RLJ Lodging Trust Reports Third Quarter 2025 Results

BETHESDA, Md.--( BUSINESS WIRE)--RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and nine months ended September 30, 2025.

Third Quarter Highlights

“Our third quarter results were generally consistent with our expectations and reflect the resiliency of our portfolio and lean operating model amid a choppy backdrop. Despite the lower occupancy environment, we were pleased to achieve continued growth in out-of-room spend, highlighting the success of our ROI initiatives, which combined with our disciplined cost control efforts contributed to our solid bottom-line results. During the quarter, we continued to advance our conversion pipeline as well as our transformative renovations, further positioning our portfolio to unlock embedded value,” commented Leslie D. Hale, President and Chief Executive Officer. “While the recent government shutdown and ongoing macro uncertainty have moderated our near-term view and are reflected in our updated full-year outlook, we are encouraged by a number of building blocks that should support a more constructive backdrop as we look ahead to 2026. We believe these tailwinds, together with the continued ramp of our strategic investments, as well as our strong balance sheet, position us to capture outsized benefits as demand strengthens.”

The prefix “comparable” as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.

Financial and Operating Highlights

($ in thousands, except ADR, RevPAR, Change, and per share amounts)

(unaudited)

For the three months ended September 30,

For the nine months ended September 30,

2025

2024

Change

2025

2024

Change

Operational Overview: (1)

Comparable ADR

$189.74

$193.75

(2.1)%

$199.70

$200.07

(0.2)%

Comparable Occupancy

73.0%

75.4%

(3.1)%

72.6%

73.9%

(1.8)%

Comparable RevPAR

$138.51

$146.03

(5.1)%

$144.93

$147.81

(1.9)%

Financial Overview:

Total Revenue

$330,045

$345,744

(4.5)%

$1,021,267

$1,039,451

(1.7)%

Comparable Hotel Revenue

$330,027

$343,665

(4.0)%

$1,020,111

$1,035,284

(1.5)%

Net (loss) income

($3,798)

$20,643

(118.4)%

$28,005

$62,680

(55.3)%

Comparable Hotel EBITDA

$80,752

$100,666

(19.8)%

$279,073

$306,978

(9.1)%

Comparable Hotel EBITDA Margin

24.5%

29.3%

(480) bps

27.4%

29.7%

(230) bps

Adjusted EBITDA

$72,583

$91,927

(21.0)%

$254,185

$280,494

(9.4)%

Adjusted FFO

$41,103

$61,155

(32.8)%

$160,684

$191,634

(16.2)%

Adjusted FFO Per Diluted Common Share and Unit

$0.27

$0.40

(32.5)%

$1.07

$1.24

(13.7)%

(1)

Comparable statistics reflect the Company's 94 hotel portfolio owned as of September 30, 2025.

Operational Update

Third quarter industry performance was impacted by the compounding effect of difficult prior year comparisons and softer citywide calendars in a number of markets. In addition to these headwinds, and as previously disclosed, the Company’s third quarter RevPAR was also impacted by three transformative renovations as well as the closure of the Austin Convention Center for expansion, which collectively had an approximately 200 basis point negative impact. As a result, the Company's Comparable RevPAR declined by 5.1%, though RevPAR trends improved sequentially each month of the quarter. Despite an occupancy decline of 3.1%, the Company also achieved out-of-room revenues growth of 1.3% during the third quarter, benefitting from the success of its Return on Investment (“ROI”) initiatives, which along with tight cost containment, contributed to bottom line results.

Share Repurchases

During the third quarter, the Company repurchased 0.2 million common shares for approximately $1.3 million at an average price of $7.29. Year-to-date, the Company has repurchased 3.3 million common shares for approximately $28.6 million. As of November 5, 2025, the Company's 2025 share repurchase program had a remaining capacity of $245.7 million.

Balance Sheet

As of September 30, 2025, the Company had approximately $1.0 billion of total liquidity, comprised of approximately $375 million of unrestricted cash and $600 million available under its revolving credit facility (the "Revolver"), as well as $2.2 billion of debt outstanding.

