Hersha Hospitality Announces Third Quarter 2009 Results
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- Achieved consolidated Hotel EBITDA margins of 37.7% -
- Margin decline excluding property taxes held to 117 bps -
- Consolidated Hotel RevPAR decreased 14.8% -
- Adjusted Funds from Operation ("AFFO") was $0.23 per diluted common share -
- Beginning to benefit from Improving Market in NYC -
PHILADELPHIA--(BUSINESS WIRE)-- Hersha Hospitality Trust (NYSE: HT), owner of select service and upscale hotels in major metropolitan markets, today announced results for the third quarter ended September 30, 2009.
Financial Results
For the third quarter ending September 30, 2009, AFFO was $14.1 million, compared to $21.9 million in the third quarter of 2008. AFFO per diluted common share and limited partnership unit was $0.23 compared to $0.39 for the same quarter of 2008. AFFO for the third quarter of 2009 excludes an aggregate of $39.1 million, or $0.75 per diluted share and limited partnership unit, in non-cash impairment charges, consisting of $17.7 million in non-cash impairment charges on one hotel and two land parcels that are classified as held for sale as of September 30, 2009, and $21.4 million in non-cash impairment charges on two mezzanine loans in the Company's development loan portfolio.
Net loss applicable to common shareholders was $(33.6) million, or $(0.65) per diluted common share, compared to net income of $5.1 million, or $0.11 per common share for the third quarter of 2008. Excluding the non-cash impairment charges, the Company would have recorded Net Income for the third quarter of 2009 of $5.5 million, or $0.11 per diluted common share for the third quarter of 2009. 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, "We again delivered industry-leading margins in the third quarter as we realized the positive attributes of our select service portfolio, combined with our ongoing cost containment programs. We believe we are beginning to see early signs of stabilization as the year over year declines moderated for the second straight quarter, but we recognize that the environment will remain challenging for at least the next several quarters. We have also successfully taken steps to improve our liquidity position and to strengthen our balance sheet. During the third quarter we completed the sale of four assets, brought on a new strategic capital partner and initiated a cost effective "at the market" equity program. We intend to continue to enhance our liquidity position while also evaluating and potentially pursuing selective opportunities within our key markets as we move forward."
Operating Results
For the quarter ended September 30, 2009, revenue per available room ("RevPAR") for the Company's consolidated hotels was down 14.8% to $95.7 compared to $112.4 in the prior year period. The decline was a result of an average daily rate ("ADR") decrease of 11.6% to $128.1 and a 2.8 percentage point decline in occupancy to 74.7%. In comparison to the first and second quarters of 2009, the portfolio of consolidated hotels is showing that the pace of RevPAR declines is abating.
Hotel earnings before interest, taxes, depreciation, and amortization ("Hotel EBITDA") for Hersha's consolidated hotels was $22.7 million for the quarter ended September 30, 2009 compared to $27.6 million for the same period in 2008. Hotel EBITDA margins deteriorated 263 basis points during the third quarter of 2009 from approximately 40.3% to 37.7%. The margin deterioration was primarily related to a decline in revenues in the third quarter of 2009, the resulting loss of operating leverage and higher property taxes, which was partially offset by ongoing cost-cutting initiatives.
On a same-store basis for Hersha's consolidated hotels (54 hotels), RevPAR was down 17.1% to $93.7 for the quarter ended September 30, 2009 compared to $113.0 in the prior year period. The decline was a result of an ADR decrease of 12.9% to $125.7 and a 3.7 percentage point decline in occupancy.
Same-store consolidated Hotel EBITDA for the quarter ended September 30, 2009 was $20.8 million compared to $27.2 million for the quarter ended September 30, 2008. The Company's same-store Hotel EBITDA margin was 37.2% in the third quarter of 2009 compared to 40.6% in the third quarter of 2008. On a same-store basis, the increase in property taxes accounted for almost half of the decline in EBITDA margin.
New York City
For the Company's consolidated portfolio of New York City properties (which historically have accounted for approximately 35% of the Company's EBITDA), occupancy has been greater than 90% for the second quarter in a row. As demand appears to be stabilizing, the Company will continue to test its ability to restore rate. Hersha's New York City portfolio includes a number of relatively new properties that are still ramping up their operations. The continued stabilization of their operating results and market share growth has contributed to the Company's ability to outperform the overall NYC market on its RevPAR results.
The year over year rate of RevPAR decline for the Company's consolidated portfolio of New York City properties has shown improvement in the third quarter of 2009 compared to what the Company experienced in the first and second quarter of 2009. Same-store RevPAR for the Company's consolidated portfolio of New York City hotels declined 22.7% from the prior year third quarter, driven by an ADR decrease of 26.7% partially offset by an improvement of 4.7 percentage points in occupancy to 91.6%. The year over year decline was primarily due to the ongoing difficult economic environment and strong results in the year ago period. Hotel EBITDA margin was 39.1%, despite the decline in same store RevPAR and a 17.5% increase in property taxes.
Financing
During the third quarter and through the date of this release, the Company sold 2.7 million common shares through its cost-effective "at the market" equity offering program at a weighted average offering price of $3.10 per share, generating net proceeds of approximately $8.1 million.
Assets Held for Sale and Non-Cash Impairment Charges
The Company has reclassified one consolidated hotel and two land parcels as assets held for sale. In conjunction with this reclassification the Company has performed an impairment analysis based upon the likely sale value of these assets which it considers to be fair value. The Company has also performed an impairment analysis on the loans in its development loan portfolio. Based on the results of this analysis, the Company is recognizing a non-cash impairment charge of $17.7 million on its assets held for sale and a non-cash impairment charge of $21.4 million on two mezzanine loans in its development loan portfolio.
Financial Outlook for 2009
The Company is refining its financial projections for full-year 2009. The outlook assumes that operating conditions remain challenging for the remainder of the year but also assumes that the overall economy continues to stabilize in the fourth quarter.
Based on those expectations, the Company is providing the following set of projections for the portfolio for the full 2009 calendar year:
-- RevPAR for 2009 is forecasted to decline by 15.0% to 18.0% versus 2008,
compared to the prior range of 14.0% to 20.0%.
-- Operating margin deterioration of 300 basis points to 350 basis points,
compared to the prior range of 200 basis points to 400 basis points.
-- 2009 results will reflect full year operational results for the six
assets purchased in 2008 and the stabilization of other assets opened
and purchased in 2007.
Dividend
For the third quarter of 2009, Hersha Hospitality Trust paid dividends of $0.05 per common share and limited partnership unit. The Company also paid a third quarter cash dividend of $0.50 per Series A Preferred Share.
Third 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 Thursday, November 5, 2009. Hosting the call will be Mr. Jay H. Shah, Chief Executive Officer, Mr. Neil H. Shah, President and Chief Operating Officer, and Mr. Ashish Parikh, Chief Financial Officer.
The live conference call can be accessed by dialing (877) 440-5807 or (719) 325-4802 for international participants. A replay of the call will be available from 12:00 noon Eastern time on November 5, 2009, through midnight Eastern Time on November 19, 2009. 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 9337241.
About Hersha Hospitality
Hersha Hospitality Trust is a self-advised real estate investment trust, which owns interests in 73 hotels, totaling 9,294 rooms, primarily along the Northeast Corridor from Boston to Washington D.C. The Company also owns hotels in Northern California and Scottsdale, Arizona. Hersha focuses on select service and upscale hotels in major metropolitan markets. More information on the Company and its portfolio of hotels is available on Hersha's website at www.hersha.com.
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.
HERSHA HOSPITALITY TRUST
Balance Sheet
(in thousands, except shares and per
share data)
September 30, 2009 December 31, 2008
Assets:
Investment in Hotel Properties, net of $ 936,031 $ 982,082
Accumulated Depreciation
Investment in Unconsolidated Joint 44,042 46,283
Ventures
Development Loans Receivable 47,990 81,500
Cash and Cash Equivalents 12,494 15,697
