HERSHA HOSPITALITY TRUST
Summary Results
(in thousands, except shares and per share data)
Three Months Ended
------------------------------
March 31, 2006 March 31, 2005
------------------------------
Revenue:
Hotel Operating Revenues
$ 23,901 $
11,021
Expenses:
Hotel Operating Expenses
15,958
8,092
Land Leases
162
108
Real Estate and Personal Property
Taxes and Property Insurance
1,487
775
General and Administrative
1,164
977
Unrecognized (Gain) on Derivatives
(4)
(4)
Depreciation and Amortization
3,796
1,655
------------- ---------------
Total Operating Expenses
22,563 11,603
------------- ---------------
Operating Income (Loss)
1,338
(582)
Interest Income
158
37
Interest Income - Secured Loans
Related Party
421 1,000
Interest Income - Secured Loans
7
-
Other Revenue
194
27
Interest Expense
5,622
1,630
Debt Extinguishment
255
-
------------- ---------------
Loss before income (loss) from
Unconsolidated Joint Venture
Investments, Distributions to
Preferred Unitholders, Minority
Interests and Discontinued Operations
(3,759) (1,148)
Income (Loss) from Unconsolidated
Joint Venture Investments
(1,110)
49
------------- ---------------
Loss before Distribution to Preferred
Unitholders, Minority Interests and
Discontinued Operations
(4,869) (1,099)
Loss Allocated to Minority Interest in
Continuing Operations
(1,015)
(242)
------------- ---------------
Loss from Continuing Operations
(3,854)
(857)
------------- ---------------
Discontinued Operations:
Income (Loss) from Discontinued
Operations
(30)
(117)
------------- ---------------
Net Loss
(3,884)
(974)
Preferred Distributions
1,200
-
------------- ---------------
Net Loss applicable to Common
Shareholders
$ (5,084) $
(974)
============= ===============
Basic and diluted earnings per share
------------------------------------
Loss from continuing operations
applicable to common shareholders
$ (0.25) $
(0.04)
Discontinued operations
(0.00) (0.01)
------------- ---------------
Net Loss applicable to Common
Shareholders
$ (0.25) $
(0.05)
============= ===============
Weighted Average Common Shares
Outstanding
Basic
20,308,225 20,291,234
Diluted
20,379,225 20,291,234
FFO and GAAP Reconciliation
The National Association of Real Estate Investment Trusts
("NAREIT") developed Funds From Operations ("FFO") as a relative non-GAAP
financial measure of performance and liquidity of an equity REIT in order
to recognize that income-producing real estate historically has not depreciated
on the basis determined under GAAP. FFO as defined by NAREIT is 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.
With respect to FFO from unconsolidated joint-ventures, we also add back
depreciation from the purchase price of the joint-venture interest in excess
of the joint-venture's basis in its hotels.
Hersha also presents Adjusted Funds from Operations (Adjusted
FFO), which reflects FFO in accordance with the NAREIT definition further
adjusted by:
-- adding back income or loss allocated to units of partnership
interest in our operating partnership, because the company reports Adjusted
FFO to common shareholders on a fully diluted basis assuming conversion
of those units to common shares;
-- adding back income allocated to minority interest
(units of partnership interest in our operating partnership) related to
discontinued operations;
-- adding back depreciation related to discontinued operations;
-- adding back distributions to holders of preferred
units of partnership interest in the company's operating partnership, if
any, which are expensed for GAAP purposes on its income statement;
-- 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 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 or Adjusted FFO 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.
Hersha considers FFO and Adjusted FFO to be meaningful, additional measures
of 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 a performance
measure. We show both FFO from consolidated hotels 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. Hersha also believes that the additional adjustments made to arrive
at Adjusted FFO help to provide a meaningful view of its underlying operations.
Comparison of the company's presentation of FFO and Adjusted FFO to similarly
titled measures for other REITs is not necessarily meaningful due to the
differences in the calculations used internally and by other REITs.
The following table reconciles FFO and Adjusted FFO for
the periods presented to the most directly comparable GAAP measure, net
income, for the same periods:
HERSHA HOSPITALITY TRUST
Funds from Operations (FFO)
(in thousands, except shares and per share data)
Three Months Ending
3/31/2006 3/31/2005
------------- ---------------
Net Loss applicable to common shares $
(5,084) $ (974)
Less:
Loss (Income) from Unconsolidated
Joint Ventures
1,110
(49)
Add:
Depreciation and amortization
3,796
1,655
------------- ---------------
Funds from Consolidated Hotel
Operations
(178)
632
(Loss) Income from Unconsolidated
Joint Ventures
(1,110)
49
Add:
Depreciation and amortization of
purchase price in excess of
historical cost
475
-
Interest in depreciation and
amortization of unconsolidated
joint venture
1,021
257
------------- ---------------
Funds from Unconsolidated Joint
Ventures Operations
386
306
------------- ---------------
Funds from Operations
208
938
Add:
Loss allocated to minority interest
in our operating partnership
(604)
(139)
Loss allocated to minority interest
for discontinued operations
(5)
(16)
Depreciation from discontinued
operations
259
308
Amortization of deferred financing
costs
213
80
Deferred financing costs written
off in debt extinguishment
255
-
Interest in deferred financing
costs written off in
unconsolidated joint venture
debt
extinguishment
207
-
Amortization of ground lease
expense
61
58
------------- ---------------
Adjusted Funds from Operations
$ 593 $
1,229
============= ===============
AFFO per Fully Diluted Weighted
Average Common Shares and Units
Outstanding
$ 0.03 $
0.06
============= ===============
HERSHA HOSPITALITY TRUST
Funds from Operations (FFO) - 2006 FORECAST RECONCILIATION
(in thousands, except shares and per share data)
Low High
Twelve Months Ending
12/31/2006 12/31/2006
------------- ---------------
Net Income applicable to common shares $
1,250 $ 2,250
Less:
(Income) from Unconsolidated Joint
Ventures
(1,614) (1,914)
Add:
Depreciation and amortization
19,000 19,000
------------- ---------------
Funds from Consolidated Hotel
Operations
18,636 19,336
Income from Unconsolidated Joint
Ventures
1,614
1,914
Add:
Depreciation and amortization
6,000
6,000
------------- ---------------
Funds from Unconsolidated Joint
Ventures Operations
7,614
7,914
------------- ---------------
Funds from Operations
26,250 27,250
Add:
Income allocated to minority
interest in our operating
partnership
138
248
Amortization of deferred financing
costs
850
850
Deferred financing costs written
off in debt extinguishment
700
700
Interest in deferred financing
costs written off in
unconsolidated jv debt
extinguishment
207
207
Amortization of ground lease
expense
275
275
------------- ---------------
Adjusted Funds from Operations
$ 28,420 $
29,530
============= ===============
Fully Diluted Weighted Average Common
Shares and Units Outstanding
29,000,000 29,000,000
Adjusted FFO per Fully Diluted
Weighted Average Common Shares and
Units Outstanding
$ 0.98 $
1.02
============= ===============
EBITDA and GAAP Reconciliation
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. Management believes EBITDA to be a meaningful
measure of a REIT's performance and that it should be considered along
with, but not as an alternative to, net income, cash flow, FFO and Adjusted
FFO, as a measure of the company's operating performance.
HERSHA HOSPITALITY TRUST
EBITDA
(in thousands, except shares and per share data)
Three Months Ended
3/31/2006 3/31/2005
------------- ---------------
Net (Loss) applicable to common shares $
(5,084) $ (974)
Less: Interest income
(158)
(37)
Loss (Income) from Unconsolidated
Joint Ventures
1,110
(49)
Add:
Interest expense
5,622
1,630
Deferred financing costs written
off in debt extinguishment
255
-
Distributions to Series A Preferred
Shareholders
1,200
-
(Loss) allocated to minority
interest in our operating
partnership
(604)
(139)
(Loss) allocated to minority
interest for discontinued
operations
(5)
(16)
Depreciation and amortization from
continuing operations
3,796
1,655
Depreciation from discontinued
operations
259
308
Amortization of ground lease
expense
61
58
------------- ---------------
EBITDA from Consolidated Hotel
Operations
6,452
2,436
============= ===============
Supplemental Schedules
The company has included supplemental schedules as an
addendum to this press release in order to provide additional disclosure
and financial information for the benefit of the company's stakeholders.
About Hersha Hospitality
Hersha Hospitality Trust is a self-advised real estate
investment trust that owns interests in 58 midscale, upscale and upper
upscale hotel properties with 7,211 rooms located in high barrier to entry
markets primarily from Metro Boston, Massachusetts to Metro Washington,
DC with strong, national franchise affiliations. The Company focuses on
acquisition and joint venture opportunities in primary and secondary markets
near major metropolitan markets. More information on the Company is available
on the Company's web site 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.
CONSOLIDATED HOTELS:
(Recorded from date of acquisition or investment)
Three Months Ended
March 31,
-------------------------------------------
2006
2005 % Variance
------------ ----------------- ----------
Rooms Available
375,448
235,230
Rooms Occupied
240,603
140,046
Occupancy
64.08%
59.54% 7.6%
Average Daily Rate (ADR)
$97.89
$87.42 12.0%
Revenue Per Available Room
(RevPAR)
$62.73
$52.05 20.5%
Room Revenues
$23,551,527 $12,243,409
Food & Beverage/Other
Revenues
$2,323,533 $1,674,273
Total Revenues
$25,875,060 $13,917,682
Discontinued Assets
$1,965,673 $3,052,813
EBITDA
$6,749,640 $2,644,289
EBITDA Margin
26.1%
19.0%
EBITDA Margin Growth
7.1%
SAMESTORE HOTELS:
(Owned for the entire reporting period)
Three Months Ended
March 31,
-------------------------------------------
2006
2005 % Variance
------------ ----------------- ----------
Rooms Available
249,311
249,840
Rooms Occupied
162,246
154,012
Occupancy
65.08%
61.64% 5.6%
Average Daily Rate (ADR)
$97.27
$93.16 4.4%
Revenue Per Available Room
(RevPAR)
$63.30
$57.43 10.2%
Room Revenues
$15,781,006 $14,348,290
Food & Beverage/Other
Revenues
$2,095,854 $1,911,614
Total Revenues
$17,876,860 $16,259,904
EBITDA
$3,964,589 3,545,993
EBITDA Margin
22.2%
21.8%
EBITDA Margin Growth
0.4%
ALL HOTELS INCLUDING JOINT VENTURE ASSETS:
(Recorded from date of acquisition or investment)
Three Months Ended
March 31,
-------------------------------------------
2006
2005 % Variance
------------ ----------------- ----------
Rooms Available
577,076
273,390
Rooms Occupied
374,550
168,606
Occupancy
64.90%
61.67% 5.2%
Average Daily Rate (ADR)
$106.73
$94.07 13.5%
Revenue Per Available Room
(RevPAR)
$69.27
$58.02 19.4%
Room Revenues
$39,974,857 $15,861,086
Food & Beverage/Other
Revenues
$8,531,712 $2,031,312
Total Revenues
$48,506,569 $17,892,398
EBITDA
$10,631,841 $3,926,297
EBITDA Margin
21.9%
21.9%
EBITDA Margin Growth
0.0%
Hersha Hospitality Trust
Total Portfolio
March 31, 2006
(Dollars in thousands)
Name
Rooms Year Opened/ Acquisition Debt Balance as
Complete Date
of 03/31/06
Renovation
----------------------------------------------------------------------
Marriott
----------------------------------------------------------------------
1. Mystic, CT
285 2001
8/9/2005 $34,084
2. Hartford, CT
409 2005
2/9/2006 $45,000
Hilton
----------------------------------------------------------------------
3. Hartford, CT
392 2005 10/6/2005
$22,000
Courtyard
----------------------------------------------------------------------
4. Scranton
120 1996
2/1/2006 $6,300
5. Langhorne, PA
118 2002
1/3/2006 $15,575
6. Brookline/
Boston, MA
188 2003 6/16/2005
$38,913
7. Norwich, CT
144 1997
8/9/2005 $9,400
8. South Boston, MA 164
2005 7/1/2005
$16,000
9. Wilmington, DE
78 1999 6/17/2005
$8,000
10. Warwick, RI
92 2003
8/9/2005 $6,450
