RLJ Lodging Trust (RLJ) financial statements: income statement, balance sheet and cash flow
RLJ Lodging Trust's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), RLJ Lodging Trust reported revenue of $1.3B (-1.4% year on year) and net income of $28.6M (-58.1% year on year).
Income statement
RLJ Lodging Trust income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$1.3B
$1.4B
$1.3B
$1.2B
Total revenues
$1.3B
$1.4B
—
—
Total property operating expenses
$887.5M
$877.9M
$834.7M
$744.4M
Depreciation and amortization
$186.4M
$179.4M
$179.1M
$184.9M
Property tax, insurance and other
$101.3M
$107.0M
$100.2M
$87.0M
General and administrative
$47.6M
$54.8M
$59.0M
$56.3M
Transaction costs
$410.0K
$320.0K
$223.0K
($345.0K)
Total operating expenses
$1.2B
$1.2B
$1.2B
$1.1B
Other income, net
$3.5M
$5.3M
$4.4M
$9.5M
Interest income
$13.6M
$17.3M
$19.7M
$4.6M
Interest expense
($112.3M)
($111.4M)
($98.8M)
($93.2M)
(Loss) gain on sale of hotel properties, net
($1.5M)
$8.3M
($34.0K)
$1.0M
Loss on extinguishment of indebtedness, net
($47.0K)
($129.0K)
($169.0K)
($39.0K)
Income before equity in (loss) income from unconsolidated joint ventures
$29.8M
$69.3M
$77.5M
$43.3M
Equity in (loss) income from unconsolidated joint ventures
($100.0K)
$459.0K
$419.0K
$457.0K
Income before income tax expense
$29.7M
$69.8M
$77.9M
$43.7M
Income tax expense
($1.1M)
($1.6M)
($1.3M)
($1.5M)
Net income attributable to RLJ
$28.5M
$68.0M
$76.4M
$41.9M
Preferred dividends
($25.1M)
($25.1M)
($25.1M)
($25.1M)
Net income attributable to common shareholders
$3.4M
$42.9M
$51.3M
$16.8M
Net income per share attributable to common shareholders - basic (in dollars per share)
$0.01
$0.27
$0.32
$0.10
Weighted-average number of common shares (in shares)
149.7M
152.9M
155.9M
161.9M
Net income per share attributable to common shareholders - diluted (in dollars per share)
$0.01
$0.27
$0.32
$0.10
Weighted-average number of common shares (in shares)
149.9M
153.5M
156.6M
162.3M
Net income
$28.6M
$68.2M
$76.6M
$42.2M
Unrealized loss on interest rate derivatives
($11.9M)
($8.9M)
($17.9M)
$63.6M
Comprehensive income
$16.7M
$59.3M
$58.7M
$99.9M
Noncontrolling interest in consolidated joint ventures
($30.0K)
$45.0K
$35.0K
($210.0K)
Noncontrolling interest in the Operating Partnership
($15.0K)
($215.0K)
($247.0K)
($80.0K)
Comprehensive income attributable to RLJ
$16.6M
$59.1M
$58.5M
$99.6M
RLJ Lodging Trust income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$383.0M
$340.0M
$330.0M
$363.1M
Total revenues
$383.0M
$340.0M
$330.0M
$363.1M
Operating expenses
$239.1M
$225.0M
$223.4M
$226.1M
Depreciation and amortization
$47.5M
$47.2M
$47.0M
$46.4M
Property tax, insurance and other
$26.8M
$27.0M
$26.6M
$26.5M
General and administrative
$13.4M
$13.0M
$11.8M
$11.1M
Transaction costs
$692.0K
$32.0K
$128.0K
$56.0K
Total operating expenses
$327.5M
$312.2M
$308.9M
$310.2M
Other income, net
$987.0K
$832.0K
$670.0K
$1.1M
Interest income
$3.3M
$2.9M
$3.5M
$3.4M
Interest expense
($28.1M)
($27.7M)
($28.3M)
($27.9M)
(Loss) gain on sale of hotel properties, net
($116.0K)
($3.6M)
($141.0K)
($378.0K)
Loss on extinguishment of indebtedness, net
($26.0K)
($373.0K)
$0
