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Hersha Hospitality Reports Improved Occupancy

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Hersha Hospitality Trust (NYSE:HT) was up 51.78% over the last one week

2Q 2020 2Q 2019 Net loss -$67.5 million -$0.4 million AFFO -$26.8 million $33.4 million Cash And Cash Equivalents $23.2 million

Hersha reported an improvement in monthly occupancy levels during the quarter. In addition, the company's open NYC hotels reported 60% occupancy in the 2Q and the company had 33 out of its 48 hotels open and operational.

In the 2Q, the company had 21 hotels that were fully operational throughout the period and reported 33.7% occupancy level and charged an average daily rate of $133.47. Hersha reported 61.0% occupancy from its open New York City hotels during then 2Q.mainy driven by the hotel's select-service offerings on the JFK submarket as well as its Hampton Inn Seaport. Hampton Inn Seaport reported an occupancy level of 94.9%.

The company's Sanctuary Beach Resort on the West Coast reported an occupancy rate of 71.2% and charged an average daily rate of $340.28.

The company had 15 of the 48 hotels that have suspended their operations due to the COVID-19 pandemic as of August 1, 2020. According to the company, all but only four of these hotels will be open by September.

Hersha improved its cash burn rate from $10.5 million in April to $7.8 million in June. This represents a 26% drop. This is brings to $26.9 million, the total cash loss in the 2Q2020.

Seritage Growth Records Drop In Occupancy Due To COVID-19

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Seritage Growth Properties (NYSE:SRG) was up 48.27% over the last one week

2Q 2020 1H 2020 Net loss $1.2 million $23.0 million Net Operating Income $7.3 million $23.1 million Funds from Operations -$27.4 million -$44.9 million

Around 93% of Seritage Growth's in-place tenants were open and operating. Among the operating tenants were 239 stores which were full open and 19 stores that offered pick-up and delivery. The company collected 66% of the 2Q 2020 rental income. In addition, the company agreed to defer rent for 21% of the tenants. In july, Seritage collected 74% of the rental income and agreed to defer an additional 7% from tenants.

The company earned $166.3 million from the sale of 13 assets and five outparcels. In addition, Seritage had $91.5 million in anticipated gross proceeds which are assets under contract for sale. The sale will be completed subject to buyer diligence and closing conditions.

During the quarter, the company sold nine properties and there outparcels that generated gross proceeds amounting to $98.6 million. The company reported gains of $53.9 million from the sale. The company invested around $42.7 million in of select suburban retail redevelopment projects. The projects are projected to produce monthly rental income of around $12.7 million.

Kazia Therapeutics' paxalisib (formerly GDC-0084) awarded v by the FDA

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Kazia Therapeutics Ltd (NASDAQ:KZIA) rose 52.43% over the last one week after the company's paxalisib (formerly GDC-0084) was awarded Rare Pediatric Disease Designation (RPDD) by the United States Food and Drug Administration (FDA). The drug is being tested for treatment of Diffuse Intrinsic Pontine Glioma (DIPG), a rare and highly-aggressive childhood brain cancer.

After being granted RPDD, the company may now qualify to receive a 'rare pediatric disease priority review voucher' (PRV) if the drug is approved for DIPG. The PRV allows the company to have an expedited six-month review of its new drug by the FDA. PRV can be sold to other companies and are known to fetch between $68 million and $350 million.

Paxalisib was awarded RPDD after posting positive results from preclinical trial in DIPG.

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