RLJ Lodging Trust reports Q2 AFFO 48c, consensus 46c

Reports Q2 revenue $363,103M, consensus $364.94M. “We are pleased with our second quarter results, which exceeded our expectations. This quarter we demonstrated the resiliency of our portfolio, the continued ramp of our conversions, and disciplined cost controls. In addition to achieving solid operating results, we executed on several key initiatives during the quarter, including advancing our transformative renovations, addressing our near-term maturities, and recycling capital into accretive share repurchases,” commented Leslie D. Hale, President and Chief Executive Officer. “Looking ahead, we anticipate a softer backdrop in the third quarter given the impact of calendar shifts, tough citywide comps, as well as continued renovations at key properties. However, we are encouraged by the positive tailwinds taking shape for the fourth quarter, which will benefit from a more favorable calendar, strong citywides in a number of our markets, as well as the ramping of our conversions and renovations. We remain confident that our portfolio’s lean operating model and our relentless focus on cost containment will position us to execute on the bottom line and create long-term shareholder value.”