Form 8-K

8-K — RLJ Lodging Trust

Accession: 0001511337-26-000019

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001511337

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — rlj-20260806.htm (Primary)

EX-99.1 (rljq22026exhibit991.htm)

GRAPHIC (rljlt_blacklogox2022.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: rlj-20260806.htm · Sequence: 1

rlj-20260806

false000151133700015113372026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 06, 2026

RLJ LODGING TRUST

(Exact name of registrant as specified in its charter)

Maryland 001-35169 27-4706509

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)

7373 Wisconsin Avenue, Suite 1500

Bethesda, Maryland 20814

(Address of principal executive offices) (Zip Code)

(301) 280-7777

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12 (b) of the Exchange Act:

Title of Class Trading Symbol Name of Exchange on Which Registered

Common Shares of beneficial interest, par value $0.01 per share RLJ New York Stock Exchange

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2026, RLJ Lodging Trust (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(d) The following exhibits are filed as part of this report:

Exhibit

Number Description

99.1

Press release dated August 6, 2026, issued by RLJ Lodging Trust, providing financial results for the quarter ended June 30, 2026.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RLJ LODGING TRUST

Dated: August 6, 2026

By: /s/ Leslie D. Hale

Leslie D. Hale

President and Chief Executive Officer

EXHIBIT LIST

Exhibit

Number Description

99.1

Press release dated August 6, 2026, issued by RLJ Lodging Trust, providing financial results for the quarter ended June 30, 2026.

EX-99.1

Filename: rljq22026exhibit991.htm · Sequence: 2

Document

Press Release

RLJ Lodging Trust Reports Second Quarter 2026 Results

Q2 RevPAR increased 6.8%

Adjusted FFO per diluted common share and unit of $0.52 increased 8.3%

Adjusted EBITDA of $110.4 million increased 6.1%

Increasing full-year outlook

Bethesda, MD, August 6, 2026 – RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and six months ended June 30, 2026.

Second Quarter Highlights

•Comparable RevPAR of $167.15, an increase of 6.8% over the prior year

•Comparable Hotel Revenue of $382.0 million, an increase of 6.8% over the prior year

•Net income of $31.3 million, an increase of 9.4% over the prior year

•Comparable Hotel EBITDA of $119.5 million, an increase of 7.1% over the prior year

•Comparable Hotel EBITDA Margin of 31.3%

•Adjusted EBITDA of $110.4 million, an increase of 6.1% over the prior year

•Adjusted FFO per diluted common share and unit of $0.52, an increase of 8.3% over the prior year

"We are pleased with our strong second quarter results, which exceeded our expectations, driven by the broad-based strength across our portfolio, including the continued acceleration of business travel and robust urban leisure trends. Our results further benefitted from our continued success in driving out-of-room spend as well as the successful ramp of our recently completed renovations and conversions.We also continued to advance our conversion pipeline with the completion and relaunch of our Autograph Collection asset in Pittsburgh, further increasing our exposure to the lifestyle segment and evolving consumer preferences.” commented Leslie D. Hale, President and Chief Executive Officer. "The broad-based nature of the growth across markets and demand segments year-to-date give us confidence in the durability of the demand trends we are seeing. As a result, we are raising our full-year guidance to reflect our second quarter outperformance and the continuation of these positive trends through the second half of the year as well as the ongoing ramp of our conversions and renovations."

