Net Loss per share attributable to common shareholders of $0.07

Adjusted FFO per diluted common share and unit of $0.27

Adjusted EBITDA of $72.6 million

Maintained strong balance sheet and liquidity

RLJ Lodging Trust (the "Company") (NYSE:RLJ) today reported results for the three and nine months ended September 30, 2025.

Third Quarter Highlights

Portfolio Comparable RevPAR of $138.51, a decrease of 5.1% over the prior year
Total Revenues of $330.0 million
Net Loss of $3.8 million and Net Loss per share of $0.07
Comparable Hotel EBITDA of $80.8 million
Adjusted EBITDA of $72.6 million
Adjusted FFO per diluted common share and unit of $0.27
Repurchased 0.2 million shares for approximately $1.3 million

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

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

Financial and Operating Highlights *($ in thousands, except ADR, RevPAR, Change, and per share amounts)* *(unaudited)*

	For the three months ended September 30,			For the nine months ended September 30,
	2025	2024	Change	2025	2024	Change
Operational Overview: (1)
Comparable ADR	$189.74	$193.75	(2.1)%	$199.70	$200.07	(0.2)%
Comparable Occupancy	73.0%	75.4%	(3.1)%	72.6%	73.9%	(1.8)%
Comparable RevPAR	$138.51	$146.03	(5.1)%	$144.93	$147.81	(1.9)%

Financial Overview:
Total Revenue	$330,045	$345,744	(4.5)%	$1,021,267	$1,039,451	(1.7)%
Comparable Hotel Revenue	$330,027	$343,665	(4.0)%	$1,020,111	$1,035,284	(1.5)%

Net (loss) income	($3,798)	$20,643	(118.4)%	$28,005	$62,680	(55.3)%

Comparable Hotel EBITDA	$80,752	$100,666	(19.8)%	$279,073	$306,978	(9.1)%
Comparable Hotel EBITDA Margin	24.5%	29.3%	(480) bps	27.4%	29.7%	(230) bps
Adjusted EBITDA	$72,583	$91,927	(21.0)%	$254,185	$280,494	(9.4)%

Adjusted FFO	$41,103	$61,155	(32.8)%	$160,684	$191,634	(16.2)%
Adjusted FFO Per Diluted Common Share and Unit	$0.27	$0.40	(32.5)%	$1.07	$1.24	(13.7)%

Note:
(1)		Comparable statistics reflect the Company's 94 hotel portfolio owned as of September 30, 2025.

Operational Update

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

Share Repurchases

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

Balance Sheet

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

Dividends

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

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

2025 Outlook

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

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

	FY 2025
Comparable RevPAR Growth	-2.6% to -1.9%
Comparable Hotel EBITDA	$357.5M to $365.5M
Adjusted EBITDA	$324.0M to $332.0M
Adjusted FFO per diluted share	$1.31 to $1.37

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

Net interest expense in the range of $98.5 million to $99.5 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 million to $100 million
Diluted weighted average common shares and units of 150.9 million

Earnings Call

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

Supplemental Information

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

About Us

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

Forward-Looking Statements

This information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company's business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words "believe," "project," "expect," "anticipate," "estimate," "plan," "may," "will," "will continue," "intend," "should," "may," or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled "Risk Factors," "Forward-Looking Statements," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which will be filed on November 5, 2025, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.

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

https://www.rljlodgingtrust.com

RLJ Lodging Trust

Non-GAAP and Accounting Commentary

Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures

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

Funds From Operations ("FFO")

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

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

EBITDA and EBITDAre

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

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

Adjustments to FFO and EBITDA

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

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 gains or losses on extinguishment of indebtedness, the amortization of share-based compensation, non-cash income tax expense or benefit, non-cash interest expense related to discontinued interest rate hedges, and derivative gains or losses in accumulated other comprehensive income reclassified to earnings.
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.

