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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue:      
Other Revenues $ 329 $ 123 $ 217
Total Revenues 405,874 295,989 176,660
Operating Expenses:      
Hotel Ground Rent 4,353 4,400 4,301
Real Estate and Personal Property Taxes and Property Insurance 30,632 36,787 40,928
General and Administrative (including Share Based Payments of $14,384, $12,033, and $9,488 for the years ended December 31, 2022, 2021, and 2020, respectively) 26,477 23,027 20,078
Acquisition and Terminated Transaction Costs 0 391 4,419
Loss on Impairment of Assets 10,113 222 1,069
Depreciation and Amortization 64,966 83,309 96,958
Insurance Recoveries in Excess of Property Loss (933) (711) (8,960)
Total Operating Expenses 372,829 325,581 299,049
Operating Income (Loss) 33,045 (29,592) (122,389)
Interest Income 1,516 15 39
Interest Expense (48,423) (56,059) (51,785)
Other Income (Expense) 152 128 (522)
Gain on Disposition of Hotel Properties 197,505 48,352 1,158
Loss on Debt Extinguishment (18,049) (3,069) 0
Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes 165,746 (40,225) (173,499)
Loss from Unconsolidated Joint Ventures (53) (2,292) (2,938)
Gain from Sale of Interest in Unconsolidated Joint Venture 5,167 0 0
Income (Loss) from Unconsolidated Joint Venture Investments 5,114 (2,292) (2,938)
Income (Loss) Before Income Taxes 170,860 (42,517) (176,437)
Income Tax Expense (4,800) (838) (11,329)
Net Income (Loss) 166,060 (43,355) (187,766)
(Income) Loss Allocated to Noncontrolling Interests - Common Units (16,572) 6,676 19,560
(Income) Loss Allocated to Noncontrolling Interests - Consolidated Joint Venture (2,766) (2,152) 3,217
Preferred Distributions (24,174) (24,174) (24,176)
Net Income (Loss) Applicable to Common Shareholders $ 122,548 $ (63,005) $ (189,165)
BASIC      
Loss from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ 3.08 $ (1.61) $ (4.90)
DILUTED      
Loss from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ 2.95 $ (1.61) $ (4.90)
Weighted Average Common Shares Outstanding:      
Basic (in shares) 39,368,952 39,089,987 38,613,563
Diluted (in shares) [1] 41,190,628 39,089,987 38,613,563
Room      
Revenue:      
Hotel Operating Revenues: $ 317,640 $ 237,988 $ 142,260
Operating Expenses:      
Hotel Operating Expenses: 67,740 51,885 38,787
Food & Beverage      
Revenue:      
Hotel Operating Revenues: 55,813 31,778 15,418
Operating Expenses:      
Hotel Operating Expenses: 44,133 24,756 16,199
Other Operating Revenues      
Revenue:      
Hotel Operating Revenues: 32,092 26,100 18,765
Operating Expenses:      
Hotel Operating Expenses: $ 125,348 $ 101,515 $ 85,270
[1] Income 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 applicable to common shareholders.