Dividends

The Company’s Board of Trustees declared a quarterly cash dividend of $0.15 per common share of beneficial interest of the Company in the third quarter. The dividend was paid on October 15, 2025 to shareholders of record as of September 30, 2025.

The Company's Board of Trustees declared a third quarter cash dividend of $0.4875 on the Company’s Series A Preferred Shares. The dividend was paid on October 31, 2025 to shareholders of record as of September 30, 2025.

2025 Outlook

The Company is updating its full-year outlook to incorporate year-to-date performance as well as the anticipated impact from the ongoing government shutdown to overall travel and fourth quarter performance.

No future acquisitions, dispositions, financings, or share repurchases are incorporated into the Company's outlook and could result in a material change to the Company's outlook.

FY 2025

Comparable RevPAR Growth

-2.6% to -1.9%

Comparable Hotel EBITDA

$357.5M to $365.5M

Adjusted EBITDA

$324.0M to $332.0M

Adjusted FFO per diluted share

$1.31 to $1.37

Additionally, the Company's full year 2025 outlook includes:

Earnings Call

The Company will conduct its quarterly analyst and investor conference call on November 6, 2025 at 12:00 p.m. (Eastern Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust’s third quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company’s website at http://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available through the Investor Relations section of the Company’s website for two weeks.

Supplemental Information

Please refer to the presentation of supplemental information for additional detail and comparable operating statistics, which will be available through the Investor Relations section of the Company's website.

About Us

RLJ Lodging Trust ("RLJ") is a self-advised, publicly traded real estate investment trust that owns 94 premium-branded, rooms-oriented, high-margin, urban-centric hotels located within the heart of demand locations. Our hotels are geographically diverse and concentrated in major urban markets that provide multiple demand generators from business, leisure, and other travelers.

Forward-Looking Statements

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 Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which will be filed on November 5, 2025, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.

For additional information or to receive press releases via email, please visit our website:

https://www.rljlodgingtrust.com

RLJ Lodging Trust

Non-GAAP and Accounting Commentary

Non-Generally Accepted Accounting Principles (“Non-GAAP”) Financial Measures

The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre, (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin. These Non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin, as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company defines such terms.

Funds From Operations (“FFO”)

The Company calculates Funds from Operations (“FFO”) in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”), even though FFO does not represent an amount that accrues directly to common shareholders.

The Company’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest (“OP units”) in RLJ Lodging Trust, L.P., the Company’s operating partnership, because the OP units may be redeemed for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.

EBITDA and EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization expense) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.

In addition to EBITDA, the Company presents EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss (calculated in accordance with GAAP) excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. The Company believes that the presentation of EBITDAre provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.

Adjustments to FFO and EBITDA

The Company adjusts FFO, EBITDA, and EBITDAre for certain items that the Company considers outside the normal course of operations. The Company believes that Adjusted FFO, Adjusted EBITDA, and Adjusted EBITDAre provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income or loss, FFO, EBITDA, and EBITDAre, are beneficial to an investor’s understanding of the Company's operating performance. The Company adjusts FFO, EBITDA, and EBITDAre for the following items:

Hotel EBITDA and Hotel EBITDA Margin

With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company’s hotels and the effectiveness of third-party management companies.

Comparable Hotel EBITDA and Comparable Hotel EBITDA margin include prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels and excludes results from sold hotels as applicable.

