RLJ on NYSE
RLJ Lodging Trust
American real estate investment trust based in Bethesda, active since 2011.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with Brixmor Property Group, Apple Hospitality REIT, Inc. or Service Properties Trust, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Occupancy brought in 81% of the revenue RLJ Lodging Trust broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Occupancy | $1.1B | $1.1B | $1.1B |
| Food and Beverage | $141.6M | $153.1M | $158.2M |
| Hotel, Other | $88.9M | $94.7M | $98.4M |
Regions
Other Markets brought in 31% of the revenue RLJ Lodging Trust broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Other Markets | $435.9M | $440.2M | $419.7M |
| Northern California | $162.9M | $158.5M | $170.1M |
| Southern California | $158.5M | $173.0M | $165.2M |
| South Florida | $143.3M | $148.3M | $148.7M |
| New York City | $80.7M | $86.9M | $90.5M |
| Chicago Illinois | $70.7M | $70.6M | $67.9M |
| Louisville, Kentucky | $57.2M | $62.8M | $64.4M |
| Washington, D.C. | $61.5M | $62.0M | $58.1M |
| Charleston, SC | $49.5M | $54.3M | $56.7M |
| Boston | $54.7M | $58.4M | $55.2M |
| Houston, Texas | $50.8M | $54.5M | $53.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs89¢$1.2B
- Interest8¢$112.3M
- Income tax0¢$1.1M
- Profit2¢$28.5M
Out of $1.3B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Dividends paid37¢$91.4M
- Share buybacks12¢$28.6M
- Kept or used elsewhere51¢$123.8M
Out of $243.8M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $1.3B | $1.4B | $1.3B |
| Total property operating expenses | $887.5M | $877.9M | $834.7M |
| Depreciation and amortization | $186.4M | $179.4M | $179.1M |
| Property tax, insurance and other | $101.3M | $107.0M | $100.2M |
| General and administrative | $47.6M | $54.8M | $59.0M |
| Transaction costs | $410.0K | $320.0K | $223.0K |
| Total operating expenses | $1.2B | $1.2B | $1.2B |
| Other income, net | $3.5M | $5.3M | $4.4M |
| Interest income | $13.6M | $17.3M | $19.7M |
| Interest expense | -$112.3M | -$111.4M | -$98.8M |
| (Loss) gain on sale of hotel properties, net | -$1.5M | $8.3M | -$34.0K |
| Loss on extinguishment of indebtedness, net | -$47.0K | -$129.0K | -$169.0K |
| Income before equity in (loss) income from unconsolidated joint ventures | $29.8M | $69.3M | $77.5M |
| Equity in (loss) income from unconsolidated joint ventures | -$100.0K | $459.0K | $419.0K |
| Income before income tax expense | $29.7M | $69.8M | $77.9M |
| Income tax expense | -$1.1M | -$1.6M | -$1.3M |
| Noncontrolling interest in the Operating Partnership | -$15.0K | -$215.0K | -$247.0K |
| Net income attributable to RLJ | $28.5M | $68.0M | $76.4M |
| Preferred dividends | -$25.1M | -$25.1M | -$25.1M |
| Net income attributable to common shareholders | $3.4M | $42.9M | $51.3M |
| Net income per share attributable to common shareholders - basic (in dollars per share) | $0.01 | $0.27 | $0.32 |
| Weighted-average number of common shares (in shares) | 149.7M shares | 152.9M shares | 155.9M shares |
| Net income per share attributable to common shareholders - diluted (in dollars per share) | $0.01 | $0.27 | $0.32 |
| Weighted-average number of common shares (in shares) | 149.9M shares | 153.5M shares | 156.6M shares |
| Net income | $28.6M | $68.2M | $76.6M |
| Unrealized loss on interest rate derivatives | -$11.9M | -$8.9M | -$17.9M |
| Comprehensive income | $16.7M | $59.3M | $58.7M |
| Noncontrolling interest in consolidated joint ventures | -$30.0K | $45.0K | $35.0K |
| Comprehensive income attributable to RLJ | $16.6M | $59.1M | $58.5M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2011-04-30 |
