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block; margin-left: 0pt; margin-right: 0pt;">&#160;</div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Certain common units of limited partnership interests in HHLP ("Redeemable Common Units") have been pledged as collateral in connection with a pledge and security agreement entered into by the Company and the holders of the Redeemable Common Units.&#160;&#160;The redemption feature contained in the pledge and security agreement where the Redeemable Common Units serve as collateral contains a provision that could result in a net cash settlement outside the control of the Company.&#160;&#160;As a result, the Redeemable Common Units are classified in the mezzanine section of the consolidated balance sheets as they do not meet the requirements for equity classification under US GAAP.&#160;&#160;The carrying value of the Redeemable Common Units equals the greater of carrying value based on the accumulation of historical cost or the redemption value.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">As of September 30, 2012, there were 3,064,252 Redeemable Common Units outstanding with a redemption value equal to the fair value of the Redeemable Common Units, or $15,015.&#160;&#160;Historical cost of these units was $11,962 as of September 30, 2012.&#160;&#160;As of December 31, 2011, redemption value was $14,955 and historical cost was $12,402.&#160;&#160;The redemption value of the Redeemable Common Units is based on the price per share of our common shares on the NYSE on such date.&#160;&#160;As of September 30, 2012 and December 31, 2011, the Redeemable Common Units were valued on the consolidated balance sheets at redemption value since the Redeemable Common Units redemption value was greater than historical cost.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Net income or loss related to Nonredeemable Common Units and Redeemable Common Units (collectively, "Common Units"), as well as the net income or loss related to the noncontrolling interests of our consolidated joint ventures, is included in net income or loss in the consolidated statements of operations and is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations.</div></div> 5652000 6477000 6461000 17694000 16655000 53249000 41675000 144594000 112422000 214000 5804000 4781000 16083000 14203000 <div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">NOTE 6 &#8211; DEBT</div><div style="text-indent: 0pt; display: block;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">&#160;</div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Mortgages</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">We had total mortgages payable at September 30, 2012, and December 31, 2011 of $700,451 and $717,367 (including $61,758 in outstanding mortgage indebtedness relating to assets held for sale), respectively.&#160;&#160;These balances consisted of mortgages with fixed and variable interest rates, which ranged from 2.22% to 8.25% as of September 30, 2012. Included in these balances are net premiums of $3,458 and $667 as of September 30, 2012 and December 31, 2011, respectively, which are amortized over the remaining life of the loans. Aggregate interest expense incurred under the mortgage loans payable totaled $9,718 and $10,248 during the three months ended September 30, 2012 and 2011, respectively, and $29,101 and $29,053 during the nine months ended September 30, 2012 and 2011, respectively.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Our mortgage indebtedness contains various financial and non-financial covenants customarily found in secured, non-recourse financing arrangements.&#160;&#160;Our mortgage loans payable typically require that specified debt service coverage ratios be maintained with respect to the financed properties before we can exercise certain rights under the loan agreements relating to such properties.&#160;&#160;If the specified criteria are not satisfied, the lender may be able to escrow cash flow generated by the property securing the applicable mortgage loan. We have determined that certain debt service coverage ratio covenants contained in the loan agreements securing 10 of our hotel properties were not met as of September 30, 2012.&#160;&#160;Pursuant to these loan agreements, the lender has elected to escrow the operating cash flow for a number of these properties.&#160;&#160;&#160;However, these covenants do not constitute an event of default for these loans. As of September 30, 2012, we were in compliance with all events of default covenants under the applicable loan agreements.&#160;&#160;As noted in "Note 12 &#8211; Discontinued Operations," the Comfort Inn, North Dartmouth, MA, ceased operations on March 31, 2011.&#160;&#160;Effective March 30, 2012, we transferred title to the property to the lender.&#160;&#160;At the time of transfer, the remaining principal and accrued interest due on the mortgage loan payable related to this asset were $2,940 and $166, respectively.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">As of September 30, 2012, the maturity dates for the outstanding mortgage loans ranged from November 2012 to September 2023.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Subordinated Notes Payable</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">We have two junior subordinated notes payable in the aggregate amount of $51,548 to the Hersha Statutory Trusts pursuant to indenture agreements which will mature on July 30, 2035, but may be redeemed at our option, in whole or in part, prior to maturity in accordance with the provisions of the indenture agreement.&#160;&#160;The $25,774 notes issued to Hersha Statutory Trust I and Hersha Statutory Trust II, bear interest at a variable rate of LIBOR plus 3% per annum.&#160;&#160;This rate resets two business days prior to each quarterly payment.&#160;&#160;The weighted average interest rate on our two junior subordinated notes payable during the three months ended September 30, 2012 and 2011 was 3.53% and 3.33%, respectively, and 3.54% and 3.31% for the nine months ended September 30, 2012 and 2011, respectively.&#160;&#160;Interest expense in the amount of $455 and $429 was recorded for the three months ended September 30, 2012 and 2011, respectively, and $1,368 and $1,282 for the nine months ended September 30, 2012 and 2011, respectively.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Revolving Credit Facility</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">We maintain a revolving line of credit, pursuant to a Revolving Credit Loan and Security Agreement with T.D. Bank, NA and various other lenders.&#160;&#160;The credit agreement provides for a revolving line of credit in the principal amount of up to $250,000, including a sub-limit of $25,000 for irrevocable stand-by letters of credit and a $10,000 sub-limit for the swingline loans.&#160;&#160;Borrowings under the revolving line of credit may be used for working capital and general corporate purposes and for the purchase of additional hotels.&#160;&#160;The revolving line of credit expires in November 2013, and, provided no event of default has occurred and remains uncured, we may request that T.D. Bank, NA and the other lenders renew the revolving line of credit for an additional one-year period.</div><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&#160;</div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The $250,000 revolving credit facility is collateralized by a first lien-security interest in all existing and future unencumbered assets of HHLP, a collateral assignment of all hotel management contracts of the management companies in the event of default, and title-insured, first-lien mortgages on the following hotel properties:</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- Hampton Inn, Philadelphia, PA</div></td><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- Residence Inn, Langhorne, PA</div></td></tr><tr><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- Hampton Inn, Washington, DC</div></td><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- Residence Inn, Norwood, MA</div></td></tr><tr><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- Hampton Inn (Pearl Street), New York, NY</div></td><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- Sheraton Hotel, JFK Airport, New York, NY</div></td></tr><tr><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- Towneplace Suites, Harrisburg, PA</div></td><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- Hyatt Place, King of Prussia, PA</div></td></tr><tr><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- Comfort Inn, Harrisburg, PA</div></td><td align="left" valign="bottom" style="width: 50%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">- The Rittenhouse Hotel, Philadelphia, PA</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-indent: 0pt; display: block; font-family: Times New Roman; font-size: 10pt;">At our option, the interest rate on loans provided under the line of credit will be either (i) the variable prime rate, as defined in the credit agreement, plus an applicable margin ranging between 150 and 175 basis points per annum or (ii) LIBOR plus an applicable margin ranging between 350 and 375 basis points per year, subject to a floor of 4.25%.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The credit agreement providing for the $250,000 revolving credit facility includes certain financial covenants and requires that we maintain: (1) a minimum tangible net worth of $500,000, which is subject to increases under certain circumstances; (2) maximum accounts and other receivables from affiliates of $125,000; (3) annual distributions not to exceed 95% of adjusted funds from operations; (4) maximum non-hedged variable rate indebtedness to total debt of 30%; and (5) certain financial ratios, including the following:</div><div style="text-indent: 0pt; display: block;"><br /></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td style="width: 27pt;"><div style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">&#8211;</div></td><td><div style="text-align: left; font-family: Times New Roman; font-size: 10pt;">a fixed charge coverage ratio of not less than 1.25 to 1.00 which increased to 1.35 to 1.00 as of September 30, 2011, and increased to 1.45 to 1.00 as of September 30, 2012; and</div></td></tr></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td style="width: 27pt;"><div style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">&#8211;</div></td><td><div style="text-align: left; font-family: Times New Roman; font-size: 10pt;">a total funded liabilities to gross asset value ratio of not more than 0.65 to 1.00.</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The Company is in compliance with each of the covenants listed above as of September 30, 2012.</div><div style="text-indent: 0pt; 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The Company recorded interest expense of $305 and $487 related to the revolving line of credit borrowings for the three months ended September 30, 2012 and 2011, respectively, and $1,818 and $1,674 for the nine months ended September 30, 2012 and 2011, respectively.&#160;&#160;The weighted average interest rate on our revolving line of credit during the three months ended September 30, 2012 and 2011 was 4.31% and 4.45%, respectively, and 4.55% and 4.37% during the nine months ended September 30, 2012 and 2011, respectively.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">As of September 30, 2012 we had $8,622 in irrevocable letters of credit issued and our remaining borrowing capacity under the Line of Credit was $213,378.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; 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Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation, have been included. Operating results for the three and nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012 or any future period.&#160;&#160;Accordingly, readers of these consolidated interim financial statements should refer to the Company's audited financial statements prepared in accordance with US GAAP, and the related notes thereto, for the year ended December 31, 2011, which are included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as certain footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from this report pursuant to the rules of the SEC.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">We are a self-advised Maryland real estate investment trust that was organized in May 1998 and completed our initial public offering in January 1999. 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We own our hotels and our investments in joint ventures through our operating partnership, Hersha Hospitality Limited Partnership ("HHLP"), for which we serve as the sole general partner.&#160;&#160;As of September 30, 2012, we owned an approximate 96.5% partnership interest in our operating partnership, including a 1.0% general partnership interest.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Noncontrolling Interest</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">We classify the noncontrolling interests of our consolidated joint ventures and certain common units of limited partnership interests in HHLP ("Nonredeemable Common Units") as equity.&#160;&#160;The noncontrolling interests of Nonredeemable Common Units totaled $15,855 as of September 30, 2012 and $16,864 as of December 31, 2011.&#160;&#160;As of September 30, 2012, there were 4,098,254 Nonredeemable Common Units outstanding with a fair market value of $20,081, based on the price per share of our common shares on the New York Stock Exchange on such date.&#160;&#160;In accordance with HHLP's partnership agreement, holders of these units may redeem them for cash unless we, in our sole and absolute discretion, elect to issue common shares on a one-for-one basis in lieu of paying cash.</div><div style="text-align: left; 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Shares are earned under the 2012 Annual LTIP based on achieving a threshold, target or maximum level of performance in the performance of RevPAR growth in certain defined areas. The Company accounts for these grants as performance awards for which the Company assesses the probable achievement of the performance conditions at the end of each period. On May 7, 2010, the Compensation Committee adopted the Multi-Year LTIP. This program has a three-year performance period, which commenced on January 1, 2010 and will end on December 31, 2012. The common shares issuable pursuant to the 2012 Plan in settlement of equity awards granted under this program are based upon the Company's achievement of a certain level of (1) absolute total shareholder return (75% of the award), and (2) relative total shareholder return as compared to the Company's peer group (25% of the award). 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text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman;">We have opportunistically engaged in development of hotel assets.&#160;&#160;We capitalize expenditures related to hotel development projects and renovations, including indirect costs such as interest expense, real estate taxes and utilities related to hotel development projects and renovations.</font></div><div style="text-indent: 0pt; display: block;"><font style="display: inline; font-family: Times New Roman;"><br /></font></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman;">On July 22, 2011, the Company completed the acquisition of the real property and improvements located at 32 Pearl Street, New York, NY from an unaffiliated seller for a total purchase price of $28,300.&#160;&#160;The property is a re-development project which was initiated in 2008. 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