($34.0K)
Income before equity in income (loss) from unconsolidated joint ventures
$31.5M
($122.0K)
($3.1M)
$29.2M
Equity in income (loss) from unconsolidated joint ventures
$100.0K
$37.0K
($307.0K)
($187.0K)
Income before income tax expense
$31.6M
($85.0K)
($3.5M)
$29.0M
Income tax expense
($286.0K)
($264.0K)
($341.0K)
($339.0K)
Net income attributable to RLJ
$31.0M
($141.0K)
($3.7M)
$28.5M
Preferred dividends
($6.3M)
($6.3M)
($6.3M)
($6.3M)
Net income attributable to common shareholders
$24.8M
($6.4M)
($10.0M)
$22.2M
Earnings Per Share, Basic
$0.16
-$0.05
-$0.07
$0.15
Weighted-average number of common shares - basic (in shares)
149.9M
149.3M
149.1M
149.5M
Earnings Per Share, Diluted
$0.16
-$0.05
-$0.07
$0.15
Weighted-average number of common shares - diluted (in shares)
150.9M
149.3M
149.1M
149.6M
Net income
$31.3M
($349.0K)
($3.8M)
$28.6M
Unrealized gain (loss) on interest rate derivatives
$2.2M
$2.7M
($2.2M)
($3.4M)
Comprehensive income
$33.5M
$2.3M
($6.0M)
$25.3M
Noncontrolling interest in the Operating Partnership
($128.0K)
$34.0K
$52.0K
($113.0K)
Noncontrolling interest in consolidated joint ventures
($164.0K)
$174.0K
$10.0K
($65.0K)
Comprehensive income attributable to RLJ
$33.2M
$2.5M
($6.0M)
$25.1M
Balance sheet
RLJ Lodging Trust balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Investment in hotel properties, net
$4.1B
$4.3B
$4.1B
$4.2B
Investment in unconsolidated joint ventures
$7.4M
$7.5M
$7.4M
$7.0M
Cash and cash equivalents
$410.2M
$409.8M
$516.7M
$481.3M
Restricted cash reserves
$31.9M
$23.5M
$38.7M
$55.1M
Accounts Receivable, after Allowance for Credit Loss
$29.6M
$25.5M
$26.2M
$38.5M
Lease right-of-use assets
$123.5M
$128.1M
$136.1M
$136.9M
Prepaid expense and other assets
$27.2M
$39.0M
$58.1M
$79.1M
Total assets
$4.7B
$4.9B
$4.9B
$5.0B
Debt, net
$2.2B
$2.2B
$2.2B
$2.2B
Accounts payable and other liabilities
$141.6M
$154.6M
$147.8M
$155.9M
Advance deposits and deferred revenue
$51.0M
$40.2M
$32.3M
$23.8M
Lease liabilities
$118.2M
$119.1M
$122.6M
$117.0M
Accrued interest
$20.5M
$20.9M
$22.5M
$20.7M
Distributions payable
$30.9M
$30.6M
$22.5M
$14.6M
Total liabilities
$2.6B
$2.6B
$2.6B
$2.5B
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2025 and 2024
366.9M
366.9M
366.9M
366.9M
Common Stock, Value, Issued
$1.5M
$1.5M
$1.6M
$1.6M
Additional paid-in capital
$3.0B
$3.0B
$3.0B
$3.1B
Accumulated other comprehensive income
$1.9M
$13.8M
$22.7M
$40.6M
Distributions in excess of net earnings
($1.2B)
($1.1B)
($1.1B)
($1.0B)
Total shareholders’ equity
$2.2B
$2.3B
$2.3B
$2.4B
Noncontrolling interest in consolidated joint ventures
$7.4M
$7.6M
$7.6M
$7.7M
Noncontrolling interest in the Operating Partnership
$5.7M
$6.1M
$6.3M
$6.3M
Total noncontrolling interest
$13.1M
$13.7M
$13.9M
$14.0M
Total equity
$2.2B
$2.3B
$2.4B
$2.4B
Total liabilities and equity
$4.7B
$4.9B
$4.9B
$5.0B
RLJ Lodging Trust balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Investment in hotel properties, net
$4.0B
$4.1B
$4.2B
$4.2B
Investment in unconsolidated joint ventures
$7.5M
$7.4M
$7.1M
$7.5M
Cash and cash equivalents
$937.6M
$353.1M
$374.8M
$373.9M
Restricted cash reserves
$35.8M
$34.4M
$29.2M
$27.3M
