Hersha Hospitality Trust (HT) 10-Q Quarterly Report Tue Apr 30 2019

Philadelphia, PA, April 29, 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 first quarter ended March 31, 2019.

First Quarter 2019 Financial Results

Net loss applicable to common shareholders was ($13.0 million), or ($0.34) per diluted common share, in first quarter 2019, compared to net loss applicable to common shareholders of ($14.1 million), or ($0.36) per diluted common share, in first quarter 2018.

AFFO in the first quarter 2019 increased by $3.7 million, or 133%, to $6.3 million, compared to $2.7 million in the first quarter 2018. AFFO per diluted common share and OP Unit in the first quarter 2019 was $0.15, a 150% increase from AFFO per diluted common share and OP Unit of $0.06 in the same quarter in 2018. 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, “Despite a very challenging quarter with the government shutdown in Washington, DC and difficult comps in Manhattan and Miami, we delivered growth near the high-end of our RevPAR guidance and exceeded our expectations for AFFO per share. Our 2.0% comparable portfolio RevPAR growth was primarily driven by strong performance from our Philadelphia and Boston clusters, our recently renovated hotels and the continued outperformance at our newly acquired assets. Our Philadelphia portfolio registered 16.4% RevPAR growth driven by the Rittenhouse and Hampton Inn following their significant ROI-generating enhancements in 2018. In Boston, strong performance from The Envoy led to 3.8% RevPAR growth for our portfolio despite a softer convention calendar. The assets we acquired over the last two years continued their robust performance in the first quarter, producing a weighted average RevPAR growth of 4.5%.”

Mr. Shah continued, “During 2018 we allocated close to $90 million to reposition and renovate many of our legacy hotels to unlock their long-term growth potential. Performance in the first quarter from the 7 hotels renovated in 2018 continued their upward trajectory from the previous quarter posting a weighted average RevPAR growth of 25.9% with 510 basis points of EBITDA margin growth. In South Florida, the Cadillac Hotel & Beach Club and the Parrot Key Hotel & Villas are cementing themselves as the premiere hotels in their peer sets as we saw robust group and transient demand in March, resulting in occupancy on par with prior

The following information was filed by Hersha Hospitality Trust (HT) on Monday, April 29, 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-Q Quarterly 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-Q Quarterly Report:

Financial - Expense Highlight
This positive impact was partially offset by increased costs in areas such as real estate taxes and property insurance, general and administrative expenses, and depreciation and amortization.
M & A - Other Highlight
While we continue to explore acquisition opportunities in coastal gateway urban centers and select resort destinations, we remain focused on operating efficiencies within our portfolio and asset repositioning opportunities to drive earnings and cash flow growth over the next year to de-lever our balance sheet.
Financial - Shares Highlight
We expect that future investments in hotels will depend upon and will be financed by, in whole or in part, our existing cash, the proceeds from additional issuances of common or preferred shares, proceeds from the sale of assets, issuances of Common Units, issuances of preferred units or other securities or borrowings secured by hotel assets and under our Line of Credit.
Financial - Shares Highlight
Statements regarding the following subjects are forward-looking by their nature: our business or investment strategy; our projected operating results; our distribution policy; our liquidity; completion of any pending transactions; our ability to obtain future financing arrangements or refinance or extend the maturity of existing financing arrangements as they come due; our ability to repurchase shares on attractive terms from time to time; our understanding of our competition; market trends; and projected capital expenditures.
Other - Other
Spending on capital improvements during...Read more
Financial - Earnings
These assessments have a direct...Read more
Legal - Other
Forward-looking statements speak only as...Read more
Financial - Shares
In December 2018, our Board...Read more
Financial - Cash Flow
We expect to use operating...Read more
Other - Other
Such forward-looking statements relate to...Read more
Other - Other
We otherwise typically experience increases...Read more
Revenue - Product
The remaining hotels contributed a...Read more
Other - Other
Additional cash from operating activities...Read more
Financial - Income
These estimates consider factors such...Read more
Financial - Shares
In addition, we will continue...Read more
M & A - Other
However, we believe that, based...Read more
Other - Other
These capital expenditures were undertaken...Read more
Other - Other
Readers should specifically consider the...Read more
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The Company adopted the provisions...Read more
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The Company adopted the provisions...Read more
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The Company adopted the provisions...Read more
Financial - Expense
The primary driver of our...Read more
Other - Other
Depreciation is computed using the...Read more
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We determined that the loss...Read more
Other - Other
The Company has adopted ASU...Read more
Other - Other
The Company adopted this standard...Read more
Financial - Earnings
The White Paper defines FFO...Read more
Revenue - Product
The reduction in our operating...Read more
Revenue - Product
Collectively, these two hotels accounted...Read more
Other - Other
Additionally, we received $647 in...Read more
Other - Other
Improvements and replacements are capitalized...Read more
Financial - Debt
Our ability to raise funds...Read more
Financial - Expense
Total hotel operating expenses increased...Read more
Revenue - Product
Hotel operating revenues increased $15,128...Read more
Financial - Expense
This reclassification related to amounts...Read more
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As a result, there can...Read more
Financial - Earnings
The GAAP measure that we...Read more
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Each of these TRS entities...Read more
Financial - Expense
Interest expense increased $1,526 from...Read more
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Other unknown or unpredictable factors,...Read more
Financial - Earnings
This distribution requirement limits our...Read more
Other - Other
We believe the repositioning of...Read more
Other - Other
This report contains forward-looking statements...Read more
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Net cash provided by operating...Read more
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We show both FFO from...Read more
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We anticipate that most of...Read more
Financial - Shares
The adoption of this update...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Hersha Hospitality Trust provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: HT
CIK: 1063344
Form Type: 10-Q Quarterly Report
Accession Number: 0001063344-19-000038
Submitted to the SEC: Tue Apr 30 2019 12:56:37 PM EST
Accepted by the SEC: Tue Apr 30 2019
Period: Sunday, March 31, 2019
Industry: Real Estate Investment Trusts

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Hersha Hospitality Trust (HT) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

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