Key Highlights

  • Net loss per share attributable to common shareholders was USD 0.01 against an estimate of a USD 0.04 loss.
  • Total Revenue was USD 354.5 million against an estimate of USD 343.24 million, with comparable RevPAR at USD 153.36.
  • Adjusted FFO per diluted share and unit was USD 0.34, against USD 0.27 in the third quarter of 2025.
  • The full-year adjusted FFO range was raised to USD 1.47 to USD 1.51 per diluted share.

RLJ Lodging Trust (NYSE:RLJ) posted a third quarter net loss attributable to common shareholders of USD 1.7 million, or USD 0.01 per share, against an estimate of a USD 0.04 loss per share and a loss of USD 0.07 per share a year earlier. Total revenue reached USD 354.5 million, compared with USD 330.0 million in the same quarter of 2025 and an estimate of USD 343.24 million. Net Income before preferred dividends was USD 4.6 million, against a net loss of USD 3.8 million a year earlier.

Occupancy, Rate and Margin Detail

Comparable RevPAR was USD 153.36, up 9.7% from the prior year. Comparable average daily rate was USD 203.35, up 6.4%, and comparable occupancy was 75.4%, compared with 73.1% a year earlier. Non-room revenues rose 6.5%, which the company tied to corporate transient and group Demand and to its return-on-investment initiatives.

Room revenue was USD 288.4 million, and Comparable Hotel Revenue was USD 354.5 million, up 9.1%.

Comparable Hotel EBITDA was USD 93.9 million, up 17.5%, and the Comparable Hotel EBITDA Margin was 26.5%, up 190 basis points. Adjusted EBITDA was USD 85.2 million, up 17.3%. CEO Leslie D. Hale said Business travel led the quarter alongside leisure and group demand, which she said benefited the company's urban markets, and that cost control helped margins widen.

Midway Sale, Liquidity and Dividends

In October 2026 the company completed the sale of seven hotels near Chicago Midway Airport for USD 110.0 million, including USD 20.0 million of seller financing provided by RLJ. Management stated the price was 13.8 times projected 2026 Hotel EBITDA, or 16.1 times including required capital expenditures.

Total liquidity stood above USD 1.0 billion, made up of about USD 448.3 million of unrestricted cash and USD 600.0 million available under the revolving Credit facility. Debt outstanding was about USD 2.2 billion, at a weighted-average rate of 5.05%.

A quarterly common Dividend of USD 0.15 per share was paid on October 15, 2026. The Series A preferred dividend of USD 0.4875 per share was paid on October 30, 2026.

Full-Year 2026 Outlook

Management updated its 2026 ranges, which exclude the seven Midway hotels. Comparable RevPAR growth is guided to 5.75% to 6.25%, Comparable Hotel EBITDA to USD 377 million to USD 383 million, and Adjusted EBITDA to USD 352 million to USD 358 million. Adjusted FFO per diluted share is guided to USD 1.47 to USD 1.51. Management said the update reflects third quarter results, a better fourth quarter outlook and preliminary October results.

The outlook also lists net interest expense of USD 101.0 million to USD 103.0 million and renovation capital expenditures of USD 80.0 million to USD 90.0 million. It leaves out any future acquisitions, dispositions, financings or share repurchases.

Figures Worth Comparing

Third quarter adjusted FFO of USD 0.34 per diluted share sits alongside nine-month adjusted FFO of USD 1.19 and a full-year range of USD 1.47 to USD 1.51, while comparable RevPAR of USD 153.36 sits alongside nine-month comparable RevPAR of USD 156.51. Comparable Hotel EBITDA of USD 93.9 million for the quarter compares with a full-year range of USD 377 million to USD 383 million.

Management pointed to its urban-centric portfolio of 84 hotels, the ramp of its conversions and renovations, and the Midway sale as the items it named for the period ahead. The company is scheduled to hold its quarterly investor call on November 5, 2026.