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RLJ Lodging Trust (RLJ)

- NYSE
  • Fri, Apr. 17, 12:19 PM
    • For the first time in nearly a year, writes Susan Persin, weekly U.S. RevPAR fell as of April 4, and results were mixed for the following week, with lower occupancy offsetting ADR growth.
    • According to STR, which compiles the data, the RevPAR weakness is likely temporary thanks to Passover and Easter. The company notes fundamentals - an improving economy, low gasoline prices, and limited supply - remain in place.
    • Could be, says Persin, but investors - eyeing the strong dollar and its effect on foreign travel to the U.S. - had turned somewhat negative on the previously hot sector before April's data. Host Hotels and Resorts (NYSE:HST) is the largest lodging REIT by far, contributing more than 25% of the sector's market cap. Its stock peaked in December and is lower by 14.3% YTD, despite a Q4 earnings beat and raised guidance.
    • There's also supply concerns, with the 126K rooms under construction in March up 23% from a year ago. NYC has the largest number of rooms under construction/planned, followed by Houston, Miami, and Chicago.
    • Other sector names: Hospitality Properties (NYSE:HPT), Ashford Hospitality (NYSE:AHT), Strategic Hotels (NYSE:BEE), Sunstone Hotel  (NYSE:SHO), LaSalle Hotel (NYSE:LHO), Pebblebrook Hotel (NYSE:PEB), Chesapeake Lodging (NYSE:CHSP), Summit Hotels (NYSE:INN), RLJ Lodging (NYSE:RLJ), Chatham Lodging (NYSE:CLDT), Hersha Hospitality (NYSE:HT).
    | 1 Comment
  • Mon, Apr. 6, 3:13 PM
    • The lodging names are still underperformers vs. the broader REIT sector this year (after strong outperformance in 2013 and 2014), but Credit Suisse's bullish Ian Weissman notes the hotel stocks had a 2nd consecutive good week of double-digit RevPAR growth which should help calm growth concerns.
    • He still likes the lodging REITs, with RLJ Lodging (RLJ -0.3%), Strategic Hotels and Resorts (BEE +0.8%), and LaSalle Hotel Properties (LHO +0.6%) his favorites.
    • Turning to mall owners in the wake of Macerich's (MAC -1.5%) rejection of Simon Properties' (SPG +0.7%) bid, Weissman thinks the time is right to get more aggressive on A mall cap rates, and the owners of the majority of them in the U.S. - with General Growth Properties (GGP +0.9%), Taubman Centers (TCO +0.3%), and Westfield (OTCPK:WFGPY +1.9%) joining Macerich and Simon. Taubman and Simon are his favorites.
    • Source: Barron's
    | Comment!
  • Wed, Apr. 1, 3:46 PM
    • A key takeaway from a recent Credit Suisse report, writes Bill Stoller, is the hotel sector down 6% vs. the broader REIT sector up 3% year-to-date even as lodging metrics remain strong - supply growth is limited, the macro environment is improving, and RevPAR performance is very solid.
    • The underperformance in 2015, however, might be better classified as a breather after hotel REITs outperformed by 2,500 basis points in 2013 and 500 basis points last year.
    • Credit Suisse's favorites on the dip: Strategic Hotels & Resorts (BEE -0.6%), RLJ Lodging Trust (RLJ +0.6%), and Sunstone Hotel Investors (SHO +0.3%).
    | 1 Comment
  • Fri, Mar. 13, 9:27 AM
    • RLJ Lodging Trust (NYSE:RLJ) declares $0.33/share quarterly dividend, 10% increase from prior dividend of $0.30.
    • Forward yield 4.29%
    • Payable April 15; for shareholders of record March 31; ex-div March 27.
    | Comment!
  • Wed, Feb. 25, 5:03 PM
    • RLJ Lodging Trust (NYSE:RLJ): Q4 EPS of $0.57 in-line.
    • Revenue of $280.11M (+15.5% Y/Y) in-line.
    • Press Release
    | Comment!
  • Tue, Feb. 24, 9:26 AM
    • With the sale of these hotels for a total of $240M, RLJ Lodging (NYSE:RLJ) has now sold 39 hotels for about $370M over the past 16 months, "and improved our overall portfolio metrics."
    • The 2014 RevPAR of the 24 hotels sold was about $72, more than a 40% discount to the company's portfolio average. Their EBITDA represents about 7% of the company's 2014 total. There 24 were acquired in 2006 as part of a larger deal.
    • Following the sale, RLJ owns 124 hotels with more than 20.4K rooms in 21 states. The company also owns two planned hotel conversions.
