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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue:        
Other Revenues $ 13 $ 29 $ 25 $ 228
Total Revenues 70,096 17,441 117,261 107,578
Operating Expenses:        
Hotel Operating Expenses 2,465 775    
Insurance recoveries in excess of property loss (711) 0 (711) 0
Hotel Ground Rent 1,064 1,058 2,164 2,121
Real Estate and Personal Property Taxes and Property Insurance 9,466 9,969 19,537 19,911
General and Administrative (including Share Based Payments of $2,589 and $1,799 and $4,758 and $4,255 for the three and six months ended June 30, 2021 and 2020, respectively) 5,287 4,187 10,231 10,021
Terminated Transaction Costs 36 0 390 0
Loss on Impairment of Assets 222 1,069 222 1,069
Depreciation and Amortization 21,014 24,322 42,816 48,510
Total Operating Expenses 77,688 58,983 148,139 165,529
Operating Loss (7,592) (41,542) (30,878) (57,951)
Interest Income 4 2 5 38
Interest Expense (14,982) (13,481) (28,411) (26,488)
Other Income (Expense) (84) (385) 377 (457)
Gain on Disposition of Hotel Properties 0 0 48,352 0
Loss on Debt Extinguishment (129) 0 (3,069) 0
Loss Before Results from Unconsolidated Joint Venture Investments and Income Taxes (22,783) (55,406) (13,624) (84,858)
Loss from Unconsolidated Joint Ventures (589) (502) (1,247) (1,520)
Loss Before Income Taxes (23,372) (55,908) (14,871) (86,378)
Income Tax Benefit (Expense) (151) (15,872) 438 (11,374)
Net Loss (23,523) (71,780) (14,433) (97,752)
Preferred Distributions (6,044) (6,044) (12,087) (12,088)
Net Loss Applicable to Common Shareholders $ (28,590) $ (67,464) $ (25,707) $ (96,583)
BASIC        
Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ (0.73) $ (1.75) $ (0.66) $ (2.50)
DILUTED        
Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ (0.73) $ (1.75) $ (0.66) $ (2.50)
Weighted Average Common Shares Outstanding:        
Basic (in shares) 39,097,820 38,609,922 39,034,707 38,587,011
Diluted (in shares) [1] 39,097,820 38,609,922 39,034,707 38,587,011
Noncontrolling Interest | Consolidated joint venture        
Operating Expenses:        
Net Loss $ 0   $ (158)  
(Income) Loss Allocated to Noncontrolling Interests (1,968) $ 3,196 (1,810) $ 3,196
Noncontrolling Interest | Common Shares        
Operating Expenses:        
Net Loss (2,945) (7,164) (2,623) (10,061)
(Income) Loss Allocated to Noncontrolling Interests 2,945 7,164 2,623 10,061
Room        
Revenue:        
Hotel Operating Revenues: 56,539 15,139 95,889 86,222
Operating Expenses:        
Hotel Operating Expenses 12,350 3,622 21,548 22,714
Food & Beverage        
Revenue:        
Hotel Operating Revenues: 7,230 136 10,304 10,211
Operating Expenses:        
Hotel Operating Expenses 5,409 721 8,282 11,342
Other Operating        
Revenue:        
Hotel Operating Revenues: 6,314 2,137 11,043 10,917
Operating Expenses:        
Hotel Operating Expenses $ 23,551 $ 14,035 $ 43,660 $ 49,841
[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.