# EDGAR Filing Document

**Accession Number:** 0001511337
**File Stem:** 0001511337-26-000010
**Filing Date:** 2026-5
**Character Count:** 39947
**Document Hash:** acd6bbe443c12b6cfa5541c22ab0e9d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001511337-26-000010.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001511337-26-000010

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260504

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RLJ Lodging Trust
- **CENTRAL INDEX KEY:** 0001511337
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35169
- **FILM NUMBER:** 26934917

**BUSINESS ADDRESS:**
- **STREET 1:** 7373 WISCONSIN AVE
- **STREET 2:** SUITE 1500
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 301-280-7777

**MAIL ADDRESS:**
- **STREET 1:** 7373 WISCONSIN AVE
- **STREET 2:** SUITE 1500
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

?xml version='1.0' encoding='ASCII'? rlj-20260504

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): May 04, 2026

**RLJ LODGING TRUST** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-35169** | **27-4706509** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |

---

---

| | | |
|:---|:---|:---|
| **7373 Wisconsin Avenue, Suite 1500** | **7373 Wisconsin Avenue, Suite 1500** | |
| **Bethesda,** | **Maryland** | **20814** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

**(301) 280-7777** 

(Registrant's telephone number, including area code)

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12 (b) of the Exchange Act:

---

| | | |
|:---|:---|:---|
| <u>Title of Class</u> | <u>Trading Symbol</u> | <u>Name of Exchange on Which Registered</u> |
| Common Shares of beneficial interest, par value $0.01 per share | RLJ | New York Stock Exchange |

---

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. ☐

------

**Item 2.02.**&nbsp;&nbsp;&nbsp;&nbsp; **Results of Operations and Financial Condition.**

On May 4, 2026, RLJ Lodging Trust (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The following exhibits are filed as part of this report:

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[Press release dated May 4, 2026, issued by RLJ Lodging Trust, providing financial results for the quarter ended March 31, 2026.](rljq12026exhibit991.htm)</u> |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **RLJ LODGING TRUST** | **RLJ LODGING TRUST** |
| Dated: May 4, 2026 | By: | /s/ Leslie D. Hale |
|  |  | Leslie D. Hale |
|  |  | President and Chief Executive Officer |

---

**<u>EXHIBIT LIST</u>**

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[Press release dated May 4, 2026, issued by RLJ Lodging Trust, providing financial results for the quarter ended March 31, 2026.](rljq12026exhibit991.htm)</u> |

---

## Exhibit 99.1

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**Press Release&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**RLJ Lodging Trust Reports First Quarter 2026 Results**

***Q1 RevPAR increased 4.8%***

***Adjusted FFO per diluted common share and unit of $0.33 increased 6.5%***

***Adjusted EBITDA of $80.9 million increased 4.2%***

***Comparable Hotel EBITDA Margin increased by 45 bps***

***Increasing full-year outlook***

Bethesda, MD, May 4, 2026 – RLJ Lodging Trust (the "Company") (NYSE: RLJ) today reported results for the three months ended March 31, 2026.

**<u>First Quarter Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR of $148.55, an increase of 4.8% over the prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Hotel Revenue of $340.0 million, an increase of 5.4% over the prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $0.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Hotel EBITDA of $89.9 million, an increase of 7.2% over the prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Hotel EBITDA Margin of 26.4%, an increase of 45 bps over the prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $80.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted FFO per diluted common share and unit of $0.33

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Addressed all debt maturities until 2029

"We are pleased with our strong first quarter results, which exceeded our expectations, driven by improving fundamentals, strong performance in a number of our top Urban markets, and the continued ramp of our recently completed, high-impact renovations and conversions. These elements, combined with our success driving non-room revenues and managing expenses, allowed us to grow EBITDA and expand margins," commented Leslie D. Hale, President and Chief Executive Officer. "While the evolving geopolitical environment has added a layer of uncertainty, we continue to be encouraged by the healthy demand trends we are seeing. We are raising our guidance to incorporate the first quarter outperformance, and our favorable view for the remainder of the year is unchanged. We believe the industry setup continues to favor Urban markets, supported by sustained strength in business transient and robust demand for urban leisure experiences, which should disproportionately benefit our portfolio."

