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Hersha Hospitality Trust (HT) reported significant losses in Q3 2020, with a net loss of approximately $49.2 million, or $1.27 per diluted share, compared to a loss of $5.4 million in Q3 2019. However, 37 of their 39 hotels are now operational, with a 32% reduction in corporate cash burn rates. The company noted improvements in occupancy rates, particularly in drive-to resort locations, and a forecasted property-level breakeven occupancy of 35-40%. Despite challenges from the COVID-19 pandemic, they remain optimistic about future recovery.
Hersha Hospitality Trust (NYSE: HT) reported a significant net loss of approximately ($67.5 million), or ($1.75) per diluted share, for Q2 2020 due to the COVID-19 pandemic's impact on the travel industry. Adjusted Funds From Operations (AFFO) fell 180.2% to ($26.8 million). Despite these losses, the company improved its cash burn rate from $10.5 million in April to $7.8 million in June, ending Q2 with $23.2 million in cash. As of August 1, 2020, 33 of 48 hotels were operational, indicating a gradual recovery as demand trends improve.
Hersha Hospitality Trust (HT) announced it will release its Q2 2020 financial results on August 5, 2020, post-market. A conference call is scheduled for August 6, at 9:00 AM ET, hosted by CEO Jay H. Shah, President Neil H. Shah, and CFO Ashish Parikh. The call will be accessible via phone or live audio webcast. Hersha operates 48 upscale hotels across urban gateway markets and resort destinations, totaling 7,644 rooms. The release contains forward-looking statements regarding economic performance and operational cash sufficiency.
Hersha Hospitality Trust (NYSE: HT) reported a significant net loss of approximately ($29.1 million) or ($0.76) per share for Q1 2020, largely impacted by the COVID-19 pandemic. AFFO decreased by $8.7 million to ($2.4 million). Despite a strong start to the year, travel restrictions led to an 80% reduction in on-property labor costs due to the suspension of operations at 21 out of 48 hotels. The company amended its credit facility to access an additional $100 million and secured a financial covenant waiver through March 31, 2021, enhancing operational flexibility.
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