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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 September 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
6.500% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
HT-PD
New York Stock Exchange
6.500% 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 November 6, 2019, the number of Class A common shares of beneficial interest outstanding was 38,610,777  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 SEPTEMBER 30, 2019 (UNAUDITED) AND DECEMBER 31, 2018
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]




 
September 30, 2019
 
December 31, 2018
Assets:
 
 
 
 
Investment in Hotel Properties, Net of Accumulated Depreciation
 
$
1,989,982

 
$
2,026,659

Investment in Unconsolidated Joint Ventures
 
6,624

 
4,004

Cash and Cash Equivalents
 
31,621

 
32,598

Escrow Deposits
 
10,540

 
8,185

Hotel Accounts Receivable, Net of Allowance for Doubtful Accounts of $0 and $188
 
9,919

 
10,241

Due from Related Parties
 
5,714

 
3,294

Intangible Assets, Net of Accumulated Amortization of $6,434 and $7,308
 
2,248

 
13,644

Right of Use Assets
 
45,688

 

Other Assets
 
36,726

 
40,005

Total Assets
 
$
2,139,062

 
$
2,138,630


 
 

 
 

Liabilities and Equity:
 
 

 
 

Line of Credit
 
$
46,000

 
$
10,000

Unsecured Term Loans, Net of Unamortized Deferred Financing Costs (Note 5)
 
696,995

 
698,202

Unsecured Notes Payable, Net of Unamortized Deferred Financing Costs (Note 5)
 
50,723

 
50,684

Mortgages Payable, Net of Unamortized Premium and Unamortized Deferred Financing Costs
 
332,872

 
334,145

Lease Liabilities
 
54,706

 

Accounts Payable, Accrued Expenses and Other Liabilities
 
51,882

 
70,947

Dividends and Distributions Payable
 
17,046

 
17,129

Total Liabilities
 
$
1,250,224

 
$
1,181,107

 
 
 
 
 
Redeemable Noncontrolling Interests - Consolidated Joint Venture (Note 1)
 
$
3,196

 
$
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 September 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 September 30, 2019 and December 31, 2018; 38,609,902 and 39,458,626 Shares Issued and Outstanding at September 30, 2019 and December 31, 2018, respectively
 
386

 
395

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

 

Accumulated Other Comprehensive (Loss) Income
 
(4,316
)
 
4,227

Additional Paid-in Capital
 
1,143,764

 
1,155,776

Distributions in Excess of Net Income
 
(318,610
)
 
(267,740
)
Total Shareholders' Equity
 
821,371

 
892,805


 
 
 
 
Noncontrolling Interests (Note 1)
 
64,271

 
62,010


 
 

 
 

Total Equity
 
885,642

 
954,815


 
 

 
 

Total Liabilities and Equity
 
$
2,139,062

 
$
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 NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]


 
Three Months Ended September 30,
 
Nine Months Ended
September 30,

 
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
 
Hotel Operating Revenues:
 

 

 
 
 
 
Room
 
$
108,909

 
$
103,958

 
$
319,374

 
$
292,498

Food & Beverage
 
15,870

 
15,628

 
48,351

 
46,167

Other Operating Revenues
 
10,140

 
8,143

 
29,350

 
22,341

Other Revenues
 
76

 
147

 
214

 
321

Total Revenues
 
134,995

 
127,876

 
397,289

 
361,327

Operating Expenses:
 
 
 
 
 
 
 
 
Hotel Operating Expenses:
 

 

 
 
 
 
Room
 
24,000

 
23,615

 
70,103

 
65,916

Food & Beverage
 
12,605

 
12,475

 
39,427

 
37,657

Other Operating Expenses
 
43,476

 
40,205

 
128,273

 
116,163

Hotel Ground Rent
 
1,228

 
1,328

 
3,452

 
3,605

Real Estate and Personal Property Taxes and Property Insurance
 
10,717

 
8,932

 
29,111

 
25,353

General and Administrative (including Share Based Payments of $2,009 and $2,068, and $7,441 and $6,797 for the three and nine months ended September 30, 2019 and 2018, respectively)
 
5,613

 
5,841

 
19,313

 
18,515

Acquisition and Terminated Transaction Costs
 

 
8

 

 
10

Depreciation and Amortization
 
24,092

 
22,764

 
72,184

 
66,364

Gain on Insurance Settlement
 

 
(4,778
)
 

 
(11,141
)
Total Operating Expenses
 
121,731

 
110,390

 
361,863

 
322,442


 
 
 
 
 
 
 
 
Operating Income
 
13,264

 
17,486

 
35,426

 
38,885

Interest Income
 
66

 
23

 
207

 
68

Interest Expense
 
(12,935
)
 
(12,407
)
 
(39,158
)
 
(35,658
)
Other Expense
 
(246
)
 
(12
)
 
(328
)
 
(718
)
Gain on Disposition of Hotel Properties
 

 

 

 
3,403

Loss on Debt Extinguishment
 
(231
)
 

 
(265
)
 
(22
)
(Loss) Income Before Results from Unconsolidated Joint Venture Investments and Income Taxes
 
(82
)
 
5,090

 
(4,118
)
 
5,958


 
 
 
 
 
 
 
 
Income from Unconsolidated Joint Ventures
 
38

 
582

 
518

 
918


 
 
 
 
 
 
 
 
(Loss) Income Before Income Taxes
 
(44
)
 
5,672

 
(3,600
)
 
6,876


 
 
 
 
 
 
 
 
Income Tax Benefit (Expense)
 
551

 
(2,685
)
 
1,784

 
(1,200
)

 
 
 
 
 
 
 
 
Net Income (Loss)
 
507

 
2,987

 
(1,816
)
 
5,676

Loss Allocated to Noncontrolling Interests - Common Units
 
442

 
72

 
1,554

 
676

(Income) Loss Allocated to Noncontrolling Interests - Consolidated Joint Venture
 
(340
)
 
(250
)
 
(188
)
 
950

Preferred Distributions
 
(6,044
)
 
(6,044
)
 
(18,131
)
 
(18,131
)
Net Loss Applicable to Common Shareholders
 
$
(5,435
)
 
$
(3,235
)
 
$
(18,581
)
 
$
(10,829
)
 
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 NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]


 
Three Months Ended September 30,
 
Nine Months Ended September 30,

 
2019
 
2018
 
2019
 
2018
Earnings Per Share:
 
 
 
 
 
 
 
 
BASIC
 
 
 
 
 
 
 
 
Loss from Continuing Operations Applicable to Common Shareholders
 
$
(0.15
)
 
$
(0.09
)
 
$
(0.50
)
 
$
(0.29
)

 
 
 
 
 
 
 
 
DILUTED
 
 
 
 
 
 
 
 
Loss from Continuing Operations Applicable to Common Shareholders
 
$
(0.15
)
 
$
(0.09
)
 
$
(0.50
)
 
$
(0.29
)

 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding:
 
 
 
 
 
 
 
 
Basic
 
38,878,818

 
39,321,062

 
39,039,665

 
39,400,237

Diluted*
 
38,878,818

 
39,321,062

 
39,039,665

 
39,400,237

 
*
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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Common Units and Vested LTIP Units
3,379,354

 
3,150,256

 
3,356,033

 
3,142,806

Unvested Stock Awards and LTIP Units Outstanding
631,401

 
453,008

 
543,483

 
272,333

Contingently Issuable Share Awards
306,073

 
312,941

 
447,449

 
458,966

Total Potentially Dilutive Securities Excluded from the Denominator
4,316,828

 
3,916,205

 
4,346,965

 
3,874,105

 
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 NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 [UNAUDITED]
[IN THOUSANDS]


Three Months Ended September 30,
 
Nine Months Ended September 30,

2019
 
2018
 
2019
 
2018
Net Income (Loss)
$
507

 
$
2,987

 
$
(1,816
)
 
$
5,676

Other Comprehensive (Loss) Income
 

 
 

 
 

 
 

Change in Fair Value of Derivative Instruments
(111
)
 