*The prefix "comparable" as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.* 

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**<u>Financial and Operating Highlights</u>** 

***($ in thousands, except ADR, RevPAR, Change, and per share amounts)***

***(unaudited)***

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| | **2026** | **2025** | **Change** |
| **Operational Overview:** (1) |  |  |  |
| Comparable ADR | $209.91 | $205.51 | 2.1% |
| Comparable Occupancy | 70.8% | 69.0% | 2.6% |
| Comparable RevPAR | $148.55 | $141.80 | 4.8% |
| **Financial Overview:** |  |  |  |
| Total Revenue | $339977 | $328119 | 3.6% |
| Comparable Hotel Revenue | $339958 | $322520 | 5.4% |
| Net (loss) income | ($349) | $3172 | (111.0)% |
| Comparable Hotel EBITDA | $89918 | $83858 | 7.2% |
| Comparable Hotel EBITDA Margin | 26.4% | 26.0% | 45 bps |
| Adjusted EBITDA | $80872 | $77594 | 4.2% |
| Adjusted FFO | $49518 | $46920 | 5.5% |
| Adjusted FFO Per Diluted Common Share and Unit | $0.33 | $0.31 | 6.5% |

---

**Note:** 

(1) Comparable statistics reflect the Company's 92 hotel portfolio owned as of March 31, 2026.

**<u>Operational Update</u>**

Comparable RevPAR increased by 4.8%, with trends improving sequentially throughout the first quarter. Comparable non-room revenues increased 8.2%, exceeding comparable RevPAR growth by 340 basis points and reflecting the continued success of the Company's return-on-investment initiatives. Strong revenue growth combined with disciplined expense management contributed to Comparable Hotel EBITDA margin expansion of 45 basis points year-over-year and Adjusted EBITDA growth of 4.2% over the prior year period.

**<u>Balance Sheet&nbsp;&nbsp;&nbsp;&nbsp;</u>**

As of March 31, 2026, the Company had over $950.0 million of total liquidity, comprised of approximately $353.1 million of unrestricted cash and $600 million available under its revolving credit facility (the "Revolver"), as well as nearly $2.2 billion of debt outstanding.

As previously announced, during the first quarter the Company completed the successful refinancing of all of its debt maturities through 2028, further laddering its maturity schedule and adding incremental flexibility to its balance sheet. The refinancing consisted of four tranches including the extension of the Company's Revolver, the upsize and recast of one of its existing term loans, the addition of a new seven-year term loan, as well as the refinancing of its secured mortgage debt maturing in 2026. The Company intends to use the incremental delayed draw proceeds from the term loans to repay its $500 million senior notes maturing in July 2026. Following these refinancing transactions, the Company's next debt maturity after extension options is not until 2029.

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**<u>Dividends</u>**

The Company's Board of Trustees declared a quarterly cash dividend of $0.15 per common share of beneficial interest of the Company in the first quarter. The dividend was paid on April 15, 2026 to shareholders of record as of March 31, 2026.

The Company's Board of Trustees declared a first quarter cash dividend of $0.4875 on the Company's Series A Preferred Shares. The dividend was paid on April 30, 2026 to shareholders of record as of March 31, 2026.

**<u>Subsequent Events</u>**

In April, the Company's Board of Trustees approved the 2026 share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares, effective May 9, 2026.

**<u>2026 Outlook</u>**

The Company is updating its full-year outlook to incorporate the strong first quarter outperformance while keeping expectations for the remainder of the year unchanged from its previous outlook.

---

| | |
|:---|:---|
| | **FY 2026** |
| Comparable RevPAR Growth | +1.5% to +3.5% |
| Comparable Hotel EBITDA | $356M to $380M |
| Adjusted EBITDA | $324M to $348M |
| Adjusted FFO per diluted share | $1.29 to $1.45 |

---

Additionally, the Company's full year 2026 outlook includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest expense in the range of $101.0 million to $103.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash corporate G&A in the range of $32.5 million to $33.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures related to renovations in the range of $80.0 million to $90.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted weighted average common shares and units of 150.8 million

Potential future acquisitions, dispositions, financings, or share repurchases are not incorporated into the

Company's outlook above and could result in a material change to the Company's outlook.

