2021 Q1 Form 10-Q Financial Statement

#000151133721000004 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $119.6M $265.5M $347.1M
YoY Change -54.97% -33.51% -13.21%
Cost Of Revenue $88.50M $188.2M $216.8M
YoY Change -52.98% -24.6% -12.62%
Gross Profit $31.10M $77.20M $130.3M
YoY Change -59.72% -48.4% -14.16%
Gross Profit Margin 26.01% 29.08% 37.54%
Selling, General & Admin $30.90M $40.50M $39.80M
YoY Change -23.7% -3.11% -4.78%
% of Gross Profit 99.36% 52.46% 30.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $46.94M $49.17M $48.90M
YoY Change -4.54% -15.8% -15.98%
% of Gross Profit 150.94% 63.7% 37.53%
Operating Expenses $172.3M $277.9M $88.60M
YoY Change -38.0% -20.69% -11.4%
Operating Profit -$141.2M -$200.7M $41.70M
YoY Change -29.64% -0.04% -19.5%
Interest Expense $27.90M $23.81M -$17.60M
YoY Change 17.14% 18.7% -17.37%
% of Operating Profit -42.21%
Other Income/Expense, Net $465.0K $579.0K $300.0K
YoY Change -19.69% 111.31% 0.0%
Pretax Income -$79.00M -$31.98M $26.70M
YoY Change 147.05% -206.89% -7.61%
Income Tax $114.0K -$1.150M -$8.200M
% Of Pretax Income -30.71%
Net Earnings -$77.99M -$29.32M $34.70M
YoY Change 165.94% -207.6% 27.11%
Net Earnings / Revenue -65.23% -11.05% 10.0%
Basic Earnings Per Share -$0.51 -$0.21 $0.17
Diluted Earnings Per Share -$0.51 -$0.21 $0.17
COMMON SHARES
Basic Shares Outstanding 163.8M shares 167.1M shares 169.2M shares
Diluted Shares Outstanding 163.8M shares 167.1M shares 169.4M shares

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $647.8M $1.158B $882.5M
YoY Change -44.05% 379.42% 175.7%
Cash & Equivalents $647.8M $1.158B $882.5M
Short-Term Investments
Other Short-Term Assets $37.00M $41.60M $58.50M
YoY Change -11.06% -29.49% -13.2%
Inventory
Prepaid Expenses
Receivables $19.10M $22.80M $39.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $703.9M $1.222B $980.8M
YoY Change -42.41% 232.03% 123.11%
LONG-TERM ASSETS
Property, Plant & Equipment $4.585B $4.735B $4.759B
YoY Change -3.18% -13.99% -11.52%
Goodwill
YoY Change
Intangibles $0.00
YoY Change -100.0%
Long-Term Investments $6.665M $15.82M $15.17M
YoY Change -57.87% -27.93% -31.9%
Other Assets $33.40M $96.20M $96.10M
YoY Change -65.28% -4.09% -14.27%
Total Long-Term Assets $4.625B $4.847B $4.871B
YoY Change -4.59% -13.94% -12.44%
TOTAL ASSETS
Total Short-Term Assets $703.9M $1.222B $980.8M
Total Long-Term Assets $4.625B $4.847B $4.871B
Total Assets $5.329B $6.069B $5.851B
YoY Change -12.2% 1.14% -2.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $159.5M $209.7M $183.4M
YoY Change -23.94% 23.79% -10.01%
Accrued Expenses $135.2M $135.5M $124.2M
YoY Change -0.22% -2.73% 1472.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $303.1M $353.9M $371.8M
YoY Change -14.35% -5.45% 34.08%
LONG-TERM LIABILITIES
Long-Term Debt $2.378B $2.595B $2.196B
YoY Change -8.34% 17.93% -0.32%
Other Long-Term Liabilities $28.20M $48.90M $57.50M
YoY Change -42.33% 62.46% 126.38%
Total Long-Term Liabilities $2.406B $2.643B $2.253B
YoY Change -8.97% 18.53% 1.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $303.1M $353.9M $371.8M
Total Long-Term Liabilities $2.406B $2.643B $2.253B
Total Liabilities $2.709B $2.997B $2.625B
YoY Change -9.61% 14.96% 4.77%
SHAREHOLDERS EQUITY
Retained Earnings -$795.7M -$311.2M -$274.8M
YoY Change 155.67% 66.35% 82.6%
Common Stock $3.080B $3.069B $3.130B
YoY Change 0.36% -3.75% -2.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.599B $3.049B $3.202B
YoY Change
Total Liabilities & Shareholders Equity $5.329B $6.069B $5.851B
YoY Change -12.2% 1.14% -2.51%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income -$77.99M -$29.32M $34.70M
YoY Change 165.94% -207.6% 27.11%
Depreciation, Depletion And Amortization $46.94M $49.17M $48.90M
YoY Change -4.54% -15.8% -15.98%
Cash From Operating Activities -$29.01M $30.07M $91.70M
YoY Change -196.48% -59.94% 12.79%
INVESTING ACTIVITIES
Capital Expenditures -$9.900M -$31.00M -$39.50M
YoY Change -68.06% -59715.38% -25.89%
Acquisitions
YoY Change
Other Investing Activities $3.800M $1.600M $62.40M
YoY Change 137.5% -366.67% 131.11%
Cash From Investing Activities -$6.076M -$29.43M $22.90M
YoY Change -79.36% -33.26% -187.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.263M $634.0K
YoY Change 99.21% 73.22%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$218.5M $273.6M -82.00M
YoY Change -179.86% -327.81% -52.79%
NET CHANGE
Cash From Operating Activities -$29.01M $30.07M 91.70M
Cash From Investing Activities -$6.076M -$29.43M 22.90M
Cash From Financing Activities -$218.5M $273.6M -82.00M
Net Change In Cash -$253.6M $274.2M 32.60M
YoY Change -192.47% -407.6% -127.46%
FREE CASH FLOW
Cash From Operating Activities -$29.01M $30.07M $91.70M
Capital Expenditures -$9.900M -$31.00M -$39.50M
Free Cash Flow -$19.11M $61.07M $131.2M
YoY Change -131.29% -18.57% -2.53%

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-396000 USD
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-192000 USD
CY2021Q1 rlj Comprehensive Income Loss Attributableto Common Shareholders
ComprehensiveIncomeLossAttributabletoCommonShareholders
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CY2020Q1 rlj Comprehensive Income Loss Attributableto Common Shareholders
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16720000 USD
CY2021Q1 rlj Contributionsfromanoncontrollinginterest
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99000 USD
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2944000 USD
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CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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8000 USD
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2900000 USD
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62605000 USD
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CY2021Q1 us-gaap Profit Loss
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CY2020Q1 us-gaap Profit Loss
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CY2021Q1 us-gaap Gain Loss On Disposition Of Assets
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CY2020Q1 us-gaap Gain Loss On Disposition Of Assets
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102000 USD
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CY2020Q1 us-gaap Depreciation Depletion And Amortization
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1321000 USD
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CY2021Q1 us-gaap Income Loss From Equity Method Investments
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1021000 USD
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CY2020Q1 us-gaap Amortization Of Debt Discount Premium
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0 USD
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585000 USD
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CY2020Q1 us-gaap Asset Impairment Charges
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CY2021Q1 us-gaap Share Based Compensation
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2752000 USD
CY2020Q1 us-gaap Share Based Compensation
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CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2021Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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102000 USD
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CY2021Q1 rlj Cash Paidto Equity Method Investment Contribution
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165000 USD
CY2020Q1 rlj Cash Paidto Equity Method Investment Contribution
CashPaidtoEquityMethodInvestmentContribution
100000 USD
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0 USD
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1593000 USD
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0 USD
CY2020Q1 us-gaap Proceeds From Lines Of Credit
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400000000 USD
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200000000 USD
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634000 USD
CY2021Q1 us-gaap Repayments Of Unsecured Debt
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8475000 USD
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0 USD
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0 USD
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62605000 USD
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1263000 USD
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634000 USD
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6279000 USD
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6279000 USD
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1650000 USD
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56051000 USD
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3000 USD
CY2020Q1 rlj Paymentsof Distributionson Operating Partnership Units
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390000 USD
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105000 USD
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99000 USD
CY2020Q1 rlj Cashreceivedfromanoncontrollinginterest
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270000 USD
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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273572000 USD
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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274206000 USD
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934790000 USD
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927160000 USD
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681235000 USD
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1201366000 USD
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165690419 shares
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0.995
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102 property
CY2021Q1 us-gaap Number Of Units In Real Estate Property
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22600 room
CY2021Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