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 June 30, For the six months ended June 30,

2026 2025 Change 2026 2025 Change

Operational Overview: (1)

Comparable ADR $217.18 $206.96 4.9% $213.93 $206.49 3.6%

Comparable Occupancy 77.0% 75.6% 1.8% 73.9% 72.4% 2.1%

Comparable RevPAR $167.15 $156.52 6.8% $158.10 $149.46 5.8%

Financial Overview:

Total Revenue $382,988 $363,103 5.5% $722,965 $691,222 4.6%

Comparable Hotel Revenue $382,020 $357,542 6.8% $720,606 $679,058 6.1%

Net income $31,328 $28,631 9.4% $30,979 $31,803 (2.6)%

Comparable Hotel EBITDA $119,514 $111,544 7.1% $209,179 $195,327 7.1%

Comparable Hotel EBITDA Margin 31.3% 31.2% 10 bps 29.0% 28.8% 20 bps

Adjusted EBITDA $110,393 $104,008 6.1% $191,266 $181,602 5.3%

Adjusted FFO $78,527 $72,658 8.1% $128,047 $119,579 7.1%

Adjusted FFO Per Diluted Common Share and Unit $0.52 $0.48 8.3% $0.85 $0.79 7.6%

Note:

(1) Comparable statistics reflect the Company's 91 hotel portfolio owned as of June 30, 2026.

Operational Update

For the three months ended June 30, 2026, Comparable RevPAR increased by 6.8%, driven by ADR growth of 4.9%, with each month of the quarter exceeding the Company's expectations. Comparable non-room revenues increased 7.1%, exceeding comparable RevPAR growth by 30 basis points and reflecting the continued success of the Company's return-on-investment initiatives. This strong top line performance drove Comparable Hotel EBITDA growth of 7.1% and Adjusted EBITDA growth of 6.1% over the prior year period.

Disposition

During the second quarter of 2026, the Company opportunistically sold one hotel in Fremont, California for $13.2 million, which represents 29.2x Hotel EBITDA on a trailing-twelve month basis, including required capital expenditures.

Balance Sheet

On June 30, 2026, the Company drew $344.0 million under its $569.0 million delayed draw term loan

maturing in 2031 and $150.0 million under its delayed draw term loan maturing in 2033 for total proceeds

of $494.0 million. Subsequent to quarter end, on July 1, 2026, the Company used these proceeds, together

with cash on hand, to fully repay the $500.0 million Senior Notes due 2026 on their maturity date.

Following this repayment, the Company had $1.0 billion of total liquidity, $2.2 billion of debt and no debt maturities until 2029, inclusive of extension options.

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 second quarter. The dividend was paid on July 15, 2026 to shareholders of record as of June 30, 2026.

The Company's Board of Trustees declared a second quarter cash dividend of $0.4875 on the Company’s Series A Preferred Shares. The dividend was paid on July 31, 2026 to shareholders of record as of June 30, 2026.

2026 Outlook

The Company is updating its full-year outlook to incorporate the strong second quarter outperformance and it's expectations that positive trends will continue through the second half of the year.

FY 2026

Comparable RevPAR Growth +3.5% to +4.5%

Comparable Hotel EBITDA $369M to $389M

Adjusted EBITDA $336M to $356M

Adjusted FFO per diluted share $1.37 to $1.50

Additionally, the Company's full year 2026 outlook includes:

•Net interest expense in the range of $101.0 million to $103.0 million

•Cash corporate G&A in the range of $33.5 million to $34.5 million

•Capital expenditures related to renovations in the range of $80.0 million to $90.0 million

•Diluted weighted average common shares and units of 151.5 million

Potential future acquisitions, dispositions, financings, or share repurchases are not incorporated into the

Company's outlook above and could result in a material change to the Company's outlook.

Earnings Call

The Company will conduct its quarterly analyst and investor conference call on August 7, 2026 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 second 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 91 premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within the heart of demand locations. We own a geographically diversified portfolio of hotels located in urban markets that exhibit multiple demand generators and attractive long-term growth prospects.

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,” 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, 2025 and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which will be filed on August 7, 2026, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.