Hotel and other receivables, net of allowance of $96 and $170, respectively
$30.0M
$31.4M
$30.4M
$27.7M
Lease right-of-use assets
$122.8M
$122.4M
$124.6M
$125.8M
Prepaid expense and other assets
$52.7M
$65.5M
$35.7M
$46.6M
Total assets
$5.2B
$4.7B
$4.8B
$4.8B
Debt, net
$2.7B
$2.2B
$2.2B
$2.2B
Accounts payable and other liabilities
$156.6M
$137.1M
$162.2M
$155.5M
Advance deposits and deferred revenue
$46.4M
$51.9M
$40.9M
$36.7M
Lease liabilities
$119.3M
$118.0M
$118.4M
$118.6M
Accrued interest
$20.5M
$10.6M
$10.9M
$20.6M
Distributions payable
$30.9M
$30.5M
$30.6M
$30.4M
Total liabilities
$3.1B
$2.5B
$2.6B
$2.6B
Preferred shares
366.9M
366.9M
366.9M
366.9M
Common shares
1.5M
1.5M
1.5M
1.5M
Additional paid-in capital
$3.0B
$3.0B
$3.0B
$3.0B
Distributions in excess of net earnings
($1.2B)
($1.2B)
($1.1B)
($1.1B)
Accumulated other comprehensive income
$6.7M
$4.6M
$2.9M
$5.1M
Total shareholders’ equity
$2.2B
$2.1B
$2.2B
$2.2B
Noncontrolling interest in the Operating Partnership
$5.6M
$5.5M
$5.9M
$6.0M
Noncontrolling interest in consolidated joint ventures
$7.4M
$7.3M
$7.5M
$7.5M
Total noncontrolling interests
$13.0M
$12.8M
$13.3M
$13.5M
Total equity
$2.2B
$2.2B
$2.2B
$2.2B
Total liabilities and equity
$5.2B
$4.7B
$4.8B
$4.8B
Common shares of beneficial interest, shares issued
152.4M
152.0M
151.0M
151.2M
Common shares of beneficial interest, par value (in dollars per share)
$0.01
$0.01
$0.01
$0.01
Cash flow statement
RLJ Lodging Trust cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$28.6M
$68.2M
$76.6M
$42.2M
Loss (gain) on sale of hotel properties, net
$1.5M
($8.3M)
$34.0K
($1.0M)
Loss on extinguishment of indebtedness, net
$47.0K
$129.0K
$169.0K
$39.0K
Depreciation and amortization
$186.4M
$179.4M
$179.1M
$184.9M
Amortization of deferred financing costs
$7.6M
$6.6M
$6.1M
$6.0M
Non-cash lease expense and other amortization
$4.2M
$5.5M
$5.0M
$3.3M
Equity in loss (income) from unconsolidated joint ventures
$100.0K
($459.0K)
($419.0K)
($457.0K)
Distributions of income from unconsolidated joint venture
$0
$400.0K
—
—
Amortization of share-based compensation
$15.3M
$20.8M
$24.3M
$21.7M
Hotel and other receivables, net
($4.3M)
$651.0K
$12.4M
($7.6M)
Prepaid expense and other assets
($849.0K)
$4.2M
$12.6M
($4.7M)
Accounts payable and other liabilities
($5.2M)
$1.9M
($11.1M)
$13.1M
Advance deposits and deferred revenue
$10.8M
$7.9M
$8.5M
$3.3M
Accrued interest
($368.0K)
($1.6M)
$1.8M
$1.6M
Net cash flow provided by operating activities
$243.8M
$285.4M
$315.1M
$256.5M
Acquisitions, net
$0
($158.7M)
$0
($59.3M)
Proceeds from sales of hotel properties, net
$69.0M
$19.5M
$0
$48.1M
Purchase deposit
$0
$0
($2.4M)
—
Improvements and additions to hotel properties and other assets
($126.4M)
($136.5M)
($132.3M)
($124.3M)
Net cash flow used in investing activities
($57.4M)
($275.7M)
($134.7M)
($135.5M)
Repayments of Revolver
($100.0M)
($100.0M)
$0
($200.0M)
Borrowings on Term Loans
$100.0M
$500.0M
$320.0M
$5.0M
Repayments of Term Loans
$0
($400.0M)
($318.7M)
$0
Repayments of mortgage loans
($26.3M)
($200.0M)
$0
$0
Repurchase of common shares under share repurchase programs
-28.6M
-22.0M
-76.0M
-57.6M
