Company Quick10K Filing
Sotherly Hotels
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 14 $106
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-03-15 Annual: 2018-12-31
10-Q 2018-11-09 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-16 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-10 Quarter: 2017-06-30
10-Q 2017-05-12 Quarter: 2017-03-31
10-K 2017-03-23 Annual: 2016-12-31
10-Q 2016-11-14 Quarter: 2016-09-30
10-Q 2016-08-12 Quarter: 2016-06-30
10-Q 2016-05-11 Quarter: 2016-03-31
10-K 2016-03-25 Annual: 2015-12-31
10-Q 2015-11-13 Quarter: 2015-09-30
10-Q 2015-08-12 Quarter: 2015-06-30
10-Q 2015-05-14 Quarter: 2015-03-31
10-K 2015-04-14 Annual: 2014-12-31
10-Q 2014-11-05 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-14 Quarter: 2014-03-31
10-K 2014-03-25 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-08 Quarter: 2013-03-31
10-K 2013-03-20 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-02 Quarter: 2012-03-31
10-K 2012-03-20 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-10 Quarter: 2011-06-30
10-Q 2011-05-04 Quarter: 2011-03-31
10-K 2011-03-29 Annual: 2010-12-31
10-Q 2010-11-10 Quarter: 2010-09-30
10-Q 2010-08-10 Quarter: 2010-06-30
10-Q 2010-05-14 Quarter: 2010-03-31
10-K 2010-03-05 Annual: 2009-12-31
8-K 2020-02-27 Earnings, Exhibits
8-K 2020-02-14 Enter Agreement
8-K 2020-01-01 Officers, Exhibits
8-K 2019-12-13 Enter Agreement, Exhibits
8-K 2019-11-21 Regulation FD, Other Events, Exhibits
8-K 2019-11-12 Earnings, Exhibits
8-K 2019-09-26 Enter Agreement, M&A, Regulation FD, Exhibits
8-K 2019-09-06 Enter Agreement, Regulation FD, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-05-20 Other Events
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-05-01 Other Events, Exhibits
8-K 2019-04-30 Shareholder Vote
8-K 2019-04-26 Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-04-18 Other Events
8-K 2019-04-16 Enter Agreement, Sale of Shares, Shareholder Rights, Amend Bylaw, Regulation FD, Other Events, Exhibits
8-K 2019-04-11 Enter Agreement, Amend Bylaw, Exhibits
8-K 2019-02-26 Earnings, Exhibits
8-K 2019-02-26 Regulation FD
8-K 2018-12-12 Other Events
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-09-18 Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-08-31 Enter Agreement, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-07-31 Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-07-27 Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-05-01 Shareholder Vote
8-K 2018-03-28 Other Events, Exhibits
8-K 2018-03-01 Enter Agreement, M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-02-26 Enter Agreement, Off-BS Arrangement
8-K 2018-02-08 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-02-05 Earnings
8-K 2018-01-01 Officers, Exhibits
SOHO 2019-09-30
Part I
Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 soho-ex311_9.htm
EX-31.2 soho-ex312_8.htm
EX-31.3 soho-ex313_6.htm
EX-31.4 soho-ex314_11.htm
EX-32.1 soho-ex321_12.htm
EX-32.2 soho-ex322_13.htm
EX-32.3 soho-ex323_7.htm
EX-32.4 soho-ex324_10.htm

Sotherly Hotels Earnings 2019-09-30

SOHO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ORM 167 209 18 17 0 7 10 163 0% 15.7 3%
PLYM 167 493 321 64 0 -12 36 142 0% 4.0 -2%
EARN 134 1,697 1,542 0 0 -0 36 92 2.6 -0%
CDOR 114 247 145 63 23 0 19 241 37% 12.4 0%
SOHO 106 497 389 184 48 -3 40 431 26% 10.8 -1%
SACH 89 96 27 12 0 7 7 87 0% 12.4 7%
HCFT 82 657 548 0 0 8 15 32 2.2 1%
IMH 67 3,500 3,398 55 0 -61 111 59 0% 0.5 -2%
LOAN 60 57 24 5 0 4 5 60 0% 13.2 8%
IOR 52 98 0 0 0 9 12 52 4.5 9%

10-Q 1 soho-10q_20190930.htm 10-Q soho-10q_20190930.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

 

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

Identification No.)