###

Additional Contacts:

Leslie D. Hale, President and Chief Executive Officer – (301) 280-7777

Nikhil Bhalla, Chief Financial Officer – (301) 280-7777

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, 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 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:

•Transaction Costs: The Company excludes transaction costs expensed during the period

•Pre-Opening Costs: The Company excludes certain costs related to pre-opening of hotels

•Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation, non-cash income tax expense or benefit, and non-cash interest expense related to discontinued interest rate hedges

•Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside the normal course of operations

Hotel EBITDA and Hotel EBITDA Margin

With respect to Comparable 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: Sold hotels

For the three and six months ended June 30, 2026 and 2025, Comparable adjustments included the following sold hotels:

•Courtyard Atlanta Buckhead sold in March 2025

•Embassy Suites by Hilton Dallas-Love Field sold in December 2025

•Residence Inn Houston by the Galleria sold in December 2025

•Hyatt Place Fremont/Silicon Valley sold in June 2026

RLJ Lodging Trust

Consolidated Balance Sheets

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

(unaudited)

June 30, 2026 December 31, 2025

Assets

Investment in hotel properties, net $ 4,047,317 $ 4,112,387

Investment in unconsolidated joint ventures 7,494 7,357

Cash and cash equivalents 937,599 410,160

Restricted cash reserves 35,768 31,901

Hotel and other receivables, net of allowance of $96 and $170, respectively

30,024 29,643

Lease right-of-use assets 122,785 123,524

Prepaid expense and other assets 52,699 27,158

Total assets $ 5,233,686 $ 4,742,130

Liabilities and Equity

Debt, net $ 2,695,154 $ 2,197,218

Accounts payable and other liabilities 156,580 141,568

Advance deposits and deferred revenue 46,400 51,029

Lease liabilities 119,262 118,189

Accrued interest 20,470 20,532

Distributions payable 30,893 30,934

Total liabilities 3,068,759 2,559,470

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 June 30, 2026 and December 31, 2025

366,936 366,936

Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 152,375,872 and 151,085,078 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

1,524 1,511

Additional paid-in capital 2,982,795 2,977,616

Distributions in excess of net earnings (1,206,064) (1,178,456)

Accumulated other comprehensive income 6,738 1,919

Total shareholders’ equity 2,151,929 2,169,526

Noncontrolling interests:

Noncontrolling interest in the Operating Partnership 5,570 5,696

Noncontrolling interest in consolidated joint ventures 7,428 7,438

Total noncontrolling interest 12,998 13,134

Total equity 2,164,927 2,182,660

Total liabilities and equity $ 5,233,686 $ 4,742,130

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 June 30, For the six months ended June 30,

2026 2025 2026 2025

Revenues

Operating revenues

Room revenue $ 311,760 $ 296,101 $ 587,017 $ 563,755

Food and beverage revenue 43,735 41,934 83,452 79,447

Other revenue 27,493 25,068 52,496 48,020

Total revenues 382,988 363,103 722,965 691,222

Expenses

Operating expenses

Room expense 77,931 74,565 150,663 145,416

Food and beverage expense 32,093 30,375 62,855 59,664

Management and franchise fee expense 29,321 28,393 54,395 53,595

Other operating expenses 99,727 92,787 196,153 184,498

Total property operating expenses 239,072 226,120 464,066 443,173

Depreciation and amortization 47,496 46,363 94,691 92,151

Property tax, insurance and other 26,784 26,490 53,756 53,693

General and administrative 13,424 11,138 26,403 23,784

Transaction costs 692 56 724 112

Total operating expenses 327,468 310,167 639,640 612,913

Other income, net 987 1,148 1,819 2,036

Interest income 3,265 3,361 6,203 6,616

Interest expense (28,116) (27,876) (55,793) (55,428)

(Loss) gain on sale of hotel properties, net (116) (378) (3,763) 943

Loss on extinguishment of indebtedness, net (26) (34) (399) (34)

Income before equity in income (loss) from unconsolidated joint ventures 31,514 29,157 31,392 32,442

Equity in income (loss) from unconsolidated joint ventures 100 (187) 137 (6)

Income before income tax expense 31,614 28,970 31,529 32,436

Income tax expense (286) (339) (550) (633)

