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Hersha Hospitality Trust (HT) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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
FIRST QUARTER 2021 RESULTS
- First Quarter 2021 Net Income of $2.9 Million -
- Property Level Cash Flow Increased to $3.7 Million in March -
- First Quarter 2021 Occupancy Exceeds Fourth Quarter 2020 Occupancy by 1,300 Basis Points -
- First Quarter Portfolio RevPAR Beats Internal Forecast by 34% -

Philadelphia, PA, April 28, 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 first quarter ended March 31, 2021.
First Quarter 2021 Financial Results
Net income applicable to common shareholders was $2.9 million, or $0.07 per diluted common share, in the first quarter 2021, compared to net loss applicable to common shareholders of ($29.1 million), or ($0.76) per diluted common share, in first quarter 2020. The increase in first quarter 2021 net income and net income per diluted common share was primarily due to approximately $48.3 million in realized gains from the disposition of hotel properties.
AFFO in the first quarter 2021 decreased to ($15.9 million), compared to ($8.5 million) in the first quarter 2020. The decrease in AFFO was due to the impact of the COVID pandemic for all of the first quarter of 2021 while the pandemic only impacted the final month of the first quarter of 2020. AFFO per diluted common share and OP Unit in the first quarter 2021 was ($0.36). 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, “Our first quarter operating results reflected increased demand, which coupled with the cost containment initiatives implemented across our hotels, resulted in a sequential increase in property cash flow from $133,000 in January to $3.7 million in March with RevPAR increasing 56% from January to March. A surge in leisure demand at our South Florida and coastal California resorts, and the first signs of recovery in our urban markets, drove performance. Our lifestyle-oriented hotels began hosting smaller social groups such as weddings and sports teams while our sales teams began conversations with large corporate clients on their return to office and business travel plans — indications that all segments of traveler are beginning to re-emerge. Results this quarter came in ahead of our expectations at the beginning of the year, with occupancies surpassing our internal forecast by more than 1,200 basis points and our portfolio RevPAR exceeding expectations by 34%. The strongest quarter-over-quarter performance was seen in our South Florida portfolio, as leisure demand to a warmer climate led to both the Parrot Key Hotel & Resort and Cadillac Hotel & Beach Club each generating more than a 2,000 basis point


The following information was filed by Hersha Hospitality Trust (HT) on Wednesday, April 28, 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-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 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 (Credit Facilities Narrative) (Details)
Debt (Junior Notes Payable) (Details)
Debt (Mortgages) (Details)
Debt (Schedule Of Interest Expense) (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 (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 Of Unconsolidated Joint Ventures Balance Sheet) (Details)
Investment In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures Income Statement) (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)

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: 0001063344-21-000051
Submitted to the SEC: Thu Apr 29 2021 4:37:11 PM EST
Accepted by the SEC: Thu Apr 29 2021
Period: Wednesday, March 31, 2021
Industry: Real Estate Investment Trusts

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