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Investment In Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2015
Investment In Unconsolidated Joint Ventures [Abstract]  
Investment In Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent

 

Preferred

 

 

December 31,

 

 

December 31,

Joint Venture

 

Hotel Properties

 

Owned

 

Return

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

SB Partners, LLC

 

Holiday Inn Express, South Boston, MA

 

 50.0% 

 

N/A

 

$

 795 

 

$

 913 

Hiren Boston, LLC

 

Courtyard by Marriott, South Boston, MA

 

 50.0% 

 

N/A

 

 

 4,499 

 

 

 4,680 

Mystic Partners, LLC

 

Hilton and Marriott branded hotels in CT

 

8.8%-66.7%

 

8.5% non-cumulative

 

 

 5,022 

 

 

 5,556 

 

 

 

 

 

 

 

 

$

 10,316 

 

$

 11,150 

 

Income Or Loss From Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

SB Partners, LLC

 

$

 582 

 

$

 407 

 

$

 264 

Hiren Boston, LLC

 

 

 694 

 

 

 603 

 

 

 113 

Mystic Partners, LLC

 

 

 (311)

 

 

 (317)

 

 

 (399)

Income (Loss) from Unconsolidated Joint Venture Investments

 

 

 965 

 

 

 693 

 

 

 (22)

Impairment from Unconsolidated Joint Ventures

 

 

 -

 

 

 -

 

 

 (1,813)

Income (Loss) from Unconsolidated Joint Venture Investments

 

$

 965 

 

$

 693 

 

$

 (1,835)

 

Summary Financial Information Related To Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheets

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

 

2015

 

 

2014

Assets

 

 

 

 

 

 

Investment in Hotel Properties, Net

 

$

 105,354 

 

$

 106,430 

Other Assets

 

 

 15,558 

 

 

 19,032 

Total Assets

 

$

 120,912 

 

$

 125,462 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Mortgages and Notes Payable

 

$

 113,532 

 

$

 115,446 

Other Liabilities

 

 

 30,575 

 

 

 30,832 

Equity:

 

 

 

 

 

 

Hersha Hospitality Trust

 

 

 22,698 

 

 

 23,060 

Joint Venture Partner(s)

 

 

 (45,893)

 

 

 (43,876)

Total Equity

 

 

 (23,195)

 

 

 (20,816)

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

 120,912 

 

$

 125,462 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

Room Revenue

 

$

 57,927 

 

$

 59,135 

 

$

 58,273 

Other Revenue

 

 

 22,776 

 

 

 21,725 

 

 

 22,606 

Operating Expenses

 

 

 (55,178)

 

 

 (54,831)

 

 

 (55,179)

Lease Expense

 

 

 (1,115)

 

 

 (1,063)

 

 

 (996)

Property Taxes and Insurance

 

 

 (2,948)

 

 

 (2,934)

 

 

 (3,034)

General and Administrative

 

 

 (5,609)

 

 

 (5,783)

 

 

 (5,794)

Depreciation and Amortization

 

 

 (6,549)

 

 

 (6,376)

 

 

 (6,697)

Interest Expense

 

 

 (6,677)

 

 

 (11,995)

 

 

 (7,526)

Debt Extinguishment and Gain on Debt Forgiveness

 

 

 -

 

 

 3,016 

 

 

 -

Gain (Loss) allocated to Noncontrolling Interests

 

 

 (341)

 

 

 115 

 

 

 (179)

 

 

 

 

 

 

 

 

 

 

Net Income From Continuing Operations

 

$

 2,286 

 

$

 1,009 

 

$

 1,474 

(Loss) Income from Discontinued Operations

 

 

 -

 

 

 -

 

 

 (55)

Gain on Disposition of Hotel Properties

 

 

 -

 

 

 -

 

 

 1,161 

 

 

 

 

 

 

 

 

 

 

  Net Income

 

$

 2,286 

 

$

 1,009 

 

$

 2,580 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

 

2015

 

 

2014

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

 

$

 22,698 

 

$

 23,060 

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

 

 

 (12,382)

 

 

 (11,910)

Investment in Unconsolidated Joint Ventures

 

$

 10,316 

 

$

 11,150 

 

(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).