Hersha Hospitality Trust (NYSE: HT), owner of select service and
upscale hotels in major metropolitan markets, today announced
results for the fourth quarter and year ended December 31,
2009.
Financial Results
For the fourth quarter ending December 31, 2009, Adjusted Funds
from Operation (“AFFO”) was $4.3 million, compared to $9.2 million
in the fourth quarter of 2008. AFFO per diluted common share and
limited partnership unit was $0.07 compared to $0.16 for the same
quarter of 2008. For the full year 2009, AFFO was $34.0 million,
compared to $61.3 million in 2008. AFFO per diluted common share
and limited partnership unit was $0.57 in 2009 compared to $1.15
for the full year 2008.
Net loss applicable to common shareholders was $(11.0) million,
or $(0.20) per diluted common share for the fourth quarter of 2009,
compared to a net loss of $(21.7) million, or $(0.46) per common
share for the comparable quarter of 2008. Net loss applicable to
common shareholders was $(54.7) million, or $(1.08) per diluted
common share for the full year 2009, compared to net loss of
$(13.6) million, or $(0.31) per common share for 2008. Excluding
the non-cash impairment charges, the Company would have recorded a
net loss for the full year 2009 of $(17.4) million, or $(0.35) per
diluted common share, and net income of $5.8 million, or $0.12 per
diluted common share in 2008.
A reconciliation of FFO and AFFO and EBITDA and Adjusted EBITDA
to net income (loss) applicable to common shares, the most directly
applicable U.S. GAAP measure, is included at the end of this
release.
Mr. Jay H. Shah, Hersha Hospitality’s Chief Executive Officer,
stated, “Hersha not only successfully navigated the challenges
through the downturn of 2009, by managing our RevPAR and
implementing sustainable cost containment measures, we also
positioned ourselves to outperform as the market stabilizes and
recovers. Our year over year RevPAR performance improved each
quarter in 2009, and our aggressive asset management programs have
allowed us to preserve our industry leading operating margins. Our
portfolio maintained a RevPAR of $87 through the third quarter of
2009 (the period for which our peers have reported) which compares
favorably to our peers. Our EBITDA margin of 35.0% outperformed our
peers by more than 1100 basis points.
In our important New York City market we delivered positive
margin growth in the fourth quarter, and this region’s RevPAR
results led our portfolio for the first time in 4 quarters. As
stabilization in New York City takes hold, we will continue to test
our ability to restore rate which should allow us to drive further
expansion of our earnings and cash flow.”
“With our improved liquidity position and strengthened balance
sheet we were successfully able to access the capital markets and
complete a three hotel acquisition in New York City,” Mr. Shah
continued. “We have assembled an attractive portfolio of select
service hotels focusing on core urban northeast markets. I am
confident that we are well positioned for the recovery as our new
properties stabilize, demand returns and we are able to start
moving rates. The cost containment programs and more efficient
infrastructure that we have put into place will lead to positive
operating leverage in the recovery.”
Operating Results
For the quarter ended December 31, 2009, revenue per available
room (“RevPAR”) for the Company's consolidated hotels was down 9.7%
to $81.3 compared to $90.0 in the prior year period. The decline
was a result of an average daily rate (“ADR”) decrease of 7.8% to
$127.1 and a 1.3 percentage point decline in occupancy to 64.0%.
The fourth quarter of 2009 was the third quarter of consecutive
improvement in RevPAR declines. The Company’s RevPAR has shown an
improving trend as the year progressed as the magnitude of decline
abated each subsequent quarter.
Hotel earnings before interest, taxes, depreciation, and
amortization (“Hotel EBITDA”) for Hersha's consolidated hotels was
$17.6 million for the quarter ended December 31, 2009 compared to
$19.4 million for the same period in 2008. Hotel EBITDA margins
deteriorated 117 basis points year over year during the fourth
quarter of 2009 from approximately 35.1% to 33.9%. The margin
deterioration was primarily related to a rate based decline in
revenues in the fourth quarter of 2009 which was primarily offset
by ongoing cost-cutting initiatives and the stabilization of the
Company’s new asset acquisitions. Hotel EBITDA differs from other
measures of EBITDA because it excludes any expenses not directly
related to a specific hotel.
On a same-store basis for Hersha's consolidated hotels (56
hotels), RevPAR was down 12.6% to $78.6 for the quarter ended
December 31, 2009 compared to $90.0 in the prior year period. The
decline was a result of an ADR decrease of 9.9% to $124.1 and a 2.0
percentage point decline in occupancy.
Same-store consolidated Hotel EBITDA for the quarter ended
December 31, 2009 was $16.1 million compared to $19.4 million for
the quarter ended December 31, 2008. The Company's same-store Hotel
EBITDA margin declined 205 bps to 33.0% in the fourth quarter of
2009 compared to 35.1% in the fourth quarter of 2008. The pace of
margin decline improved significantly on a quarter over quarter
basis as the Company reported Hotel EBITDA margin declines of 333
bps in the third quarter of 2009.
New York City
The Company’s properties in New York City have historically
accounted for approximately 35% of consolidated EBITDA and this
percentage is expected to increase going forward with the addition
of the recently acquired hotels. For the fourth quarter of 2009,
the Company’s consolidated portfolio of New York City properties
realized a 5.8% growth in occupancy to 86.4% and a 2.9% decline in
RevPAR to $166.0. During the same period, Hotel EBITDA margins for
the Company’s consolidated portfolio improved 393 basis points to
44.7% as a result of aggressive cost containment programs,
continued stabilization of newer assets and the 2009 acquisition of
the Hilton Garden Inn, Tribeca.
Hersha’s New York City portfolio includes a number of relatively
new properties that are still ramping up their operations,
including three which were recently acquired in February 2010. With
the addition of these three assets, the average age of the
Company’s NYC portfolio is approximately two years. The continued
stabilization of the operating results and market share growth of
these newer assets should continue to contribute to the Company’s
ability to improve RevPAR results and deliver industry-leading
EBITDA margins.
Financing
Subsequent to the fourth quarter, in January 2010, the Company
sold a total of 51,750,000 common shares in a public offering for
gross proceeds of approximately $155.3 million. The proceeds were
used to acquire three hotels in Times Square in New York City.
During the fourth quarter, the Company sold 1.19 million common
shares through its cost-effective “at the market” equity offering
program at a weighted average offering price of $3.14 per share,
generating net proceeds of approximately $3.6 million.
Additionally, during the fourth quarter, the Company completed
an amendment to its $175 million existing revolving credit
facility. Significant amendments to the credit agreement include a
decrease in the minimum permitted debt service coverage requirement
to 1.20x and a decrease in the minimum ratio of EBITDA to debt
service to 1.25x. Additionally, the interest rate payable is the
prime rate plus 150 basis points. The interest rate payable on the
LIBOR rate loan will now be LIBOR plus 350 basis points with a
4.25% floor.
Since the beginning of the credit crisis in 2008, the Company
has taken significant steps to refinance its debt outstanding and
to extend its maturity profile. Including the existing credit line,
the Company has refinanced approximately $264 million of debt at a
weighted average interest rate of 4.94% and has increased its debt
capacity by $56 million. Approximately 87 percent of the Company’s
debt is fixed or capped with a weighted average maturity of 7.2
years.
Acquisitions
In February 2010, the Company closed on the acquisition of three
brand new hotels in Times Square, New York City for $165.0 million.
The 184-room Hampton Inn, 188-room Candlewood Suites and 210-room
Holiday Inn Express were recently opened in July 2009, are all
unencumbered of debt. The Company’s basis for the three hotels is
approximately $284,000 per key, which is below replacement cost.
The addition of these assets to the Hersha portfolio reduces the
average age of Hersha’s overall portfolio and increases its New
York City room mix.
Financial Outlook for 2010
The Company is providing certain projections for full-year 2010.
The outlook assumes that operating conditions remain challenging
but continue to stabilize as the year progresses.
Based on this outlook, the Company is providing the following
set of projections for the portfolio for the full 2010 calendar
year:
- Same store RevPAR for 2010 in
the range of a 2% decline to a 1% increase versus 2009.
- Same store Hotel EBITDA margin
deterioration of 100 basis points to 200 basis points.
- 2010 results will reflect full
year operational results for the two assets purchased in 2009, and
the majority of the year for the three assets purchased in February
2010.
Dividend
For the fourth quarter of 2009, Hersha Hospitality Trust paid
dividends of $0.05 per common share and limited partnership unit.
The Company also paid a fourth quarter cash dividend of $0.50 per
Series A Preferred Share.
Fourth Quarter 2009 Earnings Release and Conference
Call
The Company will host a conference call to discuss the results
at 9:00 AM Eastern time on Wednesday, February 24, 2010. The live
conference call can be accessed by dialing (888) 397-5352 or (719)
457-2729 for international participants. A replay of the call will
be available from 12:00 noon Eastern time on February 24, 2010,
through midnight Eastern Time on March 10, 2010. The replay can be
accessed by dialing (888) 203-1112 or (719) 457-0820 for
international participants. The passcode for the call and the
replay is 3195495.
About Hersha Hospitality
Hersha Hospitality Trust, a self-advised real estate investment
trust, owns interests in 76 hotels, totaling 9,838 rooms, primarily
along the Northeast Corridor from Boston to Washington D.C. Hersha
also owns hotels in Northern California and Scottsdale, Arizona.
Hersha focuses on upscale, mid-scale and extended stay hotels in
major metropolitan markets.
Forward Looking Statement
Certain matters within this press release are discussed using
forward-looking language as specified in the Private Securities
Litigation Reform Act of 1995, and, as such, may involve known and
unknown risks, uncertainties and other factors that may cause the
actual results or performance to differ from those projected in the
forward-looking statement. These forward-looking statements include
statements related to the Company’s ability to capitalize on
selective opportunities in the future, stabilization in hotel
operating metrics (including operating metrics with respect to the
Company’s consolidated portfolio of New York City hotels) and the
Company’s forecasted estimates related to the financial outlook for
the full 2009 calendar year. For a description of factors that may
cause the Company’s actual results or performance to differ from
its forward-looking statements, please review the information under
the heading “Risk Factors” included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2008, as filed with
the Securities and Exchange Commission. For more information on the
credit facility amendment, please refer to the Current Report on
Form 8-K filed on December 15, 2009. For more information on these
hotel acquisitions, please refer to the Current Report on Form 8-K
filed in February 11, 2010.
HERSHA HOSPITALITY TRUST
Balance Sheet (in thousands, except shares and per share
data)
December 31, 2009 December 31, 2008
Assets: Investment in Hotel Properties, net of Accumulated
Depreciation $ 938,954 $ 982,082 Investment in Unconsolidated Joint
Ventures 39,182 46,283 Development Loans Receivable 46,094 81,500
Cash and Cash Equivalents 11,404 15,697 Escrow Deposits 16,174
12,404 Hotel Accounts Receivable, net of allowance for doubtful
accounts of $34 and $120 7,103 6,870 Deferred Financing Costs, net
of Accumulated Amortization of $4,262 and $3,606 8,696 9,157 Due
from Related Parties 2,394 3,595 Intangible Assets, net of
Accumulated Amortization of $803 and $595 7,542 7,300 Other Assets
12,428 13,517 Assets Held for Sale 21,073 -
Total
Assets $ 1,111,044 $ 1,178,405
Liabilities and Equity: Line of Credit $ 79,200 $ 88,421
Mortgages and Notes Payable, net of unamortized discount of $49 and
$61 645,351 655,360 Accounts Payable, Accrued Expenses and Other
Liabilities 16,216 17,745 Dividends and Distributions Payable 4,293
11,240 Due to Related Parties 769 302 Liabilities Related to Assets
Held for Sale 20,892 -
Total Liabilities
766,721 773,068
Redeemable
Noncontrolling Interests - Common Units (Note 1) $ 14,733 $
18,739
Equity: Shareholders' Equity: Preferred Shares
- 8% Series A, $.01 Par Value,
2,400,000 Shares Issued and
Outstanding (Aggregate Liquidation
Preference $60,000) at December
31, 2009 and December 31, 2008
24 24 Common Shares - Class A, $.01 Par Value, 150,000,000 and
80,000,000
Shares Authorized at December 31,
2009 and December 31, 2008,
57,682,917 and 48,276,222 Shares
Issued and Outstanding
at December 31, 2009 and December
31, 2008, respectively
577 483
Common Shares - Class B, $.01 Par
Value, 1,000,000 Shares Authorized,
None Issued and Outstanding
- - Accumulated Other Comprehensive Loss (160 ) (109 ) Additional
Paid-in Capital 487,481 463,772 Distributions in Excess of Net
Income (185,725 ) (114,207 ) Total Shareholders'
Equity 302,197 349,963 Noncontrolling Interests (Note 1):
Noncontrolling Interests - Common Units 27,126 34,781
Noncontrolling Interests - Consolidated Joint Ventures 267
1,854 Total Noncontrolling Interests 27,393
36,635 Total Equity 329,590 386,598
Total Liabilities and Equity $ 1,111,044 $ 1,178,405
HERSHA
HOSPITALITY TRUST Summary Results (in thousands, except
shares and per share data)
Three Months Ended Year
Ended December 31, 2009 December 31, 2008
December 31, 2009 December 31, 2008 Revenues:
Hotel Operating Revenues $ 51,982 $ 55,250 $ 212,328 $ 236,162
Interest Income from Development Loans 1,421 2,131 7,411 7,890
Other Revenue 176 227 751
1,141
Total Revenues 53,579
57,608 220,490 245,193
Operating Expenses: Hotel Operating Expenses 31,157
32,735 124,433 133,817 Hotel Ground Rent 290 290 1,166 1,040 Real
Estate and Personal Property
Taxes and Property Insurance
3,515 3,371 13,879 12,384 General and Administrative 1,530 2,718
5,892 7,208 Stock Based Compensation 643 459 2,143 1,502
Acquisition and Terminated Transaction Costs 252 169 328 380 Loss
on Impairment of Assets - 21,004 21,408 21,004 Depreciation and
Amortization 11,034 10,361
43,156 38,904
Total Operating Expenses
48,421 71,107 212,405
216,239
Operating Income (Loss) 5,158
(13,499 ) 8,085 28,954 Interest Income 49 54 208 306
Interest Expense 11,189 10,745 43,359 41,218 Other Expense 55 56
165 129 Loss on Debt Extinguishment - 151
- 1,568
Loss before Loss
from
Unconsolidated Joint Venture
Investments
and Discontinued
Operations
(6,037 ) (24,397 ) (35,231 ) (13,655 )
Loss from
Unconsolidated
Joint Venture
Investments
(4,860 ) (2,768 ) (7,190 ) (517 )
Loss from Continuing Operations (10,897 ) (27,165 )
(42,421 ) (14,172 )
Discontinued Operations Gain on
Disposition of Hotel Properties - 2,888 1,869 2,888 Loss from
Impairment of Assets Held for Sale - - (17,703 ) - (Loss) Income
from Discontinued Operations (427 ) 11
(203 ) 855
(Loss) Income from Discontinued
Operations (427 ) 2,899 (16,037 )
3,743
Net Loss (11,324 ) (24,266 )
(58,458 ) (10,429 ) Loss Allocated to Noncontrolling
Interests 1,435 3,777 8,597 1,621 Preferred Distributions
(1,200 ) (1,200 ) (4,800 ) (4,800 )
Net Loss Applicable to
Common Shareholders
$ (11,089 ) $ (21,689 ) $ (54,661 ) $ (13,608 )
Earnings per Share:
BASIC Loss from Continuing Operations
Applicable to Common
Shareholders
$ (0.19 ) $ (0.51 ) $ (0.81 ) $ (0.38 ) (Loss) Income from
Discontinued Operations (0.01 ) 0.05
(0.27 ) 0.07
Net Loss Applicable to Common
Shareholders $ (0.20 ) $ (0.46 ) $ (1.08 ) $ (0.31 )
DILUTED Loss from Continuing Operations
Applicable to Common
Shareholders
$ (0.19 ) $ (0.51 ) $ (0.81 ) $ (0.38 ) (Loss) Income from
Discontinued Operations (0.01 ) 0.05
(0.27 ) 0.07
Net Loss Applicable to Common
Shareholders $ (0.20 ) $ (0.46 ) $ (1.08 ) $ (0.31 )
Weighted Average Common Shares
Outstanding:
Basic 56,488,607 47,770,780 51,027,742 45,184,127 Diluted
56,488,607 47,770,780 51,027,742 45,184,127
AFFO and GAAP Reconciliation
The National Association of Real Estate Investment Trusts
(“NAREIT”) developed Funds from Operations (“FFO”) as a non-GAAP
financial measure of performance of an equity REIT in order to
recognize that income-producing real estate historically has not
depreciated on the basis determined under GAAP. We calculate FFO
applicable to common shares and Partnership units in accordance
with the April 2002 National Policy Bulletin of NAREIT, which we
refer to as the White Paper. The White Paper defines FFO as net
income (loss) (computed in accordance with GAAP) excluding
extraordinary items as defined under GAAP and gains or losses from
sales of previously depreciated assets, plus certain non-cash
items, such as depreciation and amortization, and after adjustments
for unconsolidated partnerships and joint ventures. Our
interpretation of the NAREIT definition is that noncontrolling
interest in net income (loss) should be added back to (deducted
from) net income (loss) as part of reconciling net income (loss) to
FFO. Our FFO computation may not be comparable to FFO reported by
other REITs that do not compute FFO in accordance with the NAREIT
definition, or that interpret the NAREIT definition differently
than we do.
The GAAP measure that we believe to be most directly comparable
to FFO, net income (loss) applicable to common shares, includes
depreciation and amortization expenses, gains or losses on property
sales and minority interest. In computing FFO, we eliminate these
items because, in our view, they are not indicative of the results
from our property operations.
Hersha also presents Adjusted Funds from Operations (AFFO),
which reflects FFO in accordance with the NAREIT definition further
adjusted by:
- adding back write-offs of
deferred financing costs on debt extinguishment, both for
consolidated and unconsolidated properties;
- adding back amortization of
deferred financing costs;
- making adjustments for the
amortization of original issue discount/premium;
- adding back non-cash stock
expense;
- adding back non-cash impairment
expenses;
- adding back FFO attributed to
our partners in consolidated joint ventures; and
- making adjustments to ground
lease payments, which are required by GAAP to be amortized on a
straight-line basis over the term of the lease, to reflect the
actual lease payment.
FFO and AFFO do not represent cash flows from operating
activities in accordance with GAAP and should not be considered an
alternative to net income as an indication of Hersha’s performance
or to cash flow as a measure of liquidity or ability to make
distributions. We consider FFO and AFFO to be meaningful,
additional measures of our operating performance because they
exclude the effects of the assumption that the value of real estate
assets diminishes predictably over time, and because they are
widely used by industry analysts as performance measures. We show
both FFO from consolidated hotel operations and FFO from
unconsolidated joint ventures because we believe it is meaningful
for the investor to understand the relative contributions from our
consolidated and unconsolidated hotels. The display of both FFO
from consolidated hotels and FFO from unconsolidated joint ventures
allows for a detailed analysis of the operating performance of our
hotel portfolio by management and investors. We present FFO and
AFFO applicable to common shares and Partnership units because our
Partnership units are redeemable for common shares. We believe it
is meaningful for the investor to understand FFO and AFFO
applicable to all common shares and Partnership units.
The following table reconciles FFO and AFFO for the periods
presented to the most directly comparable GAAP measure, net income
(loss) applicable to common shares, for the same periods:
HERSHA HOSPITALITY TRUST
Adjusted Funds from Operations (AFFO) (in thousands, except
shares and per share data)
Three Months Ended Year
Ended December 31, 2009 December 31, 2008
December 31, 2009 December 31, 2008 Net loss
applicable to common shares $ (11,089 ) $ (21,689 ) $ (54,661 ) $
(13,608 ) Loss allocated to noncontrolling interest (1,435 ) (3,777
) (8,597 ) (1,621 ) Loss from unconsolidated joint ventures 4,860
2,768 7,190 517 Gain on disposition of hotel properties - (2,888 )
(1,869 ) (2,888 ) Depreciation and amortization 11,034 10,361
43,156 38,904 Depreciation and amortization from discontinued
operations - 566 1,129 2,514 FFO allocated to noncontrolling
interests in consolidated joint ventures - (12
) (98 ) (240 )
Funds from consolidated hotel
operations
applicable to common shares and
Partnership units
3,370 (14,671 ) (13,750 ) 23,578 Loss from unconsolidated
joint venture investments (4,860 ) (2,768 ) (7,190 ) (517 ) Add:
Depreciation and amortization of purchase price
in excess of historical cost
572 525 2,137 2,093 Interest in depreciation and amortization
of unconsolidated joint
ventures
(793 ) 1,161 2,891 6,287
Funds from unconsolidated joint venture operations
applicable to common shares and
Partnership units
(5,081 ) (1,082 ) (2,162 ) 7,863
Funds from Operations
applicable to common shares and
Partnership units
(1,711 ) (15,753 ) (15,912 ) 31,441 Add: FFO allocated to
noncontrolling interests in consolidated joint ventures - 12 98 240
Impairment of development loan receivable - 21,624 21,955 22,243
Loss from impairment of assets held for sale - - 18,456 -
Impairment of investment in unconsolidated joint ventures 4,541
1,890 4,541 1,890 Acquisition and terminated transaction costs 252
169 328 380 Amortization of deferred financing costs 505 543 2,059
2,030 Deferred financing costs written off in debt extinguishment -
151 - 1,568 Amortization of discounts and premiums 3 18 13 (271 )
Non cash stock compensation expense 643 459 2,143 1,502
Straight-line amortization of ground lease expense 67
75 275 285
Adjusted Funds from Operations $ 4,300 $ 9,188
$ 33,956 $ 61,308 AFFO per Diluted Weighted
Average Common Shares
and Units Outstanding
$ 0.07 $ 0.16 $ 0.57 $ 1.15
Diluted Weighted Average Common Shares and Units Outstanding
65,190,417 56,517,080 59,752,467 53,218,864
Adjusted EBITDA and GAAP Reconciliation
Adjusted Earnings Before Interest, Taxes, and Depreciation and
Amortization (EBITDA) is a non-GAAP financial measure within the
meaning of the Securities and Exchange Commission rules. Our
interpretation of Adjusted EBITDA is that EBITDA derived from our
investment in unconsolidated joint ventures should be added back to
net income (loss) as part of reconciling net income (loss) to
Adjusted EBITDA. Our Adjusted EBITDA computation may not be
comparable to EBITDA or Adjusted EBITDA reported by other companies
that interpret the definition of EBITDA differently than we do.