11. Ewing/
Princeton, NJ
130 2004
7/1/2004 $13,500
Hampton Inn
----------------------------------------------------------------------
12. Philadelphia, PA 250
2001 2/15/2006
NA
13. Chelsea/
Manhattan, NY
144 2003 8/29/2003
$15,675
14. Linden, NJ
149 2003 10/1/2003
$9,932
15. Newnan, GA
91 1996 4/20/2000
$2,897
16. Peachtree City, GA 61
1994 4/20/2000
$1,925
17. Hershey, PA
110 1999
1/1/2000 $3,483
18. Carlisle,PA
95 1997 1/26/1999
$3,694
19. Danville, PA
72 1998
9/1/1999 $2,338
20. Selinsgrove, PA
75 1996 1/26/1999
$3,086
21. Herald Square,
Manhattan, NY
136 2005
4/1/2005 $21,930
Residence Inn
----------------------------------------------------------------------
22. Tysons Corner, VA 96
1984 2/2/2006
$9,577
23. Danbury, CT
78 1999
8/9/2005 $8,050
24. Framingham, MA
125 2000 3/26/2004
$9,339
25. Greenbelt, MD
120 2002 7/16/2004
$12,711
26. Mystic, CT
133 1996 09/15/2005
$7,939
27. Southington, CT
94 2002
8/9/2005 $10,950
28. Williamsburg, VA 108
2002 11/22/2005
$8,500
Holiday Inn Express
----------------------------------------------------------------------
29. Duluth, GA
68 1996 5/19/2000
$2,517
30. Hartford, CT
96 2004 1/14/2004
NA
31. Hershey, PA
85 1997 1/26/1999
$4,396
32. New Columbia, PA 81
1997 1/26/1999
$1,683
33. Malvern, PA
88 2004 5/24/2005
$5,740
34. Oxford Valley, PA 88
2004 5/26/2005
$5,460
35. South Boston, MA 118
1998 10/7/2005
$6,326
Hilton Garden Inn
----------------------------------------------------------------------
36. JFK Airport, NY 188
2005 2/16/2006
$12,959
37. Edison, NJ
132 2003 10/1/2003
$7,946
38. Glastonbury, CT 150
2003 11/13/2003 $13,500
39. Gettysburg, PA
88 2004 7/23/2004
$5,315
Springhill Suites
----------------------------------------------------------------------
40. Waterford, CT
80 1998
8/9/2005 $6,335
41. Williamsburg, VA 120
2002 11/22/2005
$5,734
Holiday Inn Express & Suites
----------------------------------------------------------------------
42. Harrisburg, PA
77 1997
9/1/1999
NA
43. King of Prussia,
PA
155 2004 5/23/2005
$11,270
Four Points - Sheraton
----------------------------------------------------------------------
44. Revere/Boston, MA 180
2001 3/11/2004
$8,616
Mainstay
----------------------------------------------------------------------
45. Valley Forge, PA 69
2000 6/1/2001
NA
46. Frederick, MD
72 2001
1/1/2002 $3,500
Holiday Inn (HICC)
----------------------------------------------------------------------
47. Harrisburg, PA
196 1970 1/26/1999
$3,180
Comfort Inn
----------------------------------------------------------------------
48. Harrisburg, PA
81 1998 1/26/1999
$2,245
49. Frederick, MD
73 2004 5/27/2004
$2,831
Fairfield Inn
----------------------------------------------------------------------
50. Mt. Laurel, NJ
118 1998
1/3/2006 $7,400
51. Bethlehem, PA
103 1997
1/3/2006 $6,225
52. Laurel, MD
109 1999 1/31/2005
NA
Independent
----------------------------------------------------------------------
53. Wilmington, DE
71 1999 6/17/2005
$3,760
Comfort Suites
----------------------------------------------------------------------
54. Duluth, GA
85 1996 5/19/2000
$3,035
Sleep Inn
----------------------------------------------------------------------
55. Valley Forge, PA 87
2000 6/1/2001
NA
----------------------------------------------------------------------
TOTAL
6,915
=====
Name
Ownership % Hersha Preferred
Equity Return
---------------------------------------------------------
Marriott
---------------------------------------------------------
1. Mystic, CT
66.7%
8.50%
2. Hartford, CT
15.0%
8.50%
Hilton
---------------------------------------------------------
3. Hartford, CT
8.8%
8.50%
Courtyard
---------------------------------------------------------
4. Scranton
100.0%
5. Langhorne, PA
100.0%
6. Brookline/
Boston, MA
100.0%
7. Norwich, CT
66.7%
8.50%
8. South Boston, MA
50.0%
10.00%
9. Wilmington, DE
100.0%
10. Warwick, RI
66.7%
8.50%
11. Ewing/
Princeton, NJ
50.0%
11.00%
Hampton Inn
---------------------------------------------------------
12. Philadelphia, PA
80.0%
9.00%
13. Chelsea/
Manhattan, NY
33.3%
14. Linden, NJ
100.0%
15. Newnan, GA
100.0%
16. Peachtree City, GA
100.0%
17. Hershey, PA
100.0%
18. Carlisle,PA
100.0%
19. Danville, PA
100.0%
20. Selinsgrove, PA
100.0%
21. Herald Square,
Manhattan, NY
100.0%
Residence Inn
---------------------------------------------------------
22. Tysons Corner, VA
100.0%
23. Danbury, CT
66.7%
8.50%
24. Framingham, MA
100.0%
25. Greenbelt, MD
100.0%
26. Mystic, CT
66.7%
8.50%
27. Southington, CT
44.7%
8.50%
28. Williamsburg, VA
75.0%
12.00%
Holiday Inn Express
---------------------------------------------------------
29. Duluth, GA
100.0%
30. Hartford, CT
100.0%
31. Hershey, PA
100.0%
32. New Columbia, PA
100.0%
33. Malvern, PA
100.0%
34. Oxford Valley, PA
100.0%
35. South Boston, MA
50.0%
10.00%
Hilton Garden Inn
---------------------------------------------------------
36. JFK Airport, NY
100.0%
37. Edison, NJ
100.0%
38. Glastonbury, CT
40.0%
11.00%
39. Gettysburg, PA
100.0%
Springhill Suites
---------------------------------------------------------
40. Waterford, CT
66.7%
8.50%
41. Williamsburg, VA
75.0%
(a.)
Holiday Inn Express & Suites
---------------------------------------------------------
42. Harrisburg, PA
100.0%
43. King of Prussia,
PA
100.0%
Four Points - Sheraton
---------------------------------------------------------
44. Revere/Boston, MA
55.0%
12.00%
Mainstay
---------------------------------------------------------
45. Valley Forge, PA
100.0%
46. Frederick, MD
100.0%
Holiday Inn (HICC)
---------------------------------------------------------
47. Harrisburg, PA
100.0%
Comfort Inn
---------------------------------------------------------
48. Harrisburg, PA
100.0%
49. Frederick, MD
100.0%
Fairfield Inn
---------------------------------------------------------
50. Mt. Laurel, NJ
100.0%
51. Bethlehem, PA
100.0%
52. Laurel, MD
100.0%
Independent
---------------------------------------------------------
53. Wilmington, DE
100.0%
Comfort Suites
---------------------------------------------------------
54. Duluth, GA
100.0%
Sleep Inn
---------------------------------------------------------
55. Valley Forge, PA
100.0%
---------------------------------------------------------
(a.) - Preferred Return tier of 8% and 10% during years
1 and 2,
respectively, and then a 12% preferred
return thereafter
Hersha Hospitality Trust
Mortgages and Notes Payable
March 31, 2006
Capped '03/31/06
'03/31/06 or Floating
Fixed Rate Fixed Rate
Floating
Owned Properties Balance
Rate Balance Rate
Maturity
------------------ ------------- ------ ------------
-------- --------
Four Points
Sheraton - Revere,
MA (SBA Loan)
$564,909 4.00%
01/2032
Courtyard -
Brookline, MA $38,913,000
5.35%
07/2015
Courtyard -
Langhorne, PA $15,575,000
5.75%
02/2016
Fairfield Inn &
Suites - Mt.
