RLJ Lodging Trust Reports Fourth Quarter and Full Year 2025 Results

Banner area with image Marriott Louisville Downtown, Louisville, KY Fourth Quarter Adjusted FFO per diluted common share and unit of $0.32 Fourth Quarter Adjusted EBITDA of $80.4 million Addressed all debt maturities through 2028 BETHESDA, Md.--(BUSINESS WIRE)--Feb. 26, 2026-- RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three months and year ended December 31, 2025. Fourth Quarter Highlights Comparable RevPAR of $136.79, a decrease of 1.5% over the prior year Comparable Hotel Revenue of $325.1 million, an increase of 0.2% over the prior year Net Income of $0.5 million Adjusted EBITDA of $80.4 million Adjusted FFO per diluted common share and unit of $0.32 Sold two hotels for a combined $49.5 million Ended year with over $1.0 billion of liquidity, including approximately $410.2 million of unrestricted cash and $600.0 million in undrawn revolver capacity Full Year Highlights Comparable RevPAR of $143.49, a decrease of 1.7% over the prior year Comparable Hotel Revenue of $1.3 billion Net Income of $28.6 million Adjusted EBITDA of $334.6 million Adjusted FFO per diluted common share and unit of $1.39 “We achieved solid fourth quarter results that came in ahead of our outlook despite a choppy operating environment that was further constrained by a protracted government shutdown, driven by the outperformance of our urban markets, the successful ramp of our completed conversions, robust non-room revenue growth, and benefits from our disciplined cost management efforts. These results capped a productive year for RLJ in which we advanced a number of our strategic initiatives," commented Leslie D. Hale, President and Chief Executive Officer. “As we look ahead to 2026, we are cautiously optimistic given the positive setup for the broader economy and building blocks in place which should support lodging fundamentals. Against this backdrop, we believe our favorable footprint positions us to capture benefits from unique catalysts including the FIFA World Cup and America's 250th Anniversary celebrations in addition to the continued momentum of business and leisure demand in Urban markets, as well as the ongoing ramp from our recent conversions and renovations. Even as geopolitical uncertainty remains, these tailwinds, combined with our recently fortified balance sheet, give us confidence in our ability to unlock embedded value and enhance shareholder returns.” The prefix “comparable” as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release. Financial and Operating Highlights ($ in millions, except ADR, RevPAR, and per share amounts) (unaudited) For the three months ended December 31, For the year ended December 31, 2025 2024 Change 2025 2024 Change Operational Overview: (1) Comparable ADR $199.20 $200.54 (0.7) % $200.39 $201.04 (0.3) % Comparable Occupancy 68.7 % 69.3 % (0.9) % 71.6 % 72.6 % (1.4) % Comparable RevPAR $136.79 $138.92 (1.5) % $143.49 $146.05 (1.7) % Financial Overview: Total Revenues $328.6 $330.0 (0.4) % $1,349.9 $1,369.4 (1.4) % Comparable Hotel Revenue $325.1 $324.6 0.2 % $1,332.8 $1,345.9 (1.0) % Net Income $0.5 $5.5 (90.9) % $28.6 $68.2 (58.1) % Comparable Hotel EBITDA $87.8 $89.1 (1.5) % $363.5 $392.0 (7.3) % Comparable Hotel EBITDA Margin 27.0 % 27.5 % (44) bps 27.3 % 29.1 % (185) bps Adjusted EBITDA $80.4 $81.1 (0.9) % $334.6 $361.6 (7.5) % Adjusted FFO $48.7 $50.2 (3.0) % $209.4 $241.8 (13.4) % Adjusted FFO Per Diluted Common Share and Unit $0.32 $0.33 (3.0) % $1.39 $1.57 (11.5) % Note: (1) Comparable statistics reflect the Company's 92 hotel portfolio owned as of December 31, 2025. Operational Update Overall industry performance during the fourth quarter was impacted by the extended U.S. government shutdown that began on October 1, 2025, which disrupted otherwise positive demand trends that were expected in October and November. As a result, the Company's