RLJ Lodging TrustNYSE
Mon, Nov. 14, 10:03 AM
- The bond market was closed on Friday, keeping rates in check and allowing REITs a respite from the week's bout of selling. The respite was short-lived though, with the selloff resuming this morning as the 10-year Treasury yield jumps 10 basis points to 2.255%.
- Realty Income (O -1.5%), Public Storage (PSA -1.3%), Welltower (HCN -0.6%), Equity Residential (AVB -1.6%), AvalonBay (AVB -1.6%), Simon Property (SPG -1.5%), Kimco (KIM -0.5%), Eastgroup (EGP -0.5%), American Campus (ACC -1.7%).
- Fading the action are some office REITs as players eye a big boost in government spending: Government Properties (GOV +1.6%), Boston Properties (BXP +1%), First Potomac (FPO +1.2%).
- Also fading the negativity despite the stronger dollar are the previously very roughed-up lodging REITs as perhaps they discount a stronger economy: Ashford Hospitality (AHT +3.7%), Sunstone Hotel (SHO +3.2%), LaSalle Hotel (LHO +2.2%), Pebblebrook Realty (PEB +3.7%), Summit Hotel (INN +1.6%), Hospitality Properties (HPT +1.2%), RLJ Lodging (RLJ +2.8%)
- Previously: "Bond vigilantes" term comes out of retirement (Nov. 14)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF
Wed, Nov. 2, 5:08 PM
Tue, Nov. 1, 5:35 PM
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Thu, Sep. 15, 9:18 AM
Thu, Aug. 4, 9:26 AM
- Q2 adjusted FFO of $102.1M or $0.82 per share vs. $98M and $0.74 one year ago.
- Pro forma RevPAR up 1.9%; ADR up 1.6%; occupancy up 40 basis points. Excluding soft Chicago and Houston markets, RevPAR growth was 3.7%.
- Hotel EBITDA margin down 16 bps to 39.2%.
- Full-year outlook is softened: Pro forma RevPAR growth is seen at 1.5-2.5% vs. previous 3-5%; Hotel EBITDA margin is seen at 36.5-37% vs. previous 36.5-37.5%; EBITDA is seen at $415M-$425M vs. previous $425M-$450M.
- CC at 10 ET
- Full report
- RLJ flat premarket
Wed, Aug. 3, 4:52 PM
Tue, Aug. 2, 5:35 PM
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Mon, Aug. 1, 10:04 AM
- RLJ Lodging Trust (RLJ -0.6%) names Ross Bierkan as President and CEO of the company and appoints Leslie D. Hale as COO.
- In addition, Mr. Bierkan has been elected toRLJ'’s Board of Trustees.
- Bierkan was initially appointed as interim President and CEO in May following the departure of Thomas Baltimore, Jr. He has served as the company’s Chief Investment Officer since the RLJ's formation in 2011 and will continue to serve in that role for the time being
- Hale will serve in the dual role of COO and CFO.
- Source: Press Release
Tue, Jul. 26, 10:06 AM
- FelCor Lodging (FCH -2.9%) missed estimates and cut full-year guidance, noting softness in corporate travel for the rest of the year. Pebblebrook Hotel (PEB -5.7%) posted an earnings beat, but wasn't optimistic about the rest of the year. The company cut RevPAR growth guidance for both itself, and the industry.
- SunStone Hotel (SHO -1.5%), LaSalle Hotel (LHO -3.4%), Chesapeake Lodging (CHSP -1.4%), RLJ Lodging (RLJ -1.5%), Host Hotels (HST -2.9%), Hersha Hospitality (HT -1.6%), DiamondRock Hospitality (DRH -1.2%).
Fri, Jul. 15, 7:26 AM
Fri, Jun. 24, 10:30 AM
- A sharp drop in long-term rates and vanquished expectations for even one rate hike this year has income players bidding up the prices of utility stocks (XLU +0.7%) and certain REITs even as the major average fall more than 2% post-Brexit.
- A check of Fed Funds futures finds traders not fully pricing in a 25 basis point rate hike until 2018!
- The mortgage REIT sector (REM +0.5%) welcomes the news, with players like Annaly (NLY +1.7%), American Capital Agency (AGNC +1.1%), Two Harbors (TWO +1.7%), and Chimera (CIM +1.3%) leading the way. Western Asset Mortgage (WMC -0.8%) is a laggard after slashing its dividend by more than 30% last night.
- Equity REITs are decidedly mixed. Retail names like Realty Income (O +2.4%), National Retail (NNN +2%), and Vereit (VER +0.9%) are higher, as are healthcare players like HCP (HCP +1.2%) and Medical Properties Trust (MPW +0.1). Apartment REITs are mostly lower, as are mall operators like Simon Property (SPG -0.8%) and General Growth (GGP -0.7%).
