Rlj Lodging Trust · NYSE:RLJ
Rlj Lodging Trust — Nareit Conference December 2025
34 slides from Rlj Lodging Trust's conference presentation, December 2025
Slide 1: Nareit Conference December 2025
NAREIT CONFERENCE DECEMBER 2025
Slide 2: RLJ Investment Highlights
RLJ | INVESTMENT HIGHLIGHTS RLJ has a diversified, urban-centric portfolio with unique growth catalysts, a lean operating model, and a favorable capital structure High-quality portfolio with an attractive growth profile HIGH-QUALITY ▪ Urban-centric portfolio positioned to capture all segments of dem
Slide 3: Operating Update
OPERATING UPDATE RLJ’s urban-centric portfolio continues to demonstrate the resiliency and benefits of its portfolio construct and diversified footprint Q3 topline in line with expectations ▪ RevPAR declined 5.1%, which included a ~200 basis point impact from our transformative renovations in South
Slide 4: Poised to Benefit from 2026 Growth Catalysts
RLJ | POISED TO BENEFIT FROM 2026 GROWTH CATALYSTS RLJ should benefit from a favorable footprint and a number of unique growth catalysts next year World Cup matches in key RLJ markets ▪ 72 matches across 10 RLJ markets, including the Championship match in NYC and two team USA matches in Los Angeles
Slide 5: Footprint Positioned to Capture 2026 Tailwinds
RLJ | FOOTPRINT POSITIONED TO CAPTURE 2026 TAILWINDS The World Cup is expected to be a key driver of U.S. RevPAR growth in 2026 ▪ RLJ’s urban footprint is expected to disproportionately benefit from these events 2026 FIFA World Cup By The Numbers 2026 FIFA World Cup Host Cities – United States 104 M
Slide 6: Multiple Channels of Growth
RLJ | MULTIPLE CHANNELS OF GROWTH URBAN CENTRIC PORTFOLIO INITIAL CONVERSIONS / FUTURE BALANCE SHEET ORGANIC GROWTH ACQUISITIONS PIPELINE OF CONVERSIONS OPTIONALITY ▪ Multiple demand drivers ▪ Pacing ahead of ▪ Targeting two conversions ▪ Strong Liquidity ▪ Capture new normal underwriting per year ▪
Slide 7: High Quality Portfolio
RLJ | HIGH QUALITY PORTFOLIO RLJ owns a geographically diversified portfolio of premium branded, high-margin hotels Portfolio Overview(1) Hotels 94 Rooms 20,982 ADR $200 RevPAR $143 EBITDA/Key $18k Brand Exposure(1) 13% 41% 37% 8% Independent/Other (1) Based on TTM pro forma EBITDA for the portfolio
Slide 8: High Quality Portfolio by Segment
RLJ | HIGH QUALITY PORTFOLIO URBAN LIFESTYLE U R B A N G AT E W AY RESORT URBAN METRO 33 32 11 18 # of HOTELS # of HOTELS # of HOTELS # of HOTELS 39% 36% 14% 11% of EBITDA of EBITDA of EBITDA of EBITDA $21K $22K $25K $16K EBITDA / KEY EBITDA / KEY EBITDA / KEY EBITDA / KEY Based on FY 2019 EBITDA pr
Slide 9: Urban Lifestyle
URBAN LIFESTYLE P R O P E RT I E S I N T O P U R B A N S U B M A R K E T S T H AT B E N E F I T F R O M S E V E N - D A Y- A - W E E K D E M A N D A N D “ B L E I S U R E ” W I T H H I G H L E I S U R E M I X 3 9 % O F E B I T DA (1) THE BANKER’S ALLEY HOTEL NASHVILLE THE KNICKERBOCKER NEW YORK AC H
Slide 10: Urban Gateway
Breakout slide option 1 URBAN GATEWAY P R O P E RT I E S L O C AT E D I N T O P H OT E L M A R K E T S I N T H E U . S . , T H AT A R E A L S O T H E N AT I O N ’ S K E Y E C O N O M I C C E N T E R S 3 6 % O F E B I T DA (1) COURTYARD NEW YORK MANHATTAN UPPER EAST SIDE HYATT PLACE WASHINGTON DC DTW
Slide 11: Resort
RESORT P R O P E RT I E S L O C AT E D I N R E S O RT D E S T I N AT I O N S W I T H A HIGH LEISURE MIX 1 4 % O F E B I T DA (1) THE PIERSIDE AT SANTA MONICA ZACHARI DUNES ON MANDALAY BEACH-HOTEL & RESORT EMBASSY SUITES DEERFIELD BEACH RESORT DOUBLETRREE GRAND KEY RESORT FAIRFIELD INN & SUITES KEY W
Slide 12: Urban Metro
