RLJ Lodging Trust (NYSE:RLJ) Q1 2022 Results Conference Call May 5, 2022 10:00 AM ET
Company Participants
Nikhil Bhalla - Vice President of Investor Relations
Leslie Hale - President and Chief Executive Officer
Sean Mahoney - Executive Vice President and Chief Financial Officer
Tom Bardenett - Executive Vice President of Asset Management
Conference Call Participants
Anthony Powell - Barclays
Austin Wurschmidt - KeyBanc
Michael Bellisario - Baird
Tyler Batory - Oppenheimer
Gregory Miller - Truist Securities
Neil Malkin - Capital One Securities
Floris Van Dijkum - Compass Point
Chris Darling - Green Street
Operator
Welcome to RLJ Lodging Trust First Quarter 2022 Earnings Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the call over to Nikhil Bhalla, RLJ's Senior Vice President, Finance and Treasurer. Please go ahead.
Nikhil Bhalla
Thank you, operator. Good morning, and welcome to RLJ Lodging Trust 2022 first quarter earnings call. On today's call, Leslie Hale, our President and Chief Executive Officer, will discuss key highlights for the quarter. Sean Mahoney, our Executive Vice President and Chief Financial Officer, will discuss the Company's financial results. Tom Bardenett, our Executive Vice President of Asset Management, will be available for Q&A.
Forward-looking statements made on this call are subject to numerous risks and uncertainties that may lead the Company's actual results to differ materially from what had been communicated. Factors that may impact the results of the Company can be found in the Company's 10-K and other reports filed with the SEC. The Company undertakes no obligation to update forward-looking statements. Also, as we discuss certain non-GAAP measures, it may be helpful to review the reconciliations to GAAP located in our press release from last night.
I will now turn the call over to Leslie.
Leslie Hale
Thanks, Nikhil. Good morning, everyone, and thank you for joining us today. We are encouraged by the rapid acceleration of the recovery since our last call, which exceeded our expectations as lodging fundamentals sequentially improved throughout the quarter with mandates lifting, seasonality improving and offices reopening. This momentum was most notable in the resurgence of demand in urban markets, which has continued into the second quarter.
Against this improving backdrop, not only did we achieve strong first quarter operating results that were ahead of our expectations, but we also advanced our value-creation initiatives, repaid the remaining balance on our line of credit and amended our corporate credit facility to allow for share repurchases, expanding the range of capital allocation opportunities available to us. All of these efforts have further strengthened our overall positioning for the year.