Date

AVB US EquSPX Index AVB US EquSMAVG (15)

10/25/2016 836.632 491.878 13330000 47342000
9/30/2016 891.632 497.641 47750000 50617332
6/30/2016 904.416
481.71 50900000 51662668
3/31/2016 953.601 472.732 50200000 50717332
12/31/2015 923.168 469.106 50460000 50066000
9/30/2015
876.49 440.667 45440000 49878000
6/30/2015 801.536 473.505 42040000 50290668
3/31/2015 873.632 474.602 53210000 52949332
12/31/2014 819.184 472.539 50280000 52552000
9/30/2014 706.777 452.661 52520000 51926668
6/30/2014 712.894 449.893 48880000 51609332
3/31/2014 658.396 429.722 58610000 52864000
12/31/2013 592.767 424.218 46390000 55104668
9/30/2013 637.188 385.933 41120000 56838000
6/28/2013 676.395 368.658 59000000 60270000
3/29/2013 635.082 360.146 62460000 64276668
12/31/2012 679.804 327.326 63430000 72001336
9/28/2012 681.809 330.649 36720000 82537336
6/29/2012 709.334
312.63 40430000 93232664
3/30/2012 708.683 323.258 47640000 97747336
12/30/2011 654.786 288.633 51630000 98730000
9/30/2011 571.809 259.673 81920000 1.0E+008
6/30/2011 643.756
303.1 47250000 99887336
3/31/2011 602.042 304.291 40900000 1.0E+008
12/31/2010 564.289 288.641 47760000 1.0E+008
9/30/2010 521.071 261.918 67700000 1.0E+008
6/30/2010 468.127 236.559 92220000 99617336
3/31/2010 432.931 268.397 72390000 94722000
12/31/2009 411.673 255.928 92600000 91374000
9/30/2009 364.644 242.611 1.2E+008 86629336
6/30/2009 280.465 210.994 1.8E+008 80051336
3/31/2009 235.943 183.119 2.2E+008 69719336
12/31/2008 303.728 207.306 2.0E+008 56306000
9/30/2008 477.188 267.692 1.1E+008 44765332
6/30/2008 432.291 293.774 62380000 38858668
3/31/2008 467.976 303.574 88870000 36132000
12/31/2007 456.436 337.003 62040000 31886000
9/28/2007 572.412 350.404 56920000 28888000
6/29/2007 576.388 345.034 63130000 26208666
3/30/2007 630.303 326.103 59340000 23316666
12/29/2006 630.545 325.515 20170000 20442000
9/29/2006 583.758 306.591 18790000 20235334
6/30/2006 536.339 291.525 22170000 20287334
3/31/2006
528.97 297.177 21430000 19702666
12/30/2005 432.727 286.496 20430000 19283334
9/30/2005 415.515 282.025 23350000 18900666

Normalized Last Pric

6/30/2005
3/31/2005
12/31/2004
9/30/2004
6/30/2004
3/31/2004
12/31/2003
9/30/2003
6/30/2003
3/31/2003
12/31/2002
9/30/2002
6/28/2002
3/29/2002
12/31/2001
9/28/2001
6/29/2001
3/30/2001
12/29/2000
9/29/2000
6/30/2000
3/31/2000
12/31/1999
9/30/1999
6/30/1999
3/31/1999
12/31/1998
9/30/1998
6/30/1998
3/31/1998
12/31/1997
9/30/1997
6/30/1997
3/31/1997
12/31/1996
9/30/1996
6/28/1996
3/29/1996
12/29/1995
9/29/1995
6/30/1995
3/31/1995
12/30/1994
9/30/1994
6/30/1994
3/31/1994

391.758
324.315
365.091
291.976
274.036
259.782
231.758
226.909
206.739
178.909
189.77
202.667
226.424
241.455
229.382
231.515
226.667
222.109
243.03
231.212
202.273
177.576
167.879
164.242
179.394
154.545
166.061
166.364
184.242
180
189.091
193.636
179.394
173.939
174.545
138.182
125.455
116.97
117.576
103.636
94.545
89.091
97.576
103.03
99.394
100

273.422
270.958
278.147
255.808
261.834
258.477
255.196
228.584
223.658
194.666
201.928
187.116
227.173
263.337
263.497
238.907
281.017
266.308
303.018
329.694
333.846
343.94
337.208
294.395
315.051
295.235
282.121
233.414
260.228
252.863
222.724
217.411
203.149
173.767
170.008
157.745
153.917
148.149
141.362
134.128
125.026
114.918
105.407
106.192
101.965
102.309