comparable RevPAR declined by 1.5%. Comparable non-room revenues increased 7.2%, reflecting the success of the Company’s return-on-investment initiatives and contributed to comparable total revenue growth of 0.2% over the prior year period. Fixed expenses during the quarter included $4.7 million of real estate tax credits. Dispositions During the fourth quarter of 2025, the Company sold two hotels for $49.5 million representing a 16.3x multiple on 2025 Hotel EBITDA, including required capital expenditures. Share Repurchases During 2025, the Company repurchased 3.3 million shares for approximately $28.6 million. The Company's share repurchase program currently has approximately $245.7 million of remaining capacity. Balance Sheet As of December 31, 2025, the Company had over $1.0 billion of total liquidity, comprising of approximately $410.2 million of unrestricted cash and $600.0 million available under its revolving credit facility ("Revolver"), and $2.2 billion of debt outstanding. In December, the Company paid down $26.3 million of mortgage debt using proceeds from dispositions. Additionally, as previously announced, in February 2026 the Company completed the successful refinancing of all of its debt maturities through 2028, further laddering its debt maturity schedule and strengthening its balance sheet. The refinancing consists of four tranches including the extension of its Revolver, the upsize and recast of one of its existing term loans, the addition of a new seven-year term loan, as well as the refinancing of its secured debt maturing in 2026. The Company intends to use the incremental delayed draw proceeds from the term loans to repay its $500 million senior notes maturing in July 2026. Following these refinancing transactions, the Company’s next debt maturity is not until 2029. 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 fourth quarter. The dividend was paid on January 15, 2026 to shareholders of record as of December 31, 2025. The Company's Board of Trustees declared a quarterly cash dividend of $0.4875 on the Company’s Series A Preferred Shares in the fourth quarter. The dividend was paid on January 30, 2026 to shareholders of record as of December 31, 2025. 2026 Outlook ($ in millions, except growth and per share amounts) The Company is providing its annual outlook for all hotels owned as of February 26, 2026. FY 2026 Comparable RevPAR Growth +0.5% to +3.0% Comparable Hotel EBITDA $344M to $374M Adjusted EBITDA $312M to $342M Adjusted FFO per diluted share $1.21 to $1.41 Additionally, the Company's full year 2026 outlook includes: Net interest expense of $101.0 million to $103.0 million Cash corporate G&A in the range of $32.5 million to $33.5 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 150.8 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 February 27, 2026 at 10:00 a.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 fourth 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 schedule of supplemental information for additional detail and Comparable operating statistics, which will be posted to the Investor Relations section of the Company's website. About RLJ RLJ Lodging Trust ("RLJ") is a self-advised, publicly traded real estate investment trust that owns 92 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, 2025, which will be filed on February 27, 2026, 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: http://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 NAREIT's 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) provision for income taxes, including income taxes applicable to sales of assets; 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 benefit or 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 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. The following is a summary of Comparable hotel adjustments: Comparable adjustments: Acquired hotel For the three and twelve months