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Investment In Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2013
Investment In Unconsolidated Joint Ventures [Abstract]  
Investment In Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent

 

Preferred

 

 

September 30,

 

 

December 31,

Joint Venture

 

Hotel Properties

 

Owned

 

Return

 

 

2013

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

SB Partners, LLC

 

Holiday Inn Express, South Boston, MA

 
50.0% 

 

N/A

 

$
1,282 

 

$
1,292 

Hiren Boston, LLC

 

Courtyard by Marriott, South Boston, MA

 
50.0% 

 

N/A

 

 
4,955 

 

 
4,964 

Mystic Partners, LLC

 

Hilton and Marriott branded hotels in CT

 

8.8%-66.7%

 

8.5% non-cumulative

 

 
8,014 

 

 
9,751 

 

 

 

 

 

 

 

 

$
14,251 

 

$
16,007 

 

Income Or Loss From Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

 

2013

 

 

2012

 

 

2013

 

 

2012

SB Partners, LLC

 

$
188 

 

$
200 

 

$
190 

 

$
105 

Hiren Boston, LLC

 

 
141 

 

 
145 

 

 
90 

 

 
249 

Mystic Partners, LLC

 

 
(102)

 

 
(108)

 

 
(301)

 

 
(319)

Metro 29th Street Associates, LLC

 

 

 -

 

 

 -

 

 

 -

 

 
(114)

Income (Loss) from Unconsolidated Joint Venture Investments

 

 
227 

 

 
237 

 

 
(21)

 

 
(79)

Loss from Remeasurement of Investment in Unconsolidated Joint Ventures

 

 

 -

 

 
(1,668)

 

 

 -

 

 
(1,892)

Income (Loss) from Unconsolidated Joint Venture Investments

 

$
227 

 

$
(1,431)

 

$
(21)

 

$
(1,971)

 

Summary Financial Information Related To Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheets

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2013

 

 

2012

Assets

 

 

 

 

 

 

Investment in Hotel Properties, Net

 

$
115,297 

 

$
118,506 

Other Assets

 

 
20,525 

 

 
20,709 

Assets Held For Sale

 

 

 -

 

 
5,875 

Total Assets

 

$
135,822 

 

$
145,090 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Mortgages and Notes Payable

 

$
118,049 

 

$
119,236 

Other Liabilities

 

 
34,889 

 

 
36,292 

Liabilities Related to Assets Held For Sale

 

 

 -

 

 
6,071 

Equity:

 

 

 

 

 

 

Hersha Hospitality Trust

 

 
26,481 

 

 
28,581 

Joint Venture Partner(s)

 

 
(43,597)

 

 
(45,090)

Total Equity

 

 
(17,116)

 

 
(16,509)

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$
135,822 

 

$
145,090 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30

 

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Room Revenue

 

$
16,080 

 

$
14,898 

 

$
43,920 

 

$
48,845 

Other Revenue

 

 
4,960 

 

 
4,807 

 

 
16,204 

 

 
16,151 

Operating Expenses

 

 
(14,222)

 

 
(13,425)

 

 
(41,315)

 

 
(43,526)

Interest Expense

 

 
(1,866)

 

 
(1,873)

 

 
(5,590)

 

 
(5,761)

Lease Expense

 

 
(250)

 

 
(266)

 

 
(745)

 

 
(3,482)

Property Taxes and Insurance

 

 
(740)

 

 
(700)

 

 
(2,260)

 

 
(2,679)

General and Administrative

 

 
(1,276)

 

 
(1,359)

 

 
(4,205)

 

 
(4,525)

Depreciation and Amortization

 

 
(1,630)

 

 
(1,538)

 

 
(4,862)

 

 
(4,759)

Loss Allocated to Noncontrolling Interests

 

 
(26)

 

 
25 

 

 
(121)

 

 
(2,616)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income from Continuing Operations

 

 
1,030 

 

 
569 

 

 
1,026 

 

 
(2,352)

Income (Loss) from Discontinued Operations

 

 

 -

 

 
181 

 

 
(55)

 

 
85 

Gain on Disposition of Hotel Properties

 

 

 -

 

 

 -

 

 
1,162 

 

 
25,130 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Net Income

 

$
1,030 

 

$
750 

 

$
2,133 

 

$
22,863 

 

Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2013

 

 

2012

Company's share of equity recorded on the joint ventures' financial statements

 

$
26,481 

 

$
28,581 

Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)

 

 
(12,230)

 

 
(12,574)

Investment in Unconsolidated Joint Ventures

 

$
14,251 

 

$
16,007 

 

(1)  Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following:

 

·

cumulative impairment of the Company’s investment in joint ventures not reflected on the joint ventures' financial statements;

·

the Company’s basis in the investment in joint ventures not recorded on the joint ventures' financial statements; and

accumulated amortization of the Company’s equity in joint ventures that reflects the Company’s portion of the excess of the fair value of joint ventures' assets on the date of our investment over the carrying value of the assets recorded on the joint ventures financial statements (this excess investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on the Company’s consolidated statement of operations).