Repurchase of common shares to satisfy employee tax withholding requirements
-3.6M
-9.0M
-4.4M
-3.6M
Distributions on preferred shares
-25.1M
-25.1M
-25.1M
-25.1M
Distributions on common shares
-91.4M
-69.8M
-49.2M
-13.3M
Distributions on Operating Partnership units
($449.0K)
($340.0K)
($225.0K)
($54.0K)
Payments of deferred financing costs
($2.2M)
($5.4M)
($7.9M)
($1.3M)
Distribution to consolidated joint venture partner
$181.0K
$0
$0
$2.6M
Borrowings under Revolver
$0
$200.0M
—
$0
Net cash flow used in financing activities
($177.7M)
($131.7M)
($161.5M)
($298.5M)
Net change in cash, cash equivalents, and restricted cash reserves
$8.7M
($122.0M)
$18.9M
($177.5M)
Cash, cash equivalents, and restricted cash reserves, beginning of year
$433.3M
$555.3M
$536.4M
$713.9M
Cash, cash equivalents, and restricted cash reserves, end of year
$442.1M
$433.3M
$555.3M
$536.4M
RLJ Lodging Trust cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$31.0M
($349.0K)
$28.0M
$31.8M
Loss (gain) on sale of hotel properties, net
$3.8M
$3.6M
($802.0K)
($943.0K)
Loss on extinguishment of indebtedness, net
$399.0K
$373.0K
$34.0K
($34.0K)
Depreciation and amortization
$94.7M
$47.2M
$139.1M
$92.2M
Amortization of deferred financing costs
$3.8M
$1.9M
$5.6M
$3.7M
Non-cash lease expense and other amortization
$1.6M
$889.0K
$3.2M
$2.1M
Equity in (income) loss from unconsolidated joint ventures
($137.0K)
($37.0K)
$313.0K
$6.0K
Amortization of share-based compensation
$7.7M
$3.7M
$11.3M
$7.2M
Hotel and other receivables, net
($382.0K)
($1.7M)
($4.9M)
($2.3M)
Prepaid expense and other assets
($16.8M)
($25.7M)
($9.5M)
($17.7M)
Accounts payable and other liabilities
$19.9M
$5.4M
$18.0M
$5.2M
Advance deposits and deferred revenue
($4.6M)
$830.0K
$640.0K
($3.6M)
Accrued interest
($62.0K)
($9.9M)
($10.0M)
($269.0K)
Net cash flow provided by operating activities
$140.8M
$26.2M
$180.9M
$117.6M
Proceeds from sales of hotel properties, net
$12.6M
($28.0K)
$23.6M
($23.8M)
Improvements and additions to hotel properties and other assets
($49.0M)
($28.4M)
($111.7M)
($82.0M)
Net cash flow used in investing activities
($36.4M)
($28.4M)
($88.1M)
($58.2M)
Borrowings on Term Loans
$494.0M
—
$100.0M
$100.0M
Repayments of mortgage loans
($13.8M)
($5.3M)
$0
$0
Repurchase of common shares under share repurchase programs
0
0
-28.6M
-27.2M
Repurchase of common shares to satisfy employee tax withholding requirements
-3.5M
-3.1M
-3.6M
-3.6M
Distributions on preferred shares
-12.6M
-6.3M
-18.8M
-12.6M
Distributions on common shares
-46.0M
-23.2M
-68.7M
-46.0M
Distributions on and redemption of Operating Partnership units
($220.0K)
($114.0K)
($320.0K)
($214.0K)
Payments of deferred financing costs
($14.5M)
($14.4M)
($2.1M)
$2.1M
Repayment of Revolver
$0
—
($100.0M)
$100.0M
Proceeds from mortgage loan
$23.4M
—
—
—
Net cash flow provided by (used in) financing activities
$426.9M
($52.4M)
($122.1M)
($91.6M)
Net change in cash, cash equivalents, and restricted cash reserves
$531.3M
($54.6M)
($29.3M)
($32.2M)
Cash, cash equivalents, and restricted cash reserves, beginning of period
$442.1M
$442.1M
$433.3M
$433.3M
Cash, cash equivalents, and restricted cash reserves, end of period