RLJ Lodging, fresh off an active quarter buying assets, produced healthy second-quarter numbers, which included revenue climbing to $295 million, up from about $261 million at the same time last year. RevPAR grew 6.6 percent for the Bethesda-Md.-based hotel REIT.
“We are very pleased with the strong performance of our portfolio. Our EBITDA margin this quarter was a record high for us since our IPO,” said Thomas J. Baltimore, Jr., president and CEO. “We continue to execute our growth strategy through both organic and external growth. In total, we have acquired more than $550 million of assets this year. As we look forward, we are better positioned than ever to deliver continued growth and value to our shareholders.”
Adjusted FFO increased 25.3 percent to $93.6 million.
Net cash flow from operating activities for the six months ended June 30, 2014, totaled $132 million compared to $99.7 million for the comparable period in 2013.
During the quarter, RLJ acquired three hotels: the 256-room Courtyard Portland City Center in Portland, Oregon; the 293-room Embassy Suites Irvine Orange County in Irvine, Calif.; and the 231-room Hilton Cabana Miami Beach in Miami.