23 state
CY2021Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
102 property
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2 joint_venture
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0.50
CY2021Q1 us-gaap Use Of Estimates
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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates.</span></div>
CY2021Q1 us-gaap Land And Land Improvements
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1088246000 USD
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1089597000 USD
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4082175000 USD
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4084712000 USD
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698683000 USD
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697404000 USD
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4442945000 USD
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4486416000 USD
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5869104000 USD
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5871713000 USD
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1426159000 USD
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1385297000 USD
CY2021Q1 rlj Real Estate Depreciation Expense Excluding Discontinued Operations Expense
RealEstateDepreciationExpenseExcludingDiscontinuedOperationsExpense
46800000 USD
CY2020Q1 rlj Real Estate Depreciation Expense Excluding Discontinued Operations Expense
RealEstateDepreciationExpenseExcludingDiscontinuedOperationsExpense
48900000 USD
CY2021Q1 us-gaap Other Real Estate
OtherRealEstate
18500000 USD
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5900000 USD
CY2021Q1 us-gaap Equity Method Investments
EquityMethodInvestments
6665000 USD
CY2020Q4 us-gaap Equity Method Investments
EquityMethodInvestments
6798000 USD
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-298000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
585000 USD
CY2021Q1 us-gaap Revenues
Revenues
119552000 USD
CY2020Q1 us-gaap Revenues
Revenues
265481000 USD
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LongTermDebt
2377981000 USD
CY2020Q4 us-gaap Long Term Debt
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2587731000 USD
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1366525000 USD
CY2020Q4 rlj Unsecured Debt Gross
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1575000000 USD
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6040000 USD
CY2020Q4 rlj Unamortizeddebtissuancecostsontermloans
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6696000 USD
CY2021Q1 rlj Secured Debt Gross
SecuredDebtGross
524968000 USD
CY2020Q4 rlj Secured Debt Gross
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526079000 USD
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2050000 USD
CY2020Q4 rlj Unamortizeddebtissuancecostsonmortgageloans
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2411000 USD
CY2021Q1 rlj Mortgage Loan In Cash Trap Event
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6 loan
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1321000 USD
CY2020Q1 us-gaap Amortization Of Financing Costs
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1021000 USD
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0 USD
CY2021Q1 us-gaap Derivative Liability Notional Amount
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2124000000 USD
CY2020Q4 us-gaap Derivative Liability Notional Amount
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2124000000 USD
CY2021Q1 us-gaap Amount Of Ineffectiveness On Net Investment Hedges
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0 USD
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-1556000 USD
CY2021Q1 us-gaap Interest Expense
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27895000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
23813000 USD
CY2021Q1 us-gaap Interest Rate Cash Flow Hedge Derivative At Fair Value Net
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-52330000 USD
CY2020Q4 us-gaap Interest Rate Cash Flow Hedge Derivative At Fair Value Net
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-69050000 USD
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
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-52300000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-69100000 USD
CY2020Q1 us-gaap Amount Of Ineffectiveness On Net Investment Hedges
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0 USD
CY2021Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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27100000 USD
CY2021Q1 us-gaap Long Term Debt
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2377981000 USD
CY2020Q4 us-gaap Long Term Debt
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2587731000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2021Q1 rlj Restricted Cash Reserves Escrows As Percentage Of Revenue Required To Be Maintained Minimum
RestrictedCashReservesEscrowsAsPercentageOfRevenueRequiredToBeMaintainedMinimum
0.030
CY2021Q1 rlj Restricted Cash Reserves Escrows As Percentage Of Revenue Required To Be Maintained Maximum
RestrictedCashReservesEscrowsAsPercentageOfRevenueRequiredToBeMaintainedMaximum
0.050
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
33400000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
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35000000.0 USD
CY2021Q1 rlj Number Of Real Estate Properties Operated Under Management Agreements
NumberOfRealEstatePropertiesOperatedUnderManagementAgreements
101 hotel
CY2017Q2 us-gaap Number Of Real Estate Properties
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29 hotel
CY2021Q1 rlj Number Of Real Estate Properties Operated Under Franchise Agreements
NumberOfRealEstatePropertiesOperatedUnderFranchiseAgreements
71 hotel
CY2017Q2 us-gaap Number Of Real Estate Properties
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29 hotel
CY2021Q1 rlj Noi Guarantee Termination Payment
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36000000.0 USD
CY2021Q1 rlj Reductionof Management Fee Expense
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4600000 USD
CY2020Q1 us-gaap Stock Repurchased During Period Shares
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5489335 shares
CY2020Q1 us-gaap Stock Repurchased During Period Value
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62600000 USD
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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7500000 shares
CY2021Q1 us-gaap Net Income Loss
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-77985000 USD
CY2020Q1 us-gaap Net Income Loss
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-29324000 USD
CY2021Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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6279000 USD
CY2020Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6279000 USD
CY2021Q1 rlj Paymentsof Dividendson Unvested Restricted Shares
PaymentsofDividendsonUnvestedRestrictedShares
10000 USD
CY2020Q1 rlj Paymentsof Dividendson Unvested Restricted Shares
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13000 USD
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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0 USD
CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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0 USD
CY2021Q1 rlj Net Income Loss Available To Common Stockholders Basic Excluding Amounts Attributable To Unvested Restricted Shares
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-84274000 USD
CY2020Q1 rlj Net Income Loss Available To Common Stockholders Basic Excluding Amounts Attributable To Unvested Restricted Shares
NetIncomeLossAvailableToCommonStockholdersBasicExcludingAmountsAttributableToUnvestedRestrictedShares
-35616000 USD
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
163826009 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
167149733 shares
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
647844000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1157818000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
33391000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
43548000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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681235000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1201366000 USD
CY2021Q1 us-gaap Interest Paid
InterestPaid
20886000 USD
CY2020Q1 us-gaap Interest Paid
InterestPaid
10625000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
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134000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
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104000 USD
CY2021Q1 us-gaap Operating Lease Payments
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2880000 USD
CY2020Q1 us-gaap Operating Lease Payments
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3763000 USD
CY2021Q1 rlj Gross Proceedsfrom Saleof Real Estate Heldforinvestment
GrossProceedsfromSaleofRealEstateHeldforinvestment
4410000 USD
CY2020Q1 rlj Gross Proceedsfrom Saleof Real Estate Heldforinvestment
GrossProceedsfromSaleofRealEstateHeldforinvestment
0 USD
CY2021Q1 rlj Disposal Group Costof Dispositionof Property Plantand Equipment
DisposalGroupCostofDispositionofPropertyPlantandEquipment
300000 USD
CY2020Q1 rlj Disposal Group Costof Dispositionof Property Plantand Equipment
DisposalGroupCostofDispositionofPropertyPlantandEquipment
-102000 USD
CY2021Q1 rlj Noncash Divestiture Of Other Assets
NoncashDivestitureOfOtherAssets
-120000 USD
CY2020Q1 rlj Noncash Divestiture Of Other Assets
NoncashDivestitureOfOtherAssets
0 USD
CY2021Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
3990000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
102000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9485000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9040000 USD

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