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Hersha Hospitality Trust (HT) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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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
FOURTH QUARTER 2021 RESULTS

- Fourth Quarter 2021 Net Loss of $0.48 Per Share -

- Fourth Quarter 2021 Adjusted Funds from Operations1 of $0.20 Per Share -

- Property Level Cash Flow1 up 16% Compared to Third Quarter 2021 –

- Comparable Portfolio GOP Margin of 45%, Exceeds Fourth Quarter 2019 -

- Resort Portfolio RevPAR 15.7% Above Fourth Quarter 2019 -

- Manhattan Weekday RevPAR up 47% Compared to Third Quarter 2021, December Weekend ADR Surpassed December 2019 by 390 basis points -


Philadelphia, PA, February 16, 2022
-- 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 fourth quarter ended December 31, 2021.

Fourth Quarter 2021 Financial Results

(Unaudited in thousands, except per share amounts)
Three Months ended
December 31,
Percent
2021
2020
Change
Net loss$(18,841)$(44,753)
58%
Net loss per common share$(0.48)$(1.16)
59%
Adjusted FFO1
$9,021 $(10,050)
NM
Adjusted FFO per common share and OP Unit$0.20 $(0.23)
NM

Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “We are very pleased with our portfolio’s operating results in the fourth quarter, driven by improving performance in our urban markets and a continuation of the strong operating environment at our resort and leisure-oriented properties. This was our highest cashflow producing quarter in 2021, even with a seasonal slowdown and the surge of COVID-19 cases in December. Despite the continued impact of the pandemic, results improved sequentially compared to the third quarter, highlighting the strength of our portfolio and our ability to drive ADR growth and control costs in an extremely challenging operating environment. Looking ahead, we forecast a robust recovery as COVID cases wane and restrictions are lifted,
1 Non-GAAP financial measure. 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.

The following information was filed by Hersha Hospitality Trust (HT) on Wednesday, February 16, 2022 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

Audit Information
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 (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 (Summary Of Unconsolidated Joint Ventures Income Statement) (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 (Tables)
Other Assets
Other Assets (Narrative) (Details)
Other Assets (Other Assets) (Details)
Other Assets (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, Noncontrolling Interests In Partnership, And Redeemable Non-Controlling Interests
Shareholders??? Equity, Noncontrolling Interests In Partnership, And Redeemable Non-Controlling Interests (Narrative) (Details)
Shareholders??? Equity, Noncontrolling Interests In Partnership, And Redeemable Non-Controlling Interests (Schedule Of Preferred Stock) (Details)
Shareholders??? Equity, Noncontrolling Interests In Partnership, And Redeemable Non-Controlling Interests (Tables)
Ticker: HT
CIK: 1063344
Form Type: 10-K Annual Report
Accession Number: 0001063344-22-000033
Submitted to the SEC: Wed Feb 23 2022 6:10:18 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

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