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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

COMMISSION FILE NUMBER: 001-14765
HERSHA HOSPITALITY TRUST
(Exact Name of Registrant as Specified in Its Charter)
Maryland
 
25-1811499
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
 
44 Hersha Drive
Harrisburg
PA
 
17102
(Address of Registrant’s Principal Executive Offices)
 
 
 
(Zip Code)

Registrant’s telephone number, including area code: (717) 236-4400

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Shares of Beneficial Interest, par value $.01 per share
HT
New York Stock Exchange
6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
HT-PC
New York Stock Exchange
6.50% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
HT-PD
New York Stock Exchange
6.50% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
HT-PE
New York Stock Exchange

Indicate by check mark whether the registrant (i) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (ii) has been subject to such filing requirements for the past 90 days. Yes No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
 



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer

Non-accelerated filer

Small reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes No

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes No 

As of July 31, 2019, the number of Class A common shares of beneficial interest outstanding was 39,270,473  and there were no Class B common shares of beneficial interest outstanding.



 Hersha Hospitality Trust
Table of Contents
 
PART I.  FINANCIAL INFORMATION
Page
Item 1.
Financial Statements.
 






Item 2.
Item 3.
Item 4.

 
 
PART II.  OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

 
 


3

Table of Contents

HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2019 (UNAUDITED) AND DECEMBER 31, 2018
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]




 
June 30, 2019
 
December 31, 2018
Assets:
 
 
 
 
Investment in Hotel Properties, Net of Accumulated Depreciation
 
$
1,999,650

 
$
2,026,659

Investment in Unconsolidated Joint Ventures
 
6,984

 
4,004

Cash and Cash Equivalents
 
36,780

 
32,598

Escrow Deposits
 
10,767

 
8,185

Hotel Accounts Receivable, Net of Allowance for Doubtful Accounts of $0 and $188
 
10,566

 
10,241

Due from Related Parties
 
5,747

 
3,294

Intangible Assets, Net of Accumulated Amortization of $6,324 and $7,308
 
2,333

 
13,644

Right of Use Asset
 
45,990

 

Other Assets
 
37,657

 
40,005

Total Assets
 
$
2,156,474

 
$
2,138,630


 
 

 
 

Liabilities and Equity:
 
 

 
 

Line of Credit
 
$
37,000

 
$
10,000

Unsecured Term Loans, Net of Unamortized Deferred Financing Costs (Note 5)
 
698,559

 
698,202

Unsecured Notes Payable, Net of Unamortized Deferred Financing Costs (Note 5)
 
50,710

 
50,684

Mortgages Payable, Net of Unamortized Premium and Unamortized Deferred Financing Costs
 
333,133

 
334,145

Lease Liability
 
54,861

 

Accounts Payable, Accrued Expenses and Other Liabilities
 
50,070

 
70,947

Dividends and Distributions Payable
 
17,222

 
17,129

Total Liabilities
 
$
1,241,555

 
$
1,181,107

 
 
 
 
 
Redeemable Noncontrolling Interests - Consolidated Joint Venture (Note 1)
 
$
2,856

 
$
2,708


 
 
 
 
Equity:
 
 

 
 

Shareholders' Equity:
 
 

 
 

Preferred Shares:  $.01 Par Value, 29,000,000 Shares Authorized, 3,000,000 Series C, 7,701,700 Series D and 4,001,514 Series E Shares Issued and Outstanding at June 30, 2019 and December 31, 2018, with Liquidation Preferences of $25 Per Share (Note 1)

 
$
147

 
$
147

Common Shares:  Class A, $.01 Par Value, 104,000,000 Shares Authorized at June 30, 2019 and December 31, 2018; 39,240,924 and 39,458,626 Shares Issued and Outstanding at June 30, 2019 and December 31, 2018, respectively
 
393

 
395

Common Shares:  Class B, $.01 Par Value, 1,000,000 Shares Authorized, None Issued and Outstanding at June 30, 2019 and December 31, 2018
 

 

Accumulated Other Comprehensive Income
 
(3,285
)
 
4,227

Additional Paid-in Capital
 
1,152,939

 
1,155,776

Distributions in Excess of Net Income
 
(302,705
)
 
(267,740
)
Total Shareholders' Equity
 
847,489

 
892,805


 
 
 
 
Noncontrolling Interests (Note 1)
 
64,574

 
62,010


 
 

 
 

Total Equity
 
912,063

 
954,815


 
 

 
 

Total Liabilities and Equity
 
$
2,156,474

 
$
2,138,630

 
 
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.

