XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue:        
Other Revenues $ 25 $ 76 $ 253 $ 214
Total Revenues 33,746 134,995 141,324 397,289
Operating Expenses:        
Hotel Ground Rent 1,062 1,228 3,183 3,452
Real Estate and Personal Property Taxes and Property Insurance 10,597 10,717 30,508 29,111
General and Administrative (including Share Based Payments of $1,936 and $2,009, and $6,191 and $7,441 for the three and nine months ended September 30, 2020 and 2019, respectively) 4,397 5,613 14,418 19,313
Loss on Impairment of Assets 0 0 1,069 0
Depreciation and Amortization 24,055 24,092 72,565 72,184
Total Operating Expenses 67,856 121,731 233,385 361,863
Operating (Loss) Income (34,110) 13,264 (92,061) 35,426
Interest Income 1 66 39 207
Interest Expense (13,350) (12,935) (39,838) (39,158)
Other Expense (73) (246) (530) (328)
Loss on Debt Extinguishment 0 (231) 0 (265)
Loss Before Results from Unconsolidated Joint Venture Investments and Income Taxes (47,532) (82) (132,390) (4,118)
(Loss) Income from Unconsolidated Joint Ventures (669) 38 (2,189) 518
Loss Before Income Taxes (48,201) (44) (134,579) (3,600)
Income Tax Benefit (Expense) 28 551 (11,346) 1,784
Net (Loss) Income (48,173) 507 (145,925) (1,816)
Preferred Distributions (6,044) (6,044) (18,132) (18,131)
Net Loss Applicable to Common Shareholders $ (49,185) $ (5,435) $ (145,768) $ (18,581)
BASIC        
Loss from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ (1.27) $ (0.15) $ (3.78) $ (0.50)
DILUTED        
Loss from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ (1.27) $ (0.15) $ (3.78) $ (0.50)
Weighted Average Common Shares Outstanding:        
Weighted average number of common shares - basic (in shares) 38,639,048 38,878,818 38,604,483 39,039,665
Diluted (in shares) [1] 38,639,048 38,878,818 38,604,483 39,039,665
Noncontrolling Interests Common Units And LTIP Units        
Operating Expenses:        
Net (Loss) Income $ (5,032) $ (442) $ (15,093) $ (1,554)
(Income) Loss Allocated to Noncontrolling Interests 5,032 442 15,093 1,554
Consolidated Joint Ventures        
Operating Expenses:        
Net (Loss) Income       (300)
(Income) Loss Allocated to Noncontrolling Interests 0 (340) 3,196 (188)
Room Revenue        
Revenue:        
Hotel Operating Revenues: 27,546 108,909 113,768 319,374
Operating Expenses:        
Hotel Operating Expenses 7,436 24,000 30,150 70,103
Food and Beverage        
Revenue:        
Hotel Operating Revenues: 2,441 15,870 12,652 48,351
Operating Expenses:        
Hotel Operating Expenses 2,344 12,605 13,686 39,427
Other Operating        
Revenue:        
Hotel Operating Revenues: 3,734 10,140 14,651 29,350
Operating Expenses:        
Hotel Operating Expenses $ 17,965 $ 43,476 $ 67,806 $ 128,273
[1] Income (Loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the “Operating Partnership” or “HHLP”) has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership’s common units of limited partnership interest (“Common Units”) and the Operating Partnership’s vested LTIP units (“Vested LTIP Units”) have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) applicable to common shareholders.