|---|---|---|---|---|---|
| Investment in hotel properties, net | $4.1B | $4.3B | |||
| Investment in unconsolidated joint ventures | $7.4M | $7.5M | |||
| Cash and cash equivalents | $410.2M | $409.8M | $516.7M | ||
| Restricted cash reserves | $31.9M | $23.5M | $38.7M | ||
| Accounts Receivable, after Allowance for Credit Loss | $29.6M | $25.5M | |||
| Lease right-of-use assets | $123.5M | $128.1M | |||
| Prepaid expense and other assets | $27.2M | $39.0M | |||
| Total assets | $4.7B | $4.9B | |||
| Debt, net | $2.2B | $2.2B | |||
| Accounts payable and other liabilities | $141.6M | $154.6M | |||
| Advance deposits and deferred revenue | $51.0M | $40.2M | |||
| Lease liabilities | $118.2M | $119.1M | |||
| Accrued interest | $20.5M | $20.9M | |||
| Distributions payable | $30.9M | $30.6M | $22.5M | ||
| Total liabilities | $2.6B | $2.6B | |||
| 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 | |||
| Common Stock, Value, Issued | $1.5M | $1.5M | |||
| Additional paid-in capital | $3.0B | $3.0B | |||
| Accumulated other comprehensive income | $1.9M | $13.8M | |||
| Distributions in excess of net earnings | -$1.2B | -$1.1B | |||
| Total shareholders equity | $2.2B | $2.3B | |||
| Noncontrolling interest in consolidated joint ventures | $7.4M | $7.6M | |||
| Noncontrolling interest in the Operating Partnership | $5.7M | $6.1M | |||
| Total noncontrolling interest | $13.1M | $13.7M | |||
| Total equity | $2.2B | $2.3B | $2.4B | $2.4B | |
| Total liabilities and equity | $4.7B | $4.9B | |||
| Hotel and other receivables, allowance (in dollars) | $170.0K | $169.0K | |||
| Preferred shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 | |||
| Total authorized for issuance number of preferred shares of beneficial interest (in shares) | 50.0M shares | 50.0M shares | 50.0M shares | ||
| Common shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 | |||
| Total authorized for issuance number of common shares of beneficial interest (in shares) | 450.0M shares | 450.0M shares | 450.0M shares | ||
| Common shares of beneficial interest, issued (in shares) | 151.1M shares | 153.3M shares | |||
| Common shares of beneficial interest, outstanding (in shares) | 151.1M shares | 153.3M shares | |||
| Preferred Stock, Liquidation Preference, Value | $328.3M | $328.3M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2011-04-30 |
|---|---|---|---|---|---|
| Investment in hotel properties, net | $4.1B | $4.3B | |||
| Investment in unconsolidated joint ventures | $7.4M | $7.5M | |||
| Cash and cash equivalents | $410.2M | $409.8M | $516.7M | ||
| Restricted cash reserves | $31.9M | $23.5M | $38.7M | ||
| Accounts Receivable, after Allowance for Credit Loss | $29.6M | $25.5M | |||
| Lease right-of-use assets | $123.5M | $128.1M | |||
| Prepaid expense and other assets | $27.2M | $39.0M | |||
| Total assets | $4.7B | $4.9B | |||
| Debt, net | $2.2B | $2.2B | |||
| Accounts payable and other liabilities | $141.6M | $154.6M | |||
| Advance deposits and deferred revenue | $51.0M | $40.2M | |||
| Lease liabilities | $118.2M | $119.1M | |||
| Accrued interest | $20.5M | $20.9M | |||
| Distributions payable | $30.9M | $30.6M | $22.5M | ||
| Total liabilities | $2.6B | $2.6B | |||
| 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 | |||
| Common Stock, Value, Issued | $1.5M | $1.5M | |||
| Additional paid-in capital | $3.0B | $3.0B | |||
| Accumulated other comprehensive income | $1.9M | $13.8M | |||
| Distributions in excess of net earnings | -$1.2B | -$1.1B | |||
| Total shareholders equity | $2.2B | $2.3B | |||
| Noncontrolling interest in consolidated joint ventures | $7.4M | $7.6M | |||
| Noncontrolling interest in the Operating Partnership | $5.7M | $6.1M | |||
| Total noncontrolling interest | $13.1M | $13.7M | |||
| Total equity | $2.2B | $2.3B | $2.4B | $2.4B | |
| Total liabilities and equity | $4.7B | $4.9B | |||
| Hotel and other receivables, allowance (in dollars) | $170.0K | $169.0K | |||
| Preferred shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 | |||
| Total authorized for issuance number of preferred shares of beneficial interest (in shares) | 50.0M shares | 50.0M shares | 50.0M shares | ||
| Common shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 | |||
| Total authorized for issuance number of common shares of beneficial interest (in shares) | 450.0M shares | 450.0M shares | 450.0M shares | ||
| Common shares of beneficial interest, issued (in shares) | 151.1M shares | 153.3M shares | |||
| Common shares of beneficial interest, outstanding (in shares) | 151.1M shares | 153.3M shares | |||
| Preferred Stock, Liquidation Preference, Value | $328.3M | $328.3M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $28.6M | $68.2M | $76.6M |
| Loss (gain) on sale of hotel properties, net | $1.5M | -$8.3M | $34.0K |
| Loss on extinguishment of indebtedness, net | $47.0K | $129.0K | $169.0K |
| Depreciation and amortization | $186.4M | $179.4M | $179.1M |
| Amortization of deferred financing costs | $7.6M | $6.6M | $6.1M |
| Non-cash lease expense and other amortization | $4.2M | $5.5M | $5.0M |
| Equity in loss (income) from unconsolidated joint ventures | $100.0K | -$459.0K | -$419.0K |
| Distributions of income from unconsolidated joint venture | $0 | $400.0K | $0 |
| Amortization of share-based compensation | $15.3M | $20.8M | $24.3M |
| Hotel and other receivables, net | -$4.3M | $651.0K | $12.4M |
| Prepaid expense and other assets | -$849.0K | $4.2M | $12.6M |
| Accounts payable and other liabilities | -$5.2M | $1.9M | -$11.1M |
| Advance deposits and deferred revenue | $10.8M | $7.9M | $8.5M |
| Accrued interest | -$368.0K | -$1.6M | $1.8M |
| Net cash flow provided by operating activities | $243.8M | $285.4M | $315.1M |
| Acquisitions, net | $0 | -$158.7M | $0 |
| Proceeds from sales of hotel properties, net | $69.0M | $19.5M | $0 |
| Purchase deposit | $0 | $0 | -$2.4M |
| Improvements and additions to hotel properties and other assets | -$126.4M | -$136.5M | -$132.3M |
| Net cash flow used in investing activities | -$57.4M | -$275.7M | -$134.7M |
| Repayments of Revolver | -$100.0M | -$100.0M | $0 |
| Borrowings on Term Loans | $100.0M | $500.0M | $320.0M |
| Repayments of Term Loans | $0 | -$400.0M | -$318.7M |
| Repayments of mortgage loans | -$26.2M | -$200.0M | $0 |
| Repurchase of common shares under share repurchase programs | -$28.6M | -$22.0M | -$76.0M |
| Repurchase of common shares to satisfy employee tax withholding requirements | -$3.6M | -$9.0M | -$4.4M |
| Distributions on preferred shares | -$25.1M | -$25.1M | -$25.1M |
| Distributions on common shares | -$91.4M | -$69.8M | -$49.2M |
| Distributions on Operating Partnership units | -$449.0K | -$340.0K | -$225.0K |
| Payments of deferred financing costs | -$2.2M | -$5.4M | -$7.9M |
| Distribution to consolidated joint venture partner | $181.0K | $0 | $0 |
| Borrowings under Revolver | $0 | $200.0M | $0 |
| Net cash flow used in financing activities | -$177.7M | -$131.7M | -$161.5M |
| Net change in cash, cash equivalents, and restricted cash reserves | $8.7M | -$122.0M | $18.9M |
No quarter-by-quarter statement was filed.
