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Hersha Hospitality Trust (HT) is a self-advised real estate investment trust (REIT) specializing in the ownership and operation of upscale hotels in key urban gateway markets. With a portfolio of 51 hotels encompassing 7,804 rooms, the company is strategically positioned in bustling cities such as New York, Washington, DC, Boston, Philadelphia, Miami, and select West Coast markets. Hersha's common shares are publicly traded on the New York Stock Exchange under the ticker symbol “HT”.
Hersha Hospitality Trust recently announced its second-quarter results for 2023. The company reported an Adjusted Funds from Operations (AFFO) of $18.1 million, or $0.38 per diluted common share and OP Unit, a notable decrease from the previous year's AFFO of approximately $26.1 million. This decline was primarily due to the sale of 10 hotels in the latter half of 2022 and a normalization in resort markets, though partially offset by robust performance in urban markets.
Neil H. Shah, Hersha’s CEO, expressed optimism about the recovery in core urban markets, which saw double-digit Revenue per Available Room (RevPAR) growth. The company's urban segment, including markets like New York, Boston, and Washington, DC, outperformed and helped mitigate the softer performance in resort markets. Despite this, the company’s resort properties are outperforming pre-COVID levels, providing a new growth baseline.
The company's financial strategy includes substantial debt management. Hersha paid down a $23 million floating rate mortgage and $25 million of the term loan principal, resulting in an estimated annual saving of $4 million in interest expenses. The company's credit facility comprises a $346 million term loan and a $100 million undrawn revolving credit line, maturing in August 2024 with a potential extension to 2025. Approximately 79% of the company’s outstanding debt is fixed or hedged, ensuring financial stability.
For the third quarter of 2023, Hersha anticipates continued recovery driven by corporate and international travel. The company remains cautious about macro-economic factors such as inflation, interest rates, and potential recessions but maintains a positive long-term outlook.
Key Performance Metrics utilized by Hersha include occupancy (77.1%), Average Daily Rate (ADR) ($303.34), and RevPAR ($233.92). These metrics are essential for evaluating hotel performance and are used comparatively against a self-defined competitive peer set.
For more information, visit the company's official website at www.hersha.com.
Hersha Hospitality Trust (HT) announced the successful refinancing of a $500 million Senior Secured Credit Facility, consisting of a $400 million Term Loan and a $100 million undrawn revolving credit line. The refinancing, with a maturity extending to August 2024, will save the company approximately $10 million in interest expenses. Additionally, the company closed on the sale of six non-core Urban Select Service properties for about $435.9 million. This move eliminates near-term debt maturities and provides greater financial flexibility for future growth initiatives.
Hersha Hospitality Trust (HT) reported a net income of $9.2 million or $0.05 per share for Q2 2022, a significant recovery from a loss of $23.5 million in Q2 2021. Adjusted Funds from Operations (FFO) reached $25.7 million, translating to $0.56 per share. The company's comparable portfolio saw a 12.2% ADR growth compared to Q2 2019, with an EBITDA margin of 38.7%, surpassing pre-pandemic levels. Strong performance was noted in urban and resort markets, with notable contributions from properties in New York, South Florida, and the West Coast. A planned sale of non-core properties for $505 million is also underway.
Hersha Hospitality Trust (NYSE: HT) will release its Q2 2022 financial results on August 3, 2022, after market close. The company will host a conference call on August 4, 2022, at 9:00 AM ET, featuring executives including CEO Jay H. Shah. A live audio webcast of the call will be available on their website. Hersha operates 36 hotels with a total of 5,802 rooms in key markets, including New York and Washington, DC. The company highlights risks and uncertainties in forward-looking statements, encouraging investors to review their SEC filings for further information.
On May 27, 2022, Hersha Hospitality Trust (HT) announced a cash dividend for the second quarter of 2022, declaring $0.4297 per Series C Preferred Share and $0.40625 for both Series D and E Preferred Shares. The dividends are payable on July 15, 2022, to shareholders of record as of July 1, 2022. Hersha operates 36 hotels totaling 5,802 rooms in key urban and resort locations, contributing to its status as a significant player in the hospitality sector. The company's portfolio focuses on high-quality properties in major markets including New York and Washington, DC.
Hersha Hospitality Trust (NYSE: HT) announced a definitive agreement to sell seven non-core properties for $505 million, expected to reduce net debt by $460-$480 million. This transaction aligns with the company's strategy to focus on luxury and lifestyle segments and urban markets. The sale is projected to enhance financial metrics, including an increase in Total RevPAR from $206 to $219 and EBITDA per key from $32,000 to $33,000. The deal is anticipated to close in Q3 2022, subject to customary conditions.
Hersha Hospitality Trust (HT) reported a first quarter 2022 net loss of $0.58 per share, a significant decline from $0.07 in Q1 2021. However, the adjusted funds from operations (AFFO) improved to $0.06 per share from a loss of $0.36 in the previous year. March saw an uptick in demand with property-level EBITDA reaching $12 million, the highest since the pandemic began. Comparable portfolio metrics showed notable growth, with a 40.8% GOP margin exceeding Q1 2019 by 365 basis points. Dividends for preferred shares were maintained, with $88 million in cash at Q1's end.
Hersha Hospitality Trust (HT) announced the release of its first quarter 2022 financial results scheduled for April 27, 2022, after market close. A subsequent conference call will take place on April 28, 2022, at 9:00 AM ET, featuring CEO Jay H. Shah, President Neil H. Shah, and CFO Ashish Parikh. The company operates 36 hotels with a total of 5,802 rooms in prominent markets such as New York and Washington, DC. Investors can access the live webcast on Hersha's website, and a replay will be available within a month.
Hersha Hospitality Trust (HT) announced cash dividends for the first quarter ending March 31, 2022. The Board declared a dividend of $0.4297 per Series C Preferred Share and $0.40625 per Series D and E Preferred Shares. Payments are scheduled for April 18, 2022, to shareholders on record as of March 31, 2022. Hersha operates 36 hotels with a total of 5,802 rooms in key markets, including New York and Washington, D.C., enhancing their investment appeal.
Hersha Hospitality Trust (NYSE: HT) reported a fourth quarter 2021 net loss of $0.48 per share, an improvement from a loss of $1.16 per share in Q4 2020. Adjusted funds from operations were $0.20 per share, up from a loss of $0.23 per share last year. Property-level cash flow increased by 16% from Q3 2021, reaching $29.4 million. The comparable portfolio achieved a GOP margin of 45%, surpassing Q4 2019 performance. RevPAR for the resort portfolio grew 15.7% compared to Q4 2019. The company remains optimistic about recovery despite ongoing pandemic challenges.
Hersha Hospitality Trust (NYSE: HT) has announced the tax classification of its Series C, D, and E Cumulative Redeemable Preferred Shares distributions for 2021. The total cash distributions amounted to $3.0079 for Series C, $2.84375 for Series D, and $2.84375 for Series E shares. Taxable ordinary income is $0 for each series, with capital gain distributions and nontaxable distributions detailed in the release. Shareholders are advised to consult tax advisors regarding the tax implications of these distributions.
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