4

Table of Contents

HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]


 
Three Months Ended June 30,
 
Six Months Ended June 30,

 
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
 
Hotel Operating Revenues:
 

 

 
 
 
 
Room
 
$
118,980

 
$
109,492

 
$
210,465

 
$
188,540

Food & Beverage
 
18,253

 
17,001

 
32,481

 
30,539

Other Operating Revenues
 
10,280

 
7,269

 
19,210

 
14,198

Other Revenues
 
(12
)
 
78

 
138

 
202

Total Revenues
 
147,501

 
133,840

 
262,294

 
233,479

Operating Expenses:
 
 
 
 
 
 
 
 
Hotel Operating Expenses:
 

 

 
 
 
 
Room
 
24,013

 
22,945

 
46,103

 
42,301

Food & Beverage
 
13,990

 
13,331

 
26,822

 
25,182

Other Operating Expenses
 
44,607

 
40,383

 
84,796

 
75,958

Gain on Insurance Settlement
 


(6,363
)



(6,363
)
Hotel Ground Rent
 
1,114

 
1,349

 
2,224

 
2,277

Real Estate and Personal Property Taxes and Property Insurance
 
8,997

 
8,129

 
18,394

 
16,421

General and Administrative (including Share Based Payments of $3,474 and $3,123, and $5,432 and $4,729 for the three and six months ended June 30, 2019 and 2018, respectively)
 
8,100

 
7,585

 
13,700

 
12,674

Acquisition and Terminated Transaction Costs
 

 
2

 

 
2

Depreciation and Amortization
 
23,964

 
22,061

 
48,092

 
43,600

Total Operating Expenses
 
124,785

 
109,422

 
240,131

 
212,052


 
 
 
 
 
 
 
 
Operating Income
 
22,716

 
24,418

 
22,163

 
21,427

Interest Income
 
58

 
20

 
141

 
45

Interest Expense
 
(13,325
)
 
(11,879
)
 
(26,223
)
 
(23,251
)
Other Expense
 
(124
)
 
(75
)
 
(83
)
 
(734
)
Gain (Loss) on Disposition of Hotel Properties
 

 
(14
)
 

 
3,403

Loss on Debt Extinguishment
 
(34
)
 

 
(34
)
 
(22
)
Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes
 
9,291

 
12,470

 
(4,036
)
 
868


 
 
 
 
 
 
 
 
Income from Unconsolidated Joint Ventures
 
299

 
537

 
480

 
336


 
 
 
 
 
 
 
 
Income (Loss) Before Income Taxes
 
9,590

 
13,007

 
(3,556
)
 
1,204


 
 
 
 
 
 
 
 
Income Tax Benefit (Expense)
 
(4,031
)
 
(1,170
)
 
1,233

 
1,485


 
 
 
 
 
 
 
 
Net Income (Loss)
 
5,559

 
11,837

 
(2,323
)
 
2,689

Loss (Income) Allocated to Noncontrolling Interests - Common Units
 
49

 
(500
)
 
1,112

 
604

(Income) Loss Allocated to Noncontrolling Interests - Consolidated Joint Venture
 
(8
)
 
1,200

 
152

 
1,200

Preferred Distributions
 
(6,043
)
 
(6,043
)
 
(12,087
)
 
(12,087
)
Net (Loss) Income Applicable to Common Shareholders
 
$
(443
)
 
$
6,494

 
$
(13,146
)
 
$
(7,594
)
 
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.

