HERSHA HOSPITALITY TRUST - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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file	filename
8-K - HERSHA HOSPITALITY TRUST 8-K 11-12-2009 - HERSHA HOSPITALITY TRUST	form8k.htm
EX-99.3 - EXHIBIT 99.3 - HERSHA HOSPITALITY TRUST	ex99_3.htm
EX-23.1 - EXHIBIT 23.1 - HERSHA HOSPITALITY TRUST	ex23_1.htm
EX-99.2 - EXHIBIT 99.2 - HERSHA HOSPITALITY TRUST	ex99_2.htm

Exhibit 99.1

Item 6.

Selected Financial Data

The following sets forth selected financial and operating data on a historical consolidated basis. The following data should be read in conjunction with the financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K. Where applicable, the operating results of certain real estate assets which have been sold or otherwise qualify as held for disposition are included in discontinued operations for all periods presented.

HERSHA HOSPITALITY TRUST

SELECTED FINANCIAL DATA

(In thousands, except per share data)

	2008			2007			2006			2005			2004
Revenue:
Hotel Operating Revenues	$	236,162		$	214,883		$	117,705		$	53,330		$	24,638
Interest Income From Development Loans		7,890			6,046			2,487			3,940			2,191
Hotel Lease Revenue		-			-			-			-			1,192
Other Revenues		1,141			980			737			529			176
Total Revenue		245,193			221,909			120,929			57,799			28,197
Operating Expenses:
Hotel Operating Expenses		133,817			119,499			65,915			29,465			13,533
Hotel Ground Rent		1,040			856			804			433			504
Real Estate and Personal Property Taxes and Property Insurance		12,384			10,803			5,492			2,848			1,791
General and Administrative		8,710			7,945			5,820			4,899			3,100
Acquisition and Terminated Transaction Costs		380			149			316			41			-
Impairment of Development Loan Receivable and Other Asset		21,004			-			-			-			-
Depreciation and Amortization		38,904			31,943			16,786			6,789			3,715
Total Operating Expenses		216,239			171,195			95,133			44,475			22,643
Operating Income		28,954			50,714			25,796			13,324			5,554
Interest Income		306			686			1,182			602			241
Interest expense		41,218			40,237			23,500			10,687			3,035
Other Expense		129			83			102			12			12
Loss on Debt Extinguishment		1,568			-			1,485			-			-
(Loss) Income before (Loss) Income from Unconsolidated Joint Venture Investments and Discontinued Operations		(13,655	)		11,080			1,891			3,227			2,748

Income (Loss) from Unconsolidated Joint Venture Investments		1,373			3,476			1,799			457			481
Impairment on Unconsolidated Joint Venture Assets		(1,890	)
Net (Loss) Income from Unconsolidated Joint Venture Investments		(517	)		3,476			1,799			457			481

(Loss) Income from Continuing Operations		(14,172	)		14,556			3,690			3,684			3,229

Discontinued Operations (Note 12):
Gain on Disposition of Hotel Properties		2,888			4,248			784			1,323			-
(Loss) Income from Discontinued Operations		855			1,368			1,330			(1,555	)		(374	)
Income from Discontinued Operations		3,743			5,616			2,114			(232	)		(374	)

Net (Loss) Income		(10,429	)		20,172			5,804			3,452			2,855

Loss (Income) Allocated to Noncontrolling Interests		1,621			(2,325	)		(706	)		(155	)		(307	)
Distributions to Preferred Unitholders		-			-			-			-			(499	)
Preferred Distributions		(4,800	)		(4,800	)		(4,800	)		(1,920	)		-

Net (Loss) Income applicable to Common Shareholders		(13,608	)		13,047			298			1,377			2,049



Basic (Loss) Income from Continuing Operations applicable to Common Shareholders	$	(0.38	)	$	0.20		$	(0.05	)	$	0.07		$	0.15
Diluted (Loss) Income from Continuing Operations applicable to Common Shareholders (1)		(0.38	)		0.20			(0.05	)		0.07			0.15
Dividends declared per Common Share		0.72			0.72			0.72			0.72			0.72

(1) Income allocated to noncontrolling interest in the Partnership has been excluded from the numerator and Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact.

	2008			2007			2006			2005			2004
Balance Sheet Data
Net investment in hotel properties	$	982,082		$	893,297		$	807,784		$	317,980		$	163,923
Assets Held for Sale		-			-			-			3,407			18,758
Noncontrolling interest in Partnership		53,520			42,845			25,933			15,147			16,779
Shareholder's equity		349,963			330,405			331,619			164,703			119,792
Total assets		1,179,455			1,067,607			968,208			455,355			261,021
Total debt		743,781			663,008			580,542			256,146			98,788
Debt related to Assets Held for Sale		-			-			-			375			13,058
Other Data
Funds from Operations (2)	$	31,441		$	49,822		$	25,936		$	14,495		$	10,539
Net cash provided by operating activities	$	53,894		$	59,300		$	27,217		$	15,002		$	12,148
Net cash used in investing activities	$	(114,870	)	$	(46,027	)	$	(413,881	)	$	(190,825	)	$	(78,378	)
Net cash (used in) provided by financing activities	$	64,346		$	(11,262	)	$	388,200		$	163,989		$	46,137
Weighted average shares outstanding
Basic		45,184,127			40,718,724			27,118,264			20,293,554			16,391,805
Diluted (1)		45,184,127			40,718,724			27,118,264			20,299,937			16,391,805

(2) See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Funds From Operations” for an explanation of FFO, why we believe FFO is a meaningful measure of our operating performance and a reconciliation of FFO to net income calculated in accordance with GAAP.

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