ended December 31, 2025 and 2024, Comparable adjustments included the following acquired hotel: Hotel Teatro acquired in June 2024 Comparable adjustments: Sold hotels For the three and twelve months ended December 31, 2025 and 2024, Comparable adjustments included the following sold hotels: Residence Inn Merrillville sold in May 2024 Fairfield Inn & Suites Denver Cherry Creek sold in September 2024 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 RLJ Lodging Trust Consolidated Balance Sheets (Amounts in thousands, except share and per share data) (unaudited) December 31, 2025 December 31, 2024 Assets Investment in hotel properties, net $ 4,112,387 $ 4,250,524 Investment in unconsolidated joint ventures 7,357 7,457 Cash and cash equivalents 410,160 409,809 Restricted cash reserves 31,901 23,516 Hotel and other receivables, net of allowance of $170 and $169, respectively 29,643 25,494 Lease right-of-use assets 123,524 128,111 Prepaid expense and other assets 27,158 38,968 Total assets $ 4,742,130 $ 4,883,879 Liabilities and Equity Debt, net $ 2,197,218 $ 2,220,081 Accounts payable and other liabilities 141,568 154,643 Advance deposits and deferred revenue 51,029 40,242 Lease liabilities 118,189 119,102 Accrued interest 20,532 20,900 Distributions payable 30,934 30,634 Total liabilities 2,559,470 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 December 31, 2025 and 2024 366,936 366,936 Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 151,085,078 and 153,295,577 shares issued and outstanding at December 31, 2025 and 2024, respectively 1,511 1,533 Additional paid-in capital 2,977,616 2,992,487 Accumulated other comprehensive income 1,919 13,788 Distributions in excess of net earnings (1,178,456 ) (1,090,186 ) Total shareholders’ equity 2,169,526 2,284,558 Noncontrolling interest: Noncontrolling interest in consolidated joint ventures 7,438 7,589 Noncontrolling interest in the Operating Partnership 5,696 6,130 Total noncontrolling interest 13,134 13,719 Total equity 2,182,660 2,298,277 Total liabilities and equity $ 4,742,130 $ 4,883,879 Note: The corresponding notes to the consolidated financial statements can be found in the Company’s Annual Report on Form 10-K. RLJ Lodging Trust Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (unaudited) For the three months ended December 31, For the year ended December 31, 2025 2024 2025 2024 Revenues Operating revenues Room revenue $ 262,143 $ 267,690 $ 1,093,265 $ 1,121,586 Food and beverage revenue 41,887 39,593 158,218 153,108 Other revenue 24,563 22,706 98,377 94,746 Total revenues 328,593 329,989 1,349,860 1,369,440 Expenses Operating expenses Room expense 73,304 70,682 293,405 288,567 Food and beverage expense 30,821 29,487 119,799 117,766 Management and franchise fee expense 23,909 25,195 102,757 107,978 Other operating expenses 92,948 90,680 371,558 363,631 Total property operating expenses 220,982 216,044 887,519 877,942 Depreciation and amortization 47,209 45,386 186,356 179,431 Property tax, insurance and other 20,975 26,300 101,315 107,043 General and administrative 12,078 12,978 47,644 54,804 Transaction costs 170 21 410 320 Total operating expenses 301,414 300,729 1,223,244 1,219,540 Other income, net 771 673 3,477 5,342 Interest income 3,462 4,123 13,580 17,314 Interest expense (28,561 ) (28,208 ) (112,298 ) (111,358 ) (Loss) gain on sale of hotel properties, net (2,328 ) (39 ) (1,526 ) 8,262 Loss on extinguishment of indebtedness, net (13 ) — (47 ) (129 ) Income before equity in income (loss) from unconsolidated joint ventures 510 5,809 29,802 69,331 Equity in income (loss) from unconsolidated joint ventures 213 220 (100 ) 459 Income before income tax expense 723 6,029 29,702 69,790 Income tax expense (174 ) (518 ) (1,148 ) (1,599 ) Net income 549 5,511 28,554 68,191 Net (income) loss attributable to noncontrolling interests: Noncontrolling interest in consolidated joint ventures (148 ) (136 ) (30 ) 45 Noncontrolling interest in the Operating Partnership 29 1 (15 ) (215 ) Net income attributable to RLJ 430 5,376 28,509 68,021 Preferred dividends (6,279 ) (6,279 ) (25,115 ) (25,115 ) Net (loss) income attributable to common shareholders $ (5,849 ) $ (903 ) $ 3,394 $ 42,906 Basic per common share data: Net (loss) income per share attributable to common shareholders $ (0.04 ) $ (0.01 ) $ 0.01 $ 0.27 Weighted-average number of common shares 149,104,884 151,751,999 149,662,774 152,856,036 Diluted per common share data: Net (loss) income per share attributable to common shareholders $ (0.04 ) $ (0.01 ) $ 0.01 $ 0.27 Weighted-average number of common shares 149,104,884 151,751,999 149,912,078 153,475,921 Note: The Statements of Comprehensive Income and corresponding notes to the consolidated financial statements can be found in the Company’s Annual Report on Form 10-K. 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 December 31, For the year ended December 31, 2025 2024 2025 2024 Net income $ 549 $ 5,511 $ 28,554 $ 68,191 Preferred dividends (6,279 ) (6,279 ) (25,115 ) (25,115 ) Depreciation and amortization 47,209 45,386 186,356 179,431 Loss (gain) on sale of hotel properties, net 2,328 39 1,526 (8,262 ) Noncontrolling interest in consolidated joint ventures (148 ) (136 ) (30 ) 45 Adjustments related to consolidated joint venture (1) (50 ) (48 ) (198 ) (187 ) Adjustments related to unconsolidated joint venture (2) 227 227 934 912 FFO 43,836 44,700 192,027 215,015 Transaction costs 170 21 410 320 Pre-opening costs (3) 354 247 874 1,335 Loss on extinguishment of indebtedness, net 13 — 47 129 Amortization of share-based compensation 4,060 4,544 15,340 20,804 Non-cash income tax expense 13 10 13 10 Non-cash interest expense related to discontinued interest rate hedges 144 305 577 1,592 Other expenses (4) 144 385 130 2,641 Adjusted FFO $ 48,734 $ 50,212 $ 209,418 $ 241,846 Adjusted FFO per common share and unit-basic $ 0.33 $ 0.33 $ 1.39 $ 1.57 Adjusted FFO per common share and unit-diluted $ 0.32 $ 0.33 $ 1.39 $ 1.57 Basic weighted-average common shares and units outstanding (5) 149,877 152,524 150,435 153,628 Diluted weighted-average common shares and units outstanding (5) 150,320 153,042 150,684 154,248 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 months and year ended December 31, 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 December 31, For the year ended December 31, 2025 2024 2025 2024 Net income $ 549 $ 5,511 $ 28,554 $ 68,191 Depreciation and amortization 47,209 45,386 186,356 179,431 Interest expense, net of interest income 25,099 24,085 98,718 94,044 Income tax expense 174 518 1,148 1,599 Adjustments related to unconsolidated joint venture (1) 330 392 1,512 1,390 EBITDA 73,361 75,892 316,288 344,655 Loss (gain) on sale of hotel properties, net 2,328 39 1,526 (8,262 ) EBITDAre 75,689 75,931 317,814 336,393 Transaction costs 170 21 410 320 Pre-opening costs (2) 354 247 874 1,335 Loss on extinguishment of indebtedness, net 13 — 47 129 Amortization of share-based compensation 4,060 4,544 15,340 20,804 Other expenses (3) 144 385 130 2,641 Adjusted EBITDA 80,430 81,128 334,615 361,622 General and administrative 8,018 8,434 32,304 34,000 Other corporate adjustments 306 848 2,159 3,133 Consolidated Hotel EBITDA 88,754 90,410 369,078 398,755 Comparable adjustments - income from sold hotels (935 ) (1,286 ) (5,562 ) (7,240 ) Comparable adjustments - income from acquired hotel — — — 525 Comparable Hotel EBITDA $ 87,819 $ 89,124 $ 363,516 $ 392,040 Notes: Comparable statistics reflect the Company's 92 hotel portfolio owned as of December 31, 2025. (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 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 December 31, For the year ended December 31, 2025 2024 2025 2024 Total revenue $ 328,593 $ 329,989 $ 1,349,860 $ 1,369,440 Comparable adjustments - revenue from sold hotels (3,431 ) (5,336 ) (17,015 ) (27,284 ) Comparable adjustments - revenue from prior ownership of acquired hotels — — — 3,834 Other corporate adjustments / non-hotel revenue (17 ) (24 ) (70 ) (76 ) Comparable Hotel Revenue $ 325,145 $ 324,629 $ 1,332,775 $ 1,345,914 Comparable Hotel EBITDA $ 87,819 $ 89,124 $ 363,516 $ 392,040 Comparable Hotel EBITDA Margin 27.0 % 27.5 % 27.3 % 29.1 % Note: Comparable statistics reflect the Company's 92 hotel portfolio owned as of December 31, 2025. 