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Hersha Hospitality Trust (HT) SEC Filing 10-Q Quarterly report for the period ending Monday, September 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
THIRD QUARTER 2019 RESULTS
- Third Quarter 2019 Comparable Portfolio RevPAR Growth of 1.2% -
- Recently Renovated Hotels Average 8.1% RevPAR Growth -
- Hurricane Dorian Impactful to South Florida Results -

Philadelphia, PA, November 5, 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 third quarter ended September 30, 2019.

Third Quarter 2019 Financial Results

Net loss applicable to common shareholders was ($5.4 million), or ($0.15) per diluted common share, in third quarter 2019, compared to net loss applicable to common shareholders of ($3.2 million), or ($0.09) per diluted common share, in third quarter 2018. During the same period last year, net income benefitted from a non-recurring gain of $5.6 million from insurance recoveries related to business interruption at several of the Company’s South Florida hotels impacted by Hurricane Irma.

AFFO in the third quarter 2019 was $22.7 million or $0.53 per diluted common share and OP Unit compared to $24.1 million or $0.56 in the third quarter 2018, excluding the non-recurring gain of $5.6 million from insurance recoveries. 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, “Uncertainty around economic policy and geopolitical issues was impactful to the lodging industry in the third quarter resulting in softer-than-anticipated fundamentals in the majority of our core markets. Despite a more challenging macro-environment, our portfolio generated 1.2% RevPAR growth, outperforming our market average by 240 basis points. Our comparable portfolio’s third quarter RevPAR growth was primarily driven by robust performance from our recently renovated hotels as well as from our Washington, DC and Boston clusters that exhibited strong growth. Our South Florida portfolio was materially impacted by the forecasted path of Hurricane Dorian resulting in widespread cancellations across our Miami & Key West hotels during the typically busy Labor Day weekend in those markets.”

Mr. Shah continued, “Our third quarter results were further impacted by a combination of slower demand from corporate and international transient as well as an increase in new supply that led to heavier deterioration of pricing power than expected despite record occupancies across our portfolio. We anticipate a continued low-growth environment for the remainder of the year and have begun to strategically implement new cost containment initiatives across the


The following information was filed by Hersha Hospitality Trust (HT) on Tuesday, November 5, 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

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
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: 0001063344-19-000097
Submitted to the SEC: Wed Nov 06 2019 11:24:29 AM EST
Accepted by the SEC: Wed Nov 06 2019
Period: Monday, September 30, 2019
Industry: Real Estate Investment Trusts

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