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RLJ Lodging adjusts FY'19 AFFO-per-share guidance with Q2 results

RLJ Lodging Trust said in its second-quarter earnings release that it is adjusting its full-year 2019 adjusted funds from operations per share and unit guidance to a range of $1.98 to $2.10 from an earlier range of $2.18 to $2.30.

The S&P Global Market Intelligence consensus FFO-per-share estimate for 2019 is $2.19.

The company said it sold two Kingston Plantation hotels with 640 rooms in Myrtle Beach, S.C., for $156 million in June.

It also entered into two transactions to sell 39 noncore legacy hotels for approximately $490 million. One of the transactions involving the sale of a 21-hotel portfolio with 2,555 rooms closed in June, while the other transaction involving the sale of an 18-hotel portfolio with 2,119 rooms is expected to close in August.

The hotel real estate investment trust added that it entered into a nonbinding letter of intent and is wrapping up its definitive agreement with Wyndham Hotels & Resorts to terminate the management and net operating income guarantee agreements on the Wyndham hotels.

The agreement and guarantee will terminate, effective Dec. 31. Wyndham will be obligated to finance the estimated $10 million guarantee payment for 2019. The REIT will receive a $35.0 million termination payment.

RLJ Lodging, which is reviewing branding alternatives for the Wyndham hotel, expects rebranding to start in stages in 2020.