This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Sotherly Hotels Inc. Reports Financial Results For The Second Quarter 2013

Stocks in this article: SOHO

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)
 
Total Revenue

$

25,251

$

25,113

$

45,440

$

45,138

Net income (loss) attributable to the Company 1,311 (1,654 ) (1,284 ) (3,948 )
 
EBITDA 7,415

 

5,580

 

9,295

 

8,416
Adjusted EBITDA 7,308

 

7,124

 

11,930

 

11,138
Hotel EBITDA 7,967

 

7,714

 

12,815

 

12,161
 
FFO 3,865

 

232

 

2,698

 

(430 )
Adjusted FFO 4,814

 

4,237

 

6,987

 

5,442
 
Net income (loss) per diluted share attributable to the Company

$

0.12

 

$

(0.16

)

 

$

(0.12

)

 

$

(0.38

)

FFO per share and unit 0.30

 

0.02

 

0.21

 

(0.03 )
Adjusted FFO per share and unit 0.37

 

0.33

 

0.54

 

0.42
 

(*) 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.

 

HIGHLIGHTS:

  • 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.”

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,655.52 +298.65 1.72%
S&P 500 2,047.63 +34.74 1.73%
NASDAQ 4,730.4950 +86.1830 1.86%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs