RLJ Lodging Trust (RLJ)
Market Price (8/24/2026): $11.5 | Market Cap: $1.7 BilSector: Real Estate | Industry: Hotel & Resort REITs
RLJ Lodging Trust (RLJ)
Market Price (8/24/2026): $11.5Market Cap: $1.7 BilSector: Real EstateIndustry: Hotel & Resort REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, Dividend Yield is 5.3%, FCF Yield is 15% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more. | Weak multi-year price returns3Y Excs Rtn is -32% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 109% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 53% Key risksRLJ key risks include [1] high leverage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, Dividend Yield is 5.3%, FCF Yield is 15% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -32% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 109% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 53% |
| Key risksRLJ key risks include [1] high leverage, Show more. |
Qualitative Assessment
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RLJ Lodging Trust (RLJ) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Outperformance Exceeded Expectations.
RLJ Lodging Trust reported robust results for fiscal Q2 2026, which ended June 30, 2026, significantly surpassing both company expectations and Wall Street forecasts. Comparable Revenue Per Available Room (RevPAR) increased by 6.8% over the prior year to $167.15, driven by a 4.9% rise in Average Daily Rate (ADR) and a 130 basis point improvement in occupancy to 77%. Adjusted Funds From Operations (FFO) per diluted common share climbed 8.3% year-over-year to $0.52, considerably exceeding the consensus estimate of $0.15 to $0.16. Additionally, total revenue reached $382.99 million, outperforming the forecast of $369.09 million.
2. Upward Revision of Full-Year 2026 Guidance.
Following the strong second-quarter performance, RLJ Lodging Trust raised its full-year fiscal 2026 outlook. The company now anticipates comparable RevPAR growth to range between 3.5% and 4.5% for the full year. Furthermore, the updated guidance projects Adjusted FFO per diluted share to be between $1.37 and $1.50, an increase from previous forecasts and above the analyst consensus of $1.26. This upward revision reflects management's confidence in the continuation of positive demand trends through the second half of the year.
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RLJ Lodging Trust (RLJ) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Outperformance Exceeded Expectations.
RLJ Lodging Trust reported robust results for fiscal Q2 2026, which ended June 30, 2026, significantly surpassing both company expectations and Wall Street forecasts. Comparable Revenue Per Available Room (RevPAR) increased by 6.8% over the prior year to $167.15, driven by a 4.9% rise in Average Daily Rate (ADR) and a 130 basis point improvement in occupancy to 77%. Adjusted Funds From Operations (FFO) per diluted common share climbed 8.3% year-over-year to $0.52, considerably exceeding the consensus estimate of $0.15 to $0.16. Additionally, total revenue reached $382.99 million, outperforming the forecast of $369.09 million.
2. Upward Revision of Full-Year 2026 Guidance.
Following the strong second-quarter performance, RLJ Lodging Trust raised its full-year fiscal 2026 outlook. The company now anticipates comparable RevPAR growth to range between 3.5% and 4.5% for the full year. Furthermore, the updated guidance projects Adjusted FFO per diluted share to be between $1.37 and $1.50, an increase from previous forecasts and above the analyst consensus of $1.26. This upward revision reflects management's confidence in the continuation of positive demand trends through the second half of the year.
3. Enhanced Balance Sheet Strength and Liquidity Position.
The company strengthened its financial position and liquidity during the period. RLJ opportunistically sold one hotel in Fremont, California, for $13.2 million, at a multiple of 29.2x Hotel EBITDA. Subsequent to the fiscal quarter end, on July 1, 2026, RLJ utilized cash on hand and proceeds from drawing on term loans to fully repay $500.0 million in Senior Notes due 2026. This strategic debt management resulted in approximately $1.0 billion of total liquidity and no debt maturities until 2029.
