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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue:        
Other Revenues $ 44 $ 25 $ 69 $ 253
Total Revenues 85,251 33,746 202,512 141,324
Operating Expenses:        
Hotel Operating Expenses 3,301 1,319    
Insurance recoveries in excess of property loss 0 0 (711) 0
Hotel Ground Rent 1,129 1,062 3,293 3,183
Real Estate and Personal Property Taxes and Property Insurance 8,963 10,597 28,500 30,508
General and Administrative (including Share Based Payments of $2,259 and $1,936 and $7,017 and $6,191 for the three and nine months ended September 30, 2021 and 2020, respectively) 4,968 4,397 15,199 14,418
Terminated Transaction Costs 0 0 390 0
Loss on Impairment of Assets 0 0 222 1,069
Depreciation and Amortization 20,484 24,055 63,300 72,565
Total Operating Expenses 85,533 67,856 233,672 233,385
Operating Loss (282) (34,110) (31,160) (92,061)
Interest Income 3 1 8 39
Interest Expense (14,589) (13,350) (43,000) (39,838)
Other (Expense) Income (176) (73) 201 (530)
Gain on Disposition of Hotel Properties 0 0 48,352 0
Loss on Debt Extinguishment 0 0 (3,069) 0
Loss Before Results from Unconsolidated Joint Venture Investments and Income Taxes (15,044) (47,532) (28,668) (132,390)
Loss from Unconsolidated Joint Ventures (611) (669) (1,858) (2,189)
Loss Before Income Taxes (15,655) (48,201) (30,526) (134,579)
Income Tax (Expense) Benefit (277) 28 161 (11,346)
Net Loss (15,932) (48,173) (30,365) (145,925)
Preferred Distributions (6,044) (6,044) (18,131) (18,132)
Net Loss Applicable to Common Shareholders $ (19,799) $ (49,185) $ (45,506) $ (145,768)
BASIC        
Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ (0.51) $ (1.27) $ (1.16) $ (3.78)
DILUTED        
Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ (0.51) $ (1.27) $ (1.16) $ (3.78)
Weighted Average Common Shares Outstanding:        
Basic (in shares) 39,139,610 38,639,048 39,070,059 38,604,483
Diluted (in shares) [1] 39,139,610 38,639,048 39,070,059 38,604,483
Noncontrolling Interest | Consolidated joint venture        
Operating Expenses:        
Net Loss     $ (158)  
(Income) Loss Allocated to Noncontrolling Interests $ 0 $ 0 (1,810) $ 3,196
Noncontrolling Interest | Common Shares        
Operating Expenses:        
Net Loss (2,177) (5,032) (4,800) (15,093)
(Income) Loss Allocated to Noncontrolling Interests 2,177 5,032 4,800 15,093
Room        
Revenue:        
Hotel Operating Revenues: 68,302 27,546 164,191 113,768
Operating Expenses:        
Hotel Operating Expenses 14,706 7,436 36,254 30,150
Food & Beverage        
Revenue:        
Hotel Operating Revenues: 9,616 2,441 19,920 12,652
Operating Expenses:        
Hotel Operating Expenses 7,123 2,344 15,405 13,686
Other Operating        
Revenue:        
Hotel Operating Revenues: 7,289 3,734 18,332 14,651
Operating Expenses:        
Hotel Operating Expenses $ 28,160 $ 17,965 $ 71,820 $ 67,806
[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.