 

SOTHERLY HOTELS LP

(Exact name of registrant as specified in its charter)

 

 

Delaware

001-36091

20-1965427

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

 

410 West Francis Street

Williamsburg, Virginia 23185

(757) 229-5648

(Address and Telephone Number of Principal Executive Offices)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Sotherly Hotels Inc.    Yes      No       Sotherly Hotels LP    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)

Sotherly Hotels Inc.    Yes      No       Sotherly Hotels LP    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act. (Check one):

Sotherly Hotels Inc.

 

Large Accelerated Filer

 

 

Accelerated Filer

 

 

 

 

 

 

Non-accelerated Filer

 

 

Smaller Reporting Company

 

 

 

 

 

 

Emerging Growth Company

 

 

 

 

Sotherly Hotels LP

 

Large Accelerated Filer

 

 

Accelerated Filer

 

 

 

 

 

 

Non-accelerated Filer

 

 

Smaller Reporting Company

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    

Sotherly Hotels Inc.    Yes      No   Sotherly Hotels LP    Yes      No  

 


As of November 1, 2019, there were 14,272,378 shares of Sotherly Hotels Inc.’s common stock issued and outstanding.  

 

Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

SOHO

The NASDAQ Stock Market LLC

8.0% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value

SOHOB

The NASDAQ Stock Market LLC

7.875% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value

SOHOO

The NASDAQ Stock Market LLC

8.25% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value

SOHON

The NASDAQ Stock Market LLC

 

 

 


EXPLANATORY NOTE

We refer to Sotherly Hotels Inc. as the “Company,” Sotherly Hotels LP as the “Operating Partnership,” the Company’s common stock as “common stock,” the Company’s preferred stock as “preferred stock,” and the Operating Partnership’s preferred interest as the “preferred interest.”  References to “we” and “our” mean the Company, its Operating Partnership and its subsidiaries and predecessors, collectively, unless the context otherwise requires or where otherwise indicated.

The Company conducts virtually all of its activities through the Operating Partnership and is its sole general partner. The partnership agreement provides that the Operating Partnership will assume and pay when due, or reimburse the Company for payment of, all costs and expenses relating to the ownership and operations of, or for the benefit of, the Operating Partnership. The partnership agreement further provides that all expenses of the Company are deemed to be incurred for the benefit of the Operating Partnership.

This report combines the Quarterly Reports on Form 10-Q for the period ended September 30, 2019 of the Company and the Operating Partnership. We believe combining the quarterly reports into this single report results in the following benefits:

 

combined reports better reflect how management and investors view the business as a single operating unit;

 

combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;

 

combined reports are more efficient for the Company and the Operating Partnership and result in savings in time, effort and expense; and

 

combined reports are more efficient for investors by reducing duplicative disclosure and providing a single document for their review.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:

 

Consolidated Financial Statements;

 

the following Notes to Consolidated Financial Statements:

 

Note 7 – Preferred Stock and Units;

 

Note 8 – Common Stock and Units;

 

Note 13 – Loss Per Share and Per Unit; and

 

Note 14 – Subsequent Events;

 

Item 4 - Controls and Procedures; and

 

Item 6 - Certifications of CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act.

 

 

3


SOTHERLY HOTELS INC.

SOTHERLY HOTELS LP

INDEX

 

 

 

 

 

Page

 

 

 

 

 

PART I

Item 1.

 

Consolidated Financial Statements

 

5

 

 

 

 

 

 

 

Sotherly Hotels Inc.