Comparable adjustments: Acquired hotel

For the three and nine months ended September 30, 2025 and 2024, Comparable adjustments included the following acquired hotel:

Comparable adjustments: Sold hotels

For the three and nine months ended September 30, 2025 and 2024, Comparable adjustments included the following sold hotels:

RLJ Lodging Trust

Consolidated Balance Sheets

(Amounts in thousands, except share and per share data)

(unaudited)

September 30, 2025

December 31, 2024

Assets

Investment in hotel properties, net

4,191,220

4,250,524

Investment in unconsolidated joint ventures

7,144

7,457

Cash and cash equivalents

374,827

409,809

Restricted cash reserves

29,234

23,516

Hotel and other receivables, net of allowance of $118 and $169, respectively

30,386

25,494

Lease right-of-use assets

124,640

128,111

Prepaid expense and other assets

35,704

38,968

Total assets

4,793,155

4,883,879

Liabilities and Equity

Debt, net

2,222,111

2,220,081

Accounts payable and other liabilities

162,207

154,643

Advance deposits and deferred revenue

40,856

40,242

Lease liabilities

118,396

119,102

Accrued interest

10,891

20,900

Distributions payable

30,645

30,634

Total liabilities

2,585,106

2,585,602

Equity

Shareholders’ equity:

Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized

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 September 30, 2025 and December 31, 2024

366,936

Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 151,048,741 and 153,295,577 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

1,510

1,533

Additional paid-in capital

2,973,044

2,992,487

Distributions in excess of net earnings

(1,149,658

)

(1,090,186

)

Accumulated other comprehensive income

2,892

13,788

Total shareholders’ equity

2,194,724

2,284,558

Noncontrolling interests:

Noncontrolling interest in the Operating Partnership

5,854

6,130

Noncontrolling interest in consolidated joint ventures

7,471

7,589

Total noncontrolling interest

13,325

13,719

Total equity

2,208,049

2,298,277

Total liabilities and equity

4,793,155

4,883,879

Note: The corresponding notes to the consolidated financial statements can be found in the Company’s Quarterly Report on Form 10-Q.

RLJ Lodging Trust

Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(unaudited)

For the three months ended September 30,

For the nine months ended September 30,

2025

2024

2025

2024

Revenues

Operating revenues

Room revenue

267,367

283,614

831,122

853,896

Food and beverage revenue

36,884

36,983

116,331

113,515

Other revenue

25,794

25,147

73,814

72,040

Total revenues

330,045

345,744

1,021,267

1,039,451

Expenses

Operating expenses

Room expense

74,685

74,558

220,101

217,885

Food and beverage expense

29,314

29,348

88,978

88,279

Management and franchise fee expense

25,253

27,339

78,848

82,783

Other operating expenses

94,112

92,350

278,610

272,951

Total property operating expenses

223,364

223,595

666,537

661,898

Depreciation and amortization

46,996

44,892

139,147

134,045

Property tax, insurance and other

26,647

24,156

80,340

80,743

General and administrative

11,782

12,781

35,566

41,826

Transaction costs

128

209

240

299

Total operating expenses

308,917

305,633

921,830

918,811

Other income, net

670

791

2,706

4,669

Interest income

3,502

4,286

10,118

13,191

Interest expense

(28,309

)

(28,643

)

(83,737

)

(83,150

)

(Loss) gain on sale of hotel properties, net

(141

)

4,755

802

8,301

Loss on extinguishment of indebtedness, net

—

(129

)

(34

)

(129

)

(Loss) income before equity in (loss) income from unconsolidated joint ventures

(3,150

)

21,171

29,292

63,522

Equity in (loss) income from unconsolidated joint ventures

(307

)

(149

)

(313

)

239

(Loss) income before income tax expense

(3,457

)

21,022

28,979

63,761

Income tax expense

(341

)

(379

)

(974

)

(1,081

)

Net (loss) income

(3,798

)

20,643

28,005

62,680

Net loss (income) attributable to noncontrolling interests:

Noncontrolling interest in the Operating Partnership

(49

)

(44

)

(216

)

Noncontrolling interest in consolidated joint ventures

118

181

Net (loss) income attributable to RLJ

(3,736

)

20,602

28,079

62,645

Preferred dividends

(6,279

)

(6,279

)

(18,836

)

(18,836

)

Net (loss) income attributable to common shareholders

(10,015

)

14,323

9,243

43,809

Basic per common share data:

Net (loss) income per share attributable to common shareholders - basic

(0.07

)

0.09

0.06

0.28

Weighted-average number of common shares

149,129,419

153,070,639

149,850,781

153,226,734

Basic and diluted per common share data:

Net (loss) income per share attributable to common shareholders

(0.07

)

0.09

0.06

0.28

Weighted-average number of common shares

149,129,419

153,240,169

149,987,216

153,830,754

Note: The Statements of Comprehensive Income and corresponding notes to the consolidated financial statements can be found in the Company’s Quarterly Report on Form 10-Q.

