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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, 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 November 9, 2020, the number of Class A common shares of beneficial interest outstanding was 38,843,482 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 SEPTEMBER 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]



September 30, 2020December 31, 2019
Assets:  
Investment in Hotel Properties, Net of Accumulated Depreciation$1,883,335 $1,975,973 
Investment in Unconsolidated Joint Ventures7,082 8,446 
Cash and Cash Equivalents13,139 27,012 
Escrow Deposits7,124 9,973 
Hotel Accounts Receivable3,741 9,213 
Due from Related Parties1,910 6,113 
Intangible Assets, Net of Accumulated Amortization of $6,796 and $6,545
1,786 2,137 
Right of Use Assets44,447 45,384 
Other Assets22,895 38,177 
Hotel Assets Held for Sale40,195  
Total Assets$2,025,654 $2,122,428 
  
Liabilities and Equity:  
Line of Credit$115,000 $48,000 
Term Loans, Net of Unamortized Deferred Financing Costs (Note 5)697,836 697,183 
Unsecured Notes Payable, Net of Unamortized Deferred Financing Costs (Note 5)50,776 50,736 
Mortgages Payable, Net of Unamortized Premium and Unamortized Deferred Financing Costs331,409 332,280 
Lease Liabilities54,042 54,548 
Accounts Payable, Accrued Expenses and Other Liabilities67,000 47,626 
Dividends and Distributions Payable 17,058 
Total Liabilities$1,316,063 $1,247,431 
Redeemable Noncontrolling Interests - Consolidated Joint Venture (Note 1)$ $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 September 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 September 30, 2020 and December 31, 2019; 38,843,482 and 38,652,650 Shares Issued and Outstanding at September 30, 2020 and December 31, 2019, respectively
389 387 
Common Shares:  Class B, $.01 Par Value, 1,000,000 Shares Authorized, None Issued and Outstanding at September 30, 2020 and December 31, 2019
  
Accumulated Other Comprehensive (Loss) Income(22,747)1,010 
Additional Paid-in Capital1,150,057 1,144,808 
Distributions in Excess of Net Income(470,534)(338,695)
Total Shareholders' Equity657,312 807,657 
  
Noncontrolling Interests (Note 1)52,279 64,144 
  
Total Equity709,591 871,801 
  
Total Liabilities and Equity$2,025,654 $2,122,428 
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.
4

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

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenue:  
Hotel Operating Revenues:
Room$27,546 $108,909 $113,768 $319,374 
Food & Beverage2,441 15,870 12,652 48,351 
Other Operating Revenues3,734 10,140 14,651 29,350 
Other Revenues25 76 253 214 
Total Revenues33,746 134,995 141,324 397,289 
Operating Expenses:  
Hotel Operating Expenses:
Room7,436 24,000 30,150 70,103 
Food & Beverage2,344 12,605 13,686 39,427 
Other Operating Expenses17,965 43,476 67,806 128,273 
Hotel Ground Rent1,062 1,228 3,183 3,452 
Real Estate and Personal Property Taxes and Property Insurance10,597 10,717 30,508 29,111 
General and Administrative (including Share Based Payments of $1,936 and $2,009, and $6,191 and $7,441 for the three and nine months ended September 30, 2020 and 2019, respectively)
4,397 5,613 14,418 19,313 
Loss on Impairment of Assets  1,069  
Depreciation and Amortization24,055 24,092 72,565 72,184 
Total Operating Expenses67,856 121,731 233,385 361,863 
  
Operating (Loss) Income(34,110)13,264 (92,061)35,426 
Interest Income1 66 39 207 
Interest Expense(13,350)(12,935)(39,838)(39,158)
Other Expense(73)(246)(530)(328)
Loss on Debt Extinguishment (231) (265)
Loss Before Results from Unconsolidated Joint Venture Investments and Income Taxes(47,532)(82)(132,390)(4,118)
  
(Loss) Income from Unconsolidated Joint Ventures(669)38 (2,189)518 
  
Loss Before Income Taxes(48,201)(44)(134,579)(3,600)
  
Income Tax Benefit (Expense)28 551 (11,346)1,784 
  
Net (Loss) Income(48,173)507 (145,925)(1,816)
Loss Allocated to Noncontrolling Interests - Common Units5,032 442 15,093 1,554 
Loss (Income) Allocated to Noncontrolling Interests - Consolidated Joint Venture (340)3,196 (188)
Preferred Distributions(6,044)(6,044)(18,132)(18,131)
Net Loss Applicable to Common Shareholders$(49,185)$(5,435)$(145,768)$(18,581)
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 NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Earnings Per Share:    
BASIC    
Loss from Continuing Operations Applicable to Common Shareholders$(1.27)$(0.15)$(3.78)$(0.50)
    
DILUTED    
Loss from Continuing Operations Applicable to Common Shareholders$(1.27)$(0.15)$(3.78)$(0.50)
    