5

Table of Contents

HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]


 
Three Months Ended June 30,
 
Six Months Ended June 30,

 
2019
 
2018
 
2019
 
2018
Earnings Per Share:
 
 
 
 
 
 
 
 
BASIC
 
 
 
 
 
 
 
 
Loss (Income) from Continuing Operations Applicable to Common Shareholders
 
$
(0.02
)
 
$
0.16

 
$
(0.35
)
 
$
(0.20
)

 
 
 
 
 
 
 
 
DILUTED
 
 
 
 
 
 
 
 
Loss (Income) from Continuing Operations Applicable to Common Shareholders
 
$
(0.02
)
 
$
0.16

 
$
(0.35
)
 
$
(0.20
)

 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding:
 
 
 
 
 
 
 
 
Basic
 
39,127,385

 
39,246,946

 
39,121,421

 
39,440,481

Diluted*
 
39,127,385

 
39,926,099

 
39,121,421

 
39,440,481

 
*
Income (Loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the “Operating Partnership” or “HHLP”) has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership’s common units of limited partnership interest (“Common Units”) and the Operating Partnership’s vested LTIP units (“Vested LTIP Units”) have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) applicable to common shareholders.
 
The following table summarizes potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share:
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Common Units and Vested LTIP Units
3,379,354

 
3,173,266

 
3,344,178

 
3,139,019

Unvested Stock Awards and LTIP Units Outstanding
616,937

 

 
423,399

 
144,005

Contingently Issuable Share Awards
320,240

 

 
507,006

 
507,834

Total Potentially Dilutive Securities Excluded from the Denominator
4,316,531

 
3,173,266

 
4,274,583

 
3,790,858

 
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.
 

6

Table of Contents

HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018 [UNAUDITED]
[IN THOUSANDS]


Three Months Ended June 30,
 
Six Months Ended June 30,

2019
 
2018
 
2019
 
2018
Net Income (Loss)
$
5,559

 
$
11,837

 
$
(2,323
)
 
$
2,689

Other Comprehensive (Loss) Income
 

 
 

 
 

 
 

Change in Fair Value of Derivative Instruments
(4,122
)
 
1,452

 
(5,902
)
 
5,359

Less:  Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income
(1,112
)
 
(745
)
 
(2,253
)
 
(1,019
)
Total Other Comprehensive (Loss) Income
$
(5,234
)
 
$
707

 
$
(8,155
)
 
$
4,340


 

 
 

 
 

 
 

Comprehensive Income (Loss)
325

 
12,544

 
(10,478
)
 
7,029

Less:  Comprehensive (Income) Loss Attributable to Noncontrolling Interests - Common Units
465

 
(553
)
 
1,755

 
284

Less:  Comprehensive (Income) Loss Attributable to Noncontrolling Interests - Consolidated Joint Venture
(8
)
 
1,200

 
152

 
1,200

Less:  Preferred Distributions
(6,043
)
 
(6,043
)
 
(12,087
)
 
(12,087
)
Comprehensive (Loss) Income Attributable to Common Shareholders
$
(5,261
)
 
$
7,148

 
$
(20,658
)
 
$
(3,574
)
 
The Accompanying Notes are an Integral Part of These Consolidated Financial Statements.
 
 
 
 
 
 
 

7

Table of Contents

HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARES]


 
Shareholders' Equity
 
Noncontrolling Interests
 
 
 
Redeemable Noncontrolling Interests

 
Common Shares
 
Class A Common Shares ($)
 
Class B Common Shares ($)
 
Preferred Shares
 
Preferred Shares ($)
 
Additional Paid-In Capital ($)
 
Accumulated Other Comprehensive Income ($)
 
Distributions in Excess of Net Income ($)
 
Total Shareholders' Equity ($)
 
Common Units and LTIP Units
 
Common Units and LTIP Units ($)
 
Total Equity ($)
 
