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Hersha Hospitality Trust (HT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 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
FULL YEAR AND FOURTH QUARTER 2020 RESULTS
- Fourth-Quarter 2020 COVID-19 Impact Loss of $1.16 Per Share -
- Successfully Amends Senior Credit Facility -
- Covenant Waivers Extended Through March 31, 2022 -
- Closed $200 Million Unsecured Notes Placement -
- Binding Sales Agreements on Six Hotels Totaling $216 Million -
- Company Realized Positive Portfolio Level EBITDA in January -

Philadelphia, PA, February 23, 2021
-- Hersha Hospitality Trust (NYSE: HT) (“Hersha,” “Company,” “we” or “our”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced results for the full year and fourth quarter ended December 31, 2020.

Fourth Quarter 2020 Financial Results

Net loss applicable to common shareholders was approximately ($190.5 million), or ($4.93) per diluted common share, in 2020, compared to net loss applicable to common shareholders of approximately ($27.8 million), or ($0.74) per diluted common share, in 2019. Net loss applicable to common shareholders was ($44.8 million), or ($1.16) per diluted common share, in the fourth quarter 2020, compared to net loss applicable to common shareholders of approximately ($9.3 million), or ($0.24) per diluted common share, in fourth quarter 2019. The decrease in full year and fourth quarter 2020 net income and net income per diluted common share was due to the ongoing COVID-19 pandemic and its impact on the hospitality industry.

AFFO in the fourth quarter 2020 decreased to ($10.1 million), compared to $21.9 million in the fourth quarter 2019. AFFO per diluted common share and OP Unit in the fourth quarter 2020 was ($0.23). Fourth quarter 2020 AFFO results were positively impacted by $8.1 million in business interruption proceeds related to Hurricane Irma’s impact on our South Florida portfolio. 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, “As we move forward from the extraordinary challenges our industry encountered last year, we remain confident that our purpose-built portfolio of high-quality, recently renovated, transient hotels, gives us the ability to outperform through the recovery. One of the silver linings of 2020 was our franchise model and close collaborative relationship with our operating partners, which gave us ample autonomy and control to make material changes to our operating model to preserve cash. In addition to creating sustainable cost savings in our expense structure, our operating model enabled us to reopen every one of our wholly owned hotels by the end of last year. Our operating results in January provide credible signs that the resumption in travel demand has begun as leisure bookings accelerated across the portfolio and property-level cash flow turned positive for the first time since March of last year.”


The following information was filed by Hersha Hospitality Trust (HT) on Tuesday, February 23, 2021 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
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 (Credit Facilities Narrative) (Details)
Debt (Junior Notes Payable) (Details)
Debt (Mortgages) (Details)
Debt (New Debt/Refinance Narrative) (Details)
Debt (Schedule Of Interest Expense) (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 (Assets Held For Sale ) (Details)
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 (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 (Components Of Lease Costs) (Details)
Leases (Minimum Lease Payments Against Lease Liabilities) (Details)
Leases (Narrative) (Details)
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 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)
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)
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 (Schedule Of Employee Service Share-Based Compensation, Allocation Of Recognized Period Costs) (Details)
Share Based Payments (Summary Of Share Based Compensation Activity) (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: 0001063344-21-000035
Submitted to the SEC: Mon Mar 29 2021 4:32:44 PM EST
Accepted by the SEC: Mon Mar 29 2021
Period: Thursday, December 31, 2020
Industry: Real Estate Investment Trusts

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