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 $ 0.3 $ 28.3 Depreciation and amortization 191.0 191.0 Interest expense, net of interest income 101.0 103.0 Income tax expense 1.4 1.4 Adjustments related to joint ventures 1.5 1.5 EBITDA 295.2 325.2 Amortization of share-based compensation 16.8 16.8 Adjusted EBITDA 312.0 342.0 General and administrative 32.5 33.5 Other corporate adjustments (0.5 ) (1.5 ) Comparable Hotel EBITDA $ 344.0 $ 374.0 Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders For the year ended December 31, 2026 Low End High End Net income $ 0.3 $ 28.3 Preferred dividends (25.1 ) (25.1 ) Depreciation and amortization 191.0 191.0 Adjustments related to joint ventures 1.0 1.0 FFO 167.2 195.2 Amortization of share-based compensation 16.8 16.8 All other items, net (1.4 ) 0.6 Adjusted FFO $ 182.6 $ 212.6 Adjusted FFO per common share and unit-diluted $ 1.21 $ 1.41 Diluted weighted-average common shares and units outstanding 150.8 150.8 RLJ Lodging Trust Consolidated Debt Summary (Amounts in thousands except interest rate data) (unaudited) Loan Base Term (Years) Maturity (incl. extensions) Floating / Fixed (1) Interest Rate (2) Balance as of December 31, 2025 (3) Mortgage Debt Mortgage loan - 1 hotel 10 Jan 2029 Fixed 5.06% $ 25,000 Mortgage loan - 2 hotels (4) 5 Apr 2026 Floating 5.39% 69,750 Mortgage loan - 4 hotels (4) 5 Apr 2026 Floating 5.39% 85,000 Weighted Average / Mortgage Total 5.34% $ 179,750 Corporate Debt Revolver (5) 4 May 2028 Floating — $ — $225 Million Term Loan Maturing 2026 (6) 3 May 2028 Floating 5.01% 225,000 $500 Million Term Loan Maturing 2027 3 September 2029 Floating 4.85% 500,000 $500 Million Senior Notes due 2026 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 5.54% 300,000 Weighted Average / Corporate Total 4.49% $ 2,025,000 Weighted-Average / Gross Debt 4.56% $ 2,204,750 Notes: (1) The floating interest rate is hedged, or partially hedged, with an interest rate swap. (2) Interest rates as of December 31, 2025, inclusive of the impact of interest rate hedges. (3) Excludes the impact of fair value adjustments and deferred financing costs. (4) In December 2025, the Company sold one asset in the prior $96 million mortgage loan pool and paid down $26.3 million as required under the release provision. In January 2026, the Company amended these mortgage loans, extending the initial maturity date to April 2029, with two one-year extension options at the Company's discretion, subject to certain conditions. On the $69.8 million and $85.0 million mortgage loans, the Company paid down approximately $1.5 million and $3.9 million, respectively, in principal in connection with the amendments. (5) As of December 31, 2025, there was $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually. In February 2026, the Company amended its Revolver extending the maturity date of the Revolver to February 11, 2030 with the ability to extend the maturity date for up to an additional year. (6) In February 2026, the Company replaced its $225 million term loan with a new and upsized $569 million delayed draw term loan, extending the scheduled maturity date to February 11, 2031. View source version on businesswire.com: https://www.businesswire.com/news/home/20260226156144/en/ Additional Contacts: Leslie D. Hale, President and Chief Executive Officer – (301) 280-7777 Nikhil Bhalla, Chief Financial Officer – (301) 280-7777 Source: RLJ Lodging Trust