4. Favorable Demand Trends in Key Urban Markets and Successful Portfolio Enhancement Initiatives.
The robust performance was supported by a broad-based recovery in demand across RLJ's portfolio. The company observed a continued acceleration in business travel and strong urban leisure trends, with business transient revenue climbing 10%. Key urban markets such as Chicago, Washington D.C., and New York demonstrated strong corporate demand. Additionally, RLJ's ongoing investment in its portfolio, including successful renovations and conversions, contributed significantly; four high-impact renovations completed last year generated 22% revenue growth and 50% EBITDA growth. The company also completed the conversion of an Autograph Collection asset in Pittsburgh and plans to convert another hotel to a Compass by Margaritaville in Key West, further enhancing its lifestyle segment exposure.
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Stock Movement Drivers
Fundamental Drivers
The 41.4% change in RLJ stock from 4/30/2026 to 8/23/2026 was primarily driven by a 46.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.14 | 11.50 | 41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,350 | 1,382 | 2.4% |
| Net Income Margin (%) | 2.1% | 2.0% | -5.5% |
| P/E Multiple | 42.5 | 62.5 | 46.8% |
| Shares Outstanding (Mil) | 149 | 150 | -0.5% |
| Cumulative Contribution | 41.4% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| RLJ | 41.4% | |
| Market (SPY) | 6.5% | 17.9% |
| Sector (XLRE) | 1.5% | 30.2% |
Fundamental Drivers
The 60.0% change in RLJ stock from 1/31/2026 to 8/23/2026 was primarily driven by a 94.9% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.19 | 11.50 | 60.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,351 | 1,382 | 2.2% |
| Net Income Margin (%) | 2.5% | 2.0% | -19.3% |
| P/E Multiple | 32.0 | 62.5 | 94.9% |
| Shares Outstanding (Mil) | 149 | 150 | -0.5% |
| Cumulative Contribution | 60.0% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| RLJ | 60.0% | |
| Market (SPY) | 11.0% | 31.2% |
| Sector (XLRE) | 9.5% | 39.7% |
Fundamental Drivers
The 67.2% change in RLJ stock from 7/31/2025 to 8/23/2026 was primarily driven by a 300.0% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.88 | 11.50 | 67.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,373 | 1,382 | 0.6% |
| Net Income Margin (%) | 4.8% | 2.0% | -58.7% |
| P/E Multiple | 15.6 | 62.5 | 300.0% |
| Shares Outstanding (Mil) | 151 | 150 | 0.7% |
| Cumulative Contribution | 67.2% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| RLJ | 67.2% | |
| Market (SPY) | 22.2% | 31.3% |
| Sector (XLRE) | 11.6% | 44.3% |
Fundamental Drivers
The 33.8% change in RLJ stock from 7/31/2023 to 8/23/2026 was primarily driven by a 209.1% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.60 | 11.50 | 33.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,265 | 1,382 | 9.2% |
| Net Income Margin (%) | 5.4% | 2.0% | -62.7% |
| P/E Multiple | 20.2 | 62.5 | 209.1% |
| Shares Outstanding (Mil) | 159 | 150 | 6.4% |
| Cumulative Contribution | 33.8% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| RLJ | 33.8% | |
| Market (SPY) | 73.2% | 54.1% |
| Sector (XLRE) | 29.6% | 51.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RLJ Return | -1% | -23% | 15% | -8% | -21% | 59% | 0% |
| Peers Return | 14% | -22% | 25% | -1% | -9% | 46% | 46% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| RLJ Win Rate | 42% | 33% | 50% | 42% | 50% | 62% | |
| Peers Win Rate | 48% | 43% | 53% | 42% | 45% | 72% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RLJ Max Drawdown | -31% | -34% | -27% | -26% | -37% | -13% | |
| Peers Max Drawdown | -26% | -37% | -26% | -22% | -34% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HST, PK, PEB, DRH, SHO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | RLJ | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.6% | -18.8% |
| % Gain to Breakeven | 48.4% | 23.1% |
| Time to Breakeven | 392 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.1% | -6.7% |
| % Gain to Breakeven | 28.4% | 7.1% |
| Time to Breakeven | 274 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.4% | -24.5% |
| % Gain to Breakeven | 39.7% | 32.4% |
| Time to Breakeven | 1366 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -73.3% | -33.7% |
| % Gain to Breakeven | 273.8% | 50.9% |
| Time to Breakeven | 355 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.9% | -17.9% |
| % Gain to Breakeven | 46.9% | 21.8% |
| Time to Breakeven | 99 days | 123 days |
In The Past