Leadership
Who has led RLJ Lodging Trust, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerLeslie D. Hale Nov 20, 2018 to now11
- Chief executive officerRoss H. Bierkan May 24, 2016 to Aug 24, 201812
- Chief executive officerThomas Baltimore May 10, 2011 to May 13, 201613
- PresidentLeslie D. Hale Nov 20, 2018 to now11
- PresidentRoss H. Bierkan May 24, 2016 to Aug 24, 201812
- PresidentThomas Baltimore May 10, 2011 to May 13, 201613
- Chief financial officerNikhil Bhalla Sep 25, 2025 to now14
- Chief financial officerSean M. Mahoney Aug 3, 2018 to Sep 25, 202515
- Chief financial officerLeslie D. Hale May 10, 2011 to Nov 19, 201816
- Chief operating officerThomas Bardenett Sep 23, 2022 to now17
- Chief operating officerLeslie D. Hale Aug 1, 2016 to Nov 19, 201818
Board members and other officers (17)
- EVP, Gen. Counsel & Corp. Sec.Frederick D. McKalip Aug 11, 2025 to now19
- EVP, GC & Corp SecretaryChad Perry Apr 30, 2024 to now20
- Chief Accounting OfficerChristopher Andrew Gormsen Jan 11, 2013 to now21
- Chief Investment OfficerRoss H. Bierkan May 10, 2011 to May 19, 201622
- Chief Accounting OfficerJulio E. Morales May 16, 2011 to May 18, 201223
- Board memberRobin McBride Zeigler Feb 22, 2022 to now24
- Board memberSean M. Mahoney Aug 3, 2018 to Aug 3, 201825
- Board memberLeslie D. Hale Aug 6, 2018 to now26
- Board memberRoss H. Bierkan Aug 17, 2017 to May 24, 201827
- Board memberPatricia L. Gibson Sep 11, 2017 to now28
- Board memberArthur Reginald Collins Nov 30, 2016 to now29
- Board memberForgia Robert M. La May 10, 2011 to now30
- Board memberThomas Baltimore May 10, 2011 to May 13, 201613
- Board memberEvan Bayh May 16, 2011 to now31
- Board memberGlenda G. McNeal May 16, 2011 to May 4, 202132
- Board memberJoseph J. Ryan May 16, 2011 to Jul 18, 201633
- General counselChad Perry Jun 14, 2023 to Feb 21, 202434
Timeline
- Mar 26, 2019Parent Directly consolidated by University of Maryland Medical System35
- Nov 20, 2018New chief executive Leslie D. Hale becomes CEO11
- May 24, 2016New chief executive Ross H. Bierkan becomes CEO12
- May 10, 2011New chief executive Thomas Baltimore becomes CEO13
- Jan 31, 2011Founded RLJ Lodging Trust is founded35
Filings
270 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 39 major events, 149 insider forms, 43 large holders, 19 other. The latest 20:
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 11, 2026SCHEDULE 13G EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- May 15, 2026SCHEDULE 13G/A EDGAR
- May 14, 2026SCHEDULE 13G EDGAR
- May 8, 2026SCHEDULE 13G EDGAR
- May 8, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- May 8, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- May 8, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- May 8, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- May 8, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- May 8, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- May 8, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- May 8, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- May 4, 202610-Q EDGAR
- May 4, 20268-K EDGAR
- May 4, 2026S-8 EDGAR
- Apr 30, 20268-K EDGAR
- Apr 29, 2026SCHEDULE 13G EDGAR
The 270 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 43 such filings since October 2021, the latest 10:
- Aug 14, 2026SCHEDULE 13G/A
- Aug 11, 2026SCHEDULE 13G
- May 15, 2026SCHEDULE 13G/A
- May 14, 2026SCHEDULE 13G
- May 8, 2026SCHEDULE 13G
- Apr 29, 2026SCHEDULE 13G
- Apr 24, 2026SCHEDULE 13G/A
- Mar 27, 2026SCHEDULE 13G/A
- Feb 17, 2026SCHEDULE 13G
- Feb 17, 2026SCHEDULE 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 18,972,022 | $224.8M | 0.0% | +2,978,814 |
| Donald Smith & Co., Inc. | 12,311,807 | $145.9M | 2.6% | −2,688,817 |
| Vanguard Portfolio Management LLC | 12,251,010 | $145.2M | 0.0% | +37,548 |
| Vanguard Capital Management LLC | 6,202,644 | $73.5M | 0.0% | +277,762 |
| State Street Corp | 6,050,006 | $72.5M | 0.0% | −77,046 |
| Two Sigma Investments, LP | 6,058,617 | $71.8M | 0.1% | +3,813,824 |
| Geode Capital Management, LLC | 3,909,540 | $46.3M | 0.0% | +197,498 |
| Charles Schwab Investment Management Inc | 3,710,622 | $44.0M | 0.0% | −70,517 |
| Allianz Asset Management GmbH | 3,590,968 | $42.6M | 0.0% | +157,813 |
| Millennium Management LLC | 3,516,351 | $41.7M | 0.0% | +3,393,185 |
| Fisher Asset Management, LLC | 3,213,186 | $38.1M | 0.0% | −72,048 |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 2,985,260 | $35.4M | 0.0% | −396,745 |
| Arrowstreet Capital, Limited Partnership | 2,891,816 | $34.3M | 0.0% | +802,516 |
| Goldman Sachs Group Inc | 2,806,046 | $33.3M | 0.0% | +625,988 |
| Ameriprise Financial Inc | 2,634,589 | $31.2M | 0.0% | +272,846 |
| Nuveen, LLC | 2,394,627 | $28.4M | 0.0% | +1,687,345 |
| Aegis Financial Corp | 2,049,425 | $24.3M | 3.8% | +50,000 |
| Dimensional Fund Advisors LP | 1,742,076 | $20.6M | 0.0% | +232,258 |
| Morgan Stanley | 1,703,931 | $20.2M | 0.0% | +764,982 |
| Northern Trust Corp | 1,660,796 | $19.7M | 0.0% | +62,426 |
| UBS Group AG | 1,639,793 | $19.4M | 0.0% | −1,136,956 |
| Citadel Advisors LLC | 1,515,542 | $18.0M | 0.0% | +484,713 |
| Invesco Ltd. | 1,322,103 | $15.7M | 0.0% | −291,562 |
| Palisade Capital Management, LP | 1,134,188 | $13.4M | 0.6% | −1,333,526 |
| Glenmede Trust Co Na | 1,119,099 | $13.3M | 0.1% | −41,098 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Jul 12, 2023 | Daniel S. GoldmanDemocratic, House | Sale | $1,001 - $15,000 | +62.1% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 20SEC EDGARChad Perry, EVP, GC & Corp Secretary
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- 24SEC EDGARRobin McBride Zeigler, Board member
- 25SEC EDGARSean M. Mahoney, Board member
- 26SEC EDGARLeslie D. Hale, Board member
- 27SEC EDGARRoss H. Bierkan, Board member
- 28SEC EDGARPatricia L. Gibson, Board member
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- 30SEC EDGARForgia Robert M. La, Board member
- 31SEC EDGAREvan Bayh, Board member
- 32SEC EDGARGlenda G. McNeal, Board member
- 33SEC EDGARJoseph J. Ryan, Board member
- 34SEC EDGARChad Perry, General counsel
- 35