Exhibit 99.1

 

FOR IMMEDIATE RELEASE

TUESDAY, FEBRUARY 26, 2019

 

SOTHERLY HOTELS INC. REPORTS FINANCIAL RESULTS

FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2018

Williamsburg, Virginia – February 26, 2019 – Sotherly Hotels Inc. (NASDAQ: SOHO), (“Sotherly” or the “Company”), a self-managed and self-administered lodging real estate investment trust (a “REIT”), today reported its consolidated results for the fourth quarter and year ended December 31, 2018. The Company’s results include the following*:

 

 

Three Months Ended

 

 

Year Ended

 

 

December 31, 2018

 

 

December 31, 2017

 

 

December 31, 2018

 

 

December 31, 2017

 

 

($ in thousands except per share data)

 

 

($ in thousands except per share data)

 

Total Revenue

$

43,466

 

 

$

38,160

 

 

$

178,173

 

 

$

154,267

 

Net loss available to common stockholders

 

(3,768

)

 

 

(3,937

)

 

 

(5,720

)

 

 

(3,339

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

7,185

 

 

 

7,363

 

 

 

40,347

 

 

 

34,276

 

Hotel EBITDA

 

10,247

 

 

 

10,003

 

 

 

47,684

 

 

 

40,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO available to common stockholders and unitholders

 

1,357

 

 

 

107

 

 

 

14,041

 

 

 

12,418

 

Adjusted FFO available to common stockholders and unitholders

 

1,877

 

 

 

3,333

 

 

 

15,923

 

 

 

15,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share

$

(0.28

)

 

$

(0.29

)

 

$

(0.42

)

 

$

(0.24

)

FFO per common share and unit

$

0.09

 

 

$

0.01

 

 

$

0.92

 

 

$

0.80

 

Adjusted FFO per common share and unit

$

0.12

 

 

$

0.22

 

 

$

1.04

 

 

$

1.00

 

 

(*)  Earnings before interest, taxes, depreciation and amortization (“EBITDA”), hotel EBITDA, funds from operations (“FFO”) available to common stockholders and unitholders, adjusted FFO available to common stockholders and unitholders, FFO per common share and unit and adjusted FFO per common 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. The Company is the sole general partner of Sotherly Hotels LP, a Delaware limited partnership (the “Operating Partnership”), and all references in this release to the “Company”, “Sotherly”, “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:

 

Revenue and RevPAR.  For the three-month period ending December 31, 2018, Total Revenue increased 13.9% over the three-month period ending December 31, 2017.  Room revenue per available room (“RevPAR”) for the Company’s composite portfolio, which includes the performance of the rooms participating in our rental program at the Hyde Resort & Residences, during the three-month period ending December 31, 2018, increased 6.0% over the three months ended December 31, 2017, to $100.10 reflecting a 3.8% increase in occupancy and a 2.2% increase in average daily rate (“ADR”). For the twelve-month period ending December 31, 2018, RevPAR increased 7.4% over the twelve months ended December 31, 2017, to $109.20 driven by a 0.4% increase in occupancy and a 6.9% increase in ADR.

 

Common Dividends. On January 29, 2019, the Company announced a quarterly dividend (distribution) on its common stock (and units) of $0.125 per share (and unit) to stockholders (and unitholders) of record as of March 15, 2019, payable on April 11, 2019.

 

Hotel EBITDA. The Company generated hotel EBITDA of approximately $10.2 million during the three-month period ending December 31, 2018, hotel EBITDA increased 2.4% or approximately $0.2 million, over the three months ended


The following information was filed by Sotherly Hotels Inc. (SOHO) on Tuesday, February 26, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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