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RLJ - RLJ Lodging Trust
$9.65
-0.07(-0.72%)5:48:58 PM 3/23/2023
The RLJ Companies is an American asset management firm owned by entrepreneur Robert Louis Johnson. After selling Black Entertainment Television in 2001, Johnson’s first company, he created RLJ Companies in Bethesda, Maryland. The company’s network includes hotel real estate investment, private equity, financial services, asset management, insurance services, car dealerships, sports and entertainment, and video lottery terminal gaming. The company is headquartered in Bethesda and has additional offices in Charlotte, North Carolina; Little Rock, Arkansas; Los Angeles, California; San Juan, Puerto Rico, and Monrovia, Liberia. Robert L. Johnson founded The RLJ Companies in 2002 in Bethesda, Maryland. Johnson serves as chairman of the company. Previous to founding The RLJ Companies, Johnson owned BET, which he sold to Viacom in 2001. He remained on at BET as its CEO through 2006.

Financials

Quarterly financials
(USD)Dec 2022Q/Q
Revenue302.2MM-5%
Operating Income7.2MM-60%
Operating Expenses276.6MM-1%
Net Income6.6MM-62%
G&A15.4MM+15%
Amortization44.5MM-4%
Interest Expense22.1MM-2%

Revenue Breakdowns

The above Revenue Breakdowns and below Management Discussion contents are extracted from this specific SEC Edgar 10-K/10-Q filling. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.

Highlights of Management DIscussion and Risk Factors in 10-K/10-Q filling

Positive
1.
Our hotels are concentrated in markets that we believe exhibit multiple demand generators and attractive long-term growth prospects.
2.
We believe premium-branded, focused-service and compact full-service hotels with these characteristics generate high levels of RevPAR, strong operating margins and attractive returns.
3.
We believe these types of hotels have the potential to generate attractive returns relative to other types of hotels due to their ability to achieve RevPAR levels at or close to those achieved by traditional full-service hotels, while achieving higher profit margins due to their more efficient operating model and less volatile cash flows.
4.
The increase in room revenue from the comparable properties was attributable to an increase in RevPAR, including a significant increase in ADR, resulting from an increase in leisure travel, as well as some recoveries in business and group bookings, as compared to the prior period.
5.
The increase was a result of a $334.6 million increase in room revenue, a $58.0 million increase in food and beverage revenue, and a $15.4 million increase in other revenue.
6.
The increase was the result of a $323.4 million increase in room revenue attributable to the comparable properties and a $11.2 million increase in room revenue attributable to the non-comparable properties.
7.
Room Revenue Room revenue increased $334.6 million to $1.0 billion for the year ended December 31, 2022, from $667.9 million for the year ended December 31, 2021. 
8.
Inflation could also have an adverse effect on consumer spending, which could impact occupancy levels at our hotel properties and, in turn, our own results of operations.2022 Significant Activities Our significant activities reflect our commitment to creating long-term shareholder value through enhancing our hotel portfolio's quality, recycling capital and maintaining a flexible capital structure.
9.
•Satisfied the requirements to exit all COVID-related restrictions under our Revolver and Term Loan agreements.
10.
The increase was the result of a $56.2 million increase in food and beverage revenue attributable to the comparable properties and a $1.9 million increase in food and beverage revenue attributable to the non-comparable properties.
11.
The increase was the result of a $14.3 million increase in other revenue attributable to the comparable properties and a $1.1 million increase in other revenue attributable to the non-comparable properties.
12.
Additionally, occupancy levels help us determine the achievable ADR levels.•Revenue
13.
Noncontrolling interest in consolidated joint ventures(210)4,384 (4,594)Noncontrolling interest in the Operating Partnership(80)1,536 (1,616)Net income (loss) attributable to RLJ41,925 (305,168)347,093 Preferred dividends(25,115)(25,115)— Net income (loss) attributable to common shareholders$16,810 $(330,283)$347,093 33Revenues Total revenues increased $408.0 million to $1.2 billion for the year ended December 31, 2022, from $785.7 million for the year ended December 31, 2021.
14.
The increase in food and beverage revenue attributable to the comparable properties was primarily due to an increase in banquet and catering revenues from group business and the reopening of certain food and beverage outlets.  
15.
The following are the key hotel operating statistics for the comparable properties:For the year ended December 31,20222021Occupancy69.0 %57.8 %ADR $187.25 $149.08 RevPAR $129.13 $86.11  Food and Beverage Revenue Food and beverage revenue increased $58.0 million to $117.0 million for the year ended December 31, 2022, from $59.0 million for the year ended December 31, 2021.
16.
The increase in other revenue attributable to the comparable properties was primarily due to an increase in parking fees, resort and facility fees (including new resort and facility fees implemented during the prior year and current year), and gift shop sales that corresponded to the increase in demand over the prior period.  
Negative
1.
Though RevPAR increased compared to 2021, it remained below pre-pandemic levels.
2.
LossesDuring the year ended December 31, 2021, we recorded impairment losses of $144.8 million.
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