WILLIAMSBURG, Va., April 03, 2025 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) announced that the Company will report financial results for the first quarter 2025 prior to the market opening on Tuesday, May 13, 2025. A conference call for investors and other interested parties is scheduled for 10:00 a.m. Eastern Time (ET) that same day, at which time management will discuss the Company’s first quarter 2025 results. The information to be discussed on the call will be contained in t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to SOTHERLY HOTELS INC. (Exact name of registrant as specified in its charter) MARYLAND 001-32379 20-1531029 (State or Other Jurisdiction of Incorporation or Organization) (Commission File Number) (I.R.S. Employer (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

Financial Data and Key Metrics Changes - For Q4 2024, total revenue was approximately $44 million, representing an increase of 4.3% over Q4 2023 [20] - Year-to-date total revenue was approximately $182 million, reflecting a 4.6% increase over the full year 2023 [20] - Hotel EBITDA for Q4 was approximately $10.7 million, up 3.6% from the same quarter last year [20] - Year-to-date hotel EBITDA was approximately $46.8 million, representing a 4.5% increase over the full year 2023 [20] - Adjusted FFO for Q4 was approximately $2 million, an increase of about $850,000 from Q4 2023 [21] - Year-to-date adjusted FFO was approximately $14.3 million, a decrease of approximately $250,000 from the prior year [21] Business Line Data and Key Metrics Changes - RevPAR for Q4 increased by 2.9%, driven by a 7% increase in occupancy, despite a 3.7% decrease in ADR [7] - For the full year 2024, RevPAR performance increased by 3.5% over 2023, driven by a 6.1% increase in occupancy and a 2.5% decrease in rate [8] - The DoubleTree Resort in Hollywood, Florida, saw a RevPAR increase of 13.8%, fueled by a 13.4% increase in occupancy [13] - The Whitehall in Houston experienced nearly 50% RevPAR growth, driven by occupancy growth of 46.1% [14] - Hotel Ballast in Wilmington posted a RevPAR increase of 7.1%, supported by a 1.9% increase in occupancy and a 5% increase in rate [15] Market Data and Key Metrics Changes - The portfolio's occupancy growth was particularly strong in slower-to-recover urban markets, indicating normalization of lodging fundamentals post-pandemic [9] - Preliminary January RevPAR showed a 12.8% improvement over the prior year, driven by strong demand in urban and South Florida hotels [35] Company Strategy and Development Direction - The company is planning two upcoming PIP renovations, with a focus on enhancing properties to drive increased profitability [18] - A new ten-year franchise agreement with Hilton for the DoubleTree flag in Philadelphia has been executed, with an $11.5 million renovation budget [18] - The company aims to manage cash and portfolio structure effectively, considering refinancing options and potential asset sales [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's performance, highlighting improved operating fundamentals and occupancy growth [27] - Despite challenges in the debt markets, the company is focused on refinancing legacy loans to improve financial outcomes [33] - The company remains cautiously optimistic about the lodging industry, with expectations for continued occupancy growth [34] Other Important Information - Hurricane Helene impacted operations at Hotel Alba, but restoration efforts allowed the hotel to remain operational [11] - The company anticipates routine capital expenditures of approximately $7.2 million for 2025, with significant projects planned for the DoubleTree locations [24] Q&A Session Summary Question: Clarification on FFO trajectory despite revenue and EBITDA growth - Management indicated that rising interest costs from refinancing legacy loans are impacting FFO, despite improvements in revenue and EBITDA [38][39] Question: Thoughts on stock trading below a dollar and potential reverse split - Management confirmed they have 180 days to address the deficiency, potentially through a reverse split or if the stock price rises above a dollar [41] Question: Guidance on insurance recoveries related to hotel repairs - Management stated that guidance assumes normal operations and minimal business interruption impacts, with insurance proceeds already accounted for [44] Question: Consideration of selling assets to improve leverage - Management is exploring options for managing cash and portfolio structure but has not focused heavily on asset sales for this purpose [49][50]

Sotherly Hotels (SOHO) came out with quarterly funds from operations (FFO) of $0.08 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to FFO of $0.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 166.67%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.01 per share when it actually produced a loss of $0.04, delivering a surprise of -500%.Over the last four ...

