HT Hersha Hospitality Trust

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.