Escrow Deposits 15,588 12,404
Hotel Accounts Receivable, net of
allowance for doubtful accounts of $88 9,784 6,870
and $120
Deferred Financing Costs, net of
Accumulated Amortization of $3,756 and 8,831 9,157
$3,606
Due from Related Parties 3,138 3,595
Intangible Assets, net of Accumulated 7,529 7,300
Amortization of $738 and $595
Other Assets 13,095 13,517
Assets Held for Sale 21,073 -
Total Assets $ 1,119,595 $ 1,178,405
Liabilities and Equity:
Line of Credit $ 80,000 $ 88,421
Mortgages and Notes Payable, net of 640,470 655,360
unamortized discount of $52 and $61
Accounts Payable, Accrued Expenses and 17,997 17,745
Other Liabilities
Dividends and Distributions Payable 4,232 11,240
Due to Related Parties 90 302
Liabilities Related to Assets Held for 20,908 -
Sale
Total Liabilities 763,697 773,068
Redeemable Noncontrolling Interests - $ 15,391 $ 18,739
Common Units
Equity:
Shareholders' Equity:
Preferred Shares - 8% Series A, $.01 Par
Value,
2,400,000 Shares Issued and Outstanding 24 24
(Aggregate Liquidation
Preference $60,000) at September 30,
2009 and December 31, 2008
Common Shares - Class A, $.01 Par Value,
150,000,000 and 80,000,000
Shares Authorized at September 30, 2009
and December 31, 2008, 564 483
56,473,120 and 48,276,222 Shares Issued
and Outstanding
at September 30, 2009 and December 31,
2008, respectively
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 483,226 463,772
Distributions in Excess of Net Income (171,752 ) (114,207 )
Total Shareholders' Equity 311,902 349,963
Noncontrolling Interests:
Noncontrolling Interests - Common Units 28,329 34,781
Noncontrolling Interests - Consolidated 276 1,854
Joint Ventures
Total Noncontrolling Interests 28,605 36,635
Total Equity 340,507 386,598
Total Liabilities and Equity $ 1,119,595 $ 1,178,405
HERSHA
HOSPITALITY
TRUST
Summary
Results
(in thousands,
except shares
and per share
data)
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
Revenues:
Hotel
Operating $ 60,245 $ 68,471 $ 160,346 $ 180,912
Revenues
Interest
Income from 1,427 1,586 5,990 5,759
Development
Loans
Other Revenue 185 257 575 914
Total Revenues 61,857 70,314 166,911 187,585
Operating
Expenses:
Hotel
Operating 33,563 37,530 93,276 101,082
Expenses
Hotel Ground 292 308 876 750
Rent
Real Estate
and Personal
Property 3,788 3,194 10,364 9,013
Taxes and
Property
Insurance
General and 1,512 1,457 4,362 4,490
Administrative
Stock Based 579 416 1,500 1,043
Compensation
Acquisition
and Terminated 32 21 76 211
Transaction
Costs
Loss on
Impairment of 21,408 - 21,408 -
Assets
Depreciation
and 10,924 10,221 32,122 28,543
Amortization
Total
Operating 72,098 53,147 163,984 145,132
Expenses
Operating Loss (10,241 ) 17,167 2,927 42,453
Interest 49 69 159 252
Income
Interest 11,129 10,458 32,170 30,473
Expense
Other Expense 29 24 110 73
Loss on Debt - 1,417 - 1,417
Extinguishment
(Loss) Income
before (Loss)
Income from
Unconsolidated
Joint Venture (21,350 ) 5,337 (29,194 ) 10,742
Investments
and
Discontinued
Operations
(Loss) Income
from
Unconsolidated (606 ) 1,629 (2,330 ) 2,251
Joint Venture
Investments
(Loss) Income
from (21,956 ) 6,966 (31,524 ) 12,993
Continuing
Operations
Discontinued
Operations
Gain on
Disposition of 1,868 - 1,868 -
Hotel
Properties
Loss from
Impairment of (17,683 ) - (17,683 ) -
Assets Held
for Sale
(Loss) Income
from (164 ) 794 205 844
Discontinued
Operations
(Loss) Income
from (15,979 ) 794 (15,610 ) 844
Discontinued
Operations
Net (Loss) (37,935 ) 7,760 (47,134 ) 13,837
Income
Loss (Income)
Allocated to 5,560 (1,425 ) 7,162 (2,156 )
Noncontrolling
Interests
Preferred (1,200 ) (1,200 ) (3,600 ) (3,600 )
Distributions
Net (Loss)
Income
Applicable to $ (33,575 ) $ 5,135 $ (43,572 ) $ 8,081
Common
Shareholders
Earnings per
Share:
BASIC
(Loss) Income
from
Continuing
Operations $ (0.39 ) $ 0.10 $ (0.62 ) $ 0.16
Applicable to
Common
Shareholders
(Loss) Income
from (0.26 ) 0.01 (0.27 ) 0.02
Discontinued
Operations
Net (Loss)
Income
Applicable to $ (0.65 ) $ 0.11 $ (0.89 ) $ 0.18
Common
Shareholders
DILUTED
(Loss) Income
from
Continuing
Operations $ (0.39 ) $ 0.10 $ (0.62 ) $ 0.16
Applicable to
Common
Shareholders
(Loss) Income
from (0.26 ) 0.01 (0.27 ) 0.02
Discontinued
Operations
Net (Loss)
Income
Applicable to $ (0.65 ) $ 0.11 $ (0.89 ) $ 0.18
Common
Shareholders
Weighted
Average Common
Shares
Outstanding:
Basic 51,878,482 47,764,168 49,187,465 44,315,615
Diluted 51,878,482 47,764,168 49,187,465 44,315,615
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
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
(in thousands, except shares and per share data)
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
Net (loss)
income $ (33,575 ) $ 5,135 $ (43,572 ) $ 8,081
applicable to
common shares
(Loss) income
allocated to (5,560 ) 1,425 (7,162 ) 2,156
noncontrolling
interest
Loss (income)
from 606 (1,629 ) 2,330 (2,251 )
unconsolidated
joint ventures
Gain on
disposition of (1,868 ) - (1,868 ) -
hotel
properties
Depreciation
and 10,924 10,221 32,122 28,543
amortization
Depreciation
and
amortization 139 636 1,129 1,948
from
discontinued
operations
FFO allocated
to
noncontrolling (23 ) (167 ) (98 ) (229 )
interests in
consolidated
joint ventures
Funds from
consolidated
hotel
operations
applicable to (29,357 ) 15,621 (17,119 ) 38,248
common shares
and
Partnership
units
(Loss) income
from
unconsolidated (606 ) 1,629 (2,330 ) 2,251
joint venture
investments
Add:
Depreciation
and
amortization
of purchase 519 522 1,565 1,568
price
in excess of
historical
cost
Interest in
depreciation
and
amortization 1,959 1,498 3,684 5,127
of
unconsolidated
joint ventures
Funds from
unconsolidated
joint venture
operations
applicable to 1,872 3,649 2,919 8,946
common shares
and
Partnership
units
Funds from
Operations
applicable to
common shares (27,485 ) 19,271 (14,200 ) 47,194
and
Partnership
units
Add:
FFO allocated
to
noncontrolling 23 167 98 229
interests in
consolidated
joint ventures
Impairment of
development 21,955 - 21,955 -
loan
receivable
Loss from
impairment of 18,436 - 18,436 -
assets held
for sale
Acquisition
and terminated 32 21 76 211
transaction
costs
Amortization
of deferred 486 589 1,553 1,487
financing
costs
Deferred
financing
costs written - 1,417 - 1,417
off in debt
extinguishment
Amortization
of discounts 3 (13 ) 9 (289 )
and premiums
Non cash stock
compensation 579 416 1,500 1,043
expense
Straight-line
amortization 69 74 207 213
of ground
lease expense
Adjusted Funds
from $ 14,098 $ 21,941 $ 29,634 $ 51,505
Operations
AFFO per
Diluted
Weighted
Average Common $ 0.23 $ 0.39 $ 0.51 $ 0.99
Shares
and Units
Outstanding
Diluted
Weighted
Average Common 60,583,677 56,515,177 57,919,913 52,111,433
Shares and
Units
Outstanding
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 Nine Months Ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
Net (loss)
income $ (33,575 ) $ 5,135 $ (43,572 ) $ 8,081
applicable to
common shares
Less:
Loss
(income)from 606 (1,629 ) 2,330 (2,251 )
unconsolidated
joint ventures
Gain on
disposition of (1,868 ) - (1,868 ) -
hotel
properties
Interest (49 ) (69 ) (159 ) (252 )
income
Add:
(Loss) income
allocated to (5,560 ) 1,425 (7,162 ) 2,156
noncontrolling
interest
Impairment of
development 21,955 - 21,955 -
loan
receivable
Loss from
impairment of 18,436 - 18,436 -
assets held
for sale
Distributions
to Series A 1,200 1,200 3,600 3,600
Preferred
Shareholders
Interest
expense from 11,129 10,458 32,170 30,473
continuing
operations
Interest
expense from 283 438 1,050 1,546
discontinued
operations
Deferred
financing
costs - 1,417 - 1,417
written off in
debt
extinguishment
Depreciation
and
amortization 10,924 10,221 32,122 28,543
from
continuing
operations
Depreciation
and
amortization 139 636 1,129 1,948
from
discontinued
operations
Non-cash stock
compensation 579 416 1,500 1,043
expense
Straight-line
amortization 69 74 207 213
of ground
lease expense
Adjusted
EBITDA from
consolidated 24,268 29,722 61,738 76,517
hotel
operations
(Loss) income
from
unconsolidated (606 ) 1,629 (2,330 ) 2,251
joint venture
investments
Add:
Depreciation
and
amortization
of purchase 519 522 1,565 1,568
price in
excess of
historical
cost
Adjustment for
interest in
interest
expense,
depreciation 5,169 4,689 13,232 15,171
and
amortization
of
unconsolidated
joint ventures
Adjusted
EBITDA from
unconsolidated 5,082 6,840 12,467 18,990
joint venture
operations
Adjusted $ 29,350 $ 36,562 $ 74,205 $ 95,507
EBITDA
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.
Source: Hersha Hospitality Trust
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