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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 June 30, 2020

 

OR

 

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

For the transition period from           to          .

 

 

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.)

 

306 South Henry Street, Suite 100

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.

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 August 7, 2020, there were 14,881,267 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 common partnership interest as “partnership units,” and the Operating Partnership’s preferred interest as the “preferred units.”  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 June 30, 2020 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 of 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;

 

Part I, Item 4 - Controls and Procedures;

 

Part II, Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds; and

 

Part II, 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 June 30, 2020 (unaudited) and December 31, 2019

 

5

 

 

Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June 30, 2020 and 2019

 

6

 

 

Consolidated Statements of Changes in Equity (unaudited) for the Three Months Ended March 31 and June 30, 2020 and 2019

 

7

 

 

Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2020 and 2019

 

9

 

 

 

 

 

 

 

Sotherly Hotels LP

 

 

 

 

Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019

 

10

 

 

Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June 30, 2020 and 2019

 

11

 

 

Consolidated Statements of Changes in Partners’ Capital (unaudited) for the Three Months Ended March 31 and June 30, 2020 and 2019

 

12

 

 

Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2020 and 2019

 

14

 

 

Notes to Consolidated Financial Statements

 

15

Item 2.

 

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

 

36

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

49

Item 4

 

Controls and Procedures

 

50

 

 

 

 

 

PART II

Item 1.

 

Legal Proceedings

 

51

Item 1A.

 

Risk Factors

 

51

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

51

Item 3.

 

Defaults Upon Senior Securities

 

51

Item 4.

 

Mine Safety Disclosures

 

51

Item 5.

 

Other Information

 

51

Item 6.

 

Exhibits

 

52

 

4


PART I

 

 

Item 1.

Consolidated Financial Statements

SOTHERLY HOTELS INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Investment in hotel properties, net

 

$

436,890,062

 

 

$

443,267,448

 

Cash and cash equivalents

 

 

18,520,897

 

 

 

23,738,066

 

Restricted cash

 

 

6,402,032

 

 

 

4,246,170

 

Accounts receivable, net

 

 

2,289,460

 

 

 

4,812,479

 

Accounts receivable - affiliate

 

 

58,555

 

 

 

101,771

 

Prepaid expenses, inventory and other assets

 

 

7,970,698

 

 

 

5,648,772

 

Deferred income taxes

 

 

 

 

 

5,412,084

 

TOTAL ASSETS

 

$

472,131,704

 

 

$

487,226,790

 

LIABILITIES

 

 

 

 

 

 

 

 

Mortgage loans, net

 

$

357,051,526

 

 

$

358,633,884

 

Unsecured notes, net

 

 

10,719,100

 

 

 

-

 

Accounts payable and accrued liabilities

 

 

30,788,625

 

 

 

20,189,903

 

Advance deposits

 

 

1,559,496

 

 

 

2,785,338

 

Dividends and distributions payable

 

 

4,277,071

 

 

 

4,210,494

 

TOTAL LIABILITIES

 

$

404,395,818

 

 

$

385,819,619

 

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 each issued

   and outstanding at June 30, 2020 and December 31, 2019, respectively.

 

 

16,100

 

 

 

16,100

 

7.875% Series C cumulative redeemable perpetual preferred stock,

   liquidation preference $25 per share, 1,554,610 shares each issued

   and outstanding at June 30, 2020 and December 31, 2019, respectively.

 

 

15,546

 

 

 

15,546

 

8.25% Series D cumulative redeemable perpetual preferred stock,

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

   and outstanding at June 30, 2020 and December 31, 2019, respectively.

 

 

12,000

 

 

 

12,000

 

Common stock, par value $0.01, 69,000,000 shares authorized, 14,881,267

   shares issued and outstanding at June 30, 2020 and 14,272,378 shares issued

   and outstanding at December 31, 2019.

 

 

148,812

 

 

 

142,723

 

Additional paid-in capital

 

 

180,200,464

 

 

 

180,515,861

 

Unearned ESOP shares

 

 

(3,976,951

)

 

 

(4,105,637

)

Distributions in excess of retained earnings

 

 

(105,129,724

)

 

 

(73,990,690

)

Total Sotherly Hotels Inc. stockholders’ equity

 

 

71,286,247

 

 

 

102,605,903

 

Noncontrolling interest

 

 

(3,550,361

)

 

 

(1,198,732

)

TOTAL EQUITY

 

 

67,735,886

 

 

 

101,407,171

 

TOTAL LIABILITIES AND EQUITY

 

$

472,131,704

 

 

$

487,226,790

 

 

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

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

 

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms department

 

 

 

$

3,885,820

 

 

$

36,356,324

 

 

$

28,630,743

 

 

$

69,308,196

 

Food and beverage department

 

 

 

 

155,192

 

 

 

10,863,633

 

 

 

8,299,166

 

 

 

20,586,757

 

Other operating departments

 

 

 

 

