HERSHA
2011
hersha hospitality trust
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2011 Financial Highlights
(In thousands, except per share data)
Year Ended December 31,
Hotel Operating Results
(a)
2011
2010
2009
2008
2007
Total Revenues
Average Daily Rate
Occupancy
Revenue Per Available Room
$
$
$
432,792
373,356
324,473
378,338
366,314
144.83
71.89%
104.12
136.22
69.88%
95.19
126.33
66.66%
84.21
139.48
71.44%
99.64
134.12
73.07%
98.00
(a) Pertains to all hotels owned as of year end including the total results of hotels owned in a joint venture structure and assets held for sale.
(In thousands except per share data)
Year Ended December 31,
Hersha Hospitality Trust
2011
2010
2009
2008
2007
Operating Data: (Excluding Impairment Charges) (1)
Total Revenues (Including Discontinued Operations)
Net Income applicable to Common Shareholders
Adjusted EBITDA(2)
Adjusted Funds from Operations (3)
Per Share Data: (Excluding Impairment Charges) (1)
Basic Earnings Per Common Share
Diluted Earnings Per Common Share
AFFO
Distributions to Common Shareholders
Balance Sheet Data: (as of December 31st)
Total Assets
Total Debt
Noncontrolling Interest in Partnership
Total Shareholder’s Equity
$
$
$
329,868
)
(5,133
132,969
68,710
283,597
(18,871
)
108,329
52,067
230,930
(17,382
)
97,350
33,956
265,399
5,829
120,018
61,308
248,813
13,047
117,164
56,001
)
(0.03
)
(0.03
0.38
0.23
)
)
(0.14
(0.14
0.36
0.20
)
)
(0.35
(0.35
0.57
0.33
0.07
0.07
1.15
0.72
0.22
0.22
1.21
0.72
1,630,909
820,132
31,819
730,671
1,457,277
694,720
39,304
683,434
1,111,044
745,443
41,859
302,197
1,178,405
743,781
53,520
349,963
1,067,607
663,008
42,845
330,405
(1) Operating and Per Share Data exclude charges recorded during 2008-2011 relating to impairment losses on development loans, land parcels,
investment in unconsolidated joint ventures, several wholly owned hotel properties, and assets held for sale.
(2) 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 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 indusry 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.
(3) Funds from Operations (FFO) as defined by NAREIT represents net income (loss) (computed in accordance with generally accepted accounting
principles), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated assets, plus certain
non-cash items, such as loss from impairment of assets and depreciation and amortization, and after adjustments for unconsolidated partnerships
and joint ventures. We present Adjusted Funds From Operations (AFFO), which reflects FFO in accordance with the NAREIT definition plus the
following additional adjustments: adding back write-offs of deferred financing costs on debt extinguishment, both for consolidated and
unconsolidated properties, adding back amortization of deferred financing costs, adding back non-cash stock expense, adding back acquisition and
terminated transaction 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.
57521 2011 Annual Layout_57521 4/5/12 3:14 PM Page 2
Annual Report 2011
h e r s h a h o s p i t a l i t y t r u s t
Fellow
Shareholders:
In 2011, the world faced a weakening pace of recovery: The US saw its credit rating downgraded; the
future of the Eurozone hung in the balance driven by fear of contagion from the threatened economic
collapse of some of its member nations due to their inability to address their sovereign debt burdens;
the earthquake in Japan derailed one of the world’s most significant economies; and the emergence of
asset bubbles in China raised concerns of a significant slowdown in Asia. In this sharply destabilized
economic environment, the hotel REIT sector experienced volatility and risk aversion in the latter half
of the year that was reminiscent of late 2008 and 2009.
Although the tough capital market environment had its impact on our share price in 2011, our
portfolio demonstrated its characteristic resilience allowing us to drive robust performance at our
hotels and post strong growth over the prior year. Based on results from the early part of this year, it
appears that the momentum is continuing to build and suggests strength into the coming year. Just as
notably as Hersha’s leading portfolio performance, the Company also completed its transformation to
a pure play, urban transient hotel portfolio to better capitalize on our strategy and our core strengths
as a company. We emerged from 2011 with strength in operating fundamentals, a portfolio of the most
Courtyard Miami Beach Oceanfront, Miami Beach, Florida
The Rittenhouse Hotel, Philadelphia, Pennsylvania
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Annual Report 2011
h e r s h a h o s p i t a l i t y t r u s t
profitable hotels in the sector concentrated in the highest growth gateway cities in the country and a
conservative balance sheet that affords security and considerable financial flexibility.