Consolidated Joint Venture ($)
Balance at March 31, 2019
 
39,213,269

 
392

 

 
14,703,214

 
147

 
1,151,654

 
1,534

 
(291,282
)
 
862,445

 
4,279,946

 
64,808

 
927,253

 
2,848

ATM Issuance Costs
 

 

 

 

 

 
(21
)
 

 

 
(21
)
 

 

 
(21
)
 

Dividends and Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Common Shares ($0.28 per share)
 

 

 

 

 

 

 

 
(10,987
)
 
(10,987
)
 

 

 
(10,987
)
 

Preferred Shares
 

 

 

 

 

 

 

 
(6,044
)
 
(6,044
)
 

 

 
(6,044
)
 

Common Units ($0.28 per share)
 

 

 

 

 

 

 

 

 

 

 
(580
)
 
(580
)
 

LTIP Units ($0.28 per share)
 

 

 

 

 

 

 

 

 

 

 
(620
)
 
(620
)
 

Dividend Reinvestment Plan
 
1,231

 

 

 

 

 
21

 

 

 
21

 

 

 
21

 

Share Based Compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Grants
 
26,424

 
1

 

 

 

 
400

 

 

 
401

 

 

 
401

 

Amortization
 

 

 

 

 

 
893

 

 

 
893

 

 
1,430

 
2,323

 

Equity Contribution to Consolidated Joint Venture


 

 

 

 

 

 

 

 

 

 

 

 

Change in Fair Value of Derivative Instruments
 

 

 

 

 

 

 
(4,819
)
 

 
(4,819
)
 

 
(415
)
 
(5,234
)
 

Adjustment to Record Noncontrolling Interest at Redemption Value
 

 

 

 

 

 
(8
)
 

 

 
(8
)
 

 

 
(8
)
 
8

Net Income
 

 

 

 

 

 

 

 
5,608

 
5,608

 
 
 
(49
)
 
5,559

 

Balance at June 30, 2019
 
39,240,924

 
393

 

 
14,703,214

 
147

 
1,152,939

 
(3,285
)
 
(302,705
)
 
847,489

 
4,279,946

 
64,574

 
912,063

 
2,856

 
The Accompanying Notes are an Integral Part of These Consolidated Financial Statements.
 
 
 
 













8

Table of Contents

HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARES]


 
Shareholders' Equity
 
Noncontrolling Interests
 
 
 
Redeemable Noncontrolling Interests

 
Common Shares
 
Class A Common Shares ($)
 
Class B Common Shares ($)
 
Preferred Shares
 
Preferred Shares ($)
 
Additional Paid-In Capital ($)
 
Accumulated Other Comprehensive Income ($)
 
Distributions in Excess of Net Income ($)
 
Total Shareholders' Equity ($)
 
Common Units and LTIP Units
 
Common Units and LTIP Units ($)
 
Total Equity ($)
 
Consolidated Joint Venture ($)
Balance at March 31, 2018
 
39,329,445

 
394

 

 
14,703,214

 
147

 
1,154,904

 
7,117

 
(237,248
)
 
925,314

 
3,792,531

 
63,027

 
988,341

 

ATM Issuance Costs
 

 

 

 

 

 
(82
)
 

 

 
(82
)
 

 

 
(82
)
 

Dividends and Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 

Common Shares ($0.28 per share)
 

 

 

 

 

 

 

 
(11,022
)
 
(11,022
)
 

 

 
(11,022
)
 

Preferred Shares
 

 

 

 

 

 

 

 
(6,043
)
 
(6,043
)
 

 

 
(6,043
)
 

Common Units ($0.28 per share)
 

 

 

 

 

 

 

 

 

 

 
(584
)
 
(584
)
 

LTIP Units ($0.28 per share)
 

 

 

 

 

 

 

 

 

 

 
(471
)
 
(471
)
 

Dividend Reinvestment Plan
 
1,088

 

 

 

 

 
19

 

 

 
19

 

 

 
19

 

Share Based Compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 

Grants
 
22,687