falsedesktopHT2020-09-30000106334420000219{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Title of each class\tTrading Symbol(s)\tName of each exchange on which registered\nClass A Common Shares of Beneficial Interest par value $.01 per share\tHT\tNew York Stock Exchange\n6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest par $.01 per share\tHT-PC\tNew York Stock Exchange\n6.500% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest par $.01 per share\tHT-PD\tNew York Stock Exchange\n6.500% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest par $.01 per share\tHT-PE\tNew York Stock Exchange\n", "q10k_tbl_1": "Large accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmall reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_2": "PART I. FINANCIAL INFORMATION\t\tPage\nItem 1.\tFinancial Statements.\t\n\tConsolidated Balance Sheets as of September 30 2020 [Unaudited] and December 31 2019.\t4\n\tConsolidated Statements of Operations for the Three and Nine Months Ended September 30 2020 and 2019 [Unaudited].\t5\n\tConsolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30 2020 and 2019 [Unaudited].\t7\n\tConsolidated Statements of Equity for the Three and Nine Months Ended September 30 2020 and 2019 [Unaudited].\t8\n\tConsolidated Statements of Cash Flows for the Nine Months Ended September 30 2020 and 2019 [Unaudited].\t12\n\tNotes to the Consolidated Financial Statements [Unaudited].\t14\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations.\t41\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk.\t55\nItem 4.\tControls and Procedures.\t56\n\t\t\nPART II. OTHER INFORMATION\t\t\nItem 1.\tLegal Proceedings.\t57\nItem 1A.\tRisk Factors.\t57\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds.\t77\nItem 3.\tDefaults Upon Senior Securities.\t77\nItem 4.\tMine Safety Disclosures.\t77\nItem 5.\tOther Information.\t77\nItem 6.\tExhibits.\t78\n\t\t\n\tSignatures.\t79\n", "q10k_tbl_3": "\tSeptember 30 2020\tDecember 31 2019\nAssets:\t\t\nInvestment in Hotel Properties Net of Accumulated Depreciation\t1883335\t1975973\nInvestment in Unconsolidated Joint Ventures\t7082\t8446\nCash and Cash Equivalents\t13139\t27012\nEscrow Deposits\t7124\t9973\nHotel Accounts Receivable\t3741\t9213\nDue from Related Parties\t1910\t6113\nIntangible Assets Net of Accumulated Amortization of $6796 and $6545\t1786\t2137\nRight of Use Assets\t44447\t45384\nOther Assets\t22895\t38177\nHotel Assets Held for Sale\t40195\t0\nTotal Assets\t2025654\t2122428\n\t\t\nLiabilities and Equity:\t\t\nLine of Credit\t115000\t48000\nTerm Loans Net of Unamortized Deferred Financing Costs (Note 5)\t697836\t697183\nUnsecured Notes Payable Net of Unamortized Deferred Financing Costs (Note 5)\t50776\t50736\nMortgages Payable Net of Unamortized Premium and Unamortized Deferred Financing Costs\t331409\t332280\nLease Liabilities\t54042\t54548\nAccounts Payable Accrued Expenses and Other Liabilities\t67000\t47626\nDividends and Distributions Payable\t0\t17058\nTotal Liabilities\t1316063\t1247431\nRedeemable Noncontrolling Interests - Consolidated Joint Venture (Note 1)\t0\t3196\n\t\t\nEquity:\t\t\nShareholders' Equity:\t\t\nPreferred Shares: $.01 Par Value 29000000 Shares Authorized 3000000 Series C 7701700 Series D and 4001514 Series E Shares Issued and Outstanding at September 30 2020 and December 31 2019 with Liquidation Preferences of $25.00 Per Share (Note 1)\t147\t147\nCommon Shares: Class A $.01 Par Value 104000000 Shares Authorized at September 30 2020 and December 31 2019; 38843482 and 38652650 Shares Issued and Outstanding at September 30 2020 and December 31 2019 respectively\t389\t387\nCommon Shares: Class B $.01 Par Value 1000000 Shares Authorized None Issued and Outstanding at September 30 2020 and December 31 2019\t0\t0\nAccumulated Other Comprehensive (Loss) Income\t(22747)\t1010\nAdditional Paid-in Capital\t1150057\t1144808\nDistributions in Excess of Net Income\t(470534)\t(338695)\nTotal Shareholders' Equity\t657312\t807657\n\t\t\nNoncontrolling Interests (Note 1)\t52279\t64144\n\t\t\nTotal Equity\t709591\t871801\n\t\t\nTotal Liabilities and Equity\t2025654\t2122428\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue:\t\t\t\t\nHotel Operating Revenues:\t\t\t\t\nRoom\t27546\t108909\t113768\t319374\nFood & Beverage\t2441\t15870\t12652\t48351\nOther Operating Revenues\t3734\t10140\t14651\t29350\nOther Revenues\t25\t76\t253\t214\nTotal Revenues\t33746\t134995\t141324\t397289\nOperating