Slides
Page 1
EARNINGS SUPPLEMENTAL Q3 2025 NOVEMBER 2025
Page 2
2NOVEMBER 2025 % of Debt Maturing - 31% - 10% 46% 13% OVERVIEW Key Statistics (1) (2) Properties 94 Hotel Rooms 20,982 Share Price $7.20 Total Shares and Units Outstanding 151.8 M Market Capitalization $1.1 B Preferred Equity $0.3 B Net Debt Outstanding $1.9 B Total Enterprise Value (TEV) $3.3 B Total Capitalization $3.7 B (1) Properties and hotel rooms owned as of September 30, 2025; excludes Chateau LeMoyne -French Quarter New Orleans, which is an unconsolidated hotel. Unaudited, for comparison purposes only. (2) Total shares, units, stock price and balance sheet statistics as of September 30, 2025. (3) As of November 7, 2025, assumes all extension options are exercised. 2029 maturities includes $25M of secured debt.Amount Due ($ in millions) Debt Maturity Schedule (3) $181 $25 $225 $500 $300 $600 $500 $500 2025 2026 2027 2028 2029 2030 Secured Term Loans Undrawn LOC HY Bonds Total Debt Outstanding: $2.2B HOTEL TEATRO
Page 3
3NOVEMBER 2025 Comparable Hotel Statistics (1) (2) COMPARABLE HOTEL STATISTICS (1) For properties owned as of September 30, 2025; excludes Chateau LeMoyne -French Quarter New Orleans, which is an unconsolidated hotel. Unaudited, for comparison purposes only. Comparable statistics for 94 hotels owned as of September 30, 2025 2024 2025 (all amounts in '000s, except operating metrics) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Rooms Available 1,908 1,909 1,930 1,930 7,676 1,888 1,909 1,930 Rooms Sold 1,325 1,466 1,454 1,339 5,584 1,305 1,442 1,409 Total Room Revenue $265,153 $302,421 $281,789 $266,752 $1,116,116 $266,699 $296,101 $267,368 Total Revenue $323,230 $368,389 $343,665 $328,861 $1,364,144 $327,000 $363,085 $330,027 Occupancy 69.5% 76.8% 75.4% 69.4% 72.8% 69.1% 75.5% 73.0% Average Daily Rate (ADR) $200.07 $206.34 $193.75 $199.19 $199.86 $204.31 $205.27 $189.74 Room Revenue per Available Room (RevPAR) $138.97 $158.44 $146.03 $138.24 $145.40 $141.23 $155.08 $138.51 Comparable Hotel EBITDA $88,337 $117,975 $100,666 $90,350 $397,329 $85,297 $113,023 $80,752 Comparable Hotel EBITDA Margin 27.3% 32.0% 29.3% 27.5% 29.1% 26.1% 31.1% 24.5% (2) Excludes one hotel sold in 2025 as well as two hotels sold and one hotel acquired in 2024
Page 4
4NOVEMBER 2025 Q3 2025 | COMPARABLE PORTFOLIO OPERATING STATISTICS (1) (1) Includes 94 hotels owned as of September 30, 2025; excludes Chateau LeMoyne -French Quarter New Orleans, which is an unconsolidated hotel. Unaudited, for comparison purposes only. (2) Other Markets include Birmingham, Charlotte, Dallas, Fort Myers, Madison, Minneapolis, Nashville, Orlando, Philadelphia, Phoenix, Portland, and Seattle. (3) For the trailing twelve-month period ending September 30, 2025. Comparable Hotel EBITDA ($M) Q3 2025 TTM (3) 32.6 24.2 23.1 22.4 20.2 19.1 18.5 17.4 15.5 15.0 14.7 12.9 12.6 12.2 11.9 11.0 10.9 10.9 10.4 9.2 4.9 2.7 1.3 35.7 369.4 Markets Occupancy ADR ($) RevPAR ($) # of Hotels 2025 2024 Y/Y Growth % 2025 2024 Y/Y Growth % 2025 2024 Y/Y Growth % LA / Anaheim 7 82.8% 84.4% (1.9%) 213.12 217.52 (2.0%) 176.50 183.55 (3.8%) Charleston 2 86.8% 80.7% 7.5% 286.20 293.28 (2.4%) 248.37 236.66 4.9% Washington, DC 5 74.8% 79.6% (6.1%) 201.94 217.69 (7.2%) 150.97 173.32 (12.9%) Louisville 2 62.2% 68.2% (8.8%) 205.74 205.70 0.0% 127.95 140.28 (8.8%) NYC 3 87.5% 88.9% (1.6%) 347.29 326.57 6.3% 303.77 290.16 4.7% Fort Lauderdale / West Palm Beach 4 69.6% 65.2% 6.7% 142.70 144.52 (1.3%) 99.28 94.28 5.3% Boston 3 82.1% 86.0% (4.6%) 235.99 256.96 (8.2%) 193.75 221.11 (12.4%) Silicon Valley 6 71.6% 68.9% 3.9% 195.42 199.26 (1.9%) 139.87 137.25 1.9% Pittsburgh 3 76.4% 74.8% 2.2% 197.59 202.49 (2.4%) 151.01 151.42 (0.3%) San Diego 2 81.8% 89.7% (8.8%) 192.30 215.65 (10.8%) 157.35 193.45 (18.7%) Houston 7 58.2% 66.7% (12.8%) 142.31 145.09 (1.9%) 82.80 96.78 (14.4%) Austin 3 67.4% 69.5% (3.1%) 163.34 178.17 (8.3%) 110.06 123.84 (11.1%) Chicago 8 82.8% 83.5% (0.8%) 177.37 176.07 0.7% 146.84 146.99 (0.1%) Key West 2 74.7% 82.7% (9.8%) 176.92 196.09 (9.8%) 132.08 162.21 (18.6%) Tampa 1 59.9% 73.1% (18.1%) 210.86 211.70 (0.4%) 126.27 154.78 (18.4%) Atlanta 4 69.5% 64.4% 7.8% 165.32 162.05 2.0% 114.84 104.39 10.0% Miami 2 85.0% 85.3% (0.4%) 150.56 147.14 2.3% 127.93 125.54 1.9% Denver 4 71.2% 75.2% (5.3%) 211.60 212.40 (0.4%) 150.76 159.80 (5.7%) New Orleans 3 51.1% 61.3% (16.6%) 117.32 124.78 (6.0%) 59.99 76.55 (21.6%) Oakland / Burlingame 4 79.5% 77.7% 2.3% 183.37 187.05 (2.0%) 145.71 145.34 0.3% Indianapolis 2 71.1% 67.9% 4.8% 166.64 170.56 (2.3%) 118.53 115.80 2.4% San Francisco CBD 2 75.3% 66.1% 13.8% 233.94 222.98 4.9% 176.06 147.44 19.4% Waikiki 1 52.9% 82.9% (36.1%) 175.76 197.07 (10.8%) 92.99 163.28 (43.0%) Other Markets 14 70.2% 72.7% (3.4%) 151.88 156.46 (2.9%) 106.61 113.72 (6.3%) Total 94 73.0% 75.4% (3.1%) 189.74 193.75 (2.1%) 138.51 146.03 (5.1%)
Page 5
5NOVEMBER 2025 SEP 2025 YTD | COMPARABLE PORTFOLIO OPERATING STATISTICS (1) (1) Includes 94 hotels owned as of September 30, 2025; excludes Chateau LeMoyne -French Quarter New Orleans, which is an unconsolidated hotel. Unaudited, for comparison purposes only. (2) Other Markets include Birmingham, Charlotte, Dallas, Fort Myers, Madison, Minneapolis, Nashville, Orlando, Philadelphia, Phoenix, Portland, and Seattle. Markets Occupancy ADR ($) RevPAR ($) # of Hotels 2025 2024 Y/Y Growth % 2025 2024 Y/Y Growth % 2025 2024 Y/Y Growth % LA / Anaheim 7 79.9% 78.5% 1.9% 202.06 205.53 (1.7%) 161.54 161.30 0.2% Charleston 2 85.8% 85.0% 0.9% 326.12 323.56 0.8% 279.65 274.95 1.7% Washington, DC 5 74.3% 76.8% (3.3%) 232.72 239.30 (2.7%) 172.86 183.89 (6.0%) Louisville 2 66.0% 68.2% (3.1%) 228.88 226.85 0.9% 151.15 154.68 (2.3%) NYC 3 82.8% 83.4% (0.7%) 322.99 308.73 4.6% 267.54 257.61 3.9% Fort Lauderdale / West Palm Beach 4 77.6% 72.9% 6.4% 196.41 193.67 1.4% 152.41 141.24 7.9% Boston 3 75.9% 80.3% (5.4%) 224.98 229.34 (1.9%) 170.87 184.05 (7.2%) Silicon Valley 6 68.6% 65.4% 4.9% 198.09 196.02 1.1% 135.91 128.20 6.0% Pittsburgh 3 70.0% 64.4% 8.7% 197.53 190.45 3.7% 138.18 122.60 12.7% San Diego 2 80.1% 87.2% (8.1%) 193.54 202.06 (4.2%) 155.07 176.16 (12.0%) Houston 7 67.3% 66.9% 0.6% 154.83 157.75 (1.9%) 104.17 105.48 (1.2%) Austin 3 68.1% 74.4% (8.5%) 202.18 215.46 (6.2%) 137.62 160.34 (14.2%) Chicago 8 72.4% 72.7% (0.4%) 159.94 160.83 (0.6%) 115.80 116.94 (1.0%) Key West 2 83.8% 89.3% (6.2%) 271.66 290.58 (6.5%) 227.59 259.41 (12.3%) Tampa 1 70.3% 77.8% (9.7%) 260.02 252.01 3.2% 182.72 196.15 (6.8%) Atlanta 4 69.0% 65.9% 4.7% 168.80 167.31 0.9% 116.54 110.33 5.6% Miami 2 87.1% 86.8% 0.3% 190.63 186.82 2.0% 165.96 162.21 2.3% Denver 4 62.7% 66.6% (5.8%) 197.22 196.05 0.6% 123.75 130.57 (5.2%) New Orleans 3 66.9% 69.7% (4.1%) 157.72 153.53 2.7% 105.49 107.09 (1.5%) Oakland / Burlingame 4 73.8% 76.0% (2.9%) 182.62 175.72 3.9% 134.70 133.51 0.9% Indianapolis 2 67.0% 70.1% (4.5%) 172.67 181.94 (5.1%) 115.65 127.61 (9.4%) San Francisco CBD 2 70.9% 66.9% 6.0% 267.63 252.67 5.9% 189.76 169.06 12.2% Waikiki 1 60.6% 86.2% (29.7%) 177.08 193.76 (8.6%) 107.33 167.09 (35.8%) Other Markets 14 69.8% 71.9% (2.9%) 163.33 165.46 (1.3%) 114.02 119.00 (4.2%) Total 94 72.6% 73.9% (1.8%) 199.70 200.07 (0.2%) 144.93 147.81 (1.9%)
Page 6
6NOVEMBER 2025 Q3 2025 | COMPARABLE HOTEL EBITDA RECONCILIATION Notes: Comparable statistics reflect the Company’s 94 hotel portfolio owned as of September 30, 2025. (1) For the trailing twelve-month period ending September 30, 2025. (2) Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint venture. (3) Represents expenses related to the brand conversions of certain hotel properties prior to opening. (4) Represents expenses and income outside of the normal course of operations. RLJ Lodging Trust Reconciliation of Non-GAAP Measures (Amounts in millions) (unaudited) Q3 2025 TTM (1) Net income $ 33.5 Depreciation and amortization 184.5 Interest expense, net of interest income 97.7 Income tax expense 1.5 Adjustments related to unconsolidated joint venture (2) 1.6 EBITDA 318.8 Gain on sale of hotel properties, net (0.8) EBITDAre 318.0 Transaction costs 0.3 Pre-opening costs (3) 0.8 Amortization of share-based compensation 15.8 Other expenses (4) 0.4 Adjusted EBITDA 335.3 General and administrative 32.7 Other corporate adjustments 2.7 Consolidated Hotel EBITDA 370.7 Comparable adjustments - income from sold hotels (1.3) Comparable Hotel EBITDA 369.4
Page 7
7NOVEMBER 2025 This information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are “forward- looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “will,” “will continue,” “intend,” “should,” “may,” or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled “Risk Factors,” “Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which will be filed on November 6, 2025, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission. FORWARD - LOOKING STATEMENTS