RLJ Lodging Trust

Reconciliation of Non-GAAP Measures

(Amounts in thousands, except per share data)

(unaudited)

Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders

For the three months ended September 30,

For the nine months ended September 30,

2025

2024

2025

2024

Net (loss) income

(3,798

)

20,643

28,005

62,680

Preferred dividends

(6,279

)

(6,279

)

(18,836

)

(18,836

)

Depreciation and amortization

46,996

44,892

139,147

134,045

Loss (gain) on sale of hotel properties, net

141

(4,755

)

(802

)

(8,301

)

Noncontrolling interest in consolidated joint ventures

118

181

Adjustments related to consolidated joint venture (1)

(50

)

(47

)

(147

)

(139

)

Adjustments related to unconsolidated joint venture (2)

225

227

706

685

FFO

37,245

54,689

148,191

170,315

Transaction costs

128

209

240

299

Pre-opening costs (3)

888

520

1,088

Loss on extinguishment of indebtedness, net

—

129

Amortization of share-based compensation

4,043

4,550

11,280

16,260

Non-cash interest expense related to discontinued interest rate hedges

144

386

433

1,287

Other (income) expenses (4)

(526

)

304

(14

)

2,256

Adjusted FFO

41,103

61,155

160,684

191,634

Adjusted FFO per common share and unit-basic

0.27

0.40

1.07

1.24

Adjusted FFO per common share and unit-diluted

0.27

0.40

1.07

1.24

Basic weighted-average common shares and units outstanding (5)

149,901

153,842

150,623

153,999

Diluted weighted-average common shares and units outstanding (5)

150,117

154,012

150,759

154,603

Notes:

Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint venture.

Includes our ownership interest in the depreciation and amortization expense of the unconsolidated joint venture.

Represents expenses related to the brand conversions of certain hotel properties prior to opening.

Represents income and expenses outside of the normal course of operations.

Includes 0.8 million weighted-average operating partnership units for the three and nine months ended September 30, 2025 and 2024.

RLJ Lodging Trust

Reconciliation of Non-GAAP Measures

(Amounts in thousands)

(unaudited)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

For the three months ended September 30,

For the nine months ended September 30,

2025

2024

2025

2024

Net (loss) income

(3,798

)

20,643

28,005

62,680

Depreciation and amortization

46,996

44,892

139,147

134,045

Interest expense, net of interest income

24,807

24,357

73,619

69,959

Income tax expense

341

379

974

1,081

Adjustments related to unconsolidated joint venture (1)

382

331

1,182

998

EBITDA

68,728

90,602

242,927

268,763

Loss (gain) on sale of hotel properties, net

141

(4,755

)

(802

)

(8,301

)

EBITDAre

68,869

85,847

242,125

260,462

Transaction costs

128

209

240

299

Pre-opening costs (2)

888

520

1,088

Loss on extinguishment of indebtedness, net

—

129

Amortization of share-based compensation

4,043

4,550

11,280

16,260

Other (income) expenses (3)

(526

)

304

(14

)

2,256

Adjusted EBITDA

72,583

91,927

254,185

280,494

General and administrative

7,739

8,231

24,286

25,566

Other corporate adjustments

703

929

1,853

2,285

Consolidated Hotel EBITDA

81,025

101,087

280,324

308,345

Comparable adjustments - income from sold hotels

(273

)

(421

)

(1,251

)

(1,892

)

Comparable adjustments - income from acquired hotels

—

525

Comparable Hotel EBITDA

80,752

100,666

279,073

306,978

Notes:

Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint venture.

Represents expenses related to the brand conversions of certain hotel properties prior to opening.

Represents income and expenses outside of the normal course of operations.

RLJ Lodging Trust

Reconciliation of Non-GAAP Measures

(Amounts in thousands except margin data)

(unaudited)

Comparable Hotel EBITDA Margin

For the three months ended September 30,

For the nine months ended September 30,

2025

2024

2025

2024

Total revenue

330,045

345,744

1,021,267

1,039,451

Comparable adjustments - revenue from sold hotels

—

(2,061

)

(1,103

)

(7,948

)

Comparable adjustments - revenue from prior ownership of acquired hotels

—

3,834

Other corporate adjustments / non-hotel revenue

(18

)

(18

)

(53

)

(53

)

Comparable Hotel Revenue

330,027

343,665

1,020,111

1,035,284

Comparable Hotel EBITDA

80,752

100,666

279,073

306,978

Comparable Hotel EBITDA Margin

24.5

29.3

27.4

29.7

RLJ Lodging Trust

Reconciliation of Non-GAAP Measures - Full-Year Outlook

(Amounts in millions)

(unaudited)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

For the year ended December 31, 2025

Low End

High End

Net income

21.4

28.4

Depreciation and amortization

186.0

Interest expense, net of interest income

98.5

99.5

Income tax expense

1.3

Adjustments related to joint ventures

1.6

EBITDA

308.8

316.8

Gain on sale of hotel properties, net

(0.8

)

(0.8

)

EBITDAre

308.0

316.0

Amortization of share-based compensation

15.3

All other items, net

0.7

Adjusted EBITDA

324.0

332.0

General and administrative

32.5

33.5

Other corporate adjustments

2.2

1.2

Consolidated Hotel EBITDA

358.7

366.7

Comparable adjustments - income from sold hotels

(1.2

)

(1.2

)

Consolidated Hotel EBITDA/Comparable Hotel EBITDA

357.5

365.5

Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders

For the year ended December 31, 2025

Low End

High End

Net income

21.4

28.4

Preferred dividends

(25.1

)

(25.1

)

Depreciation and amortization

186.0

Gain on sale of hotel properties, net

(0.8

)

(0.8

)

Adjustments related to joint ventures

1.0

FFO

182.5

189.5

Amortization of share-based compensation

15.3

All other items, net

0.6

1.6

Adjusted FFO

198.4

206.4

Adjusted FFO per common share and unit-diluted

1.31

1.37

Diluted weighted-average common shares and units outstanding

150.9

RLJ Lodging Trust

Consolidated Debt Summary

(Amounts in thousands except interest data)

(unaudited)

Loan

Base Term

(Years)

Maturity

(incl. extensions)

Floating / Fixed (1)

Interest Rate (2)

Balance as of

September 30, 2025 (3)

Mortgage Debt

Mortgage loan - 1 hotel

Jan 2029

Fixed

5.06%

25,000

Mortgage loan - 3 hotels

Apr 2026

Floating

5.83%

96,000

Mortgage loan - 4 hotels

Apr 2026

Floating

5.83%

85,000

Weighted Average / Mortgage Total

5.74%

206,000

Corporate Debt

Revolver (4)

May 2028

Floating

—

$225 Million Term Loan Maturing 2026

May 2028

Floating

5.16%

225,000

$500 Million Term Loan Maturing 2027

September 2029

Floating

4.86%

500,000

$500 Million Senior Notes due 2026

July 2026

Fixed

3.75%

500,000

$500 Million Senior Notes due 2029

September 2029

Fixed

4.00%

500,000

$300 Million Term Loan Maturing 2030

April 2030

Floating

5.83%

300,000

Weighted Average / Corporate Total

4.55%

2,025,000

Weighted Average / Total

4.66%

2,231,000

Notes:

The floating interest rate is hedged, or partially hedged, with an interest rate swap.

Interest rates as of September 30, 2025, inclusive of the impact of interest rate hedges.

Excludes the impact of fair value adjustments and deferred financing costs.

As of September 30, 2025, there was $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually.