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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue:        
Other Revenues $ 84 $ 91 $ 143 $ 132
Total Revenues 97,814 123,290 172,964 205,158
Operating Expenses:        
Insurance Recoveries in Excess of Property Losses 0 (987) 0 (962)
Hotel Ground Rent 611 1,531 929 2,621
Real Estate and Personal Property Taxes and Property Insurance 6,259 8,335 12,440 16,818
General and Administrative (including Share Based Payments of $2,697 and $3,299 and $4,749 and $5,840 for the three and six months ended June 30, 2023 and 2022, respectively) 5,770 6,491 10,702 11,809
Depreciation and Amortization 14,006 17,003 27,675 36,279
Total Operating Expenses 84,565 99,466 162,379 183,008
Operating Income 13,249 23,824 10,585 22,150
Interest Income 1,695 1 3,434 2
Interest Expense (8,865) (14,397) (17,954) (28,267)
Other Income (Expense) 73 (108) 986 (207)
Loss on Debt Extinguishment (52) 0 (66) 0
Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes 6,100 9,320 (3,015) (6,322)
(Loss) Income from Unconsolidated Joint Ventures (74) 357 (426) (579)
Income (Loss) Before Income Taxes 6,026 9,677 (3,441) (6,901)
Income Tax Expense (65) (93) (99) (114)
Net Income (Loss) 5,961 9,584 (3,540) (7,015)
(Income) Loss Allocated to Noncontrolling Interests - Common Units (3) (423) 1,993 2,258
Loss (Income) Allocated to Noncontrolling Interests - Consolidated Joint Venture 1,806 (691) 416 (2,964)
Preferred Distributions (6,043) (6,043) (12,087) (12,087)
Net Income (Loss) Applicable to Common Shareholders $ 1,721 $ 2,427 $ (13,218) $ (19,808)
BASIC        
Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ 0.04 $ 0.06 $ (0.34) $ (0.50)
DILUTED        
Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ 0.04 $ 0.06 $ (0.34) $ (0.50)
Weighted Average Common Shares Outstanding:        
Basic (in shares) 39,849,859 39,277,269 39,738,662 39,254,536
Diluted (in shares) [1] 41,287,468 40,453,785 39,738,662 39,254,536
Room        
Revenue:        
Hotel Operating Revenues: $ 74,646 $ 98,242 $ 132,162 $ 163,374
Operating Expenses:        
Hotel Operating Expenses: 15,538 19,447 30,007 34,037
Food & Beverage        
Revenue:        
Hotel Operating Revenues: 15,382 15,710 26,309 24,766
Operating Expenses:        
Hotel Operating Expenses: 12,258 11,607 23,152 20,011
Other Operating Revenues        
Revenue:        
Hotel Operating Revenues: 7,702 9,247 14,350 16,886
Operating Expenses:        
Hotel Operating Expenses: $ 30,123 $ 36,039 $ 57,474 $ 62,395
[1] 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.