Expenses:\t\t\t\t\nHotel Operating Expenses:\t\t\t\t\nRoom\t7436\t24000\t30150\t70103\nFood & Beverage\t2344\t12605\t13686\t39427\nOther Operating Expenses\t17965\t43476\t67806\t128273\nHotel Ground Rent\t1062\t1228\t3183\t3452\nReal Estate and Personal Property Taxes and Property Insurance\t10597\t10717\t30508\t29111\nGeneral and Administrative (including Share Based Payments of $1936 and $2009 and $6191 and $7441 for the three and nine months ended September 30 2020 and 2019 respectively)\t4397\t5613\t14418\t19313\nLoss on Impairment of Assets\t0\t0\t1069\t0\nDepreciation and Amortization\t24055\t24092\t72565\t72184\nTotal Operating Expenses\t67856\t121731\t233385\t361863\n\t\t\t\t\nOperating (Loss) Income\t(34110)\t13264\t(92061)\t35426\nInterest Income\t1\t66\t39\t207\nInterest Expense\t(13350)\t(12935)\t(39838)\t(39158)\nOther Expense\t(73)\t(246)\t(530)\t(328)\nLoss on Debt Extinguishment\t0\t(231)\t0\t(265)\nLoss Before Results from Unconsolidated Joint Venture Investments and Income Taxes\t(47532)\t(82)\t(132390)\t(4118)\n\t\t\t\t\n(Loss) Income from Unconsolidated Joint Ventures\t(669)\t38\t(2189)\t518\n\t\t\t\t\nLoss Before Income Taxes\t(48201)\t(44)\t(134579)\t(3600)\n\t\t\t\t\nIncome Tax Benefit (Expense)\t28\t551\t(11346)\t1784\n\t\t\t\t\nNet (Loss) Income\t(48173)\t507\t(145925)\t(1816)\nLoss Allocated to Noncontrolling Interests - Common Units\t5032\t442\t15093\t1554\nLoss (Income) Allocated to Noncontrolling Interests - Consolidated Joint Venture\t0\t(340)\t3196\t(188)\nPreferred Distributions\t(6044)\t(6044)\t(18132)\t(18131)\nNet Loss Applicable to Common Shareholders\t(49185)\t(5435)\t(145768)\t(18581)\n", "q10k_tbl_5": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nEarnings Per Share:\t\t\t\t\nBASIC\t\t\t\t\nLoss from Continuing Operations Applicable to Common Shareholders\t(1.27)\t(0.15)\t(3.78)\t(0.50)\n\t\t\t\t\nDILUTED\t\t\t\t\nLoss from Continuing Operations Applicable to Common Shareholders\t(1.27)\t(0.15)\t(3.78)\t(0.50)\n\t\t\t\t\nWeighted Average Common Shares Outstanding:\t\t\t\t\nBasic\t38639048\t38878818\t38604483\t39039665\nDiluted*\t38639048\t38878818\t38604483\t39039665\n", "q10k_tbl_6": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nCommon Units and Vested LTIP Units\t3959204\t3379354\t3913922\t3356033\nUnvested Stock Awards and LTIP Units Outstanding\t915586\t631401\t595539\t543483\nContingently Issuable Share Awards\t170664\t306073\t537189\t447449\nTotal Potentially Dilutive Securities Excluded from the Denominator\t5045454\t4316828\t5046650\t4346965\n", "q10k_tbl_7": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet (Loss) Income\t(48173)\t507\t(145925)\t(1816)\nOther Comprehensive Loss\t\t\t\t\nChange in Fair Value of Derivative Instruments\t3710\t(111)\t(29435)\t(6013)\nReclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income\t1066\t(1010)\t3271\t(3263)\nTotal Other Comprehensive Income (Loss)\t4776\t(1121)\t(26164)\t(9276)\n\t\t\t\t\nComprehensive Loss\t(43397)\t(614)\t(172089)\t(11092)\nLess: Comprehensive Loss Attributable to Noncontrolling Interests - Common Units\t4608\t532\t17503\t2289\nLess: Comprehensive Loss (Income) Attributable to Noncontrolling Interests - Consolidated Joint Venture\t0\t(340)\t3196\t(188)\nLess: Preferred Distributions\t(6044)\t(6044)\t(18132)\t(18131)\nComprehensive Loss Attributable to Common Shareholders\t(44833)\t(6466)\t(169522)\t(27122)\n", "q10k_tbl_8": "\tShareholders' Equity\t\t\t\t\t\t\t\t\tNoncontrolling Interests\t\t\tRedeemable Noncontrolling Interests\n\tCommon Shares\tClass A Common Shares ($)\tClass B Common Shares ($)\tPreferred Shares\tPreferred Shares ($)\tAdditional Paid-In Capital ($)\tAccumulated Other Comprehensive Income ($)\tDistributions in Excess of Net Income ($)\tTotal Shareholders' Equity ($)\tCommon Units and LTIP Units\tCommon Units and LTIP Units ($)\tTotal Equity ($)\tConsolidated Joint Venture ($)\nBalance at June 30 2020\t38789371\t388\t0\t14703214\t147\t1149291\t(27097)\t(427393)\t695336\t5381870\t55715\t751051\t0\nShare Based Compensation:\t\t\t\t\t\t\t\t\t\t\t\t\t\nGrants\t54111\t1\t0\t0\t0\t0\t0\t0\t1\t10938\t0\t1\t0\nAmortization\t0\t0\t0\t0\t0\t766\t0\t0\t766\t\t1168\t1934\t0\nChange in Fair Value of Derivative Instruments\t0\t0\t0\t0\t0\t0\t4350\t0\t4350\t0\t428\t4778\t0\nNet Income (Loss)\t0\t0\t0\t0\t0\t0\t0\t(43141)\t(43141)\t0\t(5032)\t(48173)\t0\nBalance at September 30 