XML 49 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investment In Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2014
Investment In Unconsolidated Joint Ventures [Abstract]  
Investment In Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent

 

Preferred

 

 

September 30,

 

 

December 31,

Joint Venture

 

Hotel Properties

 

Owned

 

Return

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

SB Partners, LLC

 

Holiday Inn Express, South Boston, MA

 
50.0% 

 

N/A

 

$
1,028 

 

$
1,057 

Hiren Boston, LLC

 

Courtyard by Marriott, South Boston, MA

 
50.0% 

 

N/A

 

 
4,808 

 

 
4,777 

Mystic Partners, LLC

 

Hilton and Marriott branded hotels in CT

 

8.8%-66.7%

 

8.5% non-cumulative

 

 
5,806 

 

 
6,210 

 

 

 

 

 

 

 

 

$
11,642 

 

$
12,044 

 

Income Or Loss From Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2014

 

 

2013

 

 

 

2014

 

 

2013

SB Partners, LLC

 

$
238 

 

$
188 

 

 

$
322 

 

$
190 

Hiren Boston, LLC

 

 
332 

 

 
141 

 

 

 
480 

 

 
90 

Mystic Partners, LLC

 

 
37 

 

 
(102)

 

 

 
(196)

 

 
(301)

Income (Loss) from Unconsolidated Joint Venture Investments

 

$
607 

 

$
227 

 

 

$
606 

 

$
(21)

 

Summary Financial Information Related To Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheets

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2014

 

 

2013

Assets

 

 

 

 

 

 

Investment in Hotel Properties, Net

 

$
106,944 

 

$
114,221 

Other Assets

 

 
20,826 

 

 
19,146 

Total Assets

 

$
127,770 

 

$
133,367 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Mortgages and Notes Payable

 

$
115,831 

 

$
112,654 

Other Liabilities

 

 
31,777 

 

 
37,464 

Equity:

 

 

 

 

 

 

Hersha Hospitality Trust

 

 
23,380 

 

 
26,230 

Joint Venture Partner(s)

 

 
(43,218)

 

 
(42,981)

Total Equity

 

 
(19,838)

 

 
(16,751)

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$
127,770 

 

$
133,367 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2014

 

 

2013

 

 

 

2014

 

 

2013

Room Revenue

 

$
16,952 

 

$
16,080 

 

 

$
45,489 

 

$
43,920 

Other Revenue

 

 
4,860 

 

 
4,960 

 

 

 
15,532 

 

 
16,204 

Operating Expenses

 

 
(14,188)

 

 
(14,222)

 

 

 
(41,357)

 

 
(41,315)

Lease Expense

 

 
(270)

 

 
(250)

 

 

 
(793)

 

 
(745)

Property Taxes and Insurance

 

 
(723)

 

 
(740)

 

 

 
(2,222)

 

 
(2,260)

General and Administrative

 

 
(1,493)

 

 
(1,276)

 

 

 
(4,385)

 

 
(4,205)

Depreciation and Amortization

 

 
(1,655)

 

 
(1,630)

 

 

 
(4,849)

 

 
(4,862)

Interest Expense

 

 
(1,742)

 

 
(1,866)

 

 

 
(5,273)

 

 
(5,590)

Debt Extinguishment and Gain on Debt Forgiveness

 

 
3,027 

 

 

 -

 

 

 
(2,057)

 

 

 -

(Loss) Income Allocated to Noncontrolling Interests

 

 
(27)

 

 
(26)

 

 

 
149 

 

 
(121)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income from Continuing Operations

 

 
4,741 

 

 
1,030 

 

 

 
234 

 

 
1,026 

Loss from Discontinued Operations

 

 

 -

 

 

 

 

 

 

 -

 

 
(55)

Gain on Disposition of Hotel Properties

 

 

 -

 

 

 -

 

 

 

 -

 

 
1,162 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Net Income

 

$
4,741 

 

$
1,030 

 

 

$
234 

 

$
2,133 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2014

 

 

2013

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

 

$
23,380 

 

$
26,230 

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

 

 
(11,738)

 

 
(14,186)

Investment in Unconsolidated Joint Ventures

 

$
11,642 

 

$
12,044 

 

(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).