    • Source: Press Release
    | Comment!
  • Thu, Feb. 19, 11:25 AM
    • Maybe priced for perfection after big runs over the past couple of years, hotel REITs are pulling back after an earnings miss from Lasalle Hotel Properties (LHO -4.3%) and middling guidance from Host Hotels and Resorts (HST -5.4%).
    • Hospitality Properties (HPT -1.5%), Ashford Hospitality (AHT -1.2%), Strategic Hotels (BEE -0.9%), Pebblebrook Hotel Trust (PEB -1.7%), Summit Hotel (INN -2.2%), RLJ Lodging (RLJ -2.3%), Chatham Lodging (CLDT -1.1%).
    • Bucking the trend is Hersha Hospitality Trust (HT +1.1%) after beating Q4 consensus.
    • Previously: Credit Suisse takes profits on Pebblebrook Hotel (Feb. 18)
    | Comment!
  • Dec. 18, 2014, 9:56 AM
    | Comment!
  • Dec. 15, 2014, 4:45 PM
    • RLJ Lodging Trust (NYSE:RLJ) declares $0.30/share quarterly dividend, in line with previous.
    • Forward yield 3.69%
    • Payable Jan. 15; for shareholders of record Dec. 31; ex-div Dec. 29.
    | Comment!
  • Nov. 3, 2014, 5:16 PM
    • RLJ Lodging Trust (NYSE:RLJ): Q3 AFFO of $0.66 beats by $0.03.
    • Revenue of $297.66M (+17.9% Y/Y) beats by $5.39M.
    • Press Release
    | Comment!
  • Oct. 21, 2014, 1:06 PM
    • RLJ Lodging Trust (RLJ +2%) closes on a four separate first mortgage loans with Wells Fargo totaling $143M. Including extensions, the debt will mature in 2021 and bears a floating rate of Libor plus 225 basis points (interest only for the first five years).
    • Proceeds from the loans retired five other mortgages and reduced interest costs by 135 basis points, excluding the impact of a potential hedge.
    • Source: Press Release
    | Comment!
  • Oct. 7, 2014, 12:34 PM
    • The Residence Inn Atlanta Midtown/Georgia Tech was closed for a major rehab which included the adding of 12 rooms.
    • RLJ Lodging (RLJ +1%) came into possession of the hotel after purchasing its mortgage for about $5M in 2009, and subsequently foreclosing in early 2013. The company spent $8M on the renovation for an all-in price of $13M, or about $144K per key - a significant discount to replacement cost. RLJ expects a forward cap rate of roughly 10% based on 2015 NOI.
    • Source: Press Release
    | Comment!
  • Sep. 15, 2014, 12:48 PM
    • The 215-room DoubleTree Grand Key Resort was purchased by RLJ Lodging (RLJ -0.9%) for $358K per key.
    • RLJ plans to put about $7M into renovations next year, and expects the purchase price plus capex to represent a forward cap rate of 8% based on anticipated 2016 NOI.
    • Key West as a whole saw RevPAR growth of 17.8% in 2013, and this hotel's RevPAR is nearly 50% higher than the overall RLJ portfolio.
    • Source: Press Release
    | Comment!
  • Aug. 5, 2014, 6:33 PM
    • RLJ Lodging Trust (NYSE:RLJ) declares $0.30/share quarterly dividend, 36.0% increase from prior dividend of $0.22.
    • Forward yield 4.28%
    • Payable Oct. 15; for shareholders of record Sept. 30; ex-div Sept. 26.
    | Comment!
  • Aug. 5, 2014, 4:55 PM
    • RLJ Lodging Trust (NYSE:RLJ): Q2 Adj. FFO of $0.74 beats by $0.02.
    • Revenue of $295.04M (+13.1% Y/Y) misses by $1.07M.
    • Press Release
    | Comment!
  • Jul. 15, 2014, 9:40 AM
    • The 194-room Hyatt Atlanta Midtown comes with a price of about $255K per key, representing a forward cap rate of about 8% based on 2015 projected NOI. The purchase was funded with proceeds from RLJ's recent stock offering.
    • The hotel has undergone a recent major renovation, and RLJ projects RevPAR in its first full year of ownership to be more than a 16% premium to reported 2013 RevPAR.
    • Source: Press Release
    | Comment!
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Company Description
RLJ Lodging Trust is a self-advised and self-administered Maryland real estate investment trust. It acquires premium-branded, focused-service and compact full-service hotels.
Sector: Financial
Country: United States