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SoTHERLY Hotels Inc. Reports Financial Results For The Third Quarter 2013

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 third quarter ended September 30, 2013. The Company’s results include the following *:

   
Three months ended Nine months ended
September 30, 2013   September 30, 2012 September 30, 2013   September 30, 2012
($ in thousands except per share data)
 
Total Revenue $ 21,459 $ 21,771 $ 66,899 $ 66,909
Net loss attributable to the Company (1,650 ) (1,615 ) (2,934 ) (5,563 )
 
EBITDA 4,159

 

2,767

 

13,454

 

11,183
Adjusted EBITDA 4,474

 

4,432

 

16,404

 

15,570
Hotel EBITDA 5,106

 

5,187

 

17,922

 

17,349
 
FFO 60

 

190

 

2,758

 

(240 )
Adjusted FFO 2,068

 

1,882

 

9,055

 

7,324
 
Net loss per diluted share attributable to the Company $ (0.15 )

 

$ (0.15 )

 

$ (0.27 )

 

$ (0.53 )
FFO per share and unit 0.00

 

0.01

 

0.21

 

(0.02 )
Adjusted FFO per share and unit 0.16

 

0.15

 

0.69

 

0.56
 

(*) 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 $2.1 million during the third quarter 2013, an increase of 9.9% or approximately $0.2 million over the third quarter 2012. For the nine months ended September 30, 2013, the Company generated adjusted FFO of approximately $9.1 million, an increase of 23.6% or approximately $1.8 million over the comparable 2012 period.
  • Common Dividends. As previously reported on October 24, 2013, the Company announced a 12.5% increase in its quarterly dividend (distribution) on its common stock (and units) to $0.045 per share (and unit), payable on January 10, 2014 to stockholders (and unitholders) of record as of December 13, 2013. Since the beginning of the year, the Company has increased its dividend (distribution) from $0.035 per share (and unit) to $0.045 per share (and unit).
  • RevPAR. Room revenue per available room (“RevPAR”) for the Company’s wholly-owned properties during the third quarter 2013 decreased 1.9 percent over the third quarter 2012 to $78.66 driven by a 2.9 percent decrease in occupancy. For the nine months ended September 30, 2013, RevPAR increased by 1.2% over the comparable 2012 period to $82.68 driven by a 3.7% increase in average daily rate (“ADR”). Excluding properties in the Washington, DC and Tampa, FL markets, RevPAR increased 2.9% for the third quarter 2013 over the third quarter 2012 and 3.7 % for the nine months ended September 30, 2013 over the comparable 2012 period.
  • Hotel EBITDA. The Company generated hotel EBITDA of approximately $5.1 million during the third quarter 2013, a decrease of 1.6% or approximately $0.1 million over the third quarter 2012. For the nine months ended September 30, 2013, the Company generated hotel EBITDA of approximately $17.9 million, an increase of 3.3% or approximately $0.6 million over the comparable 2012 period.
  • Adjusted EBITDA. The Company generated adjusted EBITDA of approximately $4.5 million during the third quarter 2013, an increase of 1.0% or approximately $0.1 million over the third quarter 2012. For the nine months ended September 30, 2013, the Company generated adjusted EBITDA of approximately $16.4 million, an increase of 5.4% or approximately $0.8 million over the comparable 2012 period.

Andrew M. Sims, Chairman and Chief Executive Officer of Sotherly Hotels Inc., commented, “We are very pleased with the completion of our multi-year balance sheet restructuring this quarter. Issuing senior unsecured notes that enabled us to redeem and extinguish the Company’s preferred stock and redeem almost half of the associated warrants is a monumental achievement. After several years of playing defense, we are now poised to restart growth through strategic acquisitions. While current quarter operating performance was not in line with expectations as a result of external events and difficult comparables, our AFFO guidance for the year remains on track.”

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