**<u>Earnings Call</u>**

The Company will conduct its quarterly analyst and investor conference call on May 4, 2026 at 11:00 a.m. (Eastern Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust's first quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company's website at http://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available through the *Investor Relations* section of the Company's website for two weeks.

**<u>Supplemental Information</u>**

Please refer to the presentation of supplemental information for additional detail and comparable operating statistics, which will be available through the *Investor Relations* section of the Company's website.

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**<u>About Us</u>**

RLJ Lodging Trust ("RLJ") is a self-advised, publicly traded real estate investment trust that owns 92 premium-branded, rooms-oriented, high-margin, urban-centric hotels located within the heart of demand locations. Our hotels are geographically diverse and concentrated in major urban markets that provide multiple demand generators from business, leisure, and other travelers.

**<u>Forward-Looking Statements</u>**

*This information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company's business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words "believe," "project," "expect," "anticipate," "estimate," "plan," "may," "will," "will continue," "intend," "should," or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled "Risk Factors," "Forward-Looking Statements," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which will be filed on May 4, 2026, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.*

###

**<u>Additional Contacts:</u>**

**Leslie D. Hale, President and Chief Executive Officer – (301) 280-7777**

**Nikhil Bhalla, Chief Financial Officer – (301) 280-7777**

*For additional information or to receive press releases via email, please visit our website:*

*https://www.rljlodgingtrust.com*

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**RLJ Lodging Trust**

**Non-GAAP and Accounting Commentary**

**<u>Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures</u>**

The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDA*re,* (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin. These Non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, EBITDA*re*, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin, as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company defines such terms.

**<u>Funds From Operations ("FFO")</u>**

The Company calculates Funds from Operations ("FFO") in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss, excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company's operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts ("REITs"), even though FFO does not represent an amount that accrues directly to common shareholders.

The Company's calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest ("OP units") in RLJ Lodging Trust, L.P., the Company's operating partnership, because the OP units may be redeemed for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.

**<u>EBITDA and EBITDA</u>*<u>re</u>***

Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization expense) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.

In addition to EBITDA, the Company presents EBITDA*re* in accordance with NAREIT guidelines, which defines EBITDA*re* as net income or loss excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. The Company believes that the presentation of EBITDA*re* provides useful

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.

**<u>Adjustments to FFO and EBITDA</u>**

The Company adjusts FFO, EBITDA, and EBITDA*re* for certain items that the Company considers outside the normal course of operations. The Company believes that Adjusted FFO, Adjusted EBITDA, and Adjusted EBITDA*re* provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income or loss, FFO, EBITDA, and EBITDA*re*, are beneficial to an investor's understanding of the Company's operating performance. The Company adjusts FFO, EBITDA, and EBITDA*re* for the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Transaction Costs:* The Company excludes transaction costs expensed during the period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Pre-Opening Costs:* The Company excludes certain costs related to pre-opening of hotels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Non-Cash Expenses:* The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation, non-cash income tax expense or benefit, and non-cash interest expense related to discontinued interest rate hedges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other Non-Operational Expenses:* The Company excludes the effect of certain non-operational expenses representing income and expenses outside the normal course of operations

**<u>Hotel EBITDA and Hotel EBITDA Margin</u>**

With respect to Comparable Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company's hotels and the effectiveness of third-party management companies.

Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin include prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels and excludes results from sold hotels as applicable.

*<u>Comparable adjustments: Sold hotels</u>*

For the three months ended March 31, 2026 and 2025, Comparable adjustments included the following sold hotels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Courtyard Atlanta Buckhead sold in March 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Embassy Suites by Hilton Dallas-Love Field sold in December 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Residence Inn Houston by the Galleria sold in December 2025