Weighted Average Common Shares Outstanding:    
Basic38,639,048 38,878,818 38,604,483 39,039,665 
Diluted*38,639,048 38,878,818 38,604,483 39,039,665 
*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,
 2020201920202019
Common Units and Vested LTIP Units3,959,204 3,379,354 3,913,922 3,356,033 
Unvested Stock Awards and LTIP Units Outstanding915,586 631,401 595,539 543,483 
Contingently Issuable Share Awards170,664 306,073 537,189 447,449 
Total Potentially Dilutive Securities Excluded from the Denominator5,045,454 4,316,828 5,046,650 4,346,965 
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 NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 [UNAUDITED]
[IN THOUSANDS]

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net (Loss) Income$(48,173)$507 $(145,925)$(1,816)
Other Comprehensive Loss    
Change in Fair Value of Derivative Instruments3,710 (111)(29,435)(6,013)
Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income1,066 (1,010)3,271 (3,263)
Total Other Comprehensive Income (Loss) $4,776 $(1,121)$(26,164)$(9,276)
    
Comprehensive Loss(43,397)(614)(172,089)(11,092)
Less:  Comprehensive Loss Attributable to Noncontrolling Interests - Common Units4,608 532 17,503 2,289 
Less:  Comprehensive Loss (Income) Attributable to Noncontrolling Interests - Consolidated Joint Venture (340)3,196 (188)
Less:  Preferred Distributions(6,044)(6,044)(18,132)(18,131)
Comprehensive Loss Attributable to Common Shareholders$(44,833)$(6,466)$(169,522)$(27,122)
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 NINE MONTHS ENDED SEPTEMBER 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 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  
Share Based Compensation:
Grants54,111 1 — — — — — — 1 10,938 — 1 — 
Amortization— — — — — 766 — — 766 1,168 1,934 — 
Change in Fair Value of Derivative Instruments— — — — — — 4,350 — 4,350 — 428 4,778 — 
Net Income (Loss)— — — — — — — (43,141)(43,141)— (5,032)(48,173)— 
Balance at September 30, 202038,843,482 389  14,703,214 147 1,150,057 (22,747)(470,534)657,312 5,392,808 52,279 709,591  
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 NINE MONTHS ENDED SEPTEMBER 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 June 30, 201939,240,924 393  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 ($0.84 per share)
— — — — — — — (10,810)(10,810)— — (10,810)— 
Preferred Shares— — — — — — — (6,044)(6,044)— — (6,044)— 
Common Units ($0.84 per share)
— — — — — — — — — — (579)(579)— 
LTIP Units ($0.84 per share)
— — — — — — — — — — (619)(619)— 
Dividend Reinvestment Plan389 — — — — 6 — — 6 — — 6 — 
Share Based Compensation:
Grants28,487 — — — — — — — — — — — — 
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 Loss— — — — — — — 949 949 — (442)507 — 
Balance at September 30, 201938,609,902 386  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.




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HERSHA HOSPITALITY TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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 December 31, 201938,652,650 387  14,703,214 147 1,144,808 1,010 (338,695)807,657 4,279,946 64,144 871,801 3,196 
Issuance Costs— — — — — (30)— — (30)— — (30)— 
Dividends and Distributions declared:
Preferred Shares— — — — — — — (1,007)(1,007)— — (1,007)— 
Dividend Reinvestment Plan1,094 — — — — 14 — — 14 — — 14 — 
Share Based Compensation:
Grants189,738 2 — — — — — — 2 1,112,862 — 2 — 
Amortization— — — — — 2,069 — — 2,069 5,635 7,704 — 
Change in Fair Value of Derivative Instruments— — — — — — (23,757)— (23,757)— (2,407)(26,164)— 
Adjustment to Record Noncontrolling Interest at Redemption Value— — — — — 3,196 — — 3,196 — — 3,196 (3,196)
Net Loss— — — — — — — (130,832)(130,832)— (15,093)(145,925)— 
Balance at September 30, 202038,843,482 389  14,703,214 147 1,150,057 (22,747)(470,534)657,312 5,392,808 52,279 709,591  


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 NINE MONTHS ENDED SEPTEMBER 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 December 31, 201839,458,626 395  14,703,214 147 1,155,776 4,227 (267,740)892,805 3,749,665 62,010 954,815 2,708 
Repurchase of Common Shares(933,436)(10)— — — (14,255)— — (14,265)— — (14,265)— 
Issuance Costs— — — — — (21)— — (21)— — (21)— 
Dividends and Distributions declared:
Common Shares ($0.56 per share)
— — — — — — — (32,777)(32,777)— — (32,777)— 
Preferred Shares— — — — — — — (18,131)(18,131)— — (18,131)— 
Common Units ($0.56 per share)
— — — — — — — — — — (1,736)(1,736)— 
LTIP Units ($0.56 per share)
— — — — — — — — — — (1,982)(1,982)— 
Dividend Reinvestment Plan2,885 — — — — 48 — — 48 — — 48 — 
Share Based Compensation:
Grants81,827 1 — — — 400 — — 401 530,281 — 401 — 
Amortization— — — — — 2,304 — — 2,304 — 8,266 10,570 — 
Equity Contribution to Consolidated Joint Venture— — — — — — — — — —