We believe that at a certain point, a continuously unstable and fluid market environment can no longer
be considered volatile. Rather, we have to contemplate that we have entered a new environment, one
that requires agility and innovative approaches to maintain a standard of outperformance and to
leverage unique opportunities. Hersha is well positioned to create value in this new environment. We
have recalibrated our business model and further focused our expertise on our preferred urban transient
hotels, which are particularly well suited to the prevailing market conditions. The high demand
g a t e w a y m a r k e t s
combined with the
high margin operations
a s s o c i a t e d w i t h
t r a n s i e n t h o t e l s ,
avoiding the group
s e g m e n t s a n d
reducing reliance on
multiple food and
beverage outlets,
enables our hotels to
achieve some of the
highest room revenues in a market with limited expense expansion. The resulting operating leverage and
market leverage produces superior flow-through and drives profitability. In this new environment, we
will continue to execute on the successful and timely urban transient model that we defined years ago
and that we continue to develop and lead.
Leadership in Growth Markets
In 2009 and 2010, as we navigated the challenges that the markets dealt, we also took the opportunity
to acquire high quality hotels in leading markets at extremely attractive prices. We continued our
market leadership in 2011 and into 2012, selectively acquiring six hotels, and entering the very desirable
Los Angeles and Miami markets. In addition, we entered into an agreement to purchase the Hyatt Union
Square upon construction completion and most recently, purchased the iconic Rittenhouse Hotel in
Philadelphia. In total, since the beginning of the credit crisis, we have added 22 assets, more than any
of our peers, deploying more than $900 million in urban transient hotel investments in our strategic
markets, with a median age of less than three years old.
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Annual Report 2011
h e r s h a h o s p i t a l i t y t r u s t
We further enhanced the value of our portfolio by divesting 18 hotels that we determined were not core
to our strategy and our value proposition. These assets were in markets that we consider to have a
slower inherent growth trajectory than the remainder of our portfolio. By selling these hotels and
recycling the capital into hotels in higher growth markets, we significantly improved the performance
and growth profile of the Company.
We now generate approximately half of our earnings from New York City and 90% of our earnings from
our six urban gateways of Boston, New York City, Philadelphia, Washington, D.C., Miami and Los
Angeles, each a market in which we have a developed expertise and deep long-term conviction.
R e a l i z i n g
Competitive
Advantage
In addition
assembling
to
an
unparalleled portfolio
generating
the
highest EBITDA per
room within our
peer
set, our
continued priority remains the operational advantage that we bring to the performance of our hotels.
Our aggressive and value enhancing asset management program remained laser focused on our
operators’ revenue management strategies and the corresponding operating fundamentals.
Remaining responsive in dodgy market conditions is a well-honed and specialized skill that we have
leveraged to produce strong outcomes. In 2011 our portfolio delivered industry-leading results, with
strong average daily rate (ADR) driven revenue per available room (RevPAR) growth and solid EBITDA
margin expansion resulting in EBITDA margins that led the market and were the highest in our history.
In 2011, our consolidated portfolio achieved an occupancy rate of 73.8% at a $154.01 ADR. The
resulting RevPAR for the Company's consolidated hotels was up 7.9% to $113.66 in 2011 compared
to $105.31 in the prior year period, driven by a 6.7% increase in ADR and an 82 basis point
improvement in occupancy. Total Hotel Revenues, including our hotels owned in joint ventures,
increased 17.1% from approximately $320.5 million in 2010 to $375.4 million last year. Flow-through
was strong, with Hotel EBITDA increasing 26.2% from $103.2 million to $130.2 million year over year.
We used seasonality in our business and the softer demand periods of the year in our various markets
Courtyard by Marriott Boston, Brookline, Massachusetts
Hilton Garden Inn Tribeca, New York, New York
57521 2011 Annual Layout_57521 annual_aa3 4/10/12 4:52 PM Page 9
Annual Report 2011
h e r s h a h o s p i t a l i t y t r u s t
as an opportunity to undertake $26 million of renovations and return on investment (ROI) projects to
ensure that we are optimally positioned to take advantage of the continuing recovery in our markets.
Despite selecting periods of lower demand for the completion of projects, some disruptive impact is
unavoidable. Renovation disruptions notwithstanding, we increased Hotel EBITDA margins 140 basis
points year over year from 37.2% to 38.6%. Importantly, these margins evidence the evolution of our
portfolio, and we are confident that significant opportunity for further improvement remains as our
young portfolio stabilizes and as the lodging recovery progresses.