Net income 31,328 28,631 30,979 31,803

Net (income) loss attributable to noncontrolling interests:

Noncontrolling interest in the Operating Partnership (128) (113) (94) (96)

Noncontrolling interest in consolidated joint ventures (164) (65) 10 108

Net income attributable to RLJ 31,036 28,453 30,895 31,815

Preferred dividends (6,279) (6,279) (12,557) (12,557)

Net income attributable to common shareholders $ 24,757 $ 22,174 $ 18,338 $ 19,258

Basic per common share data:

Net income per share attributable to common shareholders $ 0.16 $ 0.15 $ 0.12 $ 0.12

Weighted-average number of common shares 149,883,674 149,532,971 149,605,007 150,217,440

Diluted per common share data:

Net income per share attributable to common shareholders $ 0.16 $ 0.15 $ 0.12 $ 0.12

Weighted-average number of common shares 150,928,683 149,598,953 150,382,279 150,355,083

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 June 30, For the six months ended June 30,

2026 2025 2026 2025

Net income $ 31,328 $ 28,631 $ 30,979 $ 31,803

Preferred dividends (6,279) (6,279) (12,557) (12,557)

Depreciation and amortization 47,496 46,363 94,691 92,151

Loss (gain) on sale of hotel properties, net 116 378 3,763 (943)

Noncontrolling interest in consolidated joint ventures (164) (65) 10 108

Adjustments related to consolidated joint venture (1) (50) (49) (100) (98)

Adjustments related to unconsolidated joint venture (2) 225 237 449 481

FFO 72,672 69,216 117,235 110,945

Transaction costs 692 56 724 112

Pre-opening costs (3) 573 52 871 451

Loss on extinguishment of indebtedness, net 26 34 399 34

Amortization of share-based compensation 4,042 2,888 7,699 7,237

Non-cash income tax benefit (18) — (18) —

Non-cash interest expense related to discontinued interest rate hedges (78) 144 (78) 288

Other expenses (4) 618 268 1,215 512

Adjusted FFO $ 78,527 $ 72,658 $ 128,047 $ 119,579

Adjusted FFO per common share and unit-basic $ 0.52 $ 0.48 $ 0.85 $ 0.79

Adjusted FFO per common share and unit-diluted $ 0.52 $ 0.48 $ 0.85 $ 0.79

Basic weighted-average common shares and units outstanding (5) 150,655 150,305 150,376 150,989

Diluted weighted-average common shares and units outstanding (5) 151,700 150,371 151,153 151,127

Notes:

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

(2)Includes our ownership interest in the 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.

(5)Includes 0.8 million weighted-average operating partnership units for the three and six months ended June 30, 2026 and 2025.

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 June 30, For the six months ended June 30,

2026 2025 2026 2025

Net income $ 31,328 $ 28,631 $ 30,979 $ 31,803

Depreciation and amortization 47,496 46,363 94,691 92,151

Interest expense, net of interest income 24,851 24,515 49,590 48,812

Income tax expense 286 339 550 633

Adjustments related to unconsolidated joint venture (1) 365 484 785 800

EBITDA 104,326 100,332 176,595 174,199

Loss (gain) on sale of hotel properties, net 116 378 3,763 (943)

EBITDAre

104,442 100,710 180,358 173,256

Transaction costs 692 56 724 112

Pre-opening costs (2) 573 52 871 451

Loss on extinguishment of indebtedness, net 26 34 399 34

Amortization of share-based compensation 4,042 2,888 7,699 7,237

Other expenses (3) 618 268 1,215 512

Adjusted EBITDA 110,393 104,008 191,266 181,602

General and administrative (4) 8,764 8,001 17,489 16,055

Other corporate adjustments 460 1,379 785 1,642

Consolidated Hotel EBITDA 119,617 113,388 209,540 199,299

Comparable adjustments - income from sold hotels (103) (1,844) (361) (3,972)

Comparable Hotel EBITDA $ 119,514 $ 111,544 $ 209,179 $ 195,327

Notes:

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

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

(3)Represents expenses and income outside the normal course of operations.

