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Hersha Hospitality Trust (HT) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Hersha Hospitality Trust

CIK: 1063344 Ticker: HT
HERSHA HOSPITALITY TRUST
510 Walnut Street | 9th Floor
Philadelphia | PA | 19106
p. 215.238.1046 | f. 215.238.0157
hersha.com
HERSHA HOSPITALITY TRUST ANNOUNCES
FULL YEAR AND FOURTH QUARTER 2018 RESULTS
- Fourth Quarter 2018 Comparable Portfolio RevPAR Growth of 2.8% -
- Limited Capex Disruption Leads to Portfolio Outperformance -
- Asset Management Initiatives Result in Margin Expansion -
- Newly Acquired Hotels Continue to Drive Results -

Philadelphia, PA, February 25, 2019 -- Hersha Hospitality Trust (NYSE: HT) (“Hersha,” “Company,” “we” or “our”), owner of high-quality upscale, luxury and lifestyle hotels in urban gateway markets and coastal destinations, today announced results for the full-year and fourth quarter ended December 31, 2018.
Full-Year and Fourth Quarter 2018 Financial Results

Net loss applicable to common shareholders was ($14.2 million), or ($0.38) per diluted common share, in 2018, compared to net income applicable to common shareholders of $75.7 million, or $1.79 per diluted common share, in 2017. The decrease in full year 2018 net income and net income per diluted common share was primarily due to a decline in gains on dispositions of hotel assets.

Net loss applicable to common shareholders was ($3.4 million), or ($0.09) per diluted common share, in fourth quarter 2018, compared to net loss applicable to common shareholders of ($14.3 million), or ($0.36) per diluted common share, in fourth quarter 2017. The increase in fourth quarter 2018 net income and net income per diluted common share was primarily a result of stronger operating performance. The fourth quarter of 2017 was also impacted by an impairment loss as a result of damage to several of the South Florida assets from Hurricane Irma.

AFFO in the fourth quarter 2018 increased by $4.1 million, or 18.6%, to $26.3 million, compared to $22.2 million in the fourth quarter 2017. AFFO per diluted common share and OP Unit in the fourth quarter 2018 was $0.61, a 22% increase from AFFO per diluted common share and OP Unit of $0.50 in the same quarter in 2017. An explanation of certain non-GAAP financial measures used in this press release, including, among others, AFFO, as well as reconciliations of those non-GAAP financial measures, to GAAP net income, is included at the end of this press release. 

Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “Our operating results for the fourth quarter exceeded our forecasts on RevPAR and EBITDA margin. The quarter yielded strong results in the majority of our markets as contributions were driven through the business, leisure, and group channels. Corporate demand was especially robust in our innovation districts and leisure travel around the holidays in Manhattan and Philadelphia reflected strong consumer confidence. New York City was a bright spot again in the fourth quarter with 6.0% RevPAR growth allowing us to drive 360 basis points of margin growth. Additionally, our assets acquired over the last two years continued to exhibit their potential as these hotels produced a weighted average RevPAR growth of 6.8% during the fourth quarter.”  


