| RLJ Lodging Trust |
| Reconciliation of Non-GAAP Measures - Full-Year Outlook |
| (Amounts in millions) |
| (unaudited) |
| Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) |
| | For the year ended December 31, 2025 |
| | Low End | | High End |
| Net income | $ | 36.8 | | | $ | 64.8 | |
| Depreciation and amortization | | 185.0 | | | | 185.0 | |
| Interest expense, net of interest income | | 94.0 | | | | 96.0 | |
| Income tax expense | | 1.2 | | | | 1.2 | |
| Adjustments related to joint ventures | | 1.2 | | | | 1.2 | |
| EBITDA | | 318.2 | | | | 348.2 | |
| Gain on sale of hotel properties, net | | (1.0 | ) | | | (1.0 | ) |
| EBITDAre | | 317.2 | | | | 347.2 | |
| Amortization of share-based compensation | | 15.3 | | | | 15.3 | |
| Adjusted EBITDA | | 332.5 | | | | 362.5 | |
| General and administrative | | 34.0 | | | | 35.0 | |
| Other corporate adjustments | | — | | | | (1.0 | ) |
| Consolidated Hotel EBITDA | | 366.5 | | | | 396.5 | |
| Comparable adjustments - income from sold hotels | | (1.0 | ) | | | (1.0 | ) |
| Consolidated Hotel EBITDA/Comparable Hotel EBITDA | $ | 365.5 | | | $ | 395.5 | |
| | | | | | |
| Funds from Operations (FFO) Attributable to Common Shareholders and Unitholders |
| | For the year ended December 31, 2025 |
| | Low End | | High End |
| Net income | $ | 36.8 | | | $ | 64.8 | |
| Preferred dividends | | (25.0 | ) | | | (25.0 | ) |
| Depreciation and amortization | | 185.0 | | | | 185.0 | |
| Gain on sale of hotel properties, net | | (1.0 | ) | | | (1.0 | ) |
| Adjustments related to joint ventures | | 1.2 | | | | 1.2 | |
| FFO | | 197.0 | | | | 225.0 | |
| Amortization of share-based compensation | | 15.3 | | | | 15.3 | |
| All other items, net | | (2.8 | ) | | | (0.8 | ) |
| Adjusted FFO | $ | 209.5 | | | $ | 239.5 | |
| | | | |
| Adjusted FFO per common share and unit-diluted | $ | 1.38 | | | $ | 1.58 | |
| | | | |
| Diluted weighted-average common shares and units outstanding | | 151.5 | | | | 151.5 | |
