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

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
FIRST QUARTER 2019 RESULTS
- First Quarter 2019 Comparable Portfolio RevPAR Growth of 2.0% -
- Recently Renovated Hotels Average 25.9% RevPAR Growth -
- The Cadillac & Parrot Key Surpass Prior Peak ADR -
- Newly Acquired Hotels Continue to Drive Results -

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 Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Basis Of Presentation
Basis Of Presentation (Narrative) (Details)
Basis Of Presentation (Policies)
Basis Of Presentation (Schedule Of Preferred Stock) (Details)
Basis Of Presentation (Tables)
Basis Of Presentation Basis Of Presentation (Schedule Of Asu 610-20) (Details)
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 (Details)
Debt
Debt (Capitalized Interest And Deferred Financing Costs) (Details)
Debt (Credit Facilities Narrative) (Details)
Debt (Mortgages) (Details)
Debt (New Debt/Refinance Narrative) (Details)
Debt (Summary Of The Balances Outstanding And Interest Rate Spread) (Details)
Debt (Tables)
Debt (Unsecured Notes Payable) (Details)
Earnings Per Share
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)
Investment In Hotel Properties
Investment In Hotel Properties (Investment In Hotel Properties) (Details)
Investment In Hotel Properties (Tables)
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)
Leases
Leases (Future Minimum Payments) (Details)
Leases (Lease Costs) (Details)
Leases (Narrative) (Details)
Leases (Other Information) (Details)
Leases (Tables)
Other Assets
Other Assets (Narrative) (Details)
Other Assets (Other Assets) (Details)
Other Assets (Tables)
Share Based Payments
Share Based Payments (Narrative) (Details)
Share Based Payments (Summary Of Unvested Share Awards Issued To Employee And Nonemployees) (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 Trustees) (Details)
Share Based Payments (Tables)

Material Contracts, Statements, Certifications & more

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

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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