Management believes Adjusted EBITDA to be a meaningful measure of a
REIT's performance because it is widely followed by industry
analysts, lenders and investors and that it should be considered
along with, but not as an alternative to, net income, cash flow,
FFO and AFFO, as a measure of the company's operating
performance.
Hotel EBITDA is a commonly used measure of performance in the
hotel industry for a specific hotel or group of hotels. We believe
Hotel EBITDA provides a more complete understanding of the
operating results of the individual hotel or group of hotels. We
calculate Hotel EBITDA by utilizing the total revenues generated
from hotel operations less all operating expenses, property taxes,
insurance and management fees, which calculation excludes Company
expenses not specific to a hotel. Because Hotel EBITDA is specific
to individual hotels or groups of hotels and not to the Company as
a whole, it is not directly comparable to any GAAP measure and
should not be relied on as a measure of performance for our
portfolio of hotels taken as a whole.
HERSHA HOSPITALITY
TRUST Adjusted EBITDA (in thousands)
Three Months
Ended Year Ended December 31, 2009 December
31, 2008 December 31, 2009 December 31, 2008
Net loss applicable to common shares $ (11,089 ) $ (21,689 )
$ (54,661 ) $ (13,608 ) Less: Loss from unconsolidated joint
ventures 4,860 2,768 7,190 517 Gain on disposition of hotel
properties - (2,888 ) (1,869 ) (2,888 ) Interest income (49 ) (54 )
(208 ) (306 ) Add: Loss allocated to noncontrolling interest (1,435
) (3,777 ) (8,597 ) (1,621 ) Impairment of development loan
receivable - 21,624 21,955 22,243 Loss from impairment of assets
held for sale - - 18,456 - Distributions to Series A Preferred
Shareholders 1,200 1,200 4,800 4,800 Interest expense from
continuing operations 11,189 10,745 43,359 41,218 Interest expense
from discontinued operations 722 537 1,772 2,083 Deferred financing
costs
written off in debt
extinguishment
- 151 - 1,568 Depreciation and amortization from continuing
operations 11,034 10,361 43,156 38,904 Depreciation and
amortization from discontinued operations - 566 1,129 2,514
Non-cash stock compensation expense 643 459 2,143 1,502
Straight-line amortization of ground lease expense 67
75 275 285
Adjusted EBITDA from consolidated hotel operations
17,142 20,078 78,900
97,211 Loss from unconsolidated joint venture
investments (4,860 ) (2,768 ) (7,190 ) (517 ) Add: Impairment of
investment in unconsolidated joint ventures 4,541 1,890 4,541 1,890
Depreciation and amortization
of purchase price in excess of
historical cost
572 525 2,137 2,093 Adjustment for interest in interest expense,
depreciation and
amortization of unconsolidated
joint ventures
4,229 4,170 17,460
19,341
Adjusted EBITDA from unconsolidated joint
venture operations 4,482 3,817
16,948 22,807
Adjusted
EBITDA $ 21,624 $ 23,895 $ 95,848 $
120,018
Supplemental Schedules
The company has published supplemental earnings schedules in
order to provide additional disclosure and financial information
for the benefit of the company's stakeholders. These can found in
the Investor Relations section and the “SEC Filings and
Presentations” page of the Company’s Web site, www.hersha.com.
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