2,862 $38,822 
Northern California38,573 3,651 2,041 44,265 40,634 3,254 2,034 45,922 
South Florida20,256 4,219 2,557 27,032 21,445 4,151 2,151 27,747 
Chicago18,204 2,450 854 21,508