Credit Suisse Reiterates Outperform, Lowers PT On RLJ Lodging Trust On Significant Non-Core Asset Sales

In a report published Thursday, Credit Suisse analyst Ian Weissman reiterated an Outperform rating on RLJ Lodging Trust RLJ, but lowered the price target from $38.00 to $37.00. In the report, Credit Suisse noted, "RLJ reported 4Q14 FFOPS of $0.57, consistent with consensus and our est. Adj EBITDA came in at $90.3M, just 0.7% above our $89.6M estimate. Interest exp increased $0.3M sequentially to $14.2M as the company hedged $150M for 43bps, increasing its effective rate to 3.47% (from 3.27%). We model this rate increase to reverse as the company refinances its $166M in 2015 maturities at a 160bps favorable rate spread." RLJ Lodging Trust closed on Wednesday at $31.72.