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SEC Filings

8-K
RLJ LODGING TRUST filed this Form 8-K on 08/07/2018
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RLJ Lodging Trust
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(unaudited)
 
For the three months ended June 30,
 
For the six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Revenue
 

 
 

 
 

 
 

Operating revenue
 

 
 

 
 

 
 

Room revenue
$
403,232

 
$
253,739

 
$
760,877

 
$
478,704

Food and beverage revenue
58,444

 
29,121

 
110,639

 
55,812

Other revenue
23,015

 
9,424

 
42,769

 
18,000

Total revenue
$
484,691

 
$
292,284

 
$
914,285

 
$
552,516

Expense
 

 
 

 
 

 
 

Operating expense
 

 
 

 
 

 
 

Room expense
$
94,459

 
$
55,221

 
$
184,428

 
$
107,143

Food and beverage expense
42,406

 
20,101

 
83,669

 
39,398

Management and franchise fee expense
37,252

 
29,626

 
72,928

 
56,539

Other operating expense
108,556

 
59,058

 
214,679

 
116,880

Total property operating expense
282,673

 
164,006

 
555,704

 
319,960

Depreciation and amortization
61,648

 
38,240

 
123,056

 
76,905

Property tax, insurance and other
35,537

 
18,152

 
70,036

 
37,310

General and administrative
15,523

 
10,129

 
26,436

 
19,252

Transaction costs
247

 
3,691

 
1,920

 
4,316

Total operating expense
395,628

 
234,218

 
777,152

 
457,743

Operating income
89,063

 
58,066

 
137,133

 
94,773

Other income
565

 
73

 
1,657

 
214

Interest income
960

 
664

 
2,190

 
1,149

Interest expense
(25,443
)
 
(14,548
)
 
(54,144
)
 
(28,877
)
Gain on extinguishment of indebtedness
7

 

 
7,666

 

Income before equity in income from unconsolidated joint ventures
65,152

 
44,255

 
94,502

 
67,259

Equity in income from unconsolidated joint ventures
799

 

 
418

 

Income before income tax expense
65,951

 
44,255

 
94,920

 
67,259

Income tax expense
(2,354
)
 
(1,821
)
 
(3,696
)
 
(2,987
)
Income from operations
63,597

 
42,434

 
91,224

 
64,272

Gain (loss) on sale of hotel properties
796

 
30

 
(2,938
)
 
(30
)
Net income
64,393

 
42,464

 
88,286

 
64,242

Net (income) loss attributable to noncontrolling interests:
 

 
 

 
 

 
 

Noncontrolling interest in consolidated joint ventures
(55
)
 
(29
)
 
179

 
37

Noncontrolling interest in the Operating Partnership
(254
)
 
(189
)
 
(327
)
 
(275
)
Preferred distributions - consolidated joint venture
(370
)
 

 
(735
)
 

Net income attributable to RLJ
63,714

 
42,246

 
87,403

 
64,004

Preferred dividends
(6,279
)
 

 
(12,557
)
 

Net income attributable to common shareholders
$
57,435

 
$
42,246

 
$
74,846

 
$
64,004

Basic per common share data:
 
 
 
 
 

 
 

Net income per share attributable to common shareholders
$
0.33

 
$
0.34

 
$
0.43

 
$
0.51

Weighted-average number of common shares
174,238,854

 
123,785,735

 
174,216,387

 
123,760,096

Diluted per common share data:
 
 
 
 
 

 
 

Net income per share attributable to common shareholders
$
0.33

 
$
0.34

 
$
0.43

 
$
0.51

Weighted-average number of common shares
174,364,547

 
123,871,762

 
174,316,348

 
123,856,388

 

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.




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