RLJ Lodging Trust (RLJ) has reported 1.43 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $41.17 million, or $0.33 a share in the quarter, compared with $40.59 million, or $0.31 a share for the same period last year. Revenue during the quarter went up marginally by 2.36 percent to $296.26 million from $289.42 million in the previous year period.
Cost of revenue went up marginally by 2.47 percent or $4.11 million during the quarter to $170.58 million. Gross margin for the quarter contracted 6 basis points over the previous year period to 42.42 percent.
Total expenses were $239.42 million for the quarter, up 1.43 percent or $3.38 million from year-ago period. Operating margin for the quarter expanded 74 basis points over the previous year period to 19.19 percent.
Operating income for the quarter was $56.84 million, compared with $53.38 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $100.20 million compared with $98.78 million in the prior year period. At the same time, adjusted EBITDA margin contracted 31 basis points in the quarter to 33.82 percent from 34.13 percent in the last year period.
Occupancy revenue was $260.66 million for the quarter, up 2.96 percent or $7.50 million. Food and beverage revenue was $26 million during the quarter, down 3.80 percent or $1.03 million from year-ago period. Revenue from other hotel operating activities was $9.60 million for the quarter, up 4 percent or $0.37 million from year-ago period.
"This quarter our results once again reflect the benefits of a diversified portfolio as a number of our markets posted solid RevPAR growth, helping offset those with weaker performance," commented Ross H. Bierkan, president and chief executive officer. "We have a cycle-tested team and an all-weather portfolio, which is supported by a stellar balance sheet, giving us confidence in our ability to continue to navigate the changing environment."
Net receivables were at $37.87 million as on Sep. 30, 2016, down 4.15 percent or $1.64 million from year-ago.
Total assets were almost stable over the past one year at $3,965.03 million on Sep. 30, 2016. On the other hand, total liabilities were almost stable over the past one year at $1,793.64 million on Sep. 30, 2016.
Return on assets moved up 5 basis points to 1.41 percent in the quarter. At the same time, return on equity moved up 3 basis points to 1.90 percent in the quarter.
Debt remains almost stable
Total debt was almost stable over the past one year at $1,583 million on Sep. 30, 2016. Shareholders equity was almost stable over the past one year at $2,171.39 million on Sep. 30, 2016. As a result, debt to equity ratio was almost stable at 0.73 percent in the quarter, when compared with the last year period.
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