Investment In Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2017

Investment In Unconsolidated Joint Ventures [Abstract]

Investment In Unconsolidated Joint Ventures

		Percent	Preferred
Joint Venture	Hotel Properties	Owned	Return		September 30, 2017		December 31, 2016
SB Partners, LLC	Holiday Inn Express, South Boston, MA	50.0%	N/A	$	1,364	$	913
Hiren Boston, LLC	Courtyard by Marriott, South Boston, MA	50.0%	N/A		2,341		2,112
Cindat Hersha Owner JV, LLC	Hilton and IHG branded hotels in NYC	30.0%	*		-		3,717
Mystic Partners, LLC	Hilton and Marriott branded hotels in CT	8.8%-66.7%	8.5% non-cumulative		-		4,699
				$	3,705	$	11,441

*See explanation below of the Cindat Hersha Owner JV, LLC (“Owner JV”) for more information on the preferred return provisions of this joint venture.

Income Or Loss From Unconsolidated Joint Ventures

		Three Months Ended September 30,			Nine Months Ended September 30,
		2017		2016		2017		2016
SB Partners, LLC	$	216	$	195	$	451	$	483
Hiren Boston, LLC		323		406		630		692
Cindat Hersha Owner JV, LLC		-		(80)		(3,717)		(239)
Mystic Partners, LLC		-		(4,238)		-		(3,346)
Income (Loss) from Unconsolidated Joint Venture Investments	$	539	$	(3,717)	$	(2,636)	$	(2,410)

Summary Financial Information Related To Unconsolidated Joint Ventures

Balance Sheets
		September 30, 2017		December 31, 2016
Assets
Investment in Hotel Properties, Net	$	563,409	$	647,548
Other Assets		42,331		45,576
Total Assets	$	605,740	$	693,124
Liabilities and Equity
Mortgages and Notes Payable	$	351,906	$	432,173
Other Liabilities		8,238		36,275
Equity:
Hersha Hospitality Trust		90,090		119,892
Joint Venture Partner(s)		155,763		104,784
Accumulated Other Comprehensive Loss		(257)		-
Total Equity		245,596		224,676
Total Liabilities and Equity	$	605,740	$	693,124

NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (CONTINUED)

Statements of Operations
		Three Months Ended September 30,			Nine Months Ended September 30,
		2017		2016		2017		2016
Room Revenue	$	25,837	$	37,757	$	66,845	$	81,715
Other Revenue		499		5,718		1,453		17,213
Operating Expenses		(11,632)		(23,433)		(31,988)		(56,999)
Lease Expense		(164)		(278)		(504)		(860)
Property Taxes and Insurance		(2,948)		(3,326)		(8,444)		(6,404)
General and Administrative		(1,428)		(2,636)		(3,956)		(5,985)
Depreciation and Amortization		(3,152)		(4,040)		(9,157)		(9,049)
Interest Expense		(5,375)		(6,146)		(15,473)		(12,410)
Acquisition Costs		-		-		-		(1,499)
Loss Allocated to Noncontrolling Interests		-		(10)		-		(50)
Net Income (Loss)	$	1,637	$	3,606	$	(1,224)	$	5,672

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

		September 30, 2017		December 31, 2016
Our share of equity recorded on the joint ventures' financial statements	$	90,090	$	119,892
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)		(86,385)		(108,451)
Investment in Unconsolidated Joint Ventures	$	3,705	$	11,441

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