RLJ Lodging Trust's stock fell -32.6% during the 2025 US Tariff Shock. Such a loss loss requires a 48.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | RLJ | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.6% | -18.8% |
| % Gain to Breakeven | 48.4% | 23.1% |
| Time to Breakeven | 392 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.1% | -6.7% |
| % Gain to Breakeven | 28.4% | 7.1% |
| Time to Breakeven | 274 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.4% | -24.5% |
| % Gain to Breakeven | 39.7% | 32.4% |
| Time to Breakeven | 1366 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -73.3% | -33.7% |
| % Gain to Breakeven | 273.8% | 50.9% |
| Time to Breakeven | 355 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.9% | -17.9% |
| % Gain to Breakeven | 46.9% | 21.8% |
| Time to Breakeven | 99 days | 123 days |
In The Past
RLJ Lodging Trust's stock fell -32.6% during the 2025 US Tariff Shock. Such a loss loss requires a 48.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About RLJ Lodging Trust (RLJ)
RLJ Lodging Trust (symbol: RLJ) is a publicly traded Real Estate Investment Trust (REIT) primarily engaged in the ownership of hotel properties. As a self-advised entity, the company directly manages its investment strategy and operations, focusing on building and maintaining a portfolio of hotel assets rather than operating specific hotel brands itself.
The company's portfolio is strategically composed of premium-branded, high-margin, focused-service, and compact full-service hotels. This specialization targets properties known for strong brand recognition, operational efficiency, and a well-balanced offering of amenities. Currently, RLJ Lodging Trust owns 103 hotels, accounting for approximately 22,570 rooms, and also holds an ownership interest in one additional unconsolidated hotel.
These hotel properties are located across 23 states and the District of Columbia, indicating a significant geographic footprint within the United States. The primary customers served by RLJ Lodging Trust are individuals and groups seeking accommodation for business or leisure within these premium-branded hotels, across its diverse portfolio of locations.
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Here are 1-2 brief analogies for RLJ Lodging Trust:
- Public Storage for hotels
- Simon Property Group for hotels
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- Hotel Accommodation Services: RLJ Lodging Trust provides lodging and hospitality services through its portfolio of owned and operated premium-branded, focused-service, and compact full-service hotels.
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RLJ Lodging Trust (RLJ) owns hotels and therefore sells primarily to individuals. The company serves the following categories of customers:
- Business Travelers: Individuals who stay at the hotels for corporate purposes, including attending meetings, conferences, conventions, or on business assignments.
- Leisure Travelers: Individuals, couples, and families who stay at the hotels for vacation, tourism, weekend getaways, or to attend personal events.
- Group Bookings: This category includes reservations for blocks of rooms made by organizations for corporate events, conferences, sports teams, tour groups, social gatherings such as weddings and family reunions, where the ultimate consumers of the service are individuals.
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- Marriott International, Inc. (MAR)
- Hilton Worldwide Holdings Inc. (HLT)
- Hyatt Hotels Corporation (H)
- Wyndham Hotels & Resorts, Inc. (WH)
- Aimbridge Hospitality LLC
- TPG Hotels & Resorts, Inc.
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Leslie D. Hale, President & CEO
Leslie D. Hale joined RLJ Lodging Trust in 2005 and has held progressively senior roles, including Chief Financial Officer in 2007, Chief Operating Officer in 2016, and assumed the role of President and Chief Executive Officer in 2018. She played a pivotal role in the execution of RLJ's initial public offering in 2011 and oversaw an approximately $3 billion merger in 2017. Prior to joining RLJ, Ms. Hale held senior positions at GE, working in GE's Commercial Finance Mergers & Acquisitions Group and GE's Real Estate Strategic Capital Group. She was also an investment banker with Goldman Sachs, where she advised on mergers, acquisitions, and corporate finance. Ms. Hale is recognized as the first African-American woman to lead a publicly traded real estate investment trust.