- The dollar is surging post-Brexit, however, and that's taking a chunk out of the hotel REITs: Hospitality Properties (HPT -1.5%), Sunstone Hotel (SHO -2.7%), LaSalle (LHO -3.8%), Pebblebrook (PEB -2.4%), RLJ Lodging (RLJ -2.5%).
- ETFs: XLU, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU, PUI, SDP, PSCU, FUGAX, UTLF, JHMU, VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI
Wed, Jun. 15, 10:01 AM
- The San Francisco Board of Supervisors last week passed a bill requiring home-sharing services like Airbnb (Private:AIRB) to remove listings of units that have not been registered with the San Francisco Office of Short-Term Rentals.
- The team at Canaccord expects a near-term reduction of Airbnb listings of 80%, and nearly 50% on a stabilized basis. This should be a "marginal tailwind," and help San Francisco relative to other major hotel markets in coming months. Other cities are likely to follow suit.
- Buy rated stocks remain: Apple Hospitality (APLE +0.6%), DiamondRock (DRH +2%), Summit Hotel (INN +0.6%), Marriott (MAR +0.9%), and RLJ Lodging (RLJ +1.6%).
- Meanwhile, the lodging sector as a whole has its tail in the air as not only this news, but Airbnb's agreement to begin collecting occupancy tax in Pennsylvania filters through.
- Ashford (AHP +1.6%), (AHT +1.2%), Starwood (HOT +0.8%), Hospitality Properties (HPT +0.8%), Host Hotels (HST +1.5%), LaSalle (LHO +2.2%), Sunstone Hotel (SHO +1.1%), Pebblebrook (PEB +2.2%), Chesapeake (CHSP +1.3%), Chatham (CLDT +1.2%), Hersha (HT +1.4%)
Wed, Jun. 15, 9:19 AM
- RLJ Lodging Trust (NYSE:RLJ) declares $0.33/share quarterly dividend, in line with previous.
- Forward yield 6.43%
- Payable July 15; for shareholders of record June 30; ex-div June 28.
Thu, Jun. 9, 11:52 AM
- The team hosted meetings with 29 companies over two days across six subsectors. Some highlights:
- Lodging: Business travel remains soft and most are operating defensively by grouping up and reducing leverage. NYC is flooded with hotels available for sale which should pressure pricing.
- Apartments: The slowdown in NoCal is concentrated in Soma and San Jose, but expected to be temporary. The NYC slowdown is expected to endure through 2017. Merchant builders in Houston with deliveries in 2017 are in trouble - an opportunity for Camden Property Trust (NYSE:CPT) to pick up assets on the cheap.
- Malls: Concerns over department stores are overblown. Simon Property (NYSE:SPG) expects spreads to top mid-teens in the next five years. Omni-channel retail strategy is growing increasingly important as the WSJ reports 80% of online sales touch brick and mortar in some way.
- CS's Ian Weissman is ranked #1,134 out of #3,990 analysts on TipRanks.com.
- Tickers of interest: HPT, SHO, LHO, PEB, CHSP, INN, RLJ, EQR, AVB, ESS, PPS, UDR, AIV, GGP, BRX, KIM, WRI, MAC
Thu, May 19, 11:12 AM
- "Lodging demand is clearly slowing," says BAML analyst Shaun Kelley, downgrading Hilton (HLT -3.1%), Hyatt (H -3.9%), RLJ Lodging (RLJ -6.1%), and Hersha Hospitality (HT -3.5%). He's most bearish on RLJ, which is cut two notches to Underperform; the other three are downgraded to Neutral.
- RevPAR dipped 1.1% in the first two weeks of May, says Kelley, and if the trend continues, RevPAR growth from May 2014 to May 2016 would be the slowest of any two-year period since the financial crisis.
- "The lodging cycle that began in March 2009 is over," he says, and hotel names have 15-40% of downside from current levels.
Thu, May 19, 9:58 AM
- RLJ Lodging Trust (RLJ -5.1%) is the recipient of a two-notch downgrade to Underperform from Buy at BAML.
- The sector as a whole is under a great deal of pressure again today, still reacting to the FOMC's surprising hawkishness yesterday. Not only do higher rates compete with these dividend payers, but operationally there's pain as the resultant stronger dollar slows foreign demand for rooms.
- Ashford Trust (AHT -3.6%), Sunstone Hotel (SHO -3.5%), LaSalle Hotel (LHO -3.7%), Chesapeake Lodging (CHSP -1.9%), Chatham Lodging (CLDT -1.8%), Host Hotels (HST -4.1%), Hersha Hospitality (HT -5.2%), DiamondRock (DRH -4.9%).