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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue:        
Other Revenues $ 91 $ 13 $ 132 $ 25
Total Revenues 123,290 70,096 205,158 117,261
Operating Expenses:        
Insurance Recoveries in Excess of Property Losses (987) (711) (962) (711)
Hotel Ground Rent 1,531 1,064 2,621 2,164
Real Estate and Personal Property Taxes and Property Insurance 8,335 9,466 16,818 19,537
General and Administrative (including Share Based Payments of $3,299 and $2,589 and $5,840 and $4,758 for the three and six months ended June 30, 2022 and 2021, respectively) 6,491 5,287 11,809 10,231
Terminated Transaction Costs 0 36 0 390
Loss on Impairment of Assets 0 222 0 222
Depreciation and Amortization 17,003 21,014 36,279 42,816
Total Operating Expenses 99,466 77,688 183,008 148,139
Operating Income (Loss) 23,824 (7,592) 22,150 (30,878)
Interest Income 1 4 2 5
Interest Expense (14,769) (14,982) (29,006) (28,411)
Other (Expense) Income (108) (84) (207) 377
Gain on Disposition of Hotel Properties 0 0 0 48,352
Loss on Debt Extinguishment 0 (129) 0 (3,069)
Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes 8,948 (22,783) (7,061) (13,624)
Income (Loss) from Unconsolidated Joint Ventures 357 (589) (579) (1,247)
Income (Loss) Before Income Taxes 9,305 (23,372) (7,640) (14,871)
Income Tax (Expense) Benefit (93) (151) (114) 438
Net Income (Loss) 9,212 (23,523) (7,754) (14,433)
(Income) Loss Allocated to Noncontrolling Interests (379) 2,945 2,345 2,623
Income Allocated to Noncontrolling Interests - Consolidated Joint Venture (691) (1,968) (2,964) (1,810)
Preferred Distributions (6,043) (6,044) (12,087) (12,087)
Net Income (Loss) Applicable to Common Shareholders $ 2,099 $ (28,590) $ (20,460) $ (25,707)
BASIC        
Income (Loss) from Continuing Operations Applicable to Common Shareholders-Basic (in dollars per share) $ 0.05 $ (0.73) $ (0.52) $ (0.66)
DILUTED        
Income (Loss) from Continuing Operations Applicable to Common Shareholders- Diluted (in dollars per share) $ 0.05 $ (0.73) $ (0.52) $ (0.66)
Weighted Average Common Shares Outstanding:        
Basic (in shares) 39,277,269 39,097,820 39,254,536 39,034,707
Diluted (in shares) [1] 40,453,785 39,097,820 39,254,536 39,034,707
Room        
Revenue:        
Hotel Operating Revenues: $ 98,242 $ 56,539 $ 163,374 $ 95,889
Operating Expenses:        
Hotel Operating Expenses 19,447 12,350 34,037 21,548
Food & Beverage        
Revenue:        
Hotel Operating Revenues: 15,710 7,230 24,766 10,304
Operating Expenses:        
Hotel Operating Expenses 11,607 5,409 20,011 8,282
Other Operating Revenues        
Revenue:        
Hotel Operating Revenues: 9,247 6,314 16,886 11,043
Operating Expenses:        
Hotel Operating Expenses $ 36,039 $ 23,551 $ 62,395 $ 43,660
[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.