Hersha Hospitality Trust (HT) 10-Q Quarterly Report Mon Nov 09 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 1^st, 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.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1063344/000106334420000219/ht-20200930.htm

View differences made from one quarter to another to evaluate Hersha Hospitality Trust's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Hersha Hospitality Trust.

Continue

Assess how Hersha Hospitality Trust's management team is paid from their Annual Proxy

Hersha Hospitality Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter by Sentiment:

All

Positive

Negative

Filter by Category:

All

Financial

Legal

Revenue

Other

Filter by Subcategory:

All

Cash Flow

Expense

Product

Earnings

Income

Debt

Other

Inside Hersha Hospitality Trust's 10-Q Quarterly Report:

Financial - Cash Flow Highlight
Future pandemics may also have adverse effects on our financial condition, results of operations, cash flows, and performance; world events impacting the ability or desire of people to travel may lead to a decline in demand for hotels; and the factors discussed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019 under the heading "Risk Factors," in our subsequent Quarterly Reports on Form 10-Q and in other reports we file with the SEC from time to time.

Financial - Cash Flow Highlight
49 Table of Contents CASH FLOW ANALYSIS (dollars in thousands, except per share data) Comparison of the Nine Months Ended September 30, 2020 and 2019 Net cash provided by operating activities decreased $113,932 from $74,474 for the nine months ended September 30, 2019 to cash used by operating activities of $39,458 for the comparable period in 2020.
Financial - Expense Highlight
Execution of our cost containment strategies resulted in a decrease of $1,143 in our payroll and other administrative costs.
Financial - Expense Highlight
Execution of our cost containment strategies resulted in a decrease of $3,645 in our payroll and other administrative costs.
Financial - Shares
We expect that future investments...Read more
Financial - Expense
Partially offsetting this loss is...Read more
Financial - Shares
46 Table of Contents LIQUIDITY,...Read more
Revenue - Product
Management expects hotel operating revenues...Read more
Revenue - Product
Management expects hotel operating revenues...Read more
Other - Other
Spending on capital improvements during...Read more
Financial - Expense
Additionally, we experienced increases in...Read more
Financial - Expense
General and administrative expense decreased...Read more
Financial - Expense
45 Table of Contents General...Read more
Other - Other
Depreciation and amortization decreased by...Read more
Financial - Earnings
These assessments have a direct...Read more
Legal - Other
Forward-looking statements speak only as...Read more
Financial - Cash Flow
An increase in comparative cash...Read more
Financial - Shares
Net Loss Applicable to Common...Read more
Financial - Income
These estimates consider factors such...Read more
Financial - Expense
The increase in real estate...Read more
Other - Other
We typically experience increases in...Read more
Financial - Expense
Partially offsetting this was a...Read more
Financial - Cash Flow
A decrease in comparative cash...Read more
Other - Other
These capital expenditures were undertaken...Read more
Other - Other
Readers should specifically consider the...Read more
Financial - Shares
Net Loss Applicable to Common...Read more
Other - Other
Depreciation is computed using the...Read more
Financial - Cash Flow
The following items are the...Read more
Other - Other
We determined that the loss...Read more
Financial - Income
Income Tax Expense During the...Read more
Other - Other
In particular, it is difficult...Read more
Financial - Earnings
The White Paper defines FFO...Read more
Financial - Expense
This increase is mostly related...Read more
Other - Other
The provisions of this update...Read more
Financial - Expense
Expenses Total hotel operating expenses...Read more
Financial - Expense
Expenses Total hotel operating expenses...Read more
Other - Other
Improvements and replacements are capitalized...Read more
Financial - Debt
Our ability to raise funds...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: HT
CIK: 1063344
Form Type: 10-Q Quarterly Report
Accession Number: 0001063344-20-000219
Submitted to the SEC: Mon Nov 09 2020 4:58:38 PM EST
Accepted by the SEC: Mon Nov 09 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/ht/0001063344-20-000219.htm

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

SEC Filings

HT Valuations

HT Annual Reports

HT Quarterly Reports

HT Corporate News