(4)Excludes amortization of share-based compensation and general and administrative expenses outside 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 June 30, For the six months ended June 30,

2026 2025 2026 2025

Total revenue $ 382,988 $ 363,103 $ 722,965 $ 691,222

Comparable adjustments - revenue from sold hotels (950) (5,543) (2,324) (12,129)

Other corporate adjustments / non-hotel revenue (18) (18) (35) (35)

Comparable Hotel Revenue $ 382,020 $ 357,542 $ 720,606 $ 679,058

Comparable Hotel EBITDA $ 119,514 $ 111,544 $ 209,179 $ 195,327

Comparable Hotel EBITDA Margin 31.3 % 31.2 % 29.0 % 28.8 %

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, 2026

Low End High End

Net income $ 21.6 $ 38.6

Depreciation and amortization 190.0 190.0

Interest expense, net of interest income 101.0 103.0

Income tax expense 1.1 1.1

Adjustments related to joint ventures 1.6 1.6

EBITDA 315.3 334.3

Loss on sale of hotel properties, net 3.8 3.8

EBITDAre

319.1 338.1

Amortization of share-based compensation 16.8 16.8

All other items, net 0.1 1.1

Adjusted EBITDA 336.0 356.0

General and administrative 33.5 34.5

Other corporate adjustments (0.1) (1.1)

Consolidated Hotel EBITDA 369.4 389.4

Comparable adjustments - income from sold hotels (0.4) (0.4)

Comparable Hotel EBITDA $ 369.0 $ 389.0

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

For the year ended December 31, 2026

Low End High End

Net income $ 21.6 $ 38.6

Preferred dividends (25.1) (25.1)

Depreciation and amortization 190.0 190.0

Loss on sale of hotel properties, net 3.8 3.8

Adjustments related to joint ventures 1.0 1.0

FFO 191.3 208.3

Amortization of share-based compensation 16.8 16.8

All other items, net (0.3) 2.7

Adjusted FFO $ 207.8 $ 227.8

Adjusted FFO per common share and unit-diluted $ 1.37 $ 1.50

Diluted weighted-average common shares and units outstanding

151.5 151.5

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

June 30, 2026 (3)

Mortgage Debt

Mortgage loan - 1 hotel 10 January 2029 Fixed 5.06% $ 25,000

Mortgage loan - 3 hotels 5 April 2029 Floating 5.17% 91,700

Mortgage loan - 4 hotels 5 April 2029 Floating 5.16% 72,700

Weighted Average / Mortgage Total 5.15% $ 189,400

Corporate Debt

Revolver (4) 4 February 2031 Floating — $ —

$569 Million Term Loan Maturing 2031 (5) 3 February 2031 Floating 5.40% 569,000

$500 Million Term Loan Maturing 2027 3 September 2029 Floating 5.06% 500,000

$500 Million Senior Notes due 2026 (5) 5 July 2026 Fixed 3.75% 500,000

$500 Million Senior Notes due 2029 8 September 2029 Fixed 4.00% 500,000

$300 Million Term Loan Maturing 2030 3 April 2030 Floating 5.40% 300,000

$150 Million Term Loan Maturing 2033 (5) 7 February 2033 Floating 5.80% 150,000

Weighted Average / Corporate Total 4.75% $ 2,519,000

Weighted-Average / Gross Debt 4.78% $ 2,708,400

Notes:

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

(2) Interest rates as of June 30, 2026, inclusive of the impact of interest rate hedges.

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

(4) As of June 30, 2026, there was $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually.

(5) On June 30, 2026, the Company drew the remaining $344.0 million under the $569.0 million delayed draw term loan and the total balance of the $150.0 million delayed draw term loan. On July 1, 2026, the Company used these proceeds to repay its $500.0 million Senior Notes due 2026.

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