Hersha Hospitality TrustNYSE
Winning Never Hurt So Much: Hersha Hospitality
Dane Bowler • 20 Comments
Dane Bowler • 20 Comments
Hersha Hospitality's Dominant Performance Went Unnoticed
Dane Bowler • 21 Comments
Dane Bowler • 21 Comments
Wed, Nov. 9, 1:48 PM
- The 10-year U.S. Treasury yield is higher this session by 21 basis points to 2.07% after having fallen as low as 1.70% at one point last night. TLT -4%, TBT +8%
- On the shorter end, Fed Funds futures - after last night having priced out any chance of rate hike in December - have returned to pricing in nearly 100% chance of a move.
- Facing more serious competition for yield, utilities (XLU -3.4%) and REITs (VNQ -1.7%) are having a rough session.
- Individual REIT names: Realty Income (O -5.1%), Spirit Realty (SRC -3.3%), Omega Healthcare (OHI -2%), Welltower (HCN -3.1%), Equity Residential (EQR -2.4%), AvalonBay (AVB -2.1%), General Growth (GGP -2.3%), Kimco (KIM -2.3%), DDR (DDR -2.3%).
- Notably fading the move even as the dollar turns sharply higher are the lodging REITs: Ashford (AHT +2.9%), LaSalle Hotel (LHO +3.1%), Pebblebrook Hotel (PEB +3.9%), Chatham Lodging (CLDT +4.2%), Hersha (HT +3.7%)
Tue, Nov. 1, 5:42 PM
Thu, Oct. 27, 10:42 AM
- The 10-year Treasury yield is making new bear-cycle highs today, up another seven basis points to 1.86% - its perkiest level since May. The move up in yields is global, with U.K. 10-years up 11 bps and Germany's up 8.5 bps.
- Earlier today, the U.K. reported Q3 GDP growth of 0.5% - far better than what had been predicted post-Brexit.
- Facing at least a little more competition in the yield department, equity REITs have turned sharply lower, with VNQ down 2.1%, and IYR off 1.8%. Mortgage REITs (REM -0.6%) are faring a little better as solid Q3 earnings begin to roll in.
- The major U.S. averages have given up early gains and turned red, led by the S&P 500 and Nasdaq, both off 0.25%.
- Individual equity REITs: Verreit (VER -2.2%), Welltower (HCN -2.4%), Equity Residential (EQR -1.6%), Omega Healthcare (OHI -3.2%), Simon Property (SPG -3.2%), General Growth (GGP -2.6%), Public Storage (PSA -2.9%), Gramercy Property (GPT -1.9%), Washington Real Estate (WRE -1.2%), Hersha (HT -2.9%), Sunstone Hotel (SHO -1.4%), Stag Industrial (STAG -2%)
- Mortgage REITs: AGNC Investment (AGNC -1.5%), Annaly (NLY -0.7%), Two Harbors (TWO -0.4%), Capstead (CMO +0.3%)
- ETFs: VNQ, IYR, MORL, REM, MORT, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX, RORE
Tue, Oct. 25, 5:19 PM
Mon, Oct. 24, 5:35 PM
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Mon, Oct. 3, 1:35 PM
- Hersha Hospitality Trust HT authorized a new share repurchase program of $100M, scheduled to complete on or before Dec. 31, 2017.
- The new program would start on completion of existing $100 M repurchase plan under which $23.1M is pending.
Thu, Sep. 22, 4:07 PM
Tue, Sep. 13, 8:12 AM
- The five-hotel suburban portfolio totaling 757 rooms is going for $185M, $244K per key, and a 8% cap rate.
- The five delivered a levered IRR in the teens at 50% leverage during their 10-year holding period. Their sales will improve the company RevPAR as their trailing 12-month RevPAR was 34.1% below the average of the remaining portfolio. Being suburban properties, the sales will leave the company more focused on higher barrier-to-entry, urban gateway and destination markets.
- Hersha (NYSE:HT) anticipates $105.3M in net proceeds, with taxable gains on sale of about $78.5M.
Thu, Jul. 28, 7:37 AM
- Q2 adjusted FFO of $41.15M or $0.89 per share vs. $38.8M and $0.76 one year ago.
- Comparable RevPAR of $187 up 2.6%. ADR of $213.22 up 1.8%. Occupancy of 87.7% up 66 bps. Gross operating margins up 20 bps to 51.4%, but EBITDA margins of 41.7% were flat mostly thanks to property tax increases.
- Philadelphia was best-performing market with 8.8% growth in RevPAR. The overall 2.6% advance was weaker than hoped, owing mostly to sluggish corporate travel and a lack of pricing power in NYC. Excluding NYC, RevPAR growth was 5% in Q2.
- The NYC portfolio (includes all 5 boroughs and 10 hotels) saw RevPAR slip 3.9%; Manhattan (7 hotels) saw RevPAR down 5.5%.
- 2M shares bought back during quarter for $36.8M.
- Full-year AFFO outlook is cut to $2.38-$2.51 per share from $2.48-$2.69.
- Conference call at 9 ET
- Previously: Hersha Hospitality beats by $0.03, misses on revenue (July 27)
- HT flat premarket
Wed, Jul. 27, 5:32 PM
Tue, Jul. 26, 5:35 PM
- ABCO, ABX, ACGL, AEM, AF, AGNC, AHL, ALEX, ALSN, AMCC, AMGN, ANIK, ARRS, ASGN, AXTI, BKCC, CA, CAKE, CBI, CBT, CDE, CMO, CMPR, CMRE, CNMD, COHR, CRUS, CSGP, CVTI, CW, CYS, DLB, DRE, ECHO, EFX, ELY, EQY, ESRT, ESV, EXR, FB, FBHS, FOE, FORR, GG, GPRO, GRPN, HOLX, HT, IAC, IBKC, INFN, INT, ISBC, KEX, KGC, KIM, KNL, KNX, KONA, KRA, KS, LLNW, LM, LOGI, LPSN, LRCX, MAA, MANT, MAR, MCK, MEOH, MKSI, MMLP, MMSI, MN, MOH, MUR, NATI, NE, NEU, NGD, NOW, NTGR, NTRI, NVDQ, NXPI, O, OCN, OI, ORLY, OTEX, PEIX, PPC, PSA, PXD, QDEL, QEP, QTM, RCII, ROIC, RRTS, SCI, SFLY, SIGI, SPRT, SPSC, SSNC, SU, TER, TILE, TIS, TMK, TMST, TTEK, TTMI, TYL, UNM, VAR, VNDA, VNR, VRTX, WFM, WFT, WIRE, WLL, WRE, WSR, XL, XLNX
Tue, Jul. 26, 10:06 AM
- FelCor Lodging (FCH -2.9%) missed estimates and cut full-year guidance, noting softness in corporate travel for the rest of the year. Pebblebrook Hotel (PEB -5.7%) posted an earnings beat, but wasn't optimistic about the rest of the year. The company cut RevPAR growth guidance for both itself, and the industry.
- SunStone Hotel (SHO -1.5%), LaSalle Hotel (LHO -3.4%), Chesapeake Lodging (CHSP -1.4%), RLJ Lodging (RLJ -1.5%), Host Hotels (HST -2.9%), Hersha Hospitality (HT -1.6%), DiamondRock Hospitality (DRH -1.2%).
Mon, Jun. 27, 3:20 PM
- There's plenty of green in the REIT space today, with the IYR off just 0.25% (vs. the S&P 500's 2% decline). Helping is the continuing plunge in interest rates, with the 10-year yield at 1.46% within seven basis points of an all-time low.
- Among the gainers are Realty Income (O +1.7%), National Retail Properties (NNN +1%), Senior Housing (SNH +2.2%), Omega Healthcare (OHI +0.9%), AvalonBay (AVB +1.1%), Kimco (KIM +1.3%), Tanger Factory (SKT +1.9%), and Public Storage (PSA +3.8%).
- Lodging REITs, however, are dependent on a steady stream of overseas tourist money, and the dollar's continued surge vs. everything not named the yen promises to crimp foreign visits. Ashford (AHT -6.6%), Sunstone (SHO -4.8%), LaSalle (LHO -4.1%), Pebblebrook (PEB -4.2%), Chesapeake (CHSP -3.3%), Host (HT -6.7%), DiamondRock (DRH -4.8%), Apple (APLE -2.9%), FelCor (FCH -5.4%).
Wed, Jun. 15, 10:01 AM
- The San Francisco Board of Supervisors last week passed a bill requiring home-sharing services like Airbnb (Private:AIRB) to remove listings of units that have not been registered with the San Francisco Office of Short-Term Rentals.
- The team at Canaccord expects a near-term reduction of Airbnb listings of 80%, and nearly 50% on a stabilized basis. This should be a "marginal tailwind," and help San Francisco relative to other major hotel markets in coming months. Other cities are likely to follow suit.
- Buy rated stocks remain: Apple Hospitality (APLE +0.6%), DiamondRock (DRH +2%), Summit Hotel (INN +0.6%), Marriott (MAR +0.9%), and RLJ Lodging (RLJ +1.6%).
- Meanwhile, the lodging sector as a whole has its tail in the air as not only this news, but Airbnb's agreement to begin collecting occupancy tax in Pennsylvania filters through.
- Ashford (AHP +1.6%), (AHT +1.2%), Starwood (HOT +0.8%), Hospitality Properties (HPT +0.8%), Host Hotels (HST +1.5%), LaSalle (LHO +2.2%), Sunstone Hotel (SHO +1.1%), Pebblebrook (PEB +2.2%), Chesapeake (CHSP +1.3%), Chatham (CLDT +1.2%), Hersha (HT +1.4%)
Fri, May 27, 4:19 PM
- Hersha Hospitality (NYSE:HT) declares $0.28/share quarterly dividend, in line with previous.
- Forward yield 6.36%
- Payable July 15; for shareholders of record June 30; ex-div June 28.
Thu, May 19, 11:12 AM
- "Lodging demand is clearly slowing," says BAML analyst Shaun Kelley, downgrading Hilton (HLT -3.1%), Hyatt (H -3.9%), RLJ Lodging (RLJ -6.1%), and Hersha Hospitality (HT -3.5%). He's most bearish on RLJ, which is cut two notches to Underperform; the other three are downgraded to Neutral.
- RevPAR dipped 1.1% in the first two weeks of May, says Kelley, and if the trend continues, RevPAR growth from May 2014 to May 2016 would be the slowest of any two-year period since the financial crisis.
- "The lodging cycle that began in March 2009 is over," he says, and hotel names have 15-40% of downside from current levels.