Our ability to drive such results is due in part to our asset management focus on optimizing and
controlling our cost
structure. We have
aligned ourselves
with best-in-class
property managers
who have done a
commendable job of
managing through
the slowdown, while
maximizing
the
opportunity through
the ongoing recovery.
Our urban transient model has a great deal of inherent operating leverage and market leverage, which
will translate to earnings growth through the efforts of our asset management team.
Fortified Balance Sheet
Our balance sheet continues to be strong and provides us with significant financial flexibility. We
further bolstered our balance sheet in 2011 by issuing $115 million of perpetual preferred equity at an
attractive coupon that enhances our current capital structure. Our Net Debt to EBITDA ratio of 5.3x as
of December 31, 2011 was meaningfully better than our ratio of 7.3x times as of the beginning of
2010 and we are confident that the organic EBITDA growth in our portfolio will allow us to potentially
push this ratio below our stated goal of 5.0x. The financial strength supported by low leverage and a
solid cash position provides the Company with the capacity necessary to continue executing on our
business plan.
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Annual Report 2011
h e r s h a h o s p i t a l i t y t r u s t
Encouraging Outlook
We look ahead into 2012 with great confidence for Hersha. While the economic environment is still
searching for firm footing, we recognize that the improving levels of capital investment and corporate
profitability are pushing the demand outlook and our urban transient model is particularly well-tailored
to capture an outsized share of this growth. The corporate transient segment is recovering at a
spirited rate while the group segment is being held back by conservative outlooks. Our business
transient guests’ travel to our markets appears to be more directly tied to revenue generation and
therefore remains “mission critical” when viewed by corporate travel planners and decision makers.
To our advantage,
the strength we
are seeing in the
corporate transient
segment, which
makes up
the
majority of our
guest mix, remains
the sweet spot in
the current lodging
recovery.
The limited supply remains a unique and attractive feature of this recovery cycle. New lodging supply
across the country is minimal with less than 1% new supply expected to come online in 2012 and 2013,
well below the historical average and certainly below the anticipated growth in demand. These
supply-demand dynamics, combined with the quality and youth of our pure play, urban transient
portfolio, gives us reassurance that Hersha’s ongoing growth potential offers great upside.
We appreciate having you as fellow shareholders and value the confidence that you have placed in us.
We look forward to updating you on our progress throughout the year.
Jay H. Shah
Chief Executive Officer
Neil H. Shah
President and Chief Operating Officer
Courtyard by Marriott, Los Angeles, California
57521 2011 Annual Layout_57521 4/5/12 3:15 PM Page 12
Annual Report 2011
h e r s h a h o s p i t a l i t y t r u s t
In 2011, Hersha formally launched its sustainable hospitality initiative, EARTHVIEW, to enhance the
sustainability and value of operational and maintenance activities across the Hersha property
portfolio. The EARTHVIEW program is a triple bottle line approach to economic, environmental and
community sustainability that adds value to all of our stakeholders.
Hersha has always taken a leadership role in the areas of environmental preservation, social
responsibility and community engagement, a tradition begun by its founders and carried forward
by its management in the new and exciting sustainability initiatives being forged by EARTHVIEW.
Through this unique company-wide program we rededicate ourselves to pioneering and
implementing sustainable and innovative practices that benefit the performance of our business,
while helping to preserve the environment and inspire our local and global communities.