Laurel, NJ
$7,400,000 5.75%
02/2016
Fairfield Inn &
Suites -
Bethlehem, PA
$6,225,000 5.75%
02/2016
Courtyard -
Scranton, PA
$6,300,000 5.83%
02/2016
Hampton Inn -
Linden, NJ
$9,932,103 6.25%
10/2008
Hilton Garden Inn
- Edison, NJ
$7,945,686 6.25%
10/2008
Residence Inn -
Greenbelt, MD $12,711,358
6.25%
10/2014
Residence Inn -
Williamsburg, VA $8,421,792
6.32%
01/2013
Springhill Suites -
Williamsburg, VA $5,734,142
6.32%
01/2013
Residence Inn -
Framingham, MA $9,339,279
6.38%
07/2019
Four Points
Sheraton -
Revere, MA
$8,050,863 6.50%
07/2009
Residence Inn -
Tyson's Corner, VA $9,577,310
6.52%
08/2013
Hilton Garden Inn
- Gettysburg, PA $5,315,182
6.62%
09/2009
Holiday Inn Express
& Suites - King of
Prussia, PA
$11,270,000 7.13%
07/2008
Holiday Inn Express
- Malvern, PA
$5,740,000 7.13%
07/2008
Holiday Inn
Express -
Langhorne, PA
$5,460,000 7.13%
07/2008
Courtyard -
Wilmington, DE $8,000,000
7.13%
07/2008
Independent Hotel
- Wilmington, DE $3,760,000
7.13%
07/2008
Mainstay Suites and
Comfort Inn -
Frederick, MD
$6,331,036 7.75%
12/2012
Hampton Inn -
Newnan, GA
$2,896,720 8.70%
08/2007
Comfort Suites -
Duluth, GA
$3,035,420 8.71%
06/2010
Holiday Inn
Express - Duluth,
GA
$2,517,178 8.71%
06/2010
Hampton Inn -
Carlisle, PA
$3,694,091 8.94%
04/2010
Hampton Inn -
Selinsgrove, PA $3,086,202
8.94%
04/2010
Holiday Inn
Express -
Hershey, PA
$4,395,500 8.94%
04/2010
Hampton Inn -
Danville, PA
$2,338,032 8.94%
04/2010
HICC - New
Cumberland, PA $3,179,723
8.94%
04/2010
Comfort Inn - West
Hanover, PA
$2,244,511 8.94%
04/2010
Holiday Inn
Express - New
Columbia, PA
$1,683,383 8.94%
04/2010
Hampton Inn -
Peachtree City, GA $1,925,191
9.43%
05/2017
Hampton Inn -
$21,930,000 30 Day 03/2009
Herald Square, NY
LIBOR +
3.65%
Hampton Inn -
$3,482,708 30 Day 06/2014
Hershey, PA
LIBOR +
2.75%
Hilton Garden Inn
$12,959,198 30 Day 12/2010
- JFK Airport, NY
LIBOR +
2.75%
Trust Preferred
Tranche I
$25,774,000 7.34%
05/2035
Trust Preferred
Tranche II
$25,774,000 7.17%
06/2035
------------- ------------
Sub-Total
$275,110,610 $38,371,906
------------- ------------
Total Consolidated
Debt
$313,482,516
=============
Unconsolidated Joint Ventures
-----------------------------
Courtyard - Ewing,
NJ
$13,500,000 5.54%
08/2012
Courtyard -
Norwich, CT
$9,400,000 5.63%
08/2015
Springhill Suites
- Waterford, CT $6,335,000
5.63%
08/2015
Residence Inn -
Southington, CT $10,950,000
5.63%
08/2015
Residence Inn -
Danbury, CT
$8,050,000 5.63%
08/2015
Courtyard -
Warwick, RI
$6,450,000 5.63%
08/2015
Hilton Garden Inn
- Glastonbury, CT $13,500,000
5.98%
03/2016
HIEXP - South
Boston
$6,325,971 6.75%
01/2015
Residence Inn -
Mystic, CT
$7,938,954 6.89%
02/2014
Marriott - Mystic,
CT
$25,083,718 6.98%
11/2010
Marriott - Mystic,
CT (Mezzanine
Loan)
$9,000,000 8.55%
11/2010
Hampton Inn -
$15,675,000 30 Day 02/2007
Chelsea, NY
LIBOR +
3.50%
Courtyard - South
$16,200,000 30 Day 10/2009
Boston, MA
LIBOR +
2.25%
Hilton - Hartford,
$22,000,000 30 Day 11/2009
CT
LIBOR +
2.75%
Marriott -
$45,000,000 30 Day 02/2010
Hartford, CT
LIBOR +
2.90%
------------- ------------
Sub-Total
$116,533,643 $98,875,000
------------- ------------
Total
Unconsolidated
Joint Venture
Debt
$215,408,643
=============
Hersha Hospitality Trust
First Quarter 2006 Acquisition Activity
March 31, 2006
(Dollars in thousands)
Year Opened/
Complete Acquisition Purchase Debt
Name
Rooms Renovation Date
Price Balance
---------------------------------------------------------------------
Closed
---------------------------------------------------------------------
Courtyard -
Langhorne, PA
118 2002 01/03/2006
$21,000 $15,575
Fairfield Inn &
Suites -
Bethlehem, PA
103 1997 01/03/2006
$8,800 $6,225
Fairfield Inn &
Suites - Mt.
Laurel, NJ
118 1998 01/03/2006
$10,700 $7,400
Courtyard -
Scranton, PA
120 1996 02/01/2006
$8,650 $6,300
Residence Inn -
Tyson's Corner, VA 96
1984 02/02/2006 $19,750 $9,577
Marriott -
Hartford
Downtown, CT
409 2005 02/08/2006
$87,150 $45,000
Hampton Inn -
NA
Philadelphia, PA 250
2001 02/15/2006 $27,000
Hilton Garden Inn
- JFK Airport, NY 188
2005 02/16/2006 $29,000 $13,000
-------
-------------------
TOTAL
1,402
$212,050 $103,077
Hersha Hospitality Trust
First Quarter 2006 Acquisition Activity
March 31, 2006
(Dollars in thousands)
Name
Ownership HERSHA % HERSHA %
Hersha
% OF
OF DEBT Preferred
ACQUISITIONS
Equity
Return
-----------------------------------------------------------------
Closed
-----------------------------------------------------------------
Courtyard -
Langhorne, PA
100.0% $21,000 $15,575
Fairfield Inn &
Suites -
Bethlehem, PA
100.0% $8,800 $6,225
Fairfield Inn &
Suites - Mt.
Laurel, NJ
100.0% $10,700 $7,400
Courtyard -
Scranton, PA
100.0% $8,650 $6,300
Residence Inn -
Tyson's Corner, VA
100.0% $19,750 $9,577
Marriott -
Hartford
Downtown, CT
15.0% $13,073 $6,750
8.50%
Hampton Inn -
Philadelphia, PA
80.0% $21,600
9.00%
Hilton Garden Inn
- JFK Airport, NY
100.0% $29,000 $13,000
-----------------------
TOTAL
$132,573 $64,827
Hersha Hospitality Trust
Development Loans Receivable
March 31, 2006
Principal
Outstanding Interest Maturity
Hotel Property
Borrower March 31, 2006 Rate
Date
------------------- ----------------- ----------------------
--------
Hampton Inn -
HPS Seaport, LLC
Seaport, New York and BCM, LLC
$13,000,000 10.0%
(1)
Candlewood Suites - 44 Windsor Locks
August
Windsor Locks, CT Associates,
LLC
31, 2006
$1,100,000 10.0%
-------------
$14,100,000
=============
(1) - Development loan has been paid off in full as of
April 7, 2006. |