Nikhil Bhalla, Chief Financial Officer
Nikhil Bhalla was appointed Chief Financial Officer of RLJ Lodging Trust in September 2025. He joined the company in 2015 and previously served as Senior Vice President of Finance and Treasurer, demonstrating leadership across corporate strategy, treasury, investor relations, and financial planning and analysis functions. Before his tenure at RLJ, Mr. Bhalla was Vice President of Equity Research at FBR Capital Markets & Co. He also held positions at Host Hotels & Resorts and CB Richard Ellis, gaining extensive experience in the hospitality and real estate sectors.
Robert L. Johnson, Founder and Chairman
Robert L. Johnson is the Founder and Chairman of RLJ Lodging Trust. He is widely known as the founder of Black Entertainment Television (BET). Mr. Johnson co-founded RLJ Development, a hospitality investment firm, with Thomas J. Baltimore, Jr. Under his leadership, RLJ Development, through its affiliated private equity funds, raised over $2 billion in equity and was involved in the acquisition or disposition of nearly $7 billion in hotel real estate. He successfully led the roll-up and merger of RLJ Development with its two affiliated private equity funds, and the subsequent initial public offering of RLJ Lodging Trust in May 2011.
Jeffrey Dauray, Co-Chief Investment Officer
Jeffrey Dauray serves as Co-Chief Investment Officer at RLJ Lodging Trust, with departmental responsibility for the company's transactions, working closely with the CEO on strategic initiatives involving acquisitions and dispositions. He joined RLJ's senior team in February 2009 through its predecessor Private Equity Platform (RLJ Development, LLC) as Vice President of Acquisitions. Shortly after he joined, RLJ Real Estate Fund III, a $1.2 Billion private equity fund, became fully-invested and was later included in the 2011 IPO of RLJ Lodging Trust. Following the IPO, Mr. Dauray was promoted to Senior Vice President of Acquisitions. He possesses 30 years of experience in institutional investment real estate, including senior roles in real estate private equity investment, real estate investment banking, commercial real estate brokerage, and REO asset management for Bank of America. His individual real estate transaction volume exceeds US $8 billion.
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- Economic Volatility and Demand Fluctuations: The company's financial performance is significantly impacted by broader economic trends, including economic volatility, high rates of inflation, and changing travel patterns. Declines in international, government, and corporate travel have directly led to lower revenues and a significant drop in profits for RLJ Lodging Trust. This sensitivity to the economic climate makes it challenging to drive growth in their portfolio of premium-branded hotels.
- Interest Rate and Debt Pressures: RLJ Lodging Trust carries a substantial amount of debt, approximately $2.2 billion as of the end of 2025. Rising interest rates pose a risk by increasing debt servicing costs and potentially making it more difficult to refinance maturing debt. The company's debt is not well covered by operating cash flow, indicating a vulnerability to interest rate changes.
- Competition: The hospitality industry is highly competitive. RLJ Lodging Trust faces competition not only from other traditional hotels but also from alternative lodging options, which can affect market share and limit growth opportunities, particularly in urban areas where their properties are concentrated.
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RLJ Lodging Trust operates within the U.S. hotel market, focusing on premium-branded, high-margin, focused-service, and compact full-service hotels.
The addressable market for RLJ Lodging Trust's main products and services is the U.S. hotel market. The U.S. hotels market size was estimated at approximately USD 263.21 billion in 2024. This market is projected to grow at a compound annual growth rate of 7.1% from 2025 to 2030.
More specifically, the luxury and upscale segment, which aligns with RLJ Lodging Trust's focus on premium-branded hotels, accounted for approximately 61% of the U.S. hotel market in 2024. This indicates an addressable market of around USD 160.55 billion for premium and upscale hotels within the U.S. in 2024.
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Expected Drivers of Future Revenue Growth for RLJ Lodging Trust (RLJ)
RLJ Lodging Trust (NYSE: RLJ) anticipates several key drivers to fuel its revenue growth over the next two to three years, leveraging its portfolio of premium-branded, high-margin hotels primarily located in urban markets.
