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Hersha Hospitality Trust (HT) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 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
FULL YEAR AND FOURTH QUARTER 2019 RESULTS
South Florida Portfolio Fourth Quarter RevPAR Growth of 17.7%
Disposition of Mature Hotels for Total Asset Value of $144 Million
Sale of Miami & NYC Hotels at Attractive EBITDA Multiple
Sale of Boston Joint Venture Interest
Proceeds to be Utilized to Reduce Leverage

Philadelphia, PA, February 24, 2020
-- 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, 2019.

Full-Year and Fourth Quarter 2019 Financial Results

Net loss applicable to common shareholders was approximately ($27.8 million), or ($0.74) per diluted common share, in 2019, compared to net loss applicable to common shareholders of approximately ($14.2 million), or ($0.38) per diluted common share, in 2018. The decrease in full year 2019 net income and net income per diluted common share was primarily due to $13.4 million in insurance recoveries during 2018 and to a lesser degree, weaker fundamental operating results in several core markets.

Net loss applicable to common shareholders was ($9.3 million), or ($0.24) per diluted common share, in fourth quarter 2019, compared to net loss applicable to common shareholders of approximately ($3.4 million), or ($0.09) per diluted common share, in fourth quarter 2018. The decrease in fourth quarter 2019 net income and net income per diluted common share is in part due to $1.5 million in insurance recoveries during the fourth quarter 2018.

AFFO in the fourth quarter 2019 decreased by $4.5 million, or 17.0%, to $21.9 million, compared to $26.4 million in the fourth quarter 2018. AFFO per diluted common share and OP Unit in the fourth quarter 2019 was $0.51. 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, “The fourth quarter and the full year 2019 proved to be a challenging operating environment for our industry, as the willingness and desire to travel from all segments was muted by increased uncertainty around economic policy, corporate confidence, geopolitical issues and new hotel supply deliveries. We were encouraged by pockets of strength at the end of the year that have carried into the first quarter, which allows us to remain constructive on our portfolio growth for 2020. Our fourth quarter results were highlighted by our South Florida portfolio, which generated 17.7% RevPAR growth led by the Cadillac Hotel & Beach Club, which saw an increase in occupancy and rate following its first full-year of operation after its holistic transformation in 2018.


The following information was filed by Hersha Hospitality Trust (HT) on Monday, February 24, 2020 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

Cover Page
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 (Narrative) (Details)
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 (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)
Leases (Components Of Lease Costs) (Details)
Leases (Future Minimum Lease Payments) (Details)
Leases (Minimum Lease Payments Against Lease Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Notes)
Leases (Other Information) (Details)
Leases (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 (Remaining Unvested Target Units Expected To Vest) (Details)
Share Based Payments (Summary Of Share Based Compensation Activity) (Details)
Share Based Payments (Summary Of Share Based Compensation Expense And Unearned Compensation) (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: 0001063344-20-000029
Submitted to the SEC: Tue Feb 25 2020 4:55:34 PM EST
Accepted by the SEC: Tue Feb 25 2020
Period: Tuesday, December 31, 2019
Industry: Real Estate Investment Trusts

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