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| Hersha Hospitality Trust |
| 148 Sheraton Drive, Box A, New Cumberland, PA 17070 * (717) 770-2405 |
| Business Description | The company is a real estate investment trust, (REIT). The company has been established to own initially interests in ten hotels. These hotels includes 3 Holiday Inn Express hotels, 2 Hampton Inns, 2 Holiday Inns, 2 Comfort Inns and a Clarion Suites. |
| Offering Information Company has | |||
| Trading As | HT (AMEX) | Industry | REIT (SIC 6798) |
| Type of Stock Offered | Shares of Beneficial Interest | Filing Date | 06/04/1998 |
| Domestic Shares Offered | 2,000,000 | Offer Date | 01/21/1999 |
| Foreign Shares Offered | 0 | Filing Price | $6.00 |
| Company Shares | 2,000,000 | Offer Price | $6.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.600 |
| Gross Proceeds | $12,000,000 | Selling | - - |
| Expenses | $400,000 | Reallowance | - - |
| Post-IPO Shares | 6,117,500 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Anderson & Strudwick, Incorporated | Lead Manager | (804) 344-3834 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1997 | 03/31/1998 | |||||
| Revenues | - | - | - | - | 5.025 | - | 1.202 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | - | - | 0.903 | - | 0.152 |
| E.P.S | - | - | - | - | 0.340 | - | 0.060 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | 17.97 | 12.65 | - |
| Cash Flow - Oper. | 1.41 | - | 0.73 | ||||
| Cash Flow - Inv. | 0.67 | - | 0.16 | ||||
| Cash Flow - Fin. | 3.07 | - | 0.79 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1998 | Financial Ratios | ||||
| Total Assets | 29.05 | Current Assets | - | Current Ratio | - |
| Total Liab. | 25.80 | Current Liab. | - | Debt Ratio | 88.79% |
| Total Equity | 3.26 | Working Cap. | - | Debt to Equity Ratio | 7.92 |
| Cash | 0.44 | Return on Assets | 0.52% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to purchase the initial hotels, to repay certain indebtedness of the selling partnerships, to pay certain expenses of the offering and for working capital purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Hunton & Williams |
| Bank's Law Firm | Willcox & Savage |
| Auditor | Moore Stephens, P.C. |
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| Additional Underwriter Compensation |
| Warrant to purchase 250,000 shares/units at a nominal price. |