SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2022

(IN THOUSANDS)

		Initial Costs		Costs Capitalized Subsequent to Acquisition (1)		Gross Amounts at Close of Period			Accumulated Depreciation	Net Book Value
Description	Encumbrances	Land	Buildings & Improvements	Land	Buildings & Improvements	Land	Buildings & Improvements	Total	Buildings & Improvements*	Land, Buildings & Improvements	Date of Acquisition
Annapolis Waterfront Hotel, Annapolis, MD	(26,444)	—	43,251	—	4,434	—	47,685	47,685	(6,824)	40,861	3/28/2018
Hilton Garden Inn JFK, JFK Airport, NY	—	—	25,018	—	4,326	—	29,344	29,344	(14,002)	15,342	2/16/2006
Hyatt House White Plains, White Plains, NY	—	8,823	30,273	—	14,075	8,823	44,348	53,171	(21,264)	31,907	12/28/2006
Hampton Inn Seaport, Seaport, NY	—	7,816	19,040	—	1,762	7,816	20,802	28,618	(9,043)	19,575	2/1/2007
NU Hotel Brooklyn, Brooklyn, NY	—	—	22,042	—	2,435	—	24,477	24,477	(9,811)	14,666	1/14/2008
Hilton Garden Inn Tribeca, Tribeca, NY	(45,450)	21,077	42,955	—	1,524	21,077	44,479	65,556	(15,843)	49,713	5/1/2009
Cadillac Hotel & Beach Club, Miami, FL	—	35,700	55,805	—	46,325	35,700	102,130	137,830	(37,540)	100,290	11/16/2011
The Rittenhouse Hotel, Philadelphia, PA	—	7,108	29,556	—	27,638	7,108	57,194	64,302	(31,570)	32,732	3/1/2012
The Boxer Boston, Boston, MA	—	1,456	14,954	—	2,268	1,456	17,222	18,678	(5,791)	12,887	5/7/2012
Holiday Inn Express Chelsea, Manhattan, NY	—	30,329	57,016	—	3,010	30,329	60,026	90,355	(16,754)	73,601	6/18/2012
Hyatt Union Square, Union Square, NY	(56,000)	32,940	79,300	—	4,685	32,940	83,985	116,925	(22,767)	94,158	4/9/2013
Hilton Garden Inn Manhattan Midtown East, Midtown East, NY	(44,325)	45,480	60,762	—	662	45,480	61,424	106,904	(13,467)	93,437	5/27/2014

HERSHA HOSPITALITY TRUST AND SUBSIDIARIES

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2022 (CONTINUED)

(IN THOUSANDS)

			Initial Costs				Costs Capitalized Subsequent to Acquisition (1)				Gross Amounts at Close of Period						Accumulated Depreciation		Net Book Value
Description	Encumbrances		Land		Buildings & Improvements		Land		Buildings & Improvements		Land		Buildings & Improvements		Total		Buildings & Improvements*		Land, Buildings & Improvements		Date of Acquisition
Parrot Key Hotel & Villas, Key West, FL	—		57,889		33,959		—		14,271		57,889		48,230		106,119		(18,578)		87,541		5/7/2014
The Winter Haven Hotel Miami Beach, Miami Beach, FL	—		5,400		18,147		—		1,090		5,400		19,237		24,637		(4,808)		19,829		12/20/2013
The Blue Moon Hotel Miami Beach, Miami Beach, FL	—		4,874		20,354		—		3,200		4,874		23,554		28,428		(5,775)		22,653		12/20/2013
The St. Gregory Hotel, Dupont Circle, Washington D.C.	(23,000)		23,764		33,005		—		7,905		23,764		40,910		64,674		(12,073)		52,601		6/16/2015
The Ritz-Carlton Georgetown, Washington D.C.	—		17,825		29,584		—		4,115		17,825		33,699		51,524		(7,844)		43,680		12/29/2015
The Sanctuary Beach Resort, Marina, CA	(13,661)		20,278		17,319		—		7,442		20,278		24,761		45,039		(8,053)		36,986		1/28/2016
The Envoy Boston Seaport, Boston, MA	—		25,264		75,979		—		4,019		25,264		79,998		105,262		(14,676)		90,586		7/21/2016
Mystic Marriott Hotel & Spa, Groton, CT	—		1,420		40,440		—		10,277		1,420		50,717		52,137		(12,217)		39,920		1/3/2017
The Ritz-Carlton Coconut Grove, Coconut Grove, FL	—		5,185		30,825		—		10,506		5,185		41,331		46,516		(10,353)		36,163		2/1/2017
Philadelphia Westin, Philadelphia, PA	—		19,154		103,406		—		6,084		19,154		109,490		128,644		(16,278)		112,366		6/29/2017
The Ambrose Hotel, Santa Monica, CA	—		18,750		26,839		—		1,693		18,750		28,532		47,282		(5,089)		42,193		12/1/2016
Total Investment in Real Estate	$	(208,880)	$	390,532	$	909,829	$	—	$	183,746	$	390,532	$	1,093,575	$	1,484,107	$	(320,420)	$	1,163,687

(1)Costs capitalized subsequent to acquisition include reductions of asset value due to impairment.    

*    Assets are depreciated over a 7 to 40-year life, upon which the latest income statement is computed.

The aggregate cost of land, buildings and improvements for Federal income tax purposes for the years ended December 31, 2022, 2021 and 2020 is approximately $1,023,829, $1,450,092 and $1,633,467, respectively.

Depreciation is computed for buildings and improvements using a useful life for these assets of 7 to 40 years.

See Accompanying Report of Independent Registered Public Accounting Firm

HERSHA HOSPITALITY TRUST AND SUBSIDIARIES

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2022 (CONTINUED)

(IN THOUSANDS)

	2022		2021		2020
Reconciliation of Real Estate
Balance at beginning of year	$	2,039,180	$	2,220,936	$	2,228,864
Additions during the year	1,460		5,322		17,967
Dispositions	(556,533)		(187,078)		(25,895)
Total Real Estate	$	1,484,107	$	2,039,180	$	2,220,936
Reconciliation of Accumulated Depreciation
Balance at beginning of year	$	406,710	$	396,016	$	340,499
Depreciation for year	48,286		57,768		64,083
Accumulated depreciation on assets sold	(134,576)		(47,074)		(8,566)
Balance at the end of year	$	320,420	$	406,710	$	396,016