URBAN METRO P R O P E RT I E S L O C AT E D I N N I C H E S U B M A R K E T S W I T H I N M A J O R U . S . H OT E L M A R K E T S 1 1 % O F E B I T DA (1) HYATT HOUSE SANTA CLARA EMBASSY SUITES MINNEAPOLIS AIRPORT MARRIOTT CHICAGO MIDWAY EMBASSY SUITES DALLAS LOVE FIELD HYATT PLACE MADISON DOWNTOWN
Slide 13: Diversified Footprint
RLJ | DIVERSIFIED FOOTPRINT RLJ’s footprint in top Urban markets is well-positioned to capture recovery in all segments ▪ Sunbelt markets represent +50% of RLJ’s Hotel EBITDA(1) ▪ Over 2/3rds of RLJ’s portfolio is concentrated in Urban markets (1) Seattle Portland Minneapolis 5% Boston NoCal 8% Madi
Slide 14: Multiple Channels to Drive Shareholder Value
RLJ | MULTIPLE CHANNELS TO DRIVE SHAREHOLDER VALUE INTERNAL GROWTH From conversions, ROIs and margin expansion initiatives CAPITAL EXTERNAL RETURNS GROWTH Dividends Acquisitions in and Share repurchases ramp up DECEMBER 2025 14
Slide 15: Multiple Channels of Growth
RLJ | MULTIPLE CHANNELS OF GROWTH Internal Growth Status Returns Phase 1 Conversions/ROIs/Margin Expansion In Ramp Up +$34M / ~50% IRR Phase 2 Conversions/ROIs/Margin Expansion In Progress +$9-11M / ~50% IRR Hampton Inn Midtown Atlanta In Ramp Up External Growth Moxy Denver Cherry Creek Stabilizing
Slide 16: Internal Growth: Proven Track Record
INTERNAL GROWTH | PROVEN TRACK RECORD RLJ has a strong track record of unlocking value embedded from its internal growth opportunities ▪ Phase I execution significantly surpassed initial underwriting ▪ Phase II execution currently underway with ramp up ahead +$34M EBITDA Contribution Realized Phase
Slide 17: Internal Growth: Phase I and II Conversions
INTERNAL GROWTH | PHASE I AND II CONVERSIONS ZACHARI DUNES ON MANDALAY BEACH - 2022 MILLS HOUSE CHARLESTON - 2022 THE PIERSIDE SANTA MONICA – 2022 ▪ As one of only two beachfront Hilton-branded properties ▪ Charleston is a top drive-to, growth market with strong ▪ Santa Monica is a top leisure desti
Slide 18: Internal Growth: Phase II Conversions
INTERNAL GROWTH | PHASE II CONVERSIONS BANKERS ALLEY HOTEL NASHVILLE – 2025 ▪ Nashville is a top growth market with 2nd Avenue redevelopment poised to drive incremental growth ▪ Conversion to Hilton’s Tapestry Collection from Accor’s 21c brand allows for capturing of higher rated Hilton Honors membe
Slide 19: Internal Growth: Wyndham Boston Beacon Hill
INTERNAL GROWTH | WYNDHAM BOSTON BEACON HILL Will be joining Hilton’s Tapestry Collection, with the conversion commencing in late 2026 ▪ Boston represents a top hotel market with a favorable growth outlook for the next several years, supported by a strong corporate base, a robust life sciences indus
Slide 20: Internal Growth: Embedded Pipeline of Opportunities
INTERNAL GROWTH | EMBEDDED PIPELINE OF OPPORTUNITIES RLJ is well positioned for continued value creation through incremental conversions and value-add opportunities Incremental 10-to-15 conversion and value-add opportunities in portfolio ▪ Brand expirations ▪ Remix customer base ▪ Conversions with B
Slide 21: Internal Growth: 2025 Repositioning - DoubleTree Key West
INTERNAL GROWTH | 2025 REPOSITIONING - DOUBLETREE KEY WEST Comprehensive repositioning to unlock incremental revenue growth REPOSITIONING INITIATIVES ▪ Reimagined public spaces and comprehensive guestroom renovations to expand market share ▪ Revitalized meeting space that is increasing group leads ▪
Slide 22: Internal Growth: 2025 Repositioning - Courtyard Waikiki
INTERNAL GROWTH | 2025 REPOSITIONING - COURTYARD WAIKIKI Transformative property repositioning to drive market share growth REPOSITIONING INITIATIVES ▪ Revitalized public spaces and guestrooms to drive higher ADR ▪ Reconcepted retail space to drive revenues ▪ Activated poolside experience ▪ Added am
