Davel5957/E+ via Getty Images Introduction RLJ Lodging Trust (NYSE:RLJ) has substantially underperformed the Vanguard Real Estate Index Fund ETF Shares (VNQ) so far in 2024, delivering an almost 19% loss against the ~10% total return for the benchmark ETF: RLJ vs VNQ in 2024 (Seeking Alpha) I also covered the shares back in March 2024 arguing they were undervalued in light of the company's robust operating performance and the levered capital structure which will benefit from Fed rate cuts. After examining t ...