1,252,895

 

 

 

4,320,744

 

 

 

5,572,462

 

 

 

9,036,054

 

Total revenue

 

 

 

 

5,293,907

 

 

 

51,540,701

 

 

 

42,502,371

 

 

 

98,931,007

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms department

 

 

 

 

1,751,374

 

 

 

8,418,413

 

 

 

8,834,565

 

 

 

16,199,852

 

Food and beverage department

 

 

 

 

119,901

 

 

 

7,621,331

 

 

 

6,732,207

 

 

 

14,758,164

 

Other operating departments

 

 

 

 

701,608

 

 

 

1,745,311

 

 

 

2,973,236

 

 

 

3,655,446

 

Indirect

 

 

 

 

7,929,765

 

 

 

18,173,700

 

 

 

24,111,606

 

 

 

35,563,380

 

Total hotel operating expenses

 

 

 

 

10,502,648

 

 

 

35,958,755

 

 

 

42,651,614

 

 

 

70,176,842

 

Depreciation and amortization

 

 

 

 

4,993,107

 

 

 

5,108,375

 

 

 

9,975,983

 

 

 

11,137,110

 

Gain on disposal of assets

 

 

 

 

(451

)

 

 

31,179

 

 

 

(451

)

 

 

27,171

 

Corporate general and administrative

 

 

 

 

1,227,808

 

 

 

1,554,934

 

 

 

3,107,933

 

 

 

3,239,378

 

Total operating expenses

 

 

 

 

16,723,112

 

 

 

42,653,243

 

 

 

55,735,079

 

 

 

84,580,501

 

NET OPERATING (LOSS) INCOME

 

 

 

 

(11,429,205

)

 

 

8,887,458

 

 

 

(13,232,708

)

 

 

14,350,506

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

(4,719,796

)

 

 

(5,088,121

)

 

 

(9,281,636

)

 

 

(10,393,235

)

Interest income

 

 

 

 

72,001

 

 

 

155,512

 

 

 

132,366

 

 

 

254,808

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

(1,152,356

)

 

 

 

 

 

(1,152,356

)

Unrealized loss on hedging activities

 

 

 

 

(214,876

)

 

 

(837,822

)

 

 

(1,800,508

)

 

 

(1,328,432

)

Gain on involuntary conversion of assets

 

 

 

 

14,168

 

 

 

 

 

 

26,607

 

 

 

161,334

 

Net (loss) income before income taxes

 

 

 

 

(16,277,708

)

 

 

1,964,671

 

 

 

(24,155,879

)

 

 

1,892,625

 

Income tax provision

 

 

 

 

(23,362

)

 

 

(815,356

)

 

 

(5,477,396

)

 

 

(1,133,513

)

Net (loss) income before income taxes

 

 

 

 

(16,301,070

)

 

 

1,149,315

 

 

 

(29,633,275

)

 

 

759,112

 

Less: Net loss attributable to noncontrolling interest

 

 

 

 

1,365,368

 

 

 

91,356

 

 

 

2,562,783

 

 

 

298,305

 

Net (loss) income attributable to the Company

 

 

 

 

(14,935,702

)

 

 

1,240,671

 

 

 

(27,070,492

)

 

 

1,057,417

 

Declared and undeclared distributions to preferred stockholders

 

 

 

 

(2,188,910

)

 

 

(1,972,382

)

 

 

(4,377,821

)

 

 

(3,442,890

)

Net loss available to common stockholders

 

 

 

$

(17,124,612

)

 

$

(731,711

)

 

$

(31,448,313

)

 

$

(2,385,473

)

Net loss per share available to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

$

(1.20

)

 

$

(0.05

)

 

$

(2.20

)

 

$

(0.18

)

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

14,303,119

 

 

 

13,626,435

 

 

 

14,274,668

 

 

 

13,618,688

 

 

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, 2019

 

 

4,364,610

 

 

$

43,646

 

 

 

14,272,378

 

 

$

142,723

 

 

$

180,515,861

 

 

$

(4,105,637

)

 

$

(73,990,690

)

 

$

(1,198,732

)

 

$

101,407,171

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,134,789

)

 

 

(1,197,416

)

 

 

(13,332,205

)

Issuance of common stock

 

 

 

 

 

 

 

 

2,250

 

 

 

22

 

 

 

14,153

 

 

 

 

 

 

 

 

 

 

 

 

14,175

 

Issuance of restricted

   common stock awards

 

 

 

 

 

 

 

 

60,000

 

 

 

600

 

 

 

93,900

 

 

 

 

 

 

 

 

 

 

 

 

94,500

 

Conversion of units in Operating

   Partnership to shares of

   common stock

 

 

 

 

 

 

 

 

488,952

 

 

 

4,890

 

 

 

(370,890

)

 

 

 

 

 

26,266

 

 

 

339,734

 

 

 

 

Amortization of ESOP

   shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,813

)

 

 

69,329