Land & Bulidings urges RLJ Lodging to evaluate all strategic alternatives
Land & Buildings Investment Management issued the following letter to shareholders of RLJ Lodging Trust: "Since the close of the FelCor Lodging Trust Inc. and RLJ merger on August 31, 2017, Land & Buildings has become a significant shareholder of RLJ. Since this time, our engagement with the RLJ leadership team and Board of Directors has been troubling to us. Based on our interactions with the Board - as well as its own actions to date - RLJ does not appear to be focused on maximizing value for all shareholders. Further, despite our sincere efforts to engage constructively with the Company, we have been disappointed by the Board's apparent failure to adequately address the issues we have identified regarding the management, board composition and strategic direction of the Company. We now believe a greater sense of urgency for creating shareholder value is required at the board level to best position the Company and its owners for long-term success. This is why Land & Buildings intends to run a slate of two director candidates, Michelle Applebaum and Samantha Yablon, for election at the Company's 2018 Annual Meeting. We believe our nominees would bring significant relevant experience, new insights and fresh perspectives to the Board, as well as a deep commitment to shareholder-alignment. Land & Buildings believes that RLJ should immediately form a special committee of independent directors to run a robust process to evaluate all strategic alternatives available to the Company given RLJ's significant undervaluation and underperformance."