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RLJ

RLJ Lodging Trust

$20.03

(0.00%)

09:25
03/20/18
03/20
09:25
03/20/18
09:25

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."

RLJ RLJ Lodging Trust
$20.03

(0.00%)

10/06/17
LEHM
10/06/17
INITIATION
Target $24
LEHM
Equal Weight
RLJ Lodging Trust reinstated with an Equal Weight at Barclays
Barclays analyst Anthony Powell reinstated RLJ Lodging Trust with an Equal Weight rating and $24 price target.
10/19/17
RHCO
10/19/17
INITIATION
Target $22
RHCO
Hold
RLJ Lodging Trust initiated with a Hold at SunTrust
SunTrust analyst C. Patrick Scholes initiated RLJ Lodging with a Hold rating and a $22 price target, saying the latest acquisition of FelCor Lodging makes RLJ the 3rd biggest REIT by enterprise value and expands its geographic diversification. Scholes notes however that hotel REITs may see some modest margin contraction over the next year as labor and other costs outpace revenue growth in the current supply-demand environment.
12/14/17
STFL
12/14/17
NO CHANGE
STFL
Stifel cautious on Lodging REITs in 2018 with cycle seen near end
Stifel analyst Simon Yarmak is recommending being underweight Lodging REITs in 2018 citing his belief the lodging cycle is reaching the end and that several major REIT markets face supply issues. While cautious on the sector, he identifies DiamondRock Hospitality (DRH) as his top pick for those who want to participate in the space.
12/19/17
KEYB
12/19/17
UPGRADE
Target $25
KEYB
Overweight
RLJ Lodging Trust upgraded to Overweight from Sector Weight at KeyBanc
KeyBanc analyst Jordan Sadler upgraded RLJ Lodging Trust to Overweight from Sector Weight with a price target of $25. Sadler says the management's focus on selling non-core assets to reduce leverage or pursue acquisitions should be a catalyst for the stock. The analyst also says the stock is attractively valued, trading at a 8% discount to lodging REIT average 2018 EBITDA multiple.

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