Financial Performance - Total revenues for Q4 2024 increased to approximately $44.0 million, up 4.3% from $42.1 million in Q4 2023[3] - Net loss attributable to common stockholders for Q4 2024 was approximately $3.0 million, compared to a loss of approximately $2.7 million in Q4 2023, representing a 12.9% increase in loss[4] - Adjusted FFO attributable to common stockholders and unitholders decreased 30.3% to approximately $2.0 million in Q4 2024 from approximately $2.8 million in Q4 2023[7] - Net loss attributable to common stockholders for the twelve months ended December 31, 2024, was $(6,674,881), compared to $(4,035,829) in 2023[19] - The company reported a net loss per share attributable to common stockholders of $(0.34) for the twelve months ended December 31, 2024, compared to $(0.22) in 2023[19] - The net loss for the three months ended December 31, 2024, was $1,117,578 compared to a net loss of $769,646 for the same period in 2023[29] Revenue Metrics - RevPAR for the composite portfolio increased 2.6% to $108.99 in Q4 2024, driven by a 4.1% increase in occupancy to 64.1%[3] - Total revenue for the three months ended December 31, 2024, was $43,951,508, an increase of 4.3% compared to $42,148,085 for the same period in 2023[19] - Net operating income for the twelve months ended December 31, 2024, was $20,643,462, up from $18,925,431 in 2023, reflecting a growth of 9.6%[19] - Revenue per Available Room (RevPAR) for the actual portfolio increased to $107.68 for the three months ended December 31, 2024, compared to $104.69 in 2023, an increase of 2.8%[22] - Revenue per available room (RevPAR) increased to $108.99 in Q4 2024, up from $106.25 in Q4 2023, reflecting a year-over-year growth of 2.6%[27] Operational Metrics - Hotel EBITDA for the full year 2024 increased by $2.0 million to approximately $46.8 million, a 4.5% increase compared to 2023[5] - Hotel EBITDA for the three months ended December 31, 2024, was $10,667,747, compared to $10,299,762 in the same period of 2023, showing an increase of approximately 3.6%[30] - The company projects a 2025 EBITDA guidance range of $41,879 to $42,704, indicating a stable outlook for operational performance[31] - The 2025 guidance for Hotel EBITDA is projected to be between $48,829 and $49,619, suggesting continued growth in hotel operations[31] Cash and Assets - The company had approximately $28.7 million in available cash as of December 31, 2024, with $21.4 million reserved for various expenses[6] - Total assets as of December 31, 2024, were $414,375,920, an increase from $393,443,480 as of December 31, 2023[17] - Cash and cash equivalents decreased to $7,327,880 as of December 31, 2024, from $17,101,993 as of December 31, 2023[17] Debt and Expenses - Total liabilities increased to $372,777,154 as of December 31, 2024, compared to $345,544,821 in 2023, reflecting a growth of 7.9%[17] - Interest expense increased to $5,651,055 for the three months ended December 31, 2024, compared to $4,719,497 in the same period of 2023, representing a rise of about 19.7%[30] - Corporate general and administrative expenses for the three months ended December 31, 2024, were $1,819,995, compared to $1,619,882 in the same period of 2023, an increase of approximately 12.3%[30] - The company experienced a loss on early debt extinguishment of $241,878 during the year ended December 31, 2024, indicating potential restructuring efforts[30] Future Projections - For 2025, the company projects total revenues between $183.4 million and $188.2 million, with a net loss attributable to common stockholders ranging from $8.7 million to $7.8 million[8] - Adjusted FFO attributable to common stockholders and unitholders is projected to range from $11,544 to $12,349 for 2025, reflecting a positive outlook for cash flow generation[32] Market Performance - The company is encouraged by ongoing improvements in demand in key markets such as Houston, Atlanta, and Philadelphia as it transitions into Q1 2025[5] - The average occupancy rate for The DeSoto in Savannah, Georgia, improved to 71.2% in Q4 2024 from 63.9% in Q4 2023, an increase of 7.3 percentage points[25] - The ADR for The DeSoto decreased to $198.93 in Q4 2024 from $213.38 in Q4 2023, a drop of 6.8%[26] - The RevPAR for The DeSoto increased to $141.57 in Q4 2024, up from $136.46 in Q4 2023, reflecting a growth of 3.2%[27]

Core Viewpoint Sotherly Hotels Inc. reported its financial results for the fourth quarter and full year of 2024, showing an increase in total revenues and Hotel EBITDA, despite a net loss attributable to common stockholders. The company is optimistic about ongoing improvements in demand across its hotel portfolio as it transitions into 2025. Financial Performance - Total revenues for Q4 2024 were approximately $44.0 million, up from $42.1 million in Q4 2023, representing a 4.2% increase [2][3] - For the full year 2024, total revenues increased to approximately $181.9 million, compared to $173.8 million in 2023, marking a 4.6% growth [2][3] - Net loss attributable to common stockholders for Q4 2024 was approximately $3.0 million, compared to a loss of $2.7 million in Q4 2023, reflecting a 12.4% increase in loss [5] - For the full year, net loss attributable to common stockholders increased by 65.4% to approximately $6.7 million from $4.0 million in 2023 [5] Key Metrics - RevPAR for Q4 2024 was $108.99, a 2.6% increase from $106.25 in Q4 2023, driven by a 4.1% increase in occupancy [2][3] - For the full year, RevPAR increased by 3.7% to $119.26 from $114.96 in 2023 [2] - Hotel EBITDA for Q4 2024 was approximately $10.7 million, up from $10.3 million in Q4 2023, a 3.9% increase [5] - Adjusted FFO for Q4 2024 decreased by 30.3% to approximately $2.0 million from $2.8 million in Q4 2023 [5] Balance Sheet and Liquidity - As of December 31, 2024, the company had approximately $28.7 million in available cash, with $21.4 million reserved for various expenses [4] - The company had outstanding debt of approximately $319.3 million at a weighted average interest rate of 5.88% [4] 2025 Outlook - The company is encouraged by improvements in demand in markets that were slow to recover post-pandemic, particularly in Houston, Atlanta, Hollywood (Florida), and Philadelphia [3] - Guidance for 2025 includes expectations for continued revenue growth and profitability improvements across its portfolio [5]

Core Viewpoint - Sotherly Hotels Inc. is amending the estimated income tax classification information for its 2024 distributions on Series D preferred shares due to previously incorrect "paid" and "record" dates [1] Distribution Summary Series B Preferred Shares - Total cash distribution per share is $0.500000 for each of the four payment dates, resulting in a total of $2.000000 for 2024, all classified as ordinary income [2] - 100% of the distribution is taxable [2] Series C Preferred Shares - Total cash distribution per share is $0.492188 for each of the four payment dates, leading to a total of $1.968752 for 2024, all classified as ordinary income [3] - 100% of the distribution is taxable [3] Series D Preferred Shares - Total cash distribution per share is $0.515625 for three payment dates, with a total of $2.062500 for 2024, all classified as ordinary income [4] - 100% of the distribution is taxable [4] Tax Reporting - No portion of the dividends declared in 2024 represented foreign taxes or qualified dividend income [5] - Shareholders will receive IRS Form 1099-DIV from Equiniti Trust Company, reporting the dividends paid for 2024 [6] Company Overview - Sotherly Hotels Inc. is a self-managed and self-administered lodging REIT focused on acquiring, renovating, and repositioning upscale to upper-upscale full-service hotels in the Southern United States [8] - The company's portfolio includes twelve hotel properties with a total of 2,786 rooms, as well as interests in two condominium hotels [8] - The company operates hotels under brands such as Hilton, Marriott, and Hyatt, and was organized in 2004, headquartered in Williamsburg, Virginia [8]

WILLIAMSBURG, Va., Feb. 18, 2025 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO) (the "Company") today announced the estimated income tax classification of the Company's 2024 distributions on its Series B preferred shares (CUSIP #83600C301), Series C preferred shares (CUSIP #83600C400), and Series D preferred shares (CUSIP #83600C509). The income tax classification of the 2024 distributions as it is expected to be reported on Form 1099-DIV is set forth in the following table: SERIES B PREFERRED SHARE ...

Core Viewpoint - Sotherly Hotels Inc. will report its fourth quarter 2024 financial results on March 13, 2025, prior to market opening, followed by a conference call for discussion [1] Group 1: Financial Reporting - The financial results for the fourth quarter 2024 will be announced before the market opens on March 13, 2025 [1] - A conference call is scheduled for 10:00 a.m. Eastern Time on the same day to discuss the results [1] - The earnings release will be available on the Company's website in the Investors section [1] Group 2: Conference Call Details - The conference call can be accessed by telephone at 833-470-1428 with access code 538548 [2] - A webcast option is available, and participants should visit the Investor Relations section of the website at least 15 minutes prior to the call [2] - A taped rebroadcast will be available approximately one hour after the live call until March 20, 2025, accessible by dialing 866-813-9403 with access code 963139 [2] Group 3: Company Overview - Sotherly Hotels Inc. is a self-managed and self-administered lodging REIT focused on upscale to upper-upscale full-service hotels in the Southern United States [3] - The Company currently has a portfolio of ten hotel properties with a total of 2,786 rooms, along with interests in two condominium hotels [3] - Sotherly Hotels operates hotels under brands such as Hilton Worldwide and Hyatt Hotels Corporation, as well as independent hotels [3]

Core Viewpoint - Sotherly Hotels (SOHO) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are crucial for predicting near-term stock price movements [2][4]. - An increase in earnings estimates typically leads to buying pressure and a potential rise in stock price [3][5]. Company-Specific Insights - Sotherly Hotels is projected to earn $0.69 per share for the fiscal year ending December 2024, reflecting a year-over-year increase of 1.5% [8]. - Over the past three months, the Zacks Consensus Estimate for Sotherly Hotels has risen by 7.8%, indicating a positive outlook from analysts [8]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks which have averaged a +25% annual return since 1988 [7]. - Sotherly Hotels' upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10][11].