- Comparable RevPAR Growth: A primary indicator of hotel performance, RLJ Lodging Trust projects comparable Revenue Per Available Room (RevPAR) growth of +0.5% to +3.0% for fiscal year 2026, indicating cautious optimism for market recovery. This growth is expected to stem from improvements in both occupancy rates and average daily rates (ADR).
- Strategic Hotel Renovations and Brand Conversions: The company's ongoing strategic investments in transformative renovations and brand conversions are expected to enhance its portfolio quality and drive increased revenue. These initiatives aim to unlock incremental EBITDA and support revenue recovery by improving the appeal and competitiveness of its properties.
- Outperformance of Urban Markets: A significant portion of RLJ's portfolio is concentrated in major urban markets, which are anticipated to continue outperforming the broader industry. This outperformance is driven by a recovery in business transient demand, strong group trends, and improving inbound international travel to these key metropolitan areas.
- Major Event-Driven Demand: Upcoming large-scale events are expected to serve as significant demand catalysts. Management has specifically highlighted potential tailwinds from events such as the FIFA World Cup and America's 250th Anniversary celebrations, which are projected to drive increased travel and hotel demand in relevant markets.
- Growth in Non-Room Revenues: RLJ Lodging Trust has demonstrated success in initiatives designed to increase revenue streams beyond traditional room bookings. The company has reported growth in non-room revenues, such as food and beverage, parking, and resort fees, due to targeted return on investment (ROI) initiatives and disciplined cost management.
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Share Repurchases
- In 2025, RLJ Lodging Trust repurchased approximately 3.3 million common shares for around $28.6 million.
- A $250 million share repurchase program was authorized in May 2025, with $245.7 million remaining as of November 5, 2025. This program is set to expire on May 8, 2026.
- Year-to-date in 2024, the company repurchased 2.2 million common shares for approximately $20.7 million.
Capital Expenditures
- Capital expenditures in 2025 ranged from approximately $14 million to $47 million per quarter.
- The primary focus of these capital expenditures includes ongoing investments to maintain and upgrade properties.
- The company is also advancing its conversion pipeline and transformative renovations to unlock embedded value within its portfolio.
Peer Outperformance in Hotel & Resort REITs
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| RLJ | RLJ Lodging Trust | 2.3% | 62.5x | 60.3% | 43.5% | -0.8% | — |
| HST | Host Hotels & Resorts | 6.0% | 15.5x | 48.5% | 79.2% | 84.7% | +86pp |
| DRH | Diamondrock Hospitality | 2.4% | 17.1x | 57.7% | 85.8% | 65.6% | +66pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 18.8% | 68.6% | 62.1% | WELL 219% · DHC 142% · CTRE 131% |
| Retail REITs | 22 | 14.6% | 39.8% | 40.9% | IVT 1603% · SKT 181% · SPG 115% |
| Other Specialized REITs | 11 | 3.4% | 21.1% | 24.7% | IRM 224% · EPR 77% · LAMR 74% |
| Real Estate Development | 6 | -0.5% | 18.7% | 22.0% | AXR 70% · JOE 66% · FOR 41% |
| Hotel & Resort REITs ← | 16 | 37.9% | 42.5% | 15.8% | RHP 91% · HST 85% · DRH 66% |
| Industrial REITs | 11 | 19.1% | 24.5% | 9.4% | EGP 36% · FR 33% · PLD 25% |
| Diversified REITs | 12 | 11.7% | 30.1% | -7.3% | CTO 81% · WPC 26% · EPRT 24% |
| Single-Family Residential REITs | 3 | 0.3% | 6.5% | -8.4% | AMH -3% · ELS -8% · INVH -12% |