The following information was filed by Hersha Hospitality Trust (HT) on Monday, February 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hersha Hospitality Trust's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Iii - Real Estate And Accumulated Depreciation
Schedule Iii - Real Estate And Accumulated Depreciation (Narrative) (Details)
Schedule Iii - Real Estate And Accumulated Depreciation (Real Estate And Accumulated Depreciation) (Details)
Schedule Iii - Real Estate And Accumulated Depreciation (Reconciliation Of Real Estate And Accumulated Depreciation) (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Cash Flow Disclosures And Non Cash Investing And Financing Activities
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Narrative) (Details)
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Non-Cash Investing And Financing Activities) (Details)
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Reconciliation Of Cash) (Details)
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Tables)
Commitments And Contingencies And Related Party Transactions
Commitments And Contingencies And Related Party Transactions (Future Minimum Lease Payments) (Details)
Commitments And Contingencies And Related Party Transactions (Narrative) (Details)
Commitments And Contingencies And Related Party Transactions (Tables)
Debt
Debt (Aggregate Annual Principal Payments For Mortgages And Notes Payable) (Details)
Debt (Capitalized Interest, Deferred Financing Costs And Debt Payoff Narrative) (Details)
Debt (Credit Facilities Narrative) (Details)
Debt (Mortgages Narrative) (Details)
Debt (New Debt/Refinance Narrative) (Details)
Debt (Subordinated Notes Payable Narrative) (Details)
Debt (Summary Of The Balances Outstanding And Interest Rate Spread) (Details)
Debt (Tables)
Earnings Per Share
Earnings Per Share (Reconciliation Of Earnings Per Share) (Details)
Earnings Per Share (Tables)
Fair Value Measurements And Derivative Instruments
Fair Value Measurements And Derivative Instruments (Fair Value Of Interest Rate Swaps And Caps) (Details)
Fair Value Measurements And Derivative Instruments (Narrative) (Details)
Fair Value Measurements And Derivative Instruments (Tables)
Income Taxes
Income Taxes (Components Of Consolidated Trs's Deferred Tax Assets) (Details)
Income Taxes (Components Of The Company's Income Tax Expense (Benefit)) (Details)
Income Taxes (Effective Income Tax Reconciliation) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Tables)
Income Taxes (Taxability Of Common And Preferred Share Distributions) (Details)
Investment In Hotel Properties
Investment In Hotel Properties (Assets Held For Sale ) (Details)
Investment In Hotel Properties (Condensed Pro Forma Financial Data) (Details)
Investment In Hotel Properties (Investment In Hotel Properties) (Details)
Investment In Hotel Properties (Narrative) (Details)
Investment In Hotel Properties (Real Estate Assets Sold) (Details)
Investment In Hotel Properties (Results Of Operations For Hotels Acquired With 100% Interest) (Details)
Investment In Hotel Properties (Tables)
Investment In Hotel Properties (Wholly Owned Hotel Properties Acquired) (Details)
Investment In Unconsolidated Joint Ventures
Investment In Unconsolidated Joint Ventures (Income Or Loss From Unconsolidated Joint Ventures) (Details)
Investment In Unconsolidated Joint Ventures (Investment In Unconsolidated Joint Ventures) (Details)
Investment In Unconsolidated Joint Ventures (Narrative) (Details)
Investment In Unconsolidated Joint Ventures (Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures) (Details)
Investment In Unconsolidated Joint Ventures (Summary Financial Information Related To Unconsolidated Joint Ventures) (Details)
Investment In Unconsolidated Joint Ventures (Tables)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Joint Venture Properties) (Details)
Organization And Summary Of Significant Accounting Policies (Narrative) (Details)
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Schedule Of Asc 610-20) (Details)
Organization And Summary Of Significant Accounting Policies (Schedule Of Major Asset Depreciation) (Details)
Organization And Summary Of Significant Accounting Policies (Schedule Of Preferred Stock) (Details)
Organization And Summary Of Significant Accounting Policies (Tables)
Other Assets And Deposits On Hotel Acquisitions
Other Assets And Deposits On Hotel Acquisitions (Narrative) (Details)
Other Assets And Deposits On Hotel Acquisitions (Other Assets) (Details)
Other Assets And Deposits On Hotel Acquisitions (Tables)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Share Based Payments
Share Based Payments (Narrative) (Details)
Share Based Payments (Summary Of Unvested Share Awards Issued To Executives And Employees) (Details)
Share Based Payments (Summary Of Unvested Share Awards Issued To Nonemployees) (Details)
Share Based Payments (Summary Of Unvested Share Awards Issued To Trustees) (Details)
Share Based Payments (Tables)
Shareholders' Equity And Noncontrolling Interests In Partnership
Shareholders' Equity And Noncontrolling Interests In Partnership (Details)
Ticker: HT
CIK: 1063344
Form Type: 10-K Annual Report
Accession Number: 0001063344-19-000019
Submitted to the SEC: Tue Feb 26 2019 12:54:46 PM EST
Accepted by the SEC: Wed Feb 27 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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