Hersha Hospitality Announces Fourth Quarter 2009 Results
Consolidated Hotel RevPAR decreased 9.7% - Adjusted Funds from Operation was $0.07 per diluted common share
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. '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' 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
