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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue:        
Other Revenues $ 93 $ 107 $ 236 $ 239
Total Revenues 91,984 104,248 264,948 309,406
Operating Expenses:        
Insurance Recoveries in Excess of Property Losses 0 0 0 (962)
Hotel Ground Rent 586 1,185 1,515 3,806
Real Estate and Personal Property Taxes and Property Insurance 6,767 7,561 19,207 24,379
General and Administrative (including Share Based Payments of $2,339 and $2,768 and $7,088 and $8,608 for the three and nine months ended September 30, 2023 and 2022, respectively) 6,049 5,883 16,751 17,692
Loss on Impairment of Assets 0 10,024 0 10,024
Depreciation and Amortization 13,794 14,900 41,469 51,179
Total Operating Expenses 83,618 102,212 245,997 285,220
Operating Income 8,365 2,036 18,950 24,186
Interest Income 1,516 101 4,950 103
Interest Expense (9,000) (11,333) (26,954) (39,600)
Other Income 341 467 1,327 260
Gain on Disposition of Hotel Properties 0 167,800 0 167,800
Loss on Debt Extinguishment 0 (17,958) (66) (17,958)
Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes 1,222 141,113 (1,793) 134,791
Income (Loss) from Unconsolidated Joint Ventures 5 478 (421) (101)
Income (Loss) Before Income Taxes 1,227 141,591 (2,214) 134,690
Income Tax Expense (275) (5,402) (374) (5,516)
Net Income (Loss) 952 136,189 (2,588) 129,174
Loss (Income) Allocated to Noncontrolling Interests - Common Units 629 (15,283) 2,622 (13,025)
Loss (Income) Allocated to Noncontrolling Interests - Consolidated Joint Venture 0 615 416 (2,349)
Preferred Distributions (6,043) (6,044) (18,130) (18,131)
Net (Loss) Income Applicable to Common Shareholders $ (4,462) $ 115,477 $ (17,680) $ 95,669
BASIC        
(Loss) Income from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ (0.11) $ 2.92 $ (0.45) $ 2.43
DILUTED        
(Loss) Income from Continuing Operations Applicable to Common Shareholders (in dollars per share) $ (0.11) $ 2.82 $ (0.45) $ 2.35
Weighted Average Common Shares Outstanding:        
Basic (in shares) 40,012,965 39,465,645 39,831,101 39,325,679
Diluted (in shares) [1] 40,012,965 40,962,773 39,831,101 40,670,106
Room        
Revenue:        
Hotel Operating Revenues: $ 70,159 $ 81,473 $ 202,321 $ 244,847
Operating Expenses:        
Hotel Operating Expenses: 15,487 17,892 45,494 51,929
Food & Beverage        
Revenue:        
Hotel Operating Revenues: 14,153 14,405 40,462 39,171
Operating Expenses:        
Hotel Operating Expenses: 11,187 11,342 34,339 31,353
Other Operating Revenues        
Revenue:        
Hotel Operating Revenues: 7,579 8,263 21,929 25,149
Operating Expenses:        
Hotel Operating Expenses: $ 29,748 $ 33,425 $ 87,222 $ 95,820
[1] (Loss) 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 (loss) income applicable to common shareholders.
The following table summarizes potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share:
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Common Units and Vested LTIP Units5,685,932 5,153,282 5,766,093 5,227,200 
Unvested Stock Awards and LTIP Units Outstanding1,773,472 — 1,268,817 — 
Contingently Issuable Share Awards380,566 — 632,437 — 
Total Potentially Dilutive Securities Excluded from the Denominator7,839,970 5,153,282 7,667,347 5,227,200