Slide 23: Internal Growth: Value Creation Through ROIs
INTERNAL GROWTH | VALUE CREATION THROUGH ROIs Unlocking embedded value through executing multiple high return ROI projects that increase out-of- room spend and optimize non-revenue generating spaces RESIDENCE INN BETHESDA ▪ Converted unutilized rooftop to revenue generating function space ▪ Outdoor
Slide 24: External Growth: Hotel Teatro Acquisition
EXTERNAL GROWTH | HOTEL TEATRO ACQUISITION RLJ acquired the Hotel Teatro Downtown Denver in May 2024 for $35.5M Rooms-Oriented - 110-room, boutique lifestyle hotel in the Denver CBD High Margins - ~32% stabilized margins High Growth Market - Colorado is one of the fastest growing lodging markets, dr
Slide 25: External Growth: Acquisitions
EXTERNAL GROWTH | ACQUISITIONS Since 2021, RLJ has accretively deployed capital into a number of high-quality acquisitions in top growth markets HAMPTON INN & SUITES AC HOTEL MOXY THE BANKER’S ALLEY HOTEL ATLANTA MIDTOWN BOSTON DOWNTOWN DENVER CHERRY CREEK NASHVILLE 186 $150 2021 205 $200 2021 170 $
Slide 26: Capital Returns: Significant Free Cash Flow
CAPITAL RETURNS | SIGNIFICANT FREE CASH FLOW 2018 to 2025 YTD(1) $1.0B $346M Liquidity Stock Repurchases $0.60 ~15% Annualized Dividend % of Float Bought Back 40% ~$400M Dividend Payout 2025–2027 Forecasted Ratio(2) Aggregate Free Cash Flow 1) As of September 30, 2025 2) Based on AFFO/share for the
Slide 27: Best-in-Class Balance Sheet
BEST-IN-CLASS BALANCE SHEET RLJ has a strong balance sheet and well-staggered debt maturity profile Strong and flexible balance sheet with significant liquidity (1) ▪ Approximately $1.0B of liquidity, including $600M availability on LOC and $375M of unrestricted cash ‒ No debt maturing until 2026 ‒
Slide 28: RLJ Investment Highlights
RLJ | INVESTMENT HIGHLIGHTS RLJ has a diversified, urban-centric portfolio with unique growth catalysts, a lean operating model, and a favorable capital structure High-quality portfolio with an attractive growth profile HIGH-QUALITY ▪ Urban-centric portfolio positioned to capture all segments of dem
Slide 29: Corporate Responsibility
CORPORATE RESPONSIBILITY COURTYARD WAIKIKI BEACH DECEMBER 2025 29
Slide 30: RLJ ESG: Corporate Responsibility
RLJ ESG | CORPORATE RESPONSIBILITY Our sustainability strategy aligns our ESG objectives with our commitment to generate long-term stakeholder value D R I V E Drive Reduce Improve Validate Expand revenue growth by cost through investments our human capital by our sustainability our engagement with o
Slide 31: RLJ ESG: Environmental
RLJ ESG | CORPORATE RESPONSIBILITY Our sustainability strategy aligns our ESG objectives with our commitment to generate long-term stakeholder value In recognition of the strategic importance of increasing environmental efficiency we… ▪ Achieved cost reductions through investment in energy, carbon a
Slide 32: RLJ ESG: Social
RLJ ESG | CORPORATE RESPONSIBILITY Our sustainability strategy aligns our ESG objectives with our commitment to generate long-term stakeholder value Our commitment and leadership on social responsibility continues with… ▪ Supporting communities through inclusive labor practices, policies and philant
Slide 33: RLJ ESG: Governance
RLJ ESG | CORPORATE RESPONSIBILITY Our sustainability strategy aligns our ESG objectives with our commitment to generate long-term stakeholder value We are strengthening our approach to governance by… ▪ Maintaining transparency with investors on our strategic approach to ESG performance ▪ Having for
Slide 34: Forward-Looking Statements
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 b