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Sotherly Hotels Inc. (NASDAQ: SOHO), formerly MHI Hospitality Corporation (NASDAQ: MDH) (“Sotherly”, “S
oTHERLY”, or the “Company”), a self-managed and self-administered lodging real estate investment trust (a “REIT”), today reported its consolidated results for the second quarter ended June 30, 2013. The Company’s results include the following
Three months ended
Six months ended
June 30, 2013
June 30, 2012
June 30, 2013
June 30, 2012
($ in thousands except per share data)
Net income (loss) attributable to the Company
Net income (loss) per diluted share attributable to the Company
FFO per share and unit
Adjusted FFO per share and unit
(*) Earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, Hotel EBITDA, funds from operations (“FFO”), adjusted FFO, FFO per share and unit and adjusted FFO per share and unit are non-GAAP financial measures. See further discussion of these non-GAAP measures, including definitions related thereto, and reconciliations to net income (loss) later in this press release. All references in this release to the “Company”, “Sotherly”, “S oTHERLY”, “we”, “us” and “our” refer to Sotherly Hotels Inc., its operating partnership and its subsidiaries and predecessors, unless the context otherwise requires or where otherwise indicated.
Adjusted FFO. The Company generated adjusted FFO of approximately $4.8 million during the second quarter 2013, an increase of 13.6% or approximately $0.6 million over the second quarter 2012.
Common Dividends. As previously reported on July 24, 2013, the Company announced an increase in its quarterly dividend (distribution) on its common stock (and units) to $0.04 per share (and unit), payable on October 11, 2013 to stockholders (and unitholders) of record as of September 13, 2013.
RevPAR. Room revenue per available room (“RevPAR”) for the Company’s wholly-owned properties during the second quarter 2013 increased 2.2 percent over the second quarter 2012 to $94.40 driven by a 5.9 percent increase in average daily rate (“ADR”).
Hotel EBITDA. The Company generated Hotel EBITDA of approximately $8.0 million during the second quarter 2013, an increase of 3.3% or approximately $0.3 million over the second quarter 2012.
Adjusted EBITDA. The Company generated adjusted EBITDA of approximately $7.3 million during the second quarter 2013, an increase of 2.6% or approximately $0.2 million over the second quarter 2012.
Andrew M. Sims, Chairman and Chief Executive Officer of Sotherly Hotels Inc., commented, “Early in the second quarter, we changed the name of our Company from MHI Hospitality Corporation to Sotherly Hotels Inc. The goal of the name change is to more clearly define our future mission, which is to expand our operations in the Southern U.S. We believe the Southland will continue its long-term outperformance in demographics and offer a fertile market for growth.”