| Multi-Family Residential REITs | 13 | -2.2% | 6.8% | -11.8% | AIV 27% · ESS 10% · BRT 2% |
| Real Estate Services | 26 | -17.3% | -2.7% | -23.1% | CHCI 231% · CBRE 64% · JLL 61% |
| Office REITs | 18 | 3.6% | 22.7% | -28.3% | CDP 64% · PSTL 60% · SLG 11% |
| Telecom Tower REITs | 3 | -16.0% | -10.7% | -43.6% | AMT -28% · SBAC -44% · CCI -50% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.30 |
| Mkt Cap | 2.4 |
| Rev LTM | 1,441 |
| Op Inc LTM | 158 |
| FCF LTM | 233 |
| FCF 3Y Avg | 227 |
| CFO LTM | 273 |
| CFO 3Y Avg | 277 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.6% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 3.8% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 18.0% |
| Op Inc Chg 3Y Avg | 1.0% |
| Op Mgn LTM | 10.8% |
| Op Mgn 3Y Avg | 10.9% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 19.6% |
| CFO/Rev 3Y Avg | 19.9% |
| FCF/Rev LTM | 17.5% |
| FCF/Rev 3Y Avg | 16.9% |
Price Behavior
| Market Price | $11.50 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 05/11/2011 | |
| Distance from 52W High | -7.9% | |
| 50 Days | 200 Days | |
| DMA Price | $11.59 | $8.74 |
| DMA Trend | up | up |
| Distance from DMA | -0.7% | 31.5% |
| 3M | 1YR | |
| Volatility | 28.3% | 28.3% |
| Downside Capture | 9.51 | 38.90 |
| Upside Capture | 98.73 | 85.60 |
| Correlation (SPY) | 10.7% | 33.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.53 | 0.32 | 0.50 | 0.75 | 0.75 | 1.06 |
| Up Beta | -1.08 | -0.62 | 0.03 | 0.69 | 0.99 | 1.33 |
| Down Beta | 0.24 | 0.03 | 0.35 | 1.07 | 0.90 | 1.06 |
| Up Capture | 137% | 165% | 175% | 125% | 87% | 66% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 28 | 43 | 78 | 139 | 375 |
| Down Capture | 85% | -6% | -24% | 13% | 38% | 97% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 15 | 19 | 45 | 107 | 353 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RLJ | |
|---|---|---|---|---|
| RLJ | 66.9% | 28.7% | 1.77 | - |
| Sector ETF (XLRE) | 10.6% | 14.0% | 0.48 | 43.9% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 33.1% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 8.1% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -17.3% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 48.0% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 14.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RLJ | |
|---|---|---|---|---|
| RLJ | -0.5% | 32.9% | 0.04 | - |
| Sector ETF (XLRE) | 2.5% | 19.2% | 0.03 | 53.5% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 59.0% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 5.6% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 14.1% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 58.7% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 27.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RLJ | |
|---|---|---|---|---|
| RLJ | -2.5% | 43.1% | 0.09 | - |
| Sector ETF (XLRE) | 6.4% | 20.4% | 0.27 | 55.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 56.2% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 1.1% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 22.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 62.3% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 17.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -6.6% | -8.1% | |
| 5/4/2026 | 0.6% | 7.8% | 21.6% |
| 2/26/2026 | -3.3% | -1.4% | -9.8% |
| 11/5/2025 | 0.0% | 9.6% | 5.2% |
| 8/7/2025 | -5.7% | -1.4% | 5.0% |
| 5/5/2025 | -3.2% | 1.5% | 1.1% |
| 2/25/2025 | 1.2% | 1.6% | -9.3% |
| 11/6/2024 | 1.6% | 7.2% | 11.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 16 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 1.9% | 4.8% | 4.4% |