20270000
24040000
19550000
21480000
25180000
17070000
16730000
19750000
16220000
17070000
19570000
13400000
15140000
14690000
13700000
20690000
15940000
16420000
11610000
11900000
19780000
8340000
7580000
9960000
16590000
10790000
6960000
7020000
6630000
4380000
4290000
2750000
3980000
4520000
3640000
5040000
2120000
2190000
2170000
2190000
4170000
1400000
1600000
1890000
2820000
5130000

18257334
18285334
17745334
17536666
16878666
15993333
16174000
15614667
14803333
14386000
14354000
13768667
13339333
12798000
12260667
11639333
10546000
9666667
8837333
8364667
7814000
6831334
6416667
6057334
5538000
4578000
4136667
3766000
3404667
3088667
2984667
3040667

1200

1000

800

Normalized Last Price

600

400

200

0
3/1/1994

3/1/1997

3/1/2000

3/1/2003

3/1/2006

3/1/2009

3/1/2012

3/1/2015

AVB US Equity
SPX Index

3/1/2012

3/1/2015

Hersha Portfolio by Hotel Brand

Marriott
25
Hilton
25
Intercontin
17
Independen
16
Hyatt
14
Other
3
Other; 3%
Hyatt; 14%

Marr

Independent; 16%

Hilto
Intercontinental; 17%

Other; 3%
Marriott; 25%

Hilton; 25%

Date
BBREIT IndSPX Index HT US EquiSMAVG (15)
10/25/2016
191.47
218.63 5340000 10187333
9/30/2016
197.66
221.19 10520000 10901333
8/31/2016
202.07
221.46 8160000 10960667
7/29/2016
209.41
221.73 9790000 10908667
6/30/2016
201.95
214.11 16840000 10946000
5/31/2016
190.58
213.91 12610000 10438000
4/29/2016
186.15
210.68 8790000 10464667
3/31/2016
190.53
210.12 9640000 10701333
2/29/2016
174.43
197.11 14560000 10666667
1/29/2016
175.91
197.93 12020000 10092667
12/31/2015
182.45
208.51 9440000 9782667
11/30/2015
181.03
212.23 7180000 9500667
10/30/2015
182.04
212.12 8490000 9408667
9/30/2015
171.09
195.87 8810000 9174000
8/31/2015
168.14
201.19 10620000 9061333
7/31/2015
178.91
214.62 16050000 9106000
6/30/2015
170.22
210.46 11410000 8507333
5/29/2015
178.36
214.98 7380000 8474667
4/30/2015
179.3
212.75 10350000 8959333
3/31/2015
189.54
210.95 9220000 8852000
2/27/2015
188.35
214.68 13010000 8706667
1/30/2015
194.65
203.51 12340000 8172667
12/31/2014
183.72
210.03 9120000 7970667
11/28/2014
182.42
210.92 5950000 7849334
10/31/2014
178.78
205.86 7370000 8007334
9/30/2014
164.29
201.2 5210000 7982000
8/29/2014
174.89
204.37 5800000 8520000
7/31/2014
170.4
196.95 4970000 8471333
6/30/2014
170.87
199.97 7120000 8560667
5/30/2014
169.83
196.23 11290000 8615333
4/30/2014
166.43
192.18 7070000 8218000
3/31/2014
161.34
191 10920000 8123334
2/28/2014
161.12
189.69 14650000 7923334
1/31/2014
153.59
181.84 8740000 7726667
12/31/2013
148.05
188.55 7040000 7544000
11/29/2013
148.79
184.21 5000000 7644667
10/31/2013
157.66
179.19 9310000 7612000
9/30/2013
151.55
171.54 7300000 7299334
8/30/2013
147.4
166.58 8320000 7221334
7/31/2013
159.1
171.96 6990000 7593334
6/28/2013
157.39
163.86 13280000 7357334
5/31/2013
161.19
166.35 5070000 6778667
4/30/2013
171.62
162.97 6310000 6752667
3/29/2013
160.7
160.08 7940000 6583334
2/28/2013
156.81
154.52 5330000 6328667
1/31/2013
155.36
152.82 5650000 6267334

12/31/2012
11/30/2012
10/31/2012
9/28/2012
8/31/2012
7/31/2012
6/29/2012
5/31/2012
4/30/2012
3/30/2012
2/29/2012
1/31/2012
12/30/2011
11/30/2011
10/31/2011
9/30/2011
8/31/2011
7/29/2011
6/30/2011
5/31/2011
4/29/2011
3/31/2011
2/28/2011
1/31/2011
12/31/2010
11/30/2010
10/29/2010
9/30/2010
8/31/2010
7/30/2010
6/30/2010
5/31/2010
4/30/2010
3/31/2010
2/26/2010
1/29/2010
12/31/2009
11/30/2009
10/30/2009
9/30/2009
8/31/2009
7/31/2009
6/30/2009
5/29/2009
4/30/2009
3/31/2009
2/27/2009

150.15
145.72
146.46
147.71
151.01
151.02
148.56
141.13
148.33
144.37
137.98
139.67
131.43
126.11
131.24
114.95
129.61
137.51
135.96
140.91
139.93
133.06
135.52
130.32
126.25
121.21
123.64
118.16
113.52
115.25
105.26
111.49
118.23
110.92
100.93
95.57
101.28
94.6
88.65
93.24
87.63
77.63
70.33
73
71.45
54.79
53.39

145.49
144.47
144.06
146.97
143.49
140.71
138.96
133.67
142.6
143.68
139.32
133.88
128.29
127.2
127.85
115.42
124.34
131.83
134.72
137.23
139.1
135.25
135.39
131.2
128.29
120.43
120.71
116.42
107.04
112.38
105.14
111.13
121.06
119.3
112.67
109.55
113.75
111.77
105.7
107.83
104.12
100.73
93.78
93.76
89.04
81.39
74.99

7920000
11700000
6000000
8550000
4510000
4620000
6130000
13900000
3450000
4600000
4680000
3770000
4120000
4410000
6740000
6850000
11070000
4260000
7020000
6080000
5810000
6710000
4230000
6330000
6690000
8870000
12540000
5410000
5640000
5290000
6200000
7810000
7580000
12870000
5150000
12610000
2580000
1050000
1520000
1760000
1390000
864449
1600000
2230000
2260000
3410000
1350000

6340000
6268667
6226667
6110667
6008667
6113334
6192667
6231334
5586667
5778667
5918000
6197334
6782000
6868000
6950000
6853334
6810000
6592667
6814000
7204000
7142000
7595334
7320000
7108000
6787334
6458667
5960000
5181630
4927630
4700297
4498297
4312297
3881630
3479630
2795630
2630963
1946963
1861630
1869630
1886297
1898297
1904297
1883870
1849203
1755087
1683087
1509917

1/30/2009
12/31/2008
11/28/2008
10/31/2008
9/30/2008
8/29/2008
7/31/2008
6/30/2008
5/30/2008
4/30/2008
3/31/2008
2/29/2008
1/31/2008
12/31/2007
11/30/2007
10/31/2007
9/28/2007
8/31/2007
7/31/2007
6/29/2007
5/31/2007
4/30/2007
3/30/2007
2/28/2007
1/31/2007
12/29/2006
11/30/2006
10/31/2006
9/29/2006
8/31/2006
7/31/2006
6/30/2006
5/31/2006
4/28/2006
3/31/2006
2/28/2006
1/31/2006
12/30/2005
11/30/2005
10/31/2005
9/30/2005
8/31/2005
7/29/2005
6/30/2005
5/31/2005
4/29/2005
3/31/2005

67.22
82.65
71.49
94.04
137.33
138.21
135.24
132.1
149.69
150.08
141.72
134.25
140.22
141.14
150.6
166.37
165.2
159.51
151.02
165.37
183.58
184.18
184.85
190.19
195.33
180.36
184.71
177.71
167.54
165.08
159.45
154.46
147.47
152.38
159.35
153.85
150.28
140.76
141.86
137.18
140.94
141.22
147.31
137.92
132.13
128.2
121.79

84.25
92.14
91.43
98.82
118.98
130.86
129.29
130.58
142.85
141.35
134.93
135.74
140.63
149.79
151.09
158.05
155.75
150.36
148.46
153.36
156.14
151.22
144.94
143.51
146.72
144.68
142.88
140.57
136.27
133
130.23
129.58
129.56
133.7
132.09
130.64
130.58
127.34
127.46
123.13
125.35
124.49
125.9
121.53
121.55
118.01
120.43

1550000
2610000
2680000
2350000
1300000
1170000
1770000
1940000
1480000
558050
1080000
818253
1180000
812448
1260000
1100000
1820000
1440000
1270000
1650000
1240000
1380000
1560000
896490
955250
1540000
874625
835275
919075
682650
683675
911550
971375
761400
582325
243575
228350
455450
358100
207700
254100
220875
321550
776175
527500
177300
403750

1503917
1473917
1421250
1338583
1266583
1289917
1294583
1268583
1243250
1204349
1230829
1261496
1265254
1242273
1249381
1210891
1183136
1122573
1091331
1057424
986246
919818
843041
769404
733512
683675
597948
554365
520117
510590
500247
466488
432635
377475
341595
328178
335993
346277
350032
340598
342928
341488
337773
341978
323630
298058
302123

2/28/2005
1/31/2005
12/31/2004
11/30/2004
10/29/2004
9/30/2004
8/31/2004
7/30/2004
6/30/2004
5/31/2004
4/30/2004
3/31/2004
2/27/2004
1/30/2004
12/31/2003
11/28/2003
10/31/2003
9/30/2003
8/29/2003
7/31/2003
6/30/2003
5/30/2003
4/30/2003
3/31/2003
2/28/2003
1/31/2003
12/31/2002
11/29/2002
10/31/2002
9/30/2002
8/30/2002
7/31/2002
6/28/2002
5/31/2002
4/30/2002
3/29/2002
2/28/2002
1/31/2002
12/31/2001
11/30/2001
10/31/2001
9/28/2001
8/31/2001
7/31/2001
6/29/2001
5/31/2001
4/30/2001

124.4
121.3
132.75
127.52
122.87
117.08
117.71
109.47
109.4
107.06
100.37
117.83
112.22
110.62
106.37
103.71
99.81
98.54
95.91
95.85
91.44
90.03
85.31
81.97
81.1
80.32
83.02
83.21
79.99
84.35
88.47
89.21
94.52
93.02
92.41
93.06
88.43
87.18
87.52
86.87
82.66
85.56
90.2
87.33
89.53
85.24
83.48

122.78
120.5
123.63
119.74
115.29
113.7
112.65
112.39
116.38
114.32
112.96
114.89
116.8
115.39
113.43
107.95
107.19
101.6
102.83
101.02
99.41
98.3
93.54
86.52
85.81
87.29
89.75
95.51
90.36
83.17
93.45
93
100.97
108.86
109.86
117.05
112.9
115.29
117.12
116.24
108.11
106.19
115.64
123.56
124.91
128.11
127.46

143975
223200
381075
360800
382600
511775
216600
242650
232500
165150
384625
500950
143925
238275
514050
291635
753000
33450
16275
34000
54350
66900
43625
67150
20950
31350
30700
18900
46775
29050
37900
42875
48625
41450
48650
34025
14475
17175
12850
15125
8025
30050
14775
12825
24075
21700
22225

309477
319321
354641
331466
308497
285257
254762
244782
231514
220491
210877
187326
155976
147641
134874
102541
85625
38283
39295
40973
41950
40595
37100
35337
31717
31328
29773
29730
29455
27192
26860
25780
24403
22632
20183
18080
16623
15975
15573
16972
16953
17450
16323
16525
16907
19622
20925

3/30/2001
2/28/2001
1/31/2001
12/29/2000
11/30/2000
10/31/2000
9/29/2000
8/31/2000
7/31/2000
6/30/2000
5/31/2000
4/28/2000
3/31/2000
2/29/2000
1/31/2000
12/31/1999
11/30/1999
10/29/1999
9/30/1999
8/31/1999
7/30/1999
6/30/1999
5/31/1999
4/30/1999
3/31/1999
2/26/1999
1/29/1999
12/31/1998
11/30/1998
10/30/1998
9/30/1998
8/31/1998
7/31/1998
6/30/1998
5/29/1998
4/30/1998
3/31/1998
2/27/1998
1/30/1998
12/31/1997
11/28/1997
10/31/1997
9/30/1997
8/29/1997
7/31/1997
6/30/1997
5/30/1997

81.98
82.11
83.78
83.52
79.26
78.11
82.08
79.94
83.31
76.91
75.74
75.17
70.83
69.07
70.64
70.36
68.95
70.53
72.52
76.52
77.69
80.49
82.6
81.17
74.44
75.49
77.08
79.34
81.75
80.82
82.94
78.7
87.27
93.9
94.57
95.79
99.61
97.87
100
100.88
99.02
97.75
101.15
92.97
93.82
90.84
86.69

118.37
126.49
139.35
134.68
134.14
145.82
146.54
154.82
145.96
148.39
144.92
148.16
152.87
139.39
142.25
149.88
141.69
139.03
130.85
134.7
135.54
140.03
132.8
136.2
131.22
126.32
130.54
125.4
118.7
112.08
103.75
97.65
114.32
115.66
111.28
113.41
112.39
107.04
100
99
97.46
93.3
96.63
91.76
97.35
90.29
86.53

22050
4725
17100
12175
4750
11150
33825
14850
15475
13150
17800
18550
64800
41250
11900
19750
15850
10650
15350
9650
21125
4725
10075
19525
21475
22775
15900

20237
20083
20825
20395
20607
20933
21598
19658
19340
19610
20165
20497
20320

Last Price N

4/30/1997
3/31/1997
2/28/1997
1/31/1997
12/31/1996
11/29/1996
10/31/1996

84.54
87.7
87.84
88.7
88.32
80.11
76.5

81.75
77.24
80.67
80.2
75.56
77.22
71.95

250

200

150
BBREIT Index

Last Price Normalized by Factor

SPX Index

100

50

0
10/1/1996

10/1/2007

BREIT Index

PX Index