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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, 2020

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 DriveHarrisburgPA 17102
(Address of Principal Executive Offices) (Zip Code)

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

Former name, former address and former fiscal year, if changed since last report: Not applicable

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Shares of Beneficial Interest, par value $.01 per shareHTNew York Stock Exchange
6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per shareHT-PCNew York Stock Exchange
6.500% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per shareHT-PDNew York Stock Exchange
6.500% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per shareHT-PENew York Stock Exchange

Indicate by check mark whether the registrant (1) 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 (2) 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:

Large accelerated filerAccelerated filer
Non-accelerated filerSmall 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 Exchange Act).
Yes No 

As of August 6, 2020, the number of Class A common shares of beneficial interest outstanding was 38,789,371 and there were no Class B common shares of beneficial interest outstanding.



 Hersha Hospitality Trust
Table of Contents
PART I.  FINANCIAL INFORMATIONPage
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, 2020 (UNAUDITED) AND DECEMBER 31, 2019
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]



June 30, 2020December 31, 2019
Assets:  
Investment in Hotel Properties, Net of Accumulated Depreciation$1,902,464  $1,975,973  
Investment in Unconsolidated Joint Ventures7,527  8,446  
Cash and Cash Equivalents23,228  27,012  
Escrow Deposits7,374  9,973  
Hotel Accounts Receivable3,801  9,213  
Due from Related Parties2,363  6,113  
Intangible Assets, Net of Accumulated Amortization of $6,705 and $6,545
1,876  2,137  
Right of Use Assets44,761  45,384  
Other Assets20,996  38,177  
Hotel Assets Held for Sale40,170    
Total Assets$2,054,560  $2,122,428  
  
Liabilities and Equity:  
Line of Credit$95,000  $48,000  
Term Loans, Net of Unamortized Deferred Financing Costs (Note 5)697,597  697,183  
Unsecured Notes Payable, Net of Unamortized Deferred Financing Costs (Note 5)50,763  50,736  
Mortgages Payable, Net of Unamortized Premium and Unamortized Deferred Financing Costs331,771  332,280  
Lease Liabilities54,217  54,548  
Accounts Payable, Accrued Expenses and Other Liabilities74,161  47,626  
Dividends and Distributions Payable  17,058  
Total Liabilities$1,303,509  $1,247,431  
Redeemable Noncontrolling Interests - Consolidated Joint Venture (Note 1)$  $3,196  
  
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, 2020 and December 31, 2019, with Liquidation Preferences of $25.00 Per Share (Note 1)
$147  $147  
Common Shares:  Class A, $.01 Par Value, 104,000,000 Shares Authorized at June 30, 2020 and December 31, 2019; 38,789,371 and 38,652,650 Shares Issued and Outstanding at June 30, 2020 and December 31, 2019, respectively
388  387  
Common Shares:  Class B, $.01 Par Value, 1,000,000 Shares Authorized, None Issued and Outstanding at June 30, 2020 and December 31, 2019
    
Accumulated Other Comprehensive (Loss) Income(27,097) 1,010  
Additional Paid-in Capital1,149,291  1,144,808  
Distributions in Excess of Net Income(427,393) (338,695) 
Total Shareholders' Equity695,336  807,657  
  
Noncontrolling Interests (Note 1)55,715  64,144  
  
Total Equity751,051  871,801  
  
Total Liabilities and Equity$2,054,560  $2,122,428  
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.
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HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Revenue:  
Hotel Operating Revenues:
Room$15,139  $118,980  $86,222  $210,465  
Food & Beverage136  18,253  10,211  32,481  
Other Operating Revenues2,137  10,280  10,917  19,210  
Other Revenues29  (12) 228  138  
Total Revenues17,441  147,501  107,578  262,294  
Operating Expenses:  
Hotel Operating Expenses:
Room3,622  24,013  22,714  46,103  
Food & Beverage721  13,990  11,342  26,822  
Other Operating Expenses14,035  44,607  49,841  84,796  
Hotel Ground Rent1,058  1,114  2,121  2,224  
Real Estate and Personal Property Taxes and Property Insurance9,969  8,997  19,911  18,394  
General and Administrative (including Share Based Payments of $1,799 and $3,474, and $4,255 and $5,432 for the three and six months ended June 30, 2020 and 2019, respectively)
4,187  8,100  10,021  13,700  
Loss on Impairment of Assets1,069    1,069    
Depreciation and Amortization24,322  23,964  48,510  48,092  
Total Operating Expenses58,983  124,785  165,529  240,131  
  
Operating (Loss) Income(41,542) 22,716  (57,951) 22,163  
Interest Income2  58  38  141  
Interest Expense(13,481) (13,325) (26,488) (26,223) 
Other Expense(385) (124) (457) (83) 
Loss on Debt Extinguishment  (34)   (34) 
(Loss) Income Before Results from Unconsolidated Joint Venture Investments and Income Taxes(55,406) 9,291  (84,858) (4,036) 
  
(Loss) Income from Unconsolidated Joint Ventures(502) 299  (1,520) 480  
  
(Loss) Income Before Income Taxes(55,908) 9,590  (86,378) (3,556) 
  
Income Tax (Expense) Benefit(15,872) (4,031) (11,374) 1,233  
  
Net (Loss) Income(71,780) 5,559  (97,752) (2,323) 
Loss Allocated to Noncontrolling Interests - Common Units7,164  49  10,061  1,112  
Loss (Income) Allocated to Noncontrolling Interests - Consolidated Joint Venture3,196  (8) 3,196  152  
Preferred Distributions(6,044) (6,043) (12,088) (12,087) 
Net Loss Applicable to Common Shareholders$(67,464) $(443) $(96,583) $(13,146) 
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.

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HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Earnings Per Share:    
BASIC    
Loss from Continuing Operations Applicable to Common Shareholders$(1.75) $(0.02) $(2.50) $(0.35) 
    
DILUTED    
Loss from Continuing Operations Applicable to Common Shareholders$(1.75) $(0.02) $(2.50) $(0.35) 
    
Weighted Average Common Shares Outstanding:    
Basic38,609,922  39,127,385  38,587,011  39,121,421  
Diluted*38,609,922  39,127,385  38,587,011  39,121,421  
*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,
 2020201920202019
Common Units and Vested LTIP Units3,943,319  3,379,354  3,891,032  3,344,178  
Unvested Stock Awards and LTIP Units Outstanding547,315  616,937  267,443  423,399  
Contingently Issuable Share Awards185,754  320,240  680,979  507,006  
Total Potentially Dilutive Securities Excluded from the Denominator4,676,388  4,316,531  4,839,454  4,274,583  
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.
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HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 [UNAUDITED]
[IN THOUSANDS]

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net (Loss) Income$(71,780) $5,559  $(97,752) $(2,323) 
Other Comprehensive Loss    
Change in Fair Value of Derivative Instruments(2,020) (4,122) (33,146) (5,902) 
Less:  Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income1,228  (1,112) 2,205  (2,253) 
Total Other Comprehensive Loss $(792) $(5,234) $(30,941) $(8,155) 
    
Comprehensive (Loss) Income(72,572) 325  (128,693) (10,478) 
Less:  Comprehensive Loss Attributable to Noncontrolling Interests - Common Units7,270  465  12,895  1,755  
Less:  Comprehensive Loss (Income) Attributable to Noncontrolling Interests - Consolidated Joint Venture3,196  (8) 3,196  152  
Less:  Preferred Distributions(6,044) (6,043) (12,088) (12,087) 
Comprehensive Loss Attributable to Common Shareholders$(68,150) $(5,261) $(124,690) $(20,658) 
The Accompanying Notes are an Integral Part of These Consolidated Financial Statements.
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HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARES]

Shareholders' EquityNoncontrolling InterestsRedeemable Noncontrolling Interests
Common SharesClass A Common Shares ($)Class B Common Shares ($)Preferred SharesPreferred Shares ($)Additional Paid-In Capital ($)Accumulated Other Comprehensive Income ($)Distributions in Excess of Net Income ($)Total Shareholders' Equity ($)Common Units and LTIP UnitsCommon Units and LTIP Units ($)Total Equity ($)Consolidated Joint Venture ($)
Balance at March 31, 202038,673,242  387    14,703,214  147  1,145,450  (26,411) (362,777) 756,796  4,279,946  59,162  815,958  3,196  
Issuance Costs—  —  —  —  —  (10) —  —  (10) —  —  (10) —  
Share Based Compensation:
Grants116,129  1  —  —  —  —  —  —  1  1,101,924  —  1  —  
Amortization—  —  —  —  —  655  —  —  655  3,823  4,478  —  
Change in Fair Value of Derivative Instruments—  —  —  —  —  —  (686) —  (686) —  (106) (792) —  
Adjustment to Record Noncontrolling Interest at Redemption Value—  —  —  —  —  3,196  —  —  3,196  —  —  3,196  (3,196) 
Net Loss—  —  —  —  —  —  —  (64,616) (64,616) —  (7,164) (71,780) —  
Balance at June 30, 202038,789,371  388    14,703,214  147  1,149,291  (27,097) (427,393) 695,336  5,381,870  55,715  751,051    
The Accompanying Notes are an Integral Part of These Consolidated Financial Statements.











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HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARES]
Shareholders' EquityNoncontrolling InterestsRedeemable Noncontrolling Interests
Common SharesClass A Common Shares ($)Class B Common Shares ($)Preferred SharesPreferred Shares ($)Additional Paid-In Capital ($)Accumulated Other Comprehensive Income ($)Distributions in Excess of Net Income ($)Total Shareholders' Equity ($)Common Units and LTIP UnitsCommon Units and LTIP Units ($)Total Equity ($)Consolidated Joint Venture ($)
Balance at March 31, 201939,213,269  392    14,703,214  147  1,151,654  1,534  (291,282) 862,445  4,279,946  64,808  927,253  2,848  
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 Plan1,231  —  —  —  —  21  —  —