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HERSHA HOSPITALITY TRUST 510 Walnut Street | 9th Floor Philadelphia | PA | 19106 p . 215.238.1046 | f . 215.238.0157 hersha.com HERSHA HOSPITALITY TRUST ANNOUNCES THIRD QUARTER 2021 RESULTS - Third Quarter 2021 Net Loss of $ 0.51 Per Share - - Property Level Cash Flow Growth of 39 % Compared to Second Quarter 2021 - - Comparable Portfolio GOP Margins Exceed Third Quarter 2019 - - Third Quarter 2021 Adjusted Funds from Operations of $ 0.11 Per Share Philadelphia , PA , October 26 , 2021 -- Hersha Hospitality Trust ( NYSE : HT ) ( “ Hersha , ” " Company , " " we " or " our " ) , owner of high - quality hotels in urban gateway markets and regional resort destinations , today announced results for the third quarter ended September 30 , 2021 . Third Quarter 2021 Financial Results Net loss applicable to common shareholders was approximately ( $ 19.8 million ) , or ( $ 0.51 ) per diluted common share , in the third quarter 2021 , compared to net loss applicable to common shareholders of approximately ( $ 49.2 million ) , or ( $ 1.27 ) per diluted common share , in the third quarter 2020. Third quarter 2021 results continue to be impacted by the ongoing COVID - 19 pandemic , but materially improved compared to third quarter 2020 results . Adjusted Funds from Operations ( " AFFO " ) in the third quarter 2021 was $ 5.0 million , compared to ( $ 26.2 million ) in the third quarter 2020. AFFO per diluted common share and OP Unit in the third quarter 2021 was $ 0.11 versus third quarter 2020 AFFO per diluted common share and OP Unit of ( $ 0.60 ) . An explanation of certain non - GAAP financial measures used in this press release , including , among others , AFFO , as well as reconciliations of those non - GAAP financial measures to GAAP net income , is included at the end of this press release . Mr. Jay H. Shah , Hersha's Chief Executive Officer , stated , " Portfolio results last quarter were highlighted by peak summer demand in July which led to 65 % occupancy and average daily room rates in line with July 2019 both exceeding our internal forecasts . Better than expected topline performance combined with aggressive asset management and cost controls led to $ 10 million of property - level cash flow in July , the highest since the onset of the pandemic . Occupancies moderated during the second half of August and the first half of September , then improved , and rates held steady . Our ADR in the third quarter was relatively flat to ADR in the third quarter prior to the pandemic . Results in August and September met our expectations leading to positive third quarter corporate - level cash flow of $ 4.5 million , ahead of our initial quarterly forecasts and a significant improvement to our second quarter corporate - level cash burn of ( $ 3.7 million ) . " Mr. Shah continued , " For the first time since the onset of the pandemic we saw a material increase in demand across our urban gateway markets . From May to September , average daily