2020\t38843482\t389\t0\t14703214\t147\t1150057\t(22747)\t(470534)\t657312\t5392808\t52279\t709591\t0\n", "q10k_tbl_9": "\tShareholders' Equity\t\t\t\t\t\t\t\t\tNoncontrolling Interests\t\t\tRedeemable Noncontrolling Interests\n\tCommon Shares\tClass A Common Shares ($)\tClass B Common Shares ($)\tPreferred Shares\tPreferred Shares ($)\tAdditional Paid-In Capital ($)\tAccumulated Other Comprehensive Income ($)\tDistributions in Excess of Net Income ($)\tTotal Shareholders' Equity ($)\tCommon Units and LTIP Units\tCommon Units and LTIP Units ($)\tTotal Equity ($)\tConsolidated Joint Venture ($)\nBalance at June 30 2019\t39240924\t393\t0\t14703214\t147\t1152939\t(3285)\t(302705)\t847489\t4279946\t64574\t912063\t2856\nRepurchase of Common Shares\t(659898)\t(7)\t0\t0\t0\t(9563)\t0\t0\t(9570)\t0\t0\t(9570)\t0\nDividends and Distributions declared:\t\t\t\t\t\t\t\t\t\t\t\t\t\nCommon Shares ($0.84 per share)\t0\t0\t0\t0\t0\t0\t0\t(10810)\t(10810)\t0\t0\t(10810)\t0\nPreferred Shares\t0\t0\t0\t0\t0\t0\t0\t(6044)\t(6044)\t0\t0\t(6044)\t0\nCommon Units ($0.84 per share)\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t(579)\t(579)\t0\nLTIP Units ($0.84 per share)\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t(619)\t(619)\t0\nDividend Reinvestment Plan\t389\t0\t0\t0\t0\t6\t0\t0\t6\t0\t0\t6\t0\nShare Based Compensation:\t\t\t\t\t\t\t\t\t\t\t\t\t\nGrants\t28487\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\nAmortization\t0\t0\t0\t0\t0\t722\t0\t0\t722\t0\t1427\t2149\t0\nChange in Fair Value of Derivative Instruments\t0\t0\t0\t0\t0\t0\t(1031)\t0\t(1031)\t0\t(90)\t(1121)\t0\nAdjustment to Record Noncontrolling Interest at Redemption Value\t0\t0\t0\t0\t0\t(340)\t0\t0\t(340)\t0\t0\t(340)\t340\nNet Loss\t0\t0\t0\t0\t0\t0\t0\t949\t949\t0\t(442)\t507\t0\nBalance at September 30 2019\t38609902\t386\t0\t14703214\t147\t1143764\t(4316)\t(318610)\t821371\t4279946\t64271\t885642\t3196\n", "q10k_tbl_10": "\tShareholders' Equity\t\t\t\t\t\t\t\t\tNoncontrolling Interests\t\t\tRedeemable Noncontrolling Interests\n\tCommon Shares\tClass A Common Shares ($)\tClass B Common Shares ($)\tPreferred Shares\tPreferred Shares ($)\tAdditional Paid-In Capital ($)\tAccumulated Other Comprehensive Income ($)\tDistributions in Excess of Net Income ($)\tTotal Shareholders' Equity ($)\tCommon Units and LTIP Units\tCommon Units and LTIP Units ($)\tTotal Equity ($)\tConsolidated Joint Venture ($)\nBalance at December 31 2019\t38652650\t387\t0\t14703214\t147\t1144808\t1010\t(338695)\t807657\t4279946\t64144\t871801\t3196\nIssuance Costs\t0\t0\t0\t0\t0\t(30)\t0\t0\t(30)\t0\t0\t(30)\t0\nDividends and Distributions declared:\t\t\t\t\t\t\t\t\t\t\t\t\t\nPreferred Shares\t0\t0\t0\t0\t0\t0\t0\t(1007)\t(1007)\t0\t0\t(1007)\t0\nDividend Reinvestment Plan\t1094\t0\t0\t0\t0\t14\t0\t0\t14\t0\t0\t14\t0\nShare Based Compensation:\t\t\t\t\t\t\t\t\t\t\t\t\t\nGrants\t189738\t2\t0\t0\t0\t0\t0\t0\t2\t1112862\t0\t2\t0\nAmortization\t0\t0\t0\t0\t0\t2069\t0\t0\t2069\t\t5635\t7704\t0\nChange in Fair Value of Derivative Instruments\t0\t0\t0\t0\t0\t0\t(23757)\t0\t(23757)\t0\t(2407)\t(26164)\t0\nAdjustment to Record Noncontrolling Interest at Redemption Value\t0\t0\t0\t0\t0\t3196\t0\t0\t3196\t0\t0\t3196\t(3196)\nNet Loss\t0\t0\t0\t0\t0\t0\t0\t(130832)\t(130832)\t0\t(15093)\t(145925)\t0\nBalance at September 30 2020\t38843482\t389\t0\t14703214\t147\t1150057\t(22747)\t(470534)\t657312\t5392808\t52279\t709591\t0\n", "q10k_tbl_11": "\tShareholders' Equity\t\t\t\t\t\t\t\t\tNoncontrolling Interests\t\t\tRedeemable Noncontrolling Interests\n\tCommon Shares\tClass A Common Shares ($)\tClass B Common Shares ($)\tPreferred Shares\tPreferred Shares ($)\tAdditional Paid-In Capital ($)\tAccumulated Other Comprehensive Income ($)\tDistributions in Excess of Net Income ($)\tTotal Shareholders' Equity ($)\tCommon Units and LTIP Units\tCommon Units and LTIP Units ($)\tTotal Equity ($)\tConsolidated Joint Venture ($)\nBalance at December 31 2018\t39458626\t395\t0\t14703214\t147\t1155776\t4227\t(267740)\t892805\t3749665\t62010\t954815\t2708\nRepurchase of Common Shares\t(933436)\t(10)\t0\t0\t0\t(14255)\t0\t0\t(14265)\t0\t0\t(14265)\t0\nIssuance Costs\t0\t0\t0\t0\t0\t(21)\t0\t0\t(21)\t0\t0\t(21)\t0\nDividends and Distributions declared:\t\t\t\t\t\t\t\t\t\t\t\t\t\nCommon Shares ($0.56 per share)\t0\t0\t0\t0\t0\t0\t0\t(32777)\t(32777)\t0\t0\t(32777)\t0\nPreferred Shares\t0\t0\t0\t0\t0\t0\t0\t(18131)\t(18131)\t0\t0\t(18131)\t0\nCommon Units ($0.56 per share)\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t(1736)\t(1736)\t0\nLTIP Units ($0.56 per share)\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t(1982)\t(1982)\t0\nDividend Reinvestment Plan\t2885\t0\t0\t0\t0\t48\t0\t0\t48\t0\t0\t48\t0\nShare Based Compensation:\t\t\t\t\t\t\t\t\t\t\t\t\t\nGrants\t81827\t1\t0\t0\t0\t400\t0\t0\t401\t530281\t0\t401\t0\nAmortization\t0\t0\t0\t0\t0\t2304\t0\t0\t2304\t0\t8266\t10570\t0\nEquity Contribution to Consolidated Joint Venture\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t300\nChange in Fair Value of Derivative Instruments\t0\t0\t0\t0\t0\t0\t(8543)\t0\t(8543)\t0\t(733)\t(9276)\t0\nAdjustment to Record Noncontrolling Interest at Redemption Value\t0\t0\t0\t0\t0\t(488)\t0\t0\t(488)\t0\t0\t(488)\t488\nNet Loss\t0\t0\t0\t0\t0\t0\t0\t38\t38\t\t(1554)\t(1516)\t(300)\nBalance at September 30 2019\t38609902\t386\t0\t14703214\t147\t1143764\t(4316)\t(318610)\t821371\t4279946\t64271\t885642\t3196\n", "q10k_tbl_12": "\tNine Months Ended September 30\t\n\t2020\t2019\nOperating Activities:\t\t\nNet Loss\t(145925)\t(1816)\nAdjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:\t\t\nLoss from Impairment of Assets\t1069\t0\nDeferred Taxes\t11390\t(2126)\nDepreciation\t72229\t71760\nAmortization\t2200\t1613\nLoss on Debt Extinguishment\t0\t265\nEquity in Loss (Income) of Unconsolidated Joint Ventures\t2189\t(518)\nDistributions from Unconsolidated Joint Ventures\t0\t556\nLoss Recognized on Change in Fair Value of Derivative Instrument\t3271\t226\nShare Based Compensation Expense\t6191\t7441\nChange in Assets and Liabilities:\t\t\n(Increase) Decrease in:\t\t\nHotel Accounts Receivable\t5472\t322\nOther Assets\t2442\t76\nDue from Related Parties\t4203\t(2420)\nDecrease in:\t\t\nAccounts Payable Accrued Expenses and Other Liabilities\t(4189)\t(905)\nNet Cash Provided by (Used in) Operating Activities\t(39458)\t74474\n\t\t\nInvesting Activities:\t\t\nCapital Expenditures\t(21958)\t(33706)\nCash Paid for Hotel Development Projects\t21\t(149)\nContributions to Unconsolidated Joint Ventures\t(825)\t(4000)\nDistributions from Unconsolidated Joint Ventures\t0\t1342\nNet Cash Used in Investing Activities\t(22762)\t(36513)\n", "q10k_tbl_13": "\tNine Months Ended September 30\t\n\t2020\t2019\nFinancing Activities:\t\t\nBorrowings Under Line of Credit Net\t67000\t36000\nProceeds of Unsecured Term Loan Borrowing\t0\t0\nRepayment of Borrowings Under Unsecured Term Loan\t0\t0\nProceeds of Mortgages and Notes Payable\t0\t56469\nPrincipal Repayment of Mortgages and Notes Payable\t(1067)\t(57033)\nProceeds of Paycheck Protection Program (\"PPP\") Loans\t18936\t0\nRepayment of PPP Loans\t(18936)\t0\nCash Paid for Deferred Financing Costs\t(2354)\t(2878)\nCash Paid for Debt Extinguishment\t0\t(194)\nRepurchase of Common Shares\t0\t(14196)\nDividends Paid on Common Shares\t(10809)\t(32960)\nDividends Paid on Preferred Shares\t(6044)\t(18130)\nDistributions Paid on Common Units and LTIP Units\t(1198)\t(3570)\nOther Financing Activities\t(30)\t(91)\nNet Cash Provided by (Used in) Financing Activities\t45498\t(36583)\n\t\t\nNet Increase (Decrease) in Cash Cash Equivalents and Restricted Cash\t(16722)\t1378\nCash Cash Equivalents and Restricted Cash - Beginning of Period\t36985\t40783\n\t\t\nCash Cash Equivalents and Restricted Cash - End of Period\t20263\t42161\n", "q10k_tbl_14": "\t\t\t\t\tDividend Per Share\t\n\tShares Outstanding\t\t\t\tNine Months Ended September 30\t\nSeries\tSeptember 30 2020\tDecember 31 2019\tAggregate Liquidation Preference\tDistribution Rate\t2020\t2019\nSeries C\t3000000\t3000000\t75000\t6.875%\t0\t1.2891\nSeries D\t7701700\t7701700\t192500\t6.500%\t0\t1.2189\nSeries E\t4001514\t4001514\t100000\t6.500%\t0\t1.2189\nTotal\t14703214\t14703214\t\t\t\t\n", "q10k_tbl_15": "\t\t\n\tSeptember 30 2020\tDecember 31 2019\n\t\t\nLand\t505156\t518243\nBuildings and Improvements\t1690198\t1710621\nFurniture Fixtures and Equipment\t298107\t294527\nConstruction in Progress\t4673\t10202\n\t2498134\t2533593\n\t\t\nLess Accumulated Depreciation\t(614799)\t(557620)\n\t\t\nTotal Investment in Hotel Properties *\t1883335\t1975973\n", "q10k_tbl_16": "\tSeptember 30 2020\nLand\t13087\nBuildings and Improvements\t35492\nFurniture Fixtures and Equipment\t6433\n\t55012\nLess Accumulated Depreciation\t(14817)\nAssets Held for Sale\t40195\n", "q10k_tbl_17": "\t\tPercent\t\t\nJoint Venture\tHotel Properties\tOwned\tSeptember 30 2020\tDecember 31 2019\n\t\t\t\t\nCindat Hersha Owner JV LLC\tHilton and IHG branded hotels in NYC\t31%\t0\t0\nHiren Boston LLC\tCourtyard by Marriott South Boston MA\t50%\t322\t1434\nSB Partners LLC\tHoliday Inn Express South Boston MA\t50%\t0\t0\nSB Partners Three LLC\tHome2 Suites South Boston MA\t50%\t6760\t7012\n\t\t\t7082\t8446\n", "q10k_tbl_18": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nCindat Hersha Owner JV LLC\t0\t0\t0\t0\nHiren Boston LLC\t(457)\t79\t(1337)\t217\nSB Partners LLC\t0\t0\t(600)\t375\nSB Partners Three LLC\t(212)\t(41)\t(252)\t(74)\n(Loss) Income from Unconsolidated Joint Venture Investments\t(669)\t38\t(2189)\t518\n", "q10k_tbl_19": "\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\nInvestment in Hotel Properties Net\t585369\t579287\nOther Assets\t24381\t33891\nTotal Assets\t609750\t613178\n\t\t\nLiabilities and Equity\t\t\nMortgages and Notes Payable\t449952\t430282\nOther Liabilities\t27646\t19185\nEquity:\t\t\nHersha Hospitality Trust\t6859\t9588\nJoint Venture Partner(s)\t125657\t154998\nAccumulated Other Comprehensive Loss\t(364)\t(875)\nTotal Equity\t132152\t163711\n\t\t\nTotal Liabilities and Equity\t609750\t613178\n", "q10k_tbl_20": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRoom Revenue\t4035\t25098\t20966\t68444\nOther Revenue\t122\t604\t909\t1848\nOperating Expenses\t(3621)\t(12142)\t(15234)\t(34063)\nLease Expense\t(170)\t(164)\t(524)\t(529)\nProperty Taxes and Insurance\t(3282)\t(3161)\t(9720)\t(9264)\nGeneral and Administrative\t(567)\t(1603)\t(2083)\t(4314)\nDepreciation and Amortization\t(3972)\t(3731)\t(11812)\t(11085)\nInterest Expense\t(5487)\t(7038)\t(17356)\t(21381)\nNet Loss\t(12942)\t(2137)\t(34854)\t(10344)\n", "q10k_tbl_21": "\tSeptember 30 2020\tDecember 31 2019\nOur share of equity recorded on the joint ventures' financial statements\t6859\t9588\nAdjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)\t223\t(1142)\nInvestment in Unconsolidated Joint Ventures\t7082\t8446\n", "q10k_tbl_22": "\tSeptember 30 2020\tDecember 31 2019\n\t\t\nDerivative Asset\t0\t2514\nDeferred Financing Costs\t2625\t1330\nPrepaid Expenses\t8727\t11279\nInvestment in Statutory Trusts\t1548\t1548\nInvestment in Non-Hotel Property and Inventories\t2643\t2987\nDeposits with Unaffiliated Third Parties\t2565\t2577\nDeferred Tax Asset Net of Valuation Allowance of $22411 and $497 respectively\t0\t11390\nProperty Insurance Receivable\t1038\t1788\nOther\t3749\t2764\n\t22895\t38177\n", "q10k_tbl_23": "\tSeptember 30 2020\tDecember 31 2019\nMortgage Indebtedness\t332881\t333948\nNet Unamortized Premium\t469\t821\nNet Unamortized Deferred Financing Costs\t(1941)\t(2489)\nMortgages Payable\t331409\t332280\n", "q10k_tbl_24": "\t\tOutstanding Balance\t\nBorrowing\tSpread\tSeptember 30 2020\tDecember 31 2019\nLine of Credit\t1.50% to 2.25%\t115000\t48000\nTerm Loan:\t\t\t\nFirst Term Loan\t1.45% to 2.20%\t207000\t207000\nSecond Term Loan\t1.35% to 2.00%\t300000\t300000\nThird Term Loan\t1.45% to 2.20%\t193900\t193900\nDeferred Loan Costs\t\t(3064)\t(3717)\nTotal Term Loan\t\t697836\t697183\n", "q10k_tbl_25": "\tThree Months Ended September 30\t\t\tNine Months Ended September 30\t\t\n\t2020\t2019\t\t2020\t2019\t\nMortgage Loans Payable\t2846\t3994\t\t9362\t12061\t\nInterest Rate Swap Contracts on Mortgages\t604\t(207)\t*\t1189\t(404)\t*\nUnsecured Notes Payable\t451\t707\t\t1611\t2173\t\nCredit Facility and Term Loans\t4736\t8517\t\t17139\t26057\t\nInterest Rate Swap Contracts on Credit Facility and Term Loans\t3543\t(804)\t*\t7762\t(2899)\t*\nDeferred Financing Costs Amortization\t1104\t547\t\t2299\t1681\t\nOther\t66\t181\t\t476\t489\t\nTotal Interest Expense\t13350\t12935\t\t39838\t39158\t\n", "q10k_tbl_26": "\tThree Months Ended September 30 2020\t\t\tThree Months Ended September 30 2019\t\t\n\tGround Lease\tOffice Lease\tTotal\tGround Lease\tOffice Lease\tTotal\nOperating lease costs\t1052\t121\t1173\t976\t121\t1097\nVariable lease costs\t10\t53\t63\t251\t73\t324\nTotal lease costs\t1062\t174\t1236\t1227\t194\t1421\n", "q10k_tbl_27": "\tNine Months Ended September 30 2020\t\t\tNine Months Ended September 30 2019\t\t\n\tGround Lease\tOffice Lease\tTotal\tGround Lease\tOffice Lease\tTotal\nOperating lease costs\t3152\t363\t3515\t2922\t363\t3285\nVariable lease costs\t31\t208\t239\t529\t232\t761\nTotal lease costs\t3183\t571\t3754\t3451\t595\t4046\n", "q10k_tbl_28": "\tSeptember 30 2020\tSeptember 30 2019\nCash paid from operating cash flow for operating leases\t3038\t3655\nWeighted average remaining lease term\t64.2\t64.2\nWeighted average discount rate\t7.86%\t7.86%\n", "q10k_tbl_29": "\t\t\t\t\t\t\tEstimated Fair Value\t\n\t\t\t\t\t\t\tAsset / (Liability) Balance\t\nHedged Debt\tType\tStrike Rate\tIndex\tEffective Date\tDerivative Contract Maturity Date\tNotional Amount\tSeptember 30 2020\tDecember 31 2019\n\t\t\t\t\t\t\t\t\nTerm Loan Instruments:\t\t\t\t\t\t\t\t\nCredit Facility\tSwap\t1.341%\t1-Month LIBOR + 2.20%\tOctober 3 2019\tAugust 2 2021\t150000\t(1501)\t539\nCredit Facility\tSwap\t1.316%\t1-Month LIBOR + 2.20%\tSeptember 3 2019\tAugust 2 2021\t43900\t(430)\t175\nCredit Facility\tSwap\t1.824%\t1-Month LIBOR + 2.20%\tSeptember 3 2019\tAugust 10 2022\t103500\t(3201)\t(718)\nCredit Facility\tSwap\t1.824%\t1-Month LIBOR + 2.20%\tSeptember 3 2019\tAugust 10 2022\t103500\t(3201)\t(718)\nCredit Facility\tSwap\t1.460%\t1-Month LIBOR + 2.00%\tSeptember 10 2019\tSeptember 10 2024\t300000\t(14347)\t1776\n\t\t\t\t\t\t\t\t\nMortgages:\t\t\t\t\t\t\t\t\nCourtyard LA Westside Culver City CA\tSwap\t1.683%\t1-Month LIBOR + 2.75%\tAugust 1 2017\tAugust 1 2020\t35000\t0\t(8)\nAnnapolis Waterfront Hotel MD\tCap\t3.350%\t1-Month LIBOR +2.65%\tMay 1 2018\tMay 1 2021\t28000\t0\t0\nHyatt Union Square New York NY\tSwap\t1.870%\t1-Month LIBOR + 2.30%\tJune 7 2019\tJune 7 2023\t56000\t(2524)\t(556)\nHilton Garden Inn Tribeca New York NY\tSwap\t1.768%\t1-Month LIBOR + 2.25%\tJuly 25 2019\tJuly 25 2024\t22725\t(1311)\t(169)\nHilton Garden Inn Tribeca New York NY\tSwap\t1.768%\t1-Month LIBOR + 2.25%\tJuly 25 2019\tJuly 25 2024\t22725\t(1311)\t(169)\nHilton Garden Inn 52nd Street New York NY\tSwap\t1.540%\t1-Month LIBOR + 2.30%\tDecember 4 2019\tDecember 4 2022\t44325\t(1331)\t23\nCourtyard LA Westside Culver City CA\tSwap\t0.495%\t1-Month LIBOR + 2.75%\tJune 1 2020\tAugust 1 2021\t35000\t(102)\t0\n\t\t\t\t\t\t\t(29259)\t175\n", "q10k_tbl_30": "\tLTIP Unit Awards\t\tRestricted Share Awards\t\tShare Awards\t\n\tNumber of Units\tWeighted Average Grant Date Fair Value\tNumber of Restricted Shares\tWeighted Average Grant Date Fair Value\tNumber of Shares\tWeighted Average Grant Date Fair Value\nUnvested Balance as of December 31 2019\t441201\t17.99\t92102\t17.07\t0\t\nGranted\t1112862\t5.24\t189851\t5.34\t0\tN/A\nVested\t(120459)\t5.23\t(78962)\t12.49\t0\tN/A\nForfeited\t0\tN/A\t(113)\t18.00\t0\tN/A\nUnvested Balance as of September 30 2020\t1433604\t9.16\t202878\t7.87\t0\t\n", "q10k_tbl_31": "\tShare Based Compensation Expense\t\t\t\tUnearned Compensation\t\n\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\tAs of\t\n\t9/30/2020\t9/30/2019\t9/30/2020\t9/30/2019\t9/30/2020\t12/31/2019\nIssued Awards\t\t\t\t\t\t\nLTIP Unit Awards\t1169\t1428\t4120\t4218\t3071\t2878\nRestricted Share Awards\t428\t334\t1103\t1128\t958\t1051\nShare Awards\t0\t0\t0\t402\t0\t0\nUnissued Awards\t\t\t\t\t\t\nMarket Based\t339\t388\t968\t1078\t2285\t2739\nPerformance Based\t0\t(141)\t0\t615\t0\t0\nTotal\t1936\t2009\t6191\t7441\t6314\t6668\n", "q10k_tbl_32": "\t2020\t2021\t2022\t2023\nLTIP Unit Awards\t535478\t898126\t0\t0\nRestricted Share Awards\t3784\t187393\t8170\t3531\n\t539262\t1085519\t8170\t3531\n", "q10k_tbl_33": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNUMERATOR:\t\t\t\t\nBasic and Diluted*\t\t\t\t\nNet (Loss) Income\t(48173)\t507\t(145925)\t(1816)\nLoss allocated to Noncontrolling Interests\t5032\t102\t18289\t1366\nDistributions to Preferred Shareholders\t(6044)\t(6044)\t(18132)\t(18131)\nDividends Paid on Unvested Restricted Shares and LTIP Units\t0\t(279)\t0\t(831)\nNet Loss applicable to Common Shareholders\t(49185)\t(5714)\t(145768)\t(19412)\n\t\t\t\t\nDENOMINATOR:\t\t\t\t\nWeighted average number of common shares - basic\t38639048\t38878818\t38604483\t39039665\nEffect of dilutive securities:\t\t\t\t\nRestricted Stock Awards and LTIP Units (unvested)\t0\t0\t0\t0\nContingently Issued Shares and Units\t0\t0\t0\t0\nWeighted average number of common shares - diluted\t38639048\t38878818\t38604483\t39039665\n", "q10k_tbl_34": "\t2020\t2019\nCommon Shares issued as part of the Dividend Reinvestment Plan\t14\t48\nIssuance of share based payments\t7259\t12593\nAccrued payables for capital expenditures placed into service\t892\t3357\nAdjustment to Record Noncontrolling Interest at Redemption Value\t(3196)\t488\nAdjustment to Record Right of Use Asset & Lease Liability\t0\t55515\n", "q10k_tbl_35": "\t2020\t2019\nCash and cash equivalents\t13139\t31621\nEscrowed cash\t7124\t10540\nTotal cash cash equivalents and restricted cash shown in the consolidated statements of cash flows\t20263\t42161\n", "q10k_tbl_36": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t\t\t\t\nNet loss applicable to common shareholders\t(49185)\t(5435)\t(145768)\t(18581)\nLoss allocated to noncontrolling interest\t(5032)\t(102)\t(18289)\t(1366)\nLoss (income) from unconsolidated joint ventures\t669\t(38)\t2189\t(518)\nLoss from impairment of depreciable assets\t0\t0\t1069\t0\nDepreciation and amortization\t24055\t24092\t72565\t72184\nFunds from consolidated hotel operations applicable to common shareholders and Partnership Units\t(29493)\t18517\t(88234)\t51719\n\t\t\t\t\n(Loss) income from unconsolidated joint ventures\t(669)\t38\t(2189)\t518\nUnrecognized pro rata interest in loss (1)\t(558)\t(656)\t(919)\t(3665)\nDepreciation and amortization of difference between purchase price and historical cost (2)\t21\t26\t63\t73\nInterest in depreciation and amortization of unconsolidated joint ventures (3)\t415\t1305\t1210\t3879\nFunds from unconsolidated joint ventures operations applicable to common shareholders and Partnership Units\t(791)\t713\t(1835)\t805\n\t\t\t\t\nFunds from Operations applicable to common shareholders and Partnership Units\t(30284)\t19230\t(90069)\t52524\n\t\t\t\t\nWeighted Average Common Shares and Common Units\t\t\t\t\nBasic\t38639048\t38878818\t38604483\t39039665\nDiluted\t43736289\t43195646\t43666753\t43386630\n", "q10k_tbl_37": "\tLess Than 1 Year\t1 - 3 years\t4 - 5 Years\tAfter 5 Years\tTotal\n\t\t\t\t\t\nFixed Rate Debt\t548\t505381\t437021\t37831\t980781\nWeighted Average Interest Rate\t3.83%\t3.83%\t3.79%\t4.72%\t4.04%\n\t\t\t\t\t\nFloating Rate Debt\t0\t26047\t26953\t51548\t104548\nWeighted Average Interest Rate\t0\t3.03%\t3.08%\t3.15%\t3.02%\n\t548\t531428\t463974\t89379\t1085329\nLine of Credit\t0\t115000\t0\t0\t115000\nWeighted Average Interest Rate\t0\t2.40%\t0\t0\t2.40%\n\t548\t646428\t463974\t89379\t1200329\n", "q10k_tbl_38": "\t\nExhibit No.\t\n10.1\tForm of Third Amended and Restated Employment Agreement dated August 3 2020.+ (incorporated by reference to Exhibit 10.1 to Hersha Hospitality Trust's Quarterly Report on Form 10-Q for the quarter ended June 30 2020)\n31.1\tCertification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*\n31.2\tCertification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*\n32.1\tCertification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*\n32.2\tCertification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*\n101.INS\tThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document\n101.SCH\tInline XBRL Taxonomy Extension Schema Document*\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document*\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document*\n101.LAB\tInline XBRL Taxonomy Extension Labels Linkbase Document*\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document*\n104\tCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n*\tFiled herewith\n+\tCompensatory plan or arrangement\n"}{"bs": "q10k_tbl_3", "is": "q10k_tbl_4", "cf": "q10k_tbl_12"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
COMMISSION FILE NUMBER: 001-14765
HERSHA HOSPITALITY TRUST
(Exact Name of Registrant as Specified in Its Charter)
Maryland
25-1811499
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
44 Hersha Drive
Harrisburg
PA
17102
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code: (717) 236-4400
Former name, former address and former fiscal year, if changed since last report: Not applicable
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Shares of Beneficial Interest, par value $.01 per share
HT
New York Stock Exchange
6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
HT-PC
New York Stock Exchange
6.500% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
HT-PD
New York Stock Exchange
6.500% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
HT-PE
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes☐No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes☐No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Small reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐Yes ☐No
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐
Yes ☒No
As of November 9, 2020, the number of Class A common shares of beneficial interest outstanding was 38,843,482 and there were no Class B common shares of beneficial interest outstanding.
Preferred Shares: $.01 Par Value, 29,000,000 Shares Authorized, 3,000,000 Series C, 7,701,700 Series D and 4,001,514 Series E Shares Issued and Outstanding at September 30, 2020 and December 31, 2019, with Liquidation Preferences of $25.00 Per Share (Note 1)
$
147
$
147
Common Shares: Class A, $.01 Par Value, 104,000,000 Shares Authorized at September 30, 2020 and December 31, 2019; 38,843,482 and 38,652,650 Shares Issued and Outstanding at September 30, 2020 and December 31, 2019, respectively
389
387
Common Shares: Class B, $.01 Par Value, 1,000,000 Shares Authorized, None Issued and Outstanding at September 30, 2020 and December 31, 2019
—
—
Accumulated Other Comprehensive (Loss) Income
(22,747)
1,010
Additional Paid-in Capital
1,150,057
1,144,808
Distributions in Excess of Net Income
(470,534)
(338,695)
Total Shareholders' Equity
657,312
807,657
Noncontrolling Interests (Note 1)
52,279
64,144
Total Equity
709,591
871,801
Total Liabilities and Equity
$
2,025,654
$
2,122,428
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Revenue:
Hotel Operating Revenues:
Room
$
27,546
$
108,909
$
113,768
$
319,374
Food & Beverage
2,441
15,870
12,652
48,351
Other Operating Revenues
3,734
10,140
14,651
29,350
Other Revenues
25
76
253
214
Total Revenues
33,746
134,995
141,324
397,289
Operating Expenses:
Hotel Operating Expenses:
Room
7,436
24,000
30,150
70,103
Food & Beverage
2,344
12,605
13,686
39,427
Other Operating Expenses
17,965
43,476
67,806
128,273
Hotel Ground Rent
1,062
1,228
3,183
3,452
Real Estate and Personal Property Taxes and Property Insurance
10,597
10,717
30,508
29,111
General and Administrative (including Share Based Payments of $1,936 and $2,009, and $6,191 and $7,441 for the three and nine months ended September 30, 2020 and 2019, respectively)
4,397
5,613
14,418
19,313
Loss on Impairment of Assets
—
—
1,069
—
Depreciation and Amortization
24,055
24,092
72,565
72,184
Total Operating Expenses
67,856
121,731
233,385
361,863
Operating (Loss) Income
(34,110)
13,264
(92,061)
35,426
Interest Income
1
66
39
207
Interest Expense
(13,350)
(12,935)
(39,838)
(39,158)
Other Expense
(73)
(246)
(530)
(328)
Loss on Debt Extinguishment
—
(231)
—
(265)
Loss Before Results from Unconsolidated Joint Venture Investments and Income Taxes
(47,532)
(82)
(132,390)
(4,118)
(Loss) Income from Unconsolidated Joint Ventures
(669)
38
(2,189)
518
Loss Before Income Taxes
(48,201)
(44)
(134,579)
(3,600)
Income Tax Benefit (Expense)
28
551
(11,346)
1,784
Net (Loss) Income
(48,173)
507
(145,925)
(1,816)
Loss Allocated to Noncontrolling Interests - Common Units
5,032
442
15,093
1,554
Loss (Income) Allocated to Noncontrolling Interests - Consolidated Joint Venture
—
(340)
3,196
(188)
Preferred Distributions
(6,044)
(6,044)
(18,132)
(18,131)
Net Loss Applicable to Common Shareholders
$
(49,185)
$
(5,435)
$
(145,768)
$
(18,581)
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 [UNAUDITED]
[IN THOUSANDS, EXCEPT SHARE/UNIT AND PER SHARE AMOUNTS]
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Earnings Per Share:
BASIC
Loss from Continuing Operations Applicable to Common Shareholders
$
(1.27)
$
(0.15)
$
(3.78)
$
(0.50)
DILUTED
Loss from Continuing Operations Applicable to Common Shareholders
$
(1.27)
$
(0.15)
$
(3.78)
$
(0.50)
Weighted Average Common Shares Outstanding:
Basic
38,639,048
38,878,818
38,604,483
39,039,665
Diluted*
38,639,048
38,878,818
38,604,483
39,039,665
*Income (Loss)allocated to noncontrolling interest in Hersha Hospitality Limited Partnership(the “Operating Partnership” or “HHLP”)has been excluded from the numerator andthe Class A common shares issuable upon any redemption of the Operating Partnership’s commonunitsof limited partnership interest (“Common Units”) and the Operating Partnership’s vested LTIP units (“Vested LTIP Units”)have been omitted from the denominator for the purpose of computingdiluted earnings per share becausethe effect of including theseshares and unitsin the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss)applicable to common shareholders.
The following table summarizes potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share:
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Common Units and Vested LTIP Units
3,959,204
3,379,354
3,913,922
3,356,033
Unvested Stock Awards and LTIP Units Outstanding
915,586
631,401
595,539
543,483
Contingently Issuable Share Awards
170,664
306,073
537,189
447,449
Total Potentially Dilutive Securities Excluded from the Denominator
5,045,454
4,316,828
5,046,650
4,346,965
The Accompanying Notes Are an Integral Part of These Consolidated Financial Statements.