Comparable adjustments: Acquired hotel

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

Hotel Teatro acquired in June 2024

Comparable adjustments: Sold hotels

For the three and nine months ended September 30, 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

RLJ Lodging Trust Consolidated Balance Sheets *(Amounts in thousands, except share and per share data)* *(unaudited)*

	September 30, 2025			December 31, 2024
Assets
Investment in hotel properties, net	$	4,191,220		$	4,250,524
Investment in unconsolidated joint ventures		7,144			7,457
Cash and cash equivalents		374,827			409,809
Restricted cash reserves		29,234			23,516
Hotel and other receivables, net of allowance of $118 and $169, respectively		30,386			25,494
Lease right-of-use assets		124,640			128,111
Prepaid expense and other assets		35,704			38,968
Total assets	$	4,793,155		$	4,883,879
Liabilities and Equity
Debt, net	$	2,222,111		$	2,220,081
Accounts payable and other liabilities		162,207			154,643
Advance deposits and deferred revenue		40,856			40,242
Lease liabilities		118,396			119,102
Accrued interest		10,891			20,900
Distributions payable		30,645			30,634
Total liabilities		2,585,106			2,585,602
Equity
Shareholders' equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at September 30, 2025 and December 31, 2024		366,936			366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 151,048,741 and 153,295,577 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		1,510			1,533
Additional paid-in capital		2,973,044			2,992,487
Distributions in excess of net earnings		(1,149,658	)		(1,090,186	)
Accumulated other comprehensive income		2,892			13,788
Total shareholders' equity		2,194,724			2,284,558
Noncontrolling interests:
Noncontrolling interest in the Operating Partnership		5,854			6,130
Noncontrolling interest in consolidated joint ventures		7,471			7,589
Total noncontrolling interest		13,325			13,719
Total equity		2,208,049			2,298,277
Total liabilities and equity	$	4,793,155		$	4,883,879

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

RLJ Lodging Trust Consolidated Statements of Operations *(Amounts in thousands, except share and per share data)* *(unaudited)*

	For the three months ended September 30,						For the nine months ended September 30,
		2025			2024			2025			2024
Revenues
Operating revenues
Room revenue	$	267,367		$	283,614		$	831,122		$	853,896
Food and beverage revenue		36,884			36,983			116,331			113,515
Other revenue		25,794			25,147			73,814			72,040
Total revenues		330,045			345,744			1,021,267			1,039,451
Expenses
Operating expenses
Room expense		74,685			74,558			220,101			217,885
Food and beverage expense		29,314			29,348			88,978			88,279
Management and franchise fee expense		25,253			27,339			78,848			82,783
Other operating expenses		94,112			92,350			278,610			272,951
Total property operating expenses		223,364			223,595			666,537			661,898
Depreciation and amortization		46,996			44,892			139,147			134,045
Property tax, insurance and other		26,647			24,156			80,340			80,743
General and administrative		11,782			12,781			35,566			41,826
Transaction costs		128			209			240			299
Total operating expenses		308,917			305,633			921,830			918,811
Other income, net		670			791			2,706			4,669
Interest income		3,502			4,286			10,118			13,191
Interest expense		(28,309	)		(28,643	)		(83,737	)		(83,150	)
(Loss) gain on sale of hotel properties, net		(141	)		4,755			802			8,301
Loss on extinguishment of indebtedness, net		—			(129	)		(34	)		(129	)
(Loss) income before equity in (loss) income from unconsolidated joint ventures		(3,150	)		21,171			29,292			63,522
Equity in (loss) income from unconsolidated joint ventures		(307	)		(149	)		(313	)		239
(Loss) income before income tax expense		(3,457	)		21,022			28,979			63,761
Income tax expense		(341	)		(379	)		(974	)		(1,081	)
Net (loss) income		(3,798	)		20,643			28,005			62,680
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership		52			(49	)		(44	)		(216	)
Noncontrolling interest in consolidated joint ventures		10			8			118			181
Net (loss) income attributable to RLJ		(3,736	)		20,602			28,079			62,645
Preferred dividends		(6,279	)		(6,279	)		(18,836	)		(18,836	)
Net (loss) income attributable to common shareholders	$	(10,015	)	$	14,323		$	9,243		$	43,809
Basic per common share data:
Net (loss) income per share attributable to common shareholders - basic	$	(0.07	)	$	0.09		$	0.06		$	0.28
Weighted-average number of common shares		149,129,419			153,070,639			149,850,781			153,226,734
Basic and diluted per common share data:
Net (loss) income per share attributable to common shareholders	$	(0.07	)	$	0.09		$	0.06		$	0.28
Weighted-average number of common shares		149,129,419			153,240,169			149,987,216			153,830,754

