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Hersha Hospitality Trust (HT) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 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
SECOND QUARTER 2019 RESULTS
- Second Quarter 2019 Comparable Portfolio RevPAR Growth of 3.0% -
- Recently Renovated Hotels Average 19% RevPAR Growth -
- Philadelphia and Boston Clusters Drive Results -

Philadelphia, PA, July 30, 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 second quarter ended June 30, 2019.
Second Quarter 2019 Financial Results

Net loss applicable to common shareholders was ($443K), or ($0.02) per diluted common share, in second quarter 2019, compared to net income applicable to common shareholders of $6.5 million, or $0.16 per diluted common share, in second quarter 2018. The loss in net income during the second quarter was primarily attributable to increased income tax expense in the second quarter 2019. In the second quarter 2018, net income benefitted from a non-recurring gain of $6.4 million from insurance recoveries related to business interruption at several of the Company’s South Florida hotels impacted by Hurricane Irma.

AFFO in the second quarter 2019 was $33.4 million compared to $36.9 million in the second quarter 2018. AFFO per diluted common share and OP Unit in the second quarter 2019 was $0.77, a 10.5% decrease from AFFO per diluted common share and OP Unit of $0.86 in the second quarter 2018. Excluding the gain from insurance settlements, AFFO increased by $2.9 million or 9.5% during the second quarter 2019. 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 the most directly comparable GAAP financial measure, is included at the end of this press release.

Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “Despite more challenging industry fundamentals than anticipated, our portfolio reported results in-line with our internal forecasts and we consistently outperformed our markets during the quarter. Our 3.0% comparable portfolio RevPAR growth was primarily driven by robust performance from our recently renovated hotels and from our Philadelphia and Boston clusters that exhibited strong growth for the second-consecutive quarter. We allocated $77 million to reposition and unlock the long-term growth potential of seven legacy assets and we are achieving our targeted Return on Investment for these expenditures. During the second quarter, these seven hotels continued their upward trajectory from last quarter and posted a weighted average RevPAR growth of 19.0% with 470 basis points of EBITDA margin growth. In Philadelphia, our cluster registered 11.8% RevPAR growth driven by The Rittenhouse following its significant ROI-generating enhancement in 2018. While up in Boston, continued growth at The Envoy led to 5.7% RevPAR growth for our cluster, outperforming the Boston market by 120 basis points.”




The following information was filed by Hersha Hospitality Trust (HT) on Wednesday, July 31, 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)
Ticker: HT
CIK: 1063344
Form Type: 10-Q Quarterly Report
Accession Number: 0001063344-19-000068
Submitted to the SEC: Wed Jul 31 2019 1:03:27 PM EST
Accepted by the SEC: Wed Jul 31 2019
Period: Sunday, June 30, 2019
Industry: Real Estate Investment Trusts

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