57521 P1 10K 2 color_57521 4/5/12 3:11 PM Page 1
Hersha Hospitality Properties
(1)
New York Metro Area
Duane Street Hotel, Tribeca
Hotel 373 Fifth Avenue, Midtown
NU Hotel, Brooklyn
Hilton Garden Inn, Tribeca
Hampton Inn, Times Square South
Hampton Inn, Herald Square
Hampton Inn, Chelsea
Hampton Inn, Seaport
Hampton Inn, Downtown
Holiday Inn, Wall Street
Holiday Inn Express, Wall Street
Holiday Inn Express, Times Square
Holiday Inn Express, Madison Square
Candlewood Suites, Times Square
Sheraton Hotel, JFK International Airport
Hilton Garden Inn, JFK International Airport
Hyatt House, White Plains
Hampton Inn Brookhaven, Long Island/Farmingville
Holiday Inn Express, Long Island/Hauppauge
Holiday Inn Express, Chester
New Jersey
Courtyard by Marriott, Ewing/Princeton
Hyatt House, Bridgewater
Boston Metro Area/Rhode Island
Courtyard by Marriott, Boston/Brookline
Courtyard by Marriott, South Boston
Holiday Inn Express, Cambridge
Holiday Inn Express, South Boston
Residence Inn by Marriott, Framingham
Residence Inn by Marriott, Norwood
Hawthorn Suites, Franklin
Courtyard by Marriott, Warwick, RI
Hampton Inn, Smithfield, RI
Connecticut
Marriott Downtown, Hartford
Hilton Hotel, Hartford
Mystic Marriott Hotel and Spa, Groton
Courtyard by Marriott, Norwich
Hampton Inn, West Haven
Philadelphia Metro Area/Delaware
The Rittenhouse Hotel, Center City Philadelphia
Hampton Inn, Center City Philadelphia
Hyatt Place, King of Prussia/Valley Forge
Holiday Inn Express, King of Prussia/Valley Forge
Courtyard by Marriott, Langhorne/Oxford Valley
Residence Inn by Marriott, Langhorne/Oxford Valley
Holiday Inn Express, Langhorne/Oxford Valley
Courtyard by Marriott, Wilmington
Inn at Wilmington, Wilmington
Sheraton Wilmington South, Wilmington
Pennsylvania
Hampton Inn & Suites, Hershey
Holiday Inn Express, Hershey
Comfort Inn, West Hanover/Hershey
Residence Inn by Marriott, Carlisle
TownePlace Suites by Marriott, Harrisburg
Washington, D.C. Metro Area
Hampton Inn, Washington, D.C.
Capitol Hill Suites, Washington, D.C.
Residence Inn by Marriott, Tyson's Corner
Courtyard by Marriott, Alexandria
Residence Inn by Marriott, Greenbelt, MD
Hyatt House, Gaithersburg, MD
Holiday Inn Express, Camp Springs, MD
Florida
Courtyard Miami Beach Oceanfront, Miami Beach
California/Arizona
Courtyard by Marriott, Los Angeles, CA
Hyatt House, Pleasant Hill/Walnut Creek, CA
Hyatt House, Pleasanton/Dublin, CA
Hyatt House, Scottsdale, AZ
(1) HT Properties Listing as of March 31st, 2012, excluding assets held for sale.
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(cid:13)
Board of Trustees
Hasu P. Shah
Chairman,
Hersha Hospitality Trust
Jay H. Shah
Chief Executive Officer,
Hersha Hospitality Trust
Donald J. Landry
Lead Director, Hersha Hospitality Trust
Former President & CEO, Sunburst Hospitality Inc.
Thomas S. Capello
Founder and Principal,
First Capital Equities
Daniel Elsztain
Chief Real Estate Business Officer & Alternate Director,
IRSA Inversiones y Representaciones, S.A.
Thomas J. Hutchison III
Former CEO,
CNL Hotels & Resorts, Inc.
Dianna F. Morgan
Former Senior Vice President,
Walt Disney World Co.
Kiran P. Patel
Chief Investment Officer,
Hersha Group
John M. Sabin
Executive Vice President and CFO,
Revolution LLC. and Case Foundation
Management Team
Jay H. Shah
Chief Executive Officer
Neil H. Shah
President and Chief Operating Officer
Ashish R. Parikh
Chief Financial Officer
Michael R. Gillespie
Chief Accounting Officer
William J. Walsh
Vice President of Asset Management
James A. Crolle III
General Counsel
David L. Desfor
Treasurer and Corporate Secretary
Robert C. Hazard III
Vice President of Acquisitions and Development
Bennett Thomas
Vice President of Finance
H E R S H A
Corporate Headquarters
44 Hersha Drive
Harrisburg, PA 17102
Telephone: (717) 236-4400
Facsimile: (717) 774-7383
Philadelphia Executive Offices
Penn Mutual Towers
510 Walnut Street, 9th Floor
Philadelphia, PA 19106
Telephone: (215) 238-1046
Facsimile: (215) 238-0157
Independent Auditors
KPMG LLP
Certified Public Accountants
1601 Market Street
Philadelphia, PA 19103
Telephone: (267) 256-7000
Registrar & Stock Transfer Agent
American Stock Transfer & Trust Company
10150 Mallard Creek Drive, Suite 307
Charlotte, NC 28262
Telephone: (800) 829-8432
Legal Counsel
Hunton & Williams
Riverfront Plaza
951 East Byrd Street
Richmond, Virginia 23219
Telephone: (804) 788-8200
Common Stock Information
The Common Stock of
Hersha Hospitality Trust is traded on
the New York Stock Exchange under the
Symbol “HT”
WWW.HERSHA.COM
(cid:13)
H E R S H A
www.hersha.com