RLJ Lodging Trust reports Q4 FFO 34c, consensus 34c

Reports Q4 revenue $319.7M, consensus $316.1M. “We are pleased to have achieved top-quartile RevPAR growth, capping off a very successful year of outperformance for RLJ,” commented Leslie D. Hale, CEO. “Our urban-centric portfolio is uniquely positioned to capture the improving demand that urban markets are disproportionately seeing, and the incremental lift from the first wave of our completed conversions, which should continue to be a tailwind into 2024. Additionally, throughout the year we demonstrated the optionality our strong balance sheet provided by launching several new conversions, repurchasing shares at an attractive basis, doubling our dividend and more recently bringing forward another compelling conversion opportunity by acquiring the Wyndham Boston Beacon Hill. Our strong execution has positioned us to maintain our momentum in 2024 and beyond, supported by continued strength of Urban leisure, ongoing improvement in business travel, and robust group bookings.”