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**RLJ Lodging Trust**

**Consolidated Balance Sheets**

***(Amounts in thousands, except share and per share data)***

***(unaudited)***

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| Investment in hotel properties, net | $4081044 | $4112387 |
| Investment in unconsolidated joint ventures | 7394 | 7357 |
| Cash and cash equivalents | 353084 | 410160 |
| Restricted cash reserves | 34375 | 31901 |
| Hotel and other receivables, net of allowance of $156 and $170, respectively | 31375 | 29643 |
| Lease right-of-use assets | 122429 | 123524 |
| Prepaid expense and other assets | 65531 | 27158 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $4695232 | $4742130 |
| **Liabilities and Equity** |  |  |
| Debt, net | $2190370 | $2197218 |
| Accounts payable and other liabilities | 137071 | 141568 |
| Advance deposits and deferred revenue | 51859 | 51029 |
| Lease liabilities | 118002 | 118189 |
| Accrued interest | 10608 | 20532 |
| Distributions payable | 30516 | 30934 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2538426 | 2559470 |
| **Equity** |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized |  |  |
| &nbsp;&nbsp;&nbsp;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 March 31, 2026 and December 31, 2025 | 366936 | 366936 |
| &nbsp;&nbsp;&nbsp;Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 151,975,812 and 151,085,078 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 1520 | 1511 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2978612 | 2977616 |
| &nbsp;&nbsp;&nbsp;Distributions in excess of net earnings | (1207648) | (1178456) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 4574 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 2143994 | 2169526 |
| Noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest in the Operating Partnership | 5548 | 5696 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest in consolidated joint ventures | 7264 | 7438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncontrolling interest | 12812 | 13134 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 2156806 | 2182660 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $4695232 | $4742130 |

---

**Note:** The corresponding notes to the consolidated financial statements can be found in the Company's Quarterly Report on Form 10-Q.

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**RLJ Lodging Trust**

**Consolidated Statements of Operations**

***(Amounts in thousands, except share and per share data)***

***(unaudited)***

---

| | | |
|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** |
| | **2026** | **2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Operating revenues |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Room revenue | $275257 | $267654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage revenue | 39717 | 37513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 25003 | 22952 |
| &nbsp;&nbsp;&nbsp;Total revenues | 339977 | 328119 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Room expense | 72732 | 70851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage expense | 30762 | 29289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and franchise fee expense | 25074 | 25202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 96426 | 91711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property operating expenses | 224994 | 217053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 47195 | 45788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property tax, insurance and other | 26972 | 27203 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 12979 | 12646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 32 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 312172 | 302746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 832 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 2938 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (27677) | (27552) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on sale of hotel properties, net | (3647) | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of indebtedness, net | (373) |  |
| (Loss) income before equity in income from unconsolidated joint ventures | (122) | 3285 |
| Equity in income from unconsolidated joint ventures | 37 | 181 |
| (Loss) income before income tax expense | (85) | 3466 |
| Income tax expense | (264) | (294) |
| Net (loss) income | (349) | 3172 |
| Net loss attributable to noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in the Operating Partnership | 34 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in consolidated joint ventures | 174 | 173 |
| Net (loss) income attributable to RLJ | (141) | 3362 |
| Preferred dividends | (6279) | (6279) |
| Net loss attributable to common shareholders | $(6420) | $(2917) |
| **Basic and diluted per common share data:** |  |  |
| Net loss per share attributable to common shareholders | $(0.05) | $(0.02) |
| Weighted-average number of common shares | 149323243 | 150909513 |

---

**Note:** The Statements of Comprehensive Income and corresponding notes to the consolidated financial statements can be found in the Company's Quarterly Report on Form 10-Q.

