# RLJ Lodging Trust (RLJ)

> Source: Nexqual · https://nexqual.com/RLJ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, RLJ Lodging Trust (RLJ), nexqual.com/RLJ" · informational, not investment advice.

**Price:** USD 12.14 (-1.30% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.3 · day 11.96–12.34 · 52w 6.68–12.89 · market cap $1.86B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.38B, net income $27.6M (2.0% margin), free cash flow $174M (SEC filings).
- Valuation: P/E 67.4x (avg 28.7x at the last 3 fiscal year-ends), net debt $1.76B.
- Analysts: Hold (mean 3.25 on a 1–5 scale) (12 analysts), mean target USD 11.85 (range 10.5–13).
- Total return with dividends: 1Y +86.6% vs S&P 500 +14.9%; 5Y +5.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.05, revenue estimate $341M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $786M | $1.19B | $1.33B | $1.37B | $1.35B | $1.38B |
| Net income | -$305M | $41.9M | $76.4M | $68.0M | $28.5M | $27.6M |
| EPS (diluted) | -$2.01 | $0.10 | $0.32 | $0.27 | $0.01 | — |
| Free cash flow | -$5.3M | $132M | $183M | $149M | $117M | $174M |
| Net margin | -38.8% | 3.5% | 5.8% | 5.0% | 2.1% | 2.0% |
| Revenue growth | +66.1% | +51.9% | +11.1% | +3.3% | -1.4% | — |
| Cash + short-term investments | $665M | $481M | $517M | $410M | $410M | — |
| Total debt | $2.41B | $2.22B | $2.22B | $2.22B | $2.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 67.4x · P/S 1.4x · EV/Sales 2.6x · P/FCF 10.7x · P/B 0.9x · FCF yield 9.33% · Earnings yield 1.48% · Dividend yield (paid, TTM) 4.91% · Buyback yield (TTM) 1.53% · Net debt $1.76B · EV $3.62B
P/E at fiscal year-ends: Dec 2025 39.2x, Dec 2024 23.0x, Dec 2023 24.0x.

## Analysts
Consensus Hold (mean 3.25 on a 1–5 scale), 12 analysts; mean target USD 11.85 (low 10.5, high 13).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Barclays | Target raised | Underweight | $11 → $12 |
| 2026-09-28 | Raymond James | Downgrade | Outperform → Market Perform |  |
| 2026-09-21 | Truist Securities | Target raised | Hold | $10 → $11 |
| 2026-08-27 | Barclays | Target raised | Underweight | $9.5 → $11 |
| 2026-08-10 | Ladenburg Thalmann | Target raised | Neutral | $12 → $13 |
| 2026-07-23 | Wells Fargo | Target raised | Underweight | $9 → $11 |
| 2026-07-21 | Barclays | Target raised | Underweight | $9 → $9.5 |
| 2026-07-20 | B of A Securities | Target raised | Underperform | $9.25 → $10.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +86.6% | +5.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +87.0% | +1.0% |
| Volatility (annualized) | 28.0% | 31.2% |
| Max drawdown | -14.3% (Jul 2026→Sep 2026) | -50.8% (Nov 2021→Mar 2025) |

## Peers (REIT - Hotel & Motel)
XHR (Xenia Hotels & Resorts, Inc.) USD 19.5 -0.66% · PEB (Pebblebrook Hotel Trust) USD 20.67 -2.04% · SHO (Sunstone Hotel Investors, Inc. ) USD 12.6 -0.08% · DRH (Diamondrock Hospitality Company) USD 13.89 -0.39% · PK (Park Hotels & Resorts Inc.) USD 16.66 -1.94% · APLE (Apple Hospitality REIT, Inc.) USD 18.16 +0.06%

## More
Full page: https://nexqual.com/RLJ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Room Revenue | $311.8M | 81.4% | +5.3% |
| Food and Beverage Revenue | $43.7M | 11.4% | +4.3% |
| Other Revenue | $27.5M | 7.2% | +9.7% |
| Total revenue | $383.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other | $114.9M | 30.0% | +4.0% |
| Northern California | $47.7M | 12.5% | +8.3% |
| Southern California | $45.2M | 11.8% | +5.0% |
| South Florida | $39.8M | 10.4% | +10.2% |
| New York City | $24.9M | 6.5% | +6.1% |
| Chicago | $22.0M | 5.7% | +13.7% |
| Louisville | $19.4M | 5.1% | -3.2% |
| Washington, DC | $19.1M | 5.0% | +6.3% |
| Charleston | $18.3M | 4.8% | +7.9% |
| Boston | $16.9M | 4.4% | -1.7% |
| Houston | $14.9M | 3.9% | +2.4% |
| Total revenue | $383.0M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.05 | $-0.07 | -25.0% | $341.3M | 4 |
| Next quarter (ends 2026-12-31) | $-0.05 | $-0.06 | -13.3% | $334.3M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.03 | $-0.06 | -142.5% | $1.40B | 6 |
| Next fiscal year (ends 2027-12-31) | $0.01 | $-0.04 | -132.7% | $1.43B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-02-19 (includes earnings 2026-11-04): ±15.2%; last 8 reports averaged ±4.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-02-19 | 119 | 32.5% | ±15.2% |