 

 

 

 

Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018

 

5

 

 

Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018

 

6

 

 

Consolidated Statements of Changes in Equity (unaudited) for the Three Months Ended March 31, June 30 and September 30, 2019 and 2018

 

7

 

 

Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2019 and 2018

 

10

 

 

 

 

 

 

 

Sotherly Hotels LP

 

 

 

 

Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018

 

11

 

 

Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018

 

12

 

 

Consolidated Statements of Changes in Partners’ Capital (unaudited) for the Three Months Ended March 31, June 30 and September 30, 2019 and 2018

 

13

 

 

Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2019 and 2018

 

17

 

 

Notes to Consolidated Financial Statements

 

18

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

37

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

49

Item 4

 

Controls and Procedures

 

50

 

 

 

 

 

PART II

Item 1.

 

Legal Proceedings

 

52

Item 1A.

 

Risk Factors

 

52

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

52

Item 3.

 

Defaults Upon Senior Securities

 

52

Item 4.

 

Mine Safety Disclosures

 

52

Item 5.

 

Other Information

 

52

Item 6.

 

Exhibits

 

53

 

4


PART I

 

 

Item 1.

Consolidated Financial Statements

SOTHERLY HOTELS INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

September 30, 2019

 

 

December 31, 2018

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Investment in hotel properties, net

 

$

446,839,580

 

 

$

435,725,814

 

Cash and cash equivalents

 

 

30,059,697

 

 

 

33,792,773

 

Restricted cash

 

 

5,192,730

 

 

 

4,075,508

 

Accounts receivable, net

 

 

6,298,119

 

 

 

6,766,696

 

Accounts receivable - affiliate

 

 

86,663

 

 

 

262,572

 

Prepaid expenses, inventory and other assets

 

 

5,494,165

 

 

 

5,262,884

 

Favorable lease assets, net

 

 

 

 

 

2,465,421

 

Deferred income taxes

 

 

4,679,010

 

 

 

5,131,179

 

TOTAL ASSETS

 

$

498,649,964

 

 

$

493,482,847

 

LIABILITIES

 

 

 

 

 

 

 

 

Mortgage loans, net

 

$

360,549,890

 

 

$

364,828,845

 

Unsecured notes, net

 

 

 

 

 

23,894,658

 

Accounts payable and accrued liabilities

 

 

24,308,930

 

 

 

16,268,096

 

Advance deposits

 

 

2,397,095

 

 

 

2,815,283

 

Dividends and distributions payable

 

 

4,210,494

 

 

 

3,409,593

 

TOTAL LIABILITIES

 

$

391,466,409

 

 

$

411,216,475

 

Commitments and contingencies  (See Note 6)

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Sotherly Hotels Inc. stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 11,000,000 shares authorized;

 

 

 

 

 

 

 

 

8.0% Series B cumulative redeemable perpetual preferred stock,

   liquidation preference $25 per share, 1,610,000 shares issued

   and outstanding at September 30, 2019 and December 31, 2018, respectively.

 

 

16,100

 

 

 

16,100

 

7.875% Series C cumulative redeemable perpetual preferred stock,

   liquidation preference $25 per share, 1,554,610 and 1,352,141 shares issued

   and outstanding at September 30, 2019 and December 31, 2018, respectively.

 

 

15,546

 

 

 

13,521

 

8.25% Series D cumulative redeemable perpetual preferred stock,

   liquidation preference $25 per share, 1,200,000 shares issued

   and outstanding at September 30, 2019 and none at December 31, 2018.

 

 

12,000

 

 

 

 

Common stock, par value $0.01, 49,000,000 shares authorized, 14,222,378

   shares and 14,209,378 shares issued and outstanding at September 30, 2019

   and December 31, 2018, respectively.

 

 

142,223

 

 

 

142,093

 

Additional paid-in capital

 

 

180,415,231

 

 

 

147,085,112

 

Unearned ESOP shares

 

 

(4,175,564

)

 

 

(4,379,742

)

Distributions in excess of retained earnings

 

 

(68,687,461

)

 

 

(61,052,418

)

Total Sotherly Hotels Inc. stockholders’ equity

 

 

107,738,075

 

 

 

81,824,666

 

Noncontrolling interest

 

 

(554,520

)

 

 

441,706

 

TOTAL EQUITY

 

 

107,183,555

 

 

 

82,266,372

 

TOTAL LIABILITIES AND EQUITY

 

$

498,649,964

 

 

$

493,482,847

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


SOTHERLY HOTELS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

September 30, 2019

 