| Median Negative | -2.8% | -4.3% | -9.1% |
| Max Positive | 9.7% | 28.4% | 63.8% |
| Max Negative | -6.6% | -8.1% | -13.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -6.6% | -8.1% | |
| 5/4/2026 | 0.6% | 7.8% | 21.6% |
| 2/26/2026 | -3.3% | -1.4% | -9.8% |
| 11/5/2025 | 0.0% | 9.6% | 5.2% |
| 8/7/2025 | -5.7% | -1.4% | 5.0% |
| 5/5/2025 | -3.2% | 1.5% | 1.1% |
| 2/25/2025 | 1.2% | 1.6% | -9.3% |
| 11/6/2024 | 1.6% | 7.2% | 11.7% |
| 8/1/2024 | -0.3% | -2.4% | 2.7% |
| 5/1/2024 | -2.4% | -5.3% | -8.9% |
| 2/26/2024 | -1.0% | 4.8% | 0.0% |
| 11/1/2023 | 6.0% | 5.3% | 17.0% |
| 8/4/2023 | 3.1% | 0.3% | 2.4% |
| 5/4/2023 | 4.9% | 4.6% | 4.2% |
| 2/28/2023 | 0.6% | 0.2% | -11.4% |
| 11/2/2022 | -0.9% | -3.9% | 4.6% |
| 8/4/2022 | -0.3% | 5.8% | -5.1% |
| 5/4/2022 | -3.4% | -7.5% | 1.5% |
| 2/23/2022 | 2.1% | -0.7% | -2.3% |
| 11/4/2021 | 2.2% | -4.6% | -13.4% |
| 8/5/2021 | 1.3% | 1.0% | 0.1% |
| 5/5/2021 | -2.8% | -8.0% | -2.3% |
| 2/25/2021 | 3.8% | 0.7% | 2.2% |
| 11/4/2020 | 0.0% | 28.4% | 63.8% |
| 8/6/2020 | 9.7% | 12.2% | 17.5% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 16 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 1.9% | 4.8% | 4.4% |
| Median Negative | -2.8% | -4.3% | -9.1% |
| Max Positive | 9.7% | 28.4% | 63.8% |
| Max Negative | -6.6% | -8.1% | -13.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Comparable RevPAR Growth | 3.5% | 4.0% | 4.5% | 1.5% | Raised | Guidance: 2.5% for 2026 | |
| 2026 Comparable Hotel EBITDA | 369.00 Mil | 379.00 Mil | 389.00 Mil | 3.0% | Raised | Guidance: 368.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 336.00 Mil | 346.00 Mil | 356.00 Mil | 3.0% | Raised | Guidance: 336.00 Mil for 2026 | |
| 2026 Adjusted FFO per diluted share | 1.37 | 1.44 | 1.5 | 4.7% | Raised | Guidance: 1.37 for 2026 | |
| 2026 Net interest expense | 101.00 Mil | 102.00 Mil | 103.00 Mil | 0.0% | Affirmed | Guidance: 102.00 Mil for 2026 | |
| 2026 Cash corporate G&A | 33.50 Mil | 34.00 Mil | 34.50 Mil | 3.0% | Lowered | Guidance: 33.00 Mil for 2026 | |
| 2026 Capital expenditures | 80.00 Mil | 85.00 Mil | 90.00 Mil | 0.0% | Affirmed | Guidance: 85.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Comparable RevPAR Growth | 1.5% | 2.5% | 3.5% | 0.8% | Raised | Guidance: 1.75% for 2026 | |
| 2026 Comparable Hotel EBITDA | 356.00 Mil | 368.00 Mil | 380.00 Mil | 2.5% | Raised | Guidance: 359.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 324.00 Mil | 336.00 Mil | 348.00 Mil | 2.8% | Raised | Guidance: 327.00 Mil for 2026 | |
| 2026 Adjusted FFO per diluted share | 1.29 | 1.37 | 1.45 | 4.6% | Raised | Guidance: 1.31 for 2026 | |
| 2026 Net interest expense | 101.00 Mil | 102.00 Mil | 103.00 Mil | 0 | Affirmed | Guidance: 102.00 Mil for 2026 | |
| 2026 Cash corporate G&A | 32.50 Mil | 33.00 Mil | 33.50 Mil | 0 | Affirmed | Guidance: 33.00 Mil for 2026 | |
| 2026 Capital expenditures | 80.00 Mil | 85.00 Mil | 90.00 Mil | 0 | Affirmed | Guidance: 85.00 Mil for 2026 | |
Insider Activity
Updated 5/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zeigler, Robin McBride | Direct | Sell | 11252025 | 7.51 | 13,413 | 100,732 | 279,064 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zeigler, Robin McBride | Direct | Sell | 11252025 | 7.51 | 13,413 | 100,732 | 279,064 | Form |
Investor Activity (13F)
Updated Aug 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Hotel & Resort REITs Resources |
| Hotel News Now |
| Hospitality Net |
| Lodging Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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