914

 
(6,013
)
 
6,273

Less:  Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income
(1,010
)
 
(813
)
 
(3,263
)
 
(1,832
)
Total Other Comprehensive (Loss) Income
$
(1,121
)
 
$
101

 
$
(9,276
)
 
$
4,441


 

 
 

 
 

 
 

Comprehensive (Loss) Income
(614
)
 
3,088

 
(11,092
)
 
10,117

Less:  Comprehensive Loss Attributable to Noncontrolling Interests - Common Units
532

 
65

 
2,289

 
348

Less:  Comprehensive (Income) Loss Attributable to Noncontrolling Interests - Consolidated Joint Venture
(340
)
 
(250
)
 
(188
)
 
950

Less:  Preferred Distributions
(6,044
)
 
(6,044
)
 
(18,131
)
 
(18,131
)
Comprehensive Loss Attributable to Common Shareholders
$
(6,466
)
 
$
(3,141
)
 
$
(27,122
)
 
$
(6,716
)
 
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 NINE MONTHS ENDED SEPTEMBER 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 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

Repurchase of Common Shares
 
(659,898
)
 
(7
)
 

 

 

 
(9,563
)
 

 

 
(9,570
)
 

 

 
(9,570
)
 

Dividends and Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Common Shares ($0.28 per share)
 

 

 

 

 

 

 

 
(10,810
)
 
(10,810
)
 

 

 
(10,810
)
 

Preferred Shares
 

 

 

 

 

 

 

 
(6,044
)
 
(6,044
)
 

 

 
(6,044
)
 

Common Units ($0.28 per share)
 

 

 

 

 

 

 

 

 

 

 
(579
)
 
(579
)
 

LTIP Units ($0.28 per share)
 

 

 

 

 

 

 

 

 

 

 
(619
)
 
(619
)
 

Dividend Reinvestment Plan
 
389

 

 

 

 

 
6

 

 

 
6

 

 

 
6

 

Share Based Compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Grants
 
28,487

 

 

 

 

 

 

 

 

 

 

 

 

Amortization
 

 

 

 

 

 
722

 

 

 
722

 

 
1,427

 
2,149

 

Change in Fair Value of Derivative Instruments
 

 

 

 

 

 

 
(1,031
)
 

 
(1,031
)
 

 
(90
)
 
(1,121
)
 

Adjustment to Record Noncontrolling Interest at Redemption Value
 

 

 

 

 

 
(340
)
 

 

 
(340
)
 

 

 
(340
)
 
340

Net Income (Loss)
 

 

 

 

 

 

 

 
949

 
949

 

 
(442
)
 
507

 

Balance at September 30, 2019
 
38,609,902

 
386

 

 
14,703,214

 
147

 
1,143,764

 
(4,316
)
 
(318,610
)
 
821,371

 
4,279,946

 
64,271

 
885,642

 
3,196

 
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 NINE MONTHS ENDED SEPTEMBER 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 June 30, 2018
 
39,379,211

 
394

 

 
14,703,214

 
147

 
1,156,604

 
7,769

 
(241,776
)
 
923,138

 
3,766,540

 
63,117

 
986,255

 
2,186

Unit Conversion
 
16,875

 
1

 

 

 

 
400

 

 

 
401

 
(16,875
)
 
(401
)
 

 

ATM Issuance Costs
 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Shares ($0.28 per share)
 

 

 

 

 

 

 

 
(11,039
)
 
(11,039
)
 

 

 
(11,039
)
 

Preferred Shares
 

 

 

 

 

 

 

 
(6,044
)
 
(6,044
)
 

 

 
(6,044
)
 

Common Units ($0.28 per share)
 

 

 

 

 

 

 

 

 

 

 
(578
)
 
(578
)
 

LTIP Units ($0.28 per share)
 

 

 

 

 

 

 

 

 

 

 
(471
)
 
(471
)
 

Dividend Reinvestment Plan
 
943

 

 

 

 

 
20

 

 

 
20

 

 

 
20

 

Share Based Compensation: