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SEC Filings

8-K
RLJ LODGING TRUST filed this Form 8-K on 08/07/2018
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0.3%. Excluding Louisville, Austin, and Denver, which experienced softness in the quarter, Pro forma RevPAR growth was 2.6%. For the six months ended June 30, 2018, Pro forma RevPAR increased 0.4% over the comparable period in 2017, driven by a Pro forma ADR increase of 0.1% and by a Pro forma Occupancy increase of 0.2%.

Pro forma Hotel EBITDA Margin for the three months ended June 30, 2018, was 35.0%, a decrease of 79 basis points over the comparable period in 2017. Increases in real estate taxes and insurance expense impacted Pro forma Hotel EBITDA Margin by approximately 45 basis points. For the six months ended June 30, 2018, Pro forma Hotel EBITDA Margin decreased 122 basis points over the comparable period in 2017 to 32.3%.

Pro forma Hotel EBITDA for the three months ended June 30, 2018, was $169.3 million, largely flat with the comparable period in 2017. For the three months ended June 30, 2017, Pro forma Hotel EBITDA includes results from prior ownership of $60.0 million from the hotel properties acquired pursuant to the FelCor merger.

For the six months ended June 30, 2018, Pro forma Hotel EBITDA decreased $9.3 million to $293.3 million, representing a 3.1% decrease over the comparable period in 2017. For the six months ended June 30, 2018, Pro forma Hotel EBITDA includes results from prior ownership of $106.7 million from the hotel properties acquired pursuant to the FelCor merger.

Adjusted FFO for the three months ended June 30, 2018, increased $39.2 million to $127.9 million, representing a 44.1% increase over the comparable period in 2017. For the six months ended June 30, 2018, Adjusted FFO increased $56.2 million to $209.4 million, representing a 36.7% increase over the comparable period in 2017.

Adjusted FFO per diluted common share and unit for the three months ended June 30, 2018, increased $0.02 to $0.73, representing a 2.8% increase over the comparable period in 2017. For the six months ended June 30, 2018, Adjusted FFO per diluted common share and unit decreased $0.03 to $1.20, representing a 2.4% decrease over the comparable period in 2017.

Adjusted EBITDA for the three months ended June 30, 2018, increased $56.1 million to $159.8 million, representing a 54.1% increase over the comparable period in 2017. For the six months ended June 30, 2018, Adjusted EBITDA increased $93.0 million to $275.6 million, representing a 50.9% increase over the comparable period in 2017.

Non-recurring items and other adjustments which were noteworthy for the three months ended June 30, 2018, include $3.5 million of other expenses outside of the normal course of operations, including certain costs associated with shareholder activism. For the six months ended June 30, 2018, non-recurring items and other adjustments which were noteworthy also include a gain on extinguishment of indebtedness of $7.7 million.
 
Non-recurring items are included in net income but are excluded from Adjusted EBITDA and Adjusted FFO, as applicable. A complete listing of non-recurring items is provided in the Non-GAAP reconciliation tables located in this press release.


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