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**RLJ Lodging Trust**

**Reconciliation of Non-GAAP Measures**

***(Amounts in thousands, except per share data)***

***(unaudited)***

**Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders**

---

| | | |
|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** |
| | **2026** | **2025** |
| Net (loss) income | $(349) | $3172 |
| Preferred dividends | (6279) | (6279) |
| Depreciation and amortization | 47195 | 45788 |
| Loss (gain) on sale of hotel properties, net | 3647 | (1321) |
| Noncontrolling interest in consolidated joint ventures | 174 | 173 |
| Adjustments related to consolidated joint venture (1) | (50) | (49) |
| Adjustments related to unconsolidated joint venture (2) | 224 | 244 |
| &nbsp;&nbsp;&nbsp;**FFO** | **44562** | **41728** |
| Transaction costs | 32 | 56 |
| Pre-opening costs (3) | 298 | 399 |
| Loss on extinguishment of indebtedness, net | 373 |  |
| Amortization of share-based compensation | 3656 | 4349 |
| Non-cash interest expense related to discontinued interest rate hedges |  | 144 |
| Other expenses (4) | 597 | 244 |
| &nbsp;&nbsp;&nbsp;**Adjusted FFO** | $**49518** | $**46920** |
| **Adjusted FFO per common share and unit-basic** | $**0.33** | $**0.31** |
| **Adjusted FFO per common share and unit-diluted** | $**0.33** | $**0.31** |
| Basic weighted-average common shares and units outstanding (5) | 150095 | 151681 |
| Diluted weighted-average common shares and units outstanding (5) | 150475 | 151939 |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes our ownership interest in the depreciation and amortization expense of the unconsolidated joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Represents expenses related to the brand conversions of certain hotel properties prior to opening.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Represents income and expenses outside of the normal course of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Includes 0.8 million weighted-average operating partnership units for the three months ended March 31, 2026 and 2025.

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**RLJ Lodging Trust**

**Reconciliation of Non-GAAP Measures**

***(Amounts in thousands)***

***(unaudited)***

**Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)**

---

| | | |
|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** |
| | **2026** | **2025** |
| Net (loss) income | $(349) | $3172 |
| Depreciation and amortization | 47195 | 45788 |
| Interest expense, net of interest income | 24739 | 24297 |
| Income tax expense | 264 | 294 |
| Adjustments related to unconsolidated joint venture (1) | 420 | 316 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | **72269** | **73867** |
| Loss (gain) on sale of hotel properties, net | 3647 | (1321) |
| &nbsp;&nbsp;**EBITDA*re***  | **75916** | **72546** |
| Transaction costs | 32 | 56 |
| Pre-opening costs (2) | 298 | 399 |
| Loss on extinguishment of indebtedness, net | 373 |  |
| Amortization of share-based compensation | 3656 | 4349 |
| Other expenses (3) | 597 | 244 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | **80872** | **77594** |
| General and administrative | 9323 | 8297 |
| Other corporate adjustments | (272) | 20 |
| &nbsp;&nbsp;&nbsp;**Consolidated Hotel EBITDA** | **89923** | **85911** |
| Comparable adjustments - income from sold hotels | (5) | (2053) |
| &nbsp;&nbsp;&nbsp;**Comparable Hotel EBITDA** | $**89918** | $**83858** |

---

**Notes:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents expenses related to the brand conversions of certain hotel properties prior to opening.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Represents income and expenses outside of the normal course of operations.

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**RLJ Lodging Trust**

**Reconciliation of Non-GAAP Measures**

***(Amounts in thousands except margin data)***

***(unaudited)***

**Comparable Hotel EBITDA Margin**

---

| | | |
|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** |
| | **2026** | **2025** |
| Total revenue | $339977 | $328119 |
| Comparable adjustments - revenue from sold hotels | (1) | (5582) |
| Other corporate adjustments / non-hotel revenue | (18) | (17) |
| **Comparable Hotel Revenue** | $**339958** | $**322520** |
| **Comparable Hotel EBITDA** | $**89918** | $**83858** |
| **Comparable Hotel EBITDA Margin** | **26.4%** | **26.0%** |

---

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**RLJ Lodging Trust**

**Reconciliation of Non-GAAP Measures - Full-Year Outlook** 

***(Amounts in millions)***

***(unaudited)***

**Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)**

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31, 2026** | **For the year ended December 31, 2026** |
| | **Low End** | **High End** |
| Net income | $8.6 | $30.6 |
| Depreciation and amortization | 191.0 | 191.0 |
| Interest expense, net of interest income | 101.0 | 103.0 |
| Income tax expense | 1.4 | 1.4 |
| Adjustments related to joint ventures | 1.5 | 1.5 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | **303.5** | **327.5** |
| Loss on sale of hotel properties, net | 3.7 | 3.7 |
| &nbsp;&nbsp;**EBITDA*re*** | **307.2** | **331.2** |
| Amortization of share-based compensation | 16.8 | 16.8 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | **324.0** | **348.0** |
| General and administrative | 32.5 | 33.5 |
| Other corporate adjustments | (0.5) | (1.5) |
| &nbsp;&nbsp;&nbsp;**Comparable Hotel EBITDA** | $**356.0** | $**380.0** |

---

**Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders**

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31, 2026** | **For the year ended December 31, 2026** |
| | **Low End** | **High End** |
| Net income | $8.6 | $30.6 |
| Preferred dividends | (25.1) | (25.1) |
| Depreciation and amortization | 191.0 | 191.0 |
| Loss on sale of hotel properties, net | 3.7 | 3.7 |
| Adjustments related to joint ventures | 1.0 | 1.0 |
| &nbsp;&nbsp;&nbsp;**FFO** | **179.2** | **201.2** |
| Amortization of share-based compensation | 16.8 | 16.8 |
| All other items, net | (1.4) | 0.6 |
| &nbsp;&nbsp;&nbsp;**Adjusted FFO** | $**194.6** | $**218.6** |
| **Adjusted FFO per common share and unit-diluted** | $**1.29** | $**1.45** |
| Diluted weighted-average common shares and units outstanding | 150.8 | 150.8 |

---

------

![rljlt_blacklogox2022.jpg](rljlt_blacklogox2022.jpg)

**RLJ Lodging Trust**

**Consolidated Debt Summary**

***(Amounts in thousands except interest data)***

***(unaudited)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan** | **Base Term (Years)** | **Maturity (incl. extensions)** | **Floating / Fixed (1)** | **Interest Rate (2)** | **Balance as of March 31, 2026 (3)** |
| **Mortgage Debt** | | | | | |
| Mortgage loan - 1 hotel | 10 | January 2029 | Fixed | 5.06% | $25000 |
| Mortgage loan - 2 hotels (4) | 5 | April 2029 | Floating | 4.94% | 68300 |
| Mortgage loan - 4 hotels (4) | 5 | April 2029 | Floating | 5.05% | 81100 |
| **Weighted Average / Mortgage Total** |  |  |  | **5.01%** | $**174400** |
| **Corporate Debt** |  |  |  |  |  |
| Revolver (5) | 4 | February 2031 | Floating |  | $— |
| $569 Million Term Loan Maturing 2031 (6) | 3 | February 2031 | Floating | 5.41% | 225000 |
| $500 Million Term Loan Maturing 2027 | 3 | September 2029 | Floating | 4.89% | 500000 |
| $500 Million Senior Notes due 2026 | 5 | July 2026 | Fixed | 3.75% | 500000 |
| $500 Million Senior Notes due 2029 | 8 | September 2029 | Fixed | 4.00% | 500000 |
| $300 Million Term Loan Maturing 2030 | 3 | April 2030 | Floating | 5.41% | 300000 |
| $150 Million Term Loan Maturing 2033 (7) | 7 | February 2033 | Floating |  |  |
| **Weighted Average / Corporate Total** |  |  |  | **4.52%** | $**2025000** |
| **Weighted-Average / Gross Debt** |  |  |  | **4.56%** | $**2199400** |

---

**Notes:** 

(1) The floating interest rate is hedged, or partially hedged, with an interest rate swap.

(2) Interest rates as of March 31, 2026, inclusive of the impact of interest rate hedges.

(3) Excludes the impact of fair value adjustments and deferred financing costs.

(4) In April 2026, the Company received additional proceeds of $23.4 million on the $68.3 million loan, increasing it to $91.7 million. The company also paid down approximately $8.4 million on the $81.1 million loan in connection with the draw.

(5) In February 2026, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to February 2030. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending February 2031 if certain conditions are satisfied. As of March 31, 2026, there was $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually.

(6) In February 2026, the Company replaced its $225.0 million term loan with a new and upsized $569.0 million delayed draw term loan, extending the scheduled maturity date to February 2031. As of March 31, 2026, 225.0 million has been funded and $344.0 million of commitments remain available to be drawn by the Company.

(7) In February 2026, the Company entered into a new $150.0 million delayed draw term loan which matures in February 2033. The Company had not drawn on this term loan as of March 31, 2026.