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

RLJ Lodging Trust Reconciliation of Non-GAAP Measures *(Amounts in thousands, except per share data)* *(unaudited)*

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

	For the three months ended September 30,						For the nine months ended September 30,
		2025			2024			2025			2024
Net (loss) income	$	(3,798	)	$	20,643		$	28,005		$	62,680
Preferred dividends		(6,279	)		(6,279	)		(18,836	)		(18,836	)
Depreciation and amortization		46,996			44,892			139,147			134,045
Loss (gain) on sale of hotel properties, net		141			(4,755	)		(802	)		(8,301	)
Noncontrolling interest in consolidated joint ventures		10			8			118			181
Adjustments related to consolidated joint venture (1)		(50	)		(47	)		(147	)		(139	)
Adjustments related to unconsolidated joint venture (2)		225			227			706			685
FFO		37,245			54,689			148,191			170,315
Transaction costs		128			209			240			299
Pre-opening costs (3)		69			888			520			1,088
Loss on extinguishment of indebtedness, net		—			129			34			129
Amortization of share-based compensation		4,043			4,550			11,280			16,260
Non-cash interest expense related to discontinued interest rate hedges		144			386			433			1,287
Other (income) expenses (4)		(526	)		304			(14	)		2,256
Adjusted FFO	$	41,103		$	61,155		$	160,684		$	191,634

Adjusted FFO per common share and unit-basic	$	0.27		$	0.40		$	1.07		$	1.24
Adjusted FFO per common share and unit-diluted	$	0.27		$	0.40		$	1.07		$	1.24

Basic weighted-average common shares and units outstanding (5)		149,901			153,842			150,623			153,999
Diluted weighted-average common shares and units outstanding (5)		150,117			154,012			150,759			154,603

Notes:
	(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 income and expenses outside of the normal course of operations.
	(5)	Includes 0.8 million weighted-average operating partnership units for the three and nine months ended September 30, 2025 and 2024.

RLJ Lodging Trust Reconciliation of Non-GAAP Measures *(Amounts in thousands)* *(unaudited)*

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

	For the three months ended September 30,						For the nine months ended September 30,
		2025			2024			2025			2024
Net (loss) income	$	(3,798	)	$	20,643		$	28,005		$	62,680
Depreciation and amortization		46,996			44,892			139,147			134,045
Interest expense, net of interest income		24,807			24,357			73,619			69,959
Income tax expense		341			379			974			1,081
Adjustments related to unconsolidated joint venture (1)		382			331			1,182			998
EBITDA		68,728			90,602			242,927			268,763
Loss (gain) on sale of hotel properties, net		141			(4,755	)		(802	)		(8,301	)
EBITDAre		68,869			85,847			242,125			260,462
Transaction costs		128			209			240			299
Pre-opening costs (2)		69			888			520			1,088
Loss on extinguishment of indebtedness, net		—			129			34			129
Amortization of share-based compensation		4,043			4,550			11,280			16,260
Other (income) expenses (3)		(526	)		304			(14	)		2,256
Adjusted EBITDA		72,583			91,927			254,185			280,494
General and administrative		7,739			8,231			24,286			25,566
Other corporate adjustments		703			929			1,853			2,285
Consolidated Hotel EBITDA		81,025			101,087			280,324			308,345
Comparable adjustments - income from sold hotels		(273	)		(421	)		(1,251	)		(1,892	)
Comparable adjustments - income from acquired hotels		—			—			—			525
Comparable Hotel EBITDA	$	80,752		$	100,666		$	279,073		$	306,978

Notes:
	(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 income and expenses outside of the normal course of operations.

RLJ Lodging Trust Reconciliation of Non-GAAP Measures *(Amounts in thousands except margin data)* *(unaudited)*

Comparable Hotel EBITDA Margin

	For the three months ended September 30,						For the nine months ended September 30,
		2025			2024			2025			2024
Total revenue	$	330,045		$	345,744		$	1,021,267		$	1,039,451
Comparable adjustments - revenue from sold hotels		—			(2,061	)		(1,103	)		(7,948	)
Comparable adjustments - revenue from prior ownership of acquired hotels		—			—			—			3,834
Other corporate adjustments / non-hotel revenue		(18	)		(18	)		(53	)		(53	)
Comparable Hotel Revenue	$	330,027		$	343,665		$	1,020,111		$	1,035,284

Comparable Hotel EBITDA	$	80,752		$	100,666		$	279,073		$	306,978

Comparable Hotel EBITDA Margin		24.5	%		29.3	%		27.4	%		29.7	%

RLJ Lodging Trust Reconciliation of Non-GAAP Measures - Full-Year Outlook *(Amounts in millions)* *(unaudited)*

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

	For the year ended December 31, 2025
	Low End			High End
Net income	$	21.4		$	28.4
Depreciation and amortization		186.0			186.0
Interest expense, net of interest income		98.5			99.5
Income tax expense		1.3			1.3
Adjustments related to joint ventures		1.6			1.6
EBITDA		308.8			316.8
Gain on sale of hotel properties, net		(0.8	)		(0.8	)
EBITDAre		308.0			316.0
Amortization of share-based compensation		15.3			15.3
All other items, net		0.7			0.7
Adjusted EBITDA		324.0			332.0
General and administrative		32.5			33.5
Other corporate adjustments		2.2			1.2
Consolidated Hotel EBITDA		358.7			366.7
Comparable adjustments - income from sold hotels		(1.2	)		(1.2	)
Consolidated Hotel EBITDA/Comparable Hotel EBITDA	$	357.5		$	365.5

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

	For the year ended December 31, 2025
	Low End			High End
Net income	$	21.4		$	28.4
Preferred dividends		(25.1	)		(25.1	)
Depreciation and amortization		186.0			186.0
Gain on sale of hotel properties, net		(0.8	)		(0.8	)
Adjustments related to joint ventures		1.0			1.0
FFO		182.5			189.5
Amortization of share-based compensation		15.3			15.3
All other items, net		0.6			1.6
Adjusted FFO	$	198.4		$	206.4

Adjusted FFO per common share and unit-diluted	$	1.31		$	1.37

Diluted weighted-average common shares and units outstanding		150.9			150.9

RLJ Lodging Trust Consolidated Debt Summary *(Amounts in thousands except interest data)* *(unaudited)*

Loan	Base Term (Years)	Maturity (incl. extensions)	Floating / Fixed (1)	Interest Rate (2)	Balance as of September 30, 2025 (3)
*Mortgage Debt*
Mortgage loan - 1 hotel	10	Jan 2029	Fixed	5.06%	$	25,000
Mortgage loan - 3 hotels	5	Apr 2026	Floating	5.83%		96,000
Mortgage loan - 4 hotels	5	Apr 2026	Floating	5.83%		85,000
Weighted Average / Mortgage Total				5.74%	$	206,000

*Corporate Debt*
Revolver (4)	4	May 2028	Floating	—	$	—
$225 Million Term Loan Maturing 2026	3	May 2028	Floating	5.16%		225,000
$500 Million Term Loan Maturing 2027	3	September 2029	Floating	4.86%		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	5.83%		300,000
Weighted Average / Corporate Total				4.55%	$	2,025,000

Weighted Average / Total				4.66%	$	2,231,000

Notes:
	(1)	The floating interest rate is hedged, or partially hedged, with an interest rate swap.
	(2)	Interest rates as of September 30, 2025, inclusive of the impact of interest rate hedges.
	(3)	Excludes the impact of fair value adjustments and deferred financing costs.
	(4)	As of September 30, 2025, there was $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.25% annually.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251105100466/en/

Additional Contacts:

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

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

RLJ Lodging Trust Reports Third Quarter 2025 Results