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Hersha Hospitality Trust (HT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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 2020 RESULTS
- Hotel and Corporate Cash Burn Rates Better than Forecasted -
- Monthly Occupancy Levels Improve During Quarter -
- Open NYC Hotels Generate 61% Occupancy in the Second Quarter -
- 33 of the Company's 48 Hotels Open and Operational -

Philadelphia, PA, August 5, 2020
-- Hersha Hospitality Trust (NYSE: HT) (“Hersha,” “Company,” “we” or “our”), owner of high-quality upscale and lifestyle hotels in urban gateway markets and resort destinations, today announced results for the second quarter ended June 30, 2020.

Second Quarter 2020 Financial Results

Net loss applicable to common shareholders was approximately ($67.5 million), or ($1.75) per diluted common share, in the second quarter 2020, compared to net loss applicable to common shareholders of approximately ($0.4 million), or ($0.02) per diluted common share, in the second quarter 2019. The decrease in second quarter 2020 net income and net income per diluted common share is due to the unprecedented impact on the travel industry from the COVID-19 pandemic.

AFFO in the second quarter 2020 decreased by $60.3 million, or 180.2%, to ($26.8 million), compared to $33.4 million in the second quarter 2019. AFFO per diluted common share and OP Unit in the second quarter 2020 was ($0.62). 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 second quarter proved to be one of the most challenging in history and will mark the trough for the U.S. economy during this crisis. The hotel industry continues to be significantly impacted by the pandemic, but we saw encouraging relative performance from the portfolio as a result of the immediate and aggressive measures implemented in collaboration with our operating partners to limit our losses. We remain focused on liquidity preservation and minimizing our cash burn rates through attentive corporate and hotel level operating strategies that were executed at the onset of the crisis. Our relationship with our independent franchise operators allowed us to enact cost-saving initiatives in real-time to maintain operations at 21 comparable hotels with a nominal staff in the initial months following the demand shock. Our unique owner-operator relationship allowed us to immediately kickstart reopening strategies in our markets as demand trends improved over the balance of the second quarter and July. As of August 1st, we have 33 of 48 hotels open including sought after drive-to properties such as the Sanctuary Beach Resort in Monterey and core urban assets such as The Envoy in Boston.”




The following information was filed by Hersha Hospitality Trust (HT) on Wednesday, August 5, 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-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 (Parentheticals)
Basis Of Presentation
Basis Of Presentation (Narrative) (Details)
Basis Of Presentation (Policies)
Basis Of Presentation (Schedule Of Preferred Stock) (Details)
Basis Of Presentation (Tables)
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 (Paycheck Protection Program Loans) (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 (Assets Held For Sale) (Details)
Investment In Hotel Properties (Investment In Hotel Properties) (Details)
Investment In Hotel Properties (Narrative) (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 (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 (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)
Ticker: HT
CIK: 1063344
Form Type: 10-Q Quarterly Report
Accession Number: 0001063344-20-000195
Submitted to the SEC: Thu Aug 06 2020 5:47:04 PM EST
Accepted by the SEC: Fri Aug 07 2020
Period: Tuesday, June 30, 2020
Industry: Real Estate Investment Trusts

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