 

September 30, 2018

 

 

September 30, 2019

 

 

September 30, 2018

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms department

$

29,253,447

 

 

$

28,626,265

 

 

$

98,561,643

 

 

$

92,242,385

 

Food and beverage department

 

8,997,948

 

 

 

8,417,293

 

 

 

29,584,705

 

 

 

27,849,844

 

Other operating departments

 

4,300,780

 

 

 

4,374,504

 

 

 

13,336,834

 

 

 

14,614,915

 

Total revenue

 

42,552,175

 

 

 

41,418,062

 

 

 

141,483,182

 

 

 

134,707,144

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms department

 

8,064,771

 

 

 

7,873,836

 

 

 

24,264,623

 

 

 

22,750,381

 

Food and beverage department

 

7,036,887

 

 

 

6,680,563

 

 

 

21,795,051

 

 

 

20,748,688

 

Other operating departments

 

1,352,205

 

 

 

1,661,128

 

 

 

5,007,651

 

 

 

4,870,037

 

Indirect

 

17,194,148

 

 

 

16,027,496

 

 

 

52,757,527

 

 

 

48,901,037

 

Total hotel operating expenses

 

33,648,011

 

 

 

32,243,023

 

 

 

103,824,852

 

 

 

97,270,143

 

Depreciation and amortization

 

4,980,168

 

 

 

4,547,043

 

 

 

16,117,278

 

 

 

15,783,174

 

Loss (gain) on disposal of assets

 

4,918

 

 

 

(7,555

)

 

 

32,088

 

 

 

(3,816

)

Corporate general and administrative

 

1,768,912

 

 

 

1,516,408

 

 

 

5,008,290

 

 

 

4,566,258

 

Total operating expenses

 

40,402,009

 

 

 

38,298,919

 

 

 

124,982,508

 

 

 

117,615,759

 

NET OPERATING INCOME

 

2,150,166

 

 

 

3,119,143

 

 

 

16,500,674

 

 

 

17,091,385

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(4,722,456

)

 

 

(5,306,641

)

 

 

(15,115,690

)

 

 

(14,571,142

)

Interest income

 

102,768

 

 

 

88,484

 

 

 

357,576

 

 

 

236,693

 

Loss on early extinguishment of debt

 

-

 

 

 

(753,133

)

 

 

(1,152,356

)

 

 

(753,133

)

Unrealized (loss) gain on hedging activities

 

(226,491

)

 

 

123,443

 

 

 

(1,554,924

)

 

 

141,970

 

Gain on exercise of development right

 

3,940,000

 

 

 

 

 

 

3,940,000

 

 

 

 

Gain on involuntary conversion of assets

 

130,569

 

 

 

 

 

 

291,902

 

 

 

898,565

 

Net income (loss) before income taxes

 

1,374,556

 

 

 

(2,728,704

)

 

 

3,267,182

 

 

 

3,044,338

 

Income tax benefit (provision)

 

694,190

 

 

 

746,924

 

 

 

(439,323

)

 

 

(882,045

)

Net income (loss)

 

2,068,746

 

 

 

(1,981,780

)

 

 

2,827,859

 

 

 

2,162,293

 

Less: Net loss attributable to noncontrolling interest

 

13,337

 

 

 

385,616

 

 

 

311,642

 

 

 

245,298

 

Net income (loss) attributable to the Company

 

2,082,083

 

 

 

(1,596,164

)

 

 

3,139,501

 

 

 

2,407,591

 

Distributions to preferred stockholders

 

(2,188,910

)

 

 

(1,469,719

)

 

 

(5,631,799

)

 

 

(4,359,407

)

Net loss available to common stockholders

$

(106,827

)

 

$

(3,065,883

)

 

$

(2,492,298

)

 

$

(1,951,816

)

Net loss per share available to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.01

)

 

$

(0.23

)

 

$

(0.18

)

 

$

(0.14

)

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

13,636,706

 

 

 

13,513,996

 

 

 

13,624,760

 

 

 

13,491,807

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

6


SOTHERLY HOTELS INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Unearned

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-

 

 

ESOP

 

 

in Excess of

 

 

Noncontrolling

 

 

 

 

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

In Capital

 

 

Shares

 

 

Retained Earnings

 

 

Interest

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2018

 

 

2,962,141

 

 

$

29,621

 

 

 

14,209,378

 

 

$

142,093

 

 

$

147,085,112

 

 

$

(4,379,742

)

 

$

(61,052,418

)

 

$

441,706

 

 

$

82,266,372

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(183,256

)

 

 

(206,949

)

 

 

(390,205

)

Issuance of restricted

   common stock awards

 

 

 

 

 

 

 

 

13,000

 

 

 

130

 

 

 

92,203

 

 

 

 

 

 

 

 

 

 

 

 

92,333

 

Amortization of ESOP

   shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,141

)

 

 

67,234

 

 

 

 

 

 

 

 

 

66,093

 

Amortization of restricted

   stock award

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

Preferred stock dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series B Preferred Stock, $0.50/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(805,000

)

 

 

 

 

 

(805,000

)

Series C Preferred Stock, $0.492188/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(665,507

)

 

 

 

 

 

(665,507

)

Common stock, $0.125/share dividends and

   distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,699,906

)

 

 

(222,268

)

 

 

(1,922,174

)

Balances at March 31, 2019 (unaudited)

 

 

2,962,141

 

 

$

29,621

 

 

 

14,222,378

 

 

$

142,223

 

 

$

147,184,199

 

 

$

(4,312,508

)

 

$

(64,406,087

)

 

$

12,489

 

 

$

78,649,937

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,240,673

 

 

 

(91,356

)

 

 

1,149,317

 

Issuance of preferred stock

 

 

1,200,000

 

 

 

12,000

 

 

 

 

 

 

 

 

 

28,365,519

 

 

 

 

 

 

 

 

 

 

 

 

28,377,519

 

Amortization of ESOP

   shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

67,160

 

 

 

 

 

 

 

 

 

67,160

 

Amortization of restricted

   stock award

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

Preferred stock dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series B Preferred Stock, $0.50/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(805,000

)

 

 

 

 

 

(805,000

)

Series C Preferred Stock, $0.492188/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(665,507

)

 

 

 

 

 

(665,507

)

Series D Preferred Stock, $0.41823/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(501,876

)

 

 

 

 

 

(501,876

)

Common stock, $0.13/share dividends and

   distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,682,361

)

 

 

(231,158

)

 

 

(1,913,519

)

Balances at June 30, 2019 (unaudited)

 

 

4,162,141

 

 

$

41,621

 

 

 

14,222,378

 

 

$

142,223

 

 

$

175,557,743

 

 

$

(4,245,348

)

 

$

(66,820,158

)

 

$

(310,025

)

 

$

104,366,056

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,082,083

 

 

 

(13,337

)

 

 

2,068,746

 

Issuance of preferred stock

 

 

202,469

 

 

 

2,025

 

 

 

 

 

 

 

 

 

4,858,988

 

 

 

 

 

 

 

 

 

 

 

 

4,861,013

 

Amortization of ESOP

   shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,525

)

 

 

69,784

 

 

 

 

 

 

 

 

 

60,259

 

Amortization of restricted

   stock award

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

Preferred stock dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series B Preferred Stock, $0.50/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(805,000

)

 

 

 

 

 

(805,000

)

Series C Preferred Stock, $0.492188/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(765,160

)

 

 

 

 

 

(765,160

)

Series D Preferred Stock, $0.515625/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(618,750

)

 

 

 

 

 

(618,750

)

Common stock, $0.13/share dividends and

   distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,760,476

)

 

 

(231,158

)

 

 

(1,991,634

)

Balances at September 30, 2019 (unaudited)

 

 

4,364,610

 

 

$

43,646

 

 

 

14,222,378

 

 

$

142,223

 

 

$

180,415,231

 

 

$

(4,175,564

)

 

$

(68,687,461

)

 

$

(554,520

)

 

$

107,183,555

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

7


SOTHERLY HOTELS INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY