XML 93 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUE        
Rooms department $ 28,906,872 $ 29,909,287 $ 56,273,506 $ 57,231,700
Food and beverage department 8,583,358 9,578,410 16,907,117 17,828,089
Other operating departments 3,152,402 2,337,257 6,156,895 4,575,309
Total revenue 40,642,632 41,824,954 79,337,518 79,635,098
Hotel operating expenses        
Rooms department 6,743,788 7,354,387 13,426,067 14,204,240
Food and beverage department 6,151,495 6,490,681 11,879,968 12,430,542
Other operating departments 623,530 644,430 1,223,550 1,238,399
Indirect 15,605,262 14,857,886 29,810,493 29,224,260
Total hotel operating expenses 29,124,075 29,347,384 56,340,078 57,097,441
Depreciation and amortization 4,219,712 3,801,478 8,280,809 7,470,115
Corporate general and administrative 1,834,930 1,356,754 3,547,012 2,964,048
Total operating expenses 35,178,717 34,505,616 68,167,899 67,531,604
NET OPERATING INCOME 5,463,915 7,319,338 11,169,619 12,103,494
Other income (expense)        
Interest expense (3,874,076) (4,613,165) (7,687,793) (9,245,797)
Interest income 13,294 10,207 72,925 19,038
Loss on early debt extinguishment (228,087) (70,293) (228,087) (70,293)
Unrealized loss on hedging activities (11,261) (15,517) (27,206) (66,074)
Gain (loss) on disposal of assets (51,507) (140,193) 48,900 (140,193)
Gain on involuntary conversion of assets 0   1,041,815  
Net income before income taxes 1,312,278 2,490,377 4,390,173 2,600,175
Income tax provision (196,483) (512,827) (368,420) (76,747)
Net income 1,115,795 1,977,550 4,021,753 2,523,428
Less: Net income attributable to noncontrolling interest (33,869) (216,444) (263,811) (279,223)
Net income attributable to the Company 1,081,926 1,761,106 3,757,942 2,244,205
Distributions to preferred stockholders (805,000)   (1,610,000)  
Net income available to common stockholders $ 276,926 $ 1,761,106 $ 2,147,942 $ 2,244,205
Net income per share available to common stockholders        
Basic $ 0.02 $ 0.12 $ 0.15 $ 0.15
Diluted $ 0.02 $ 0.12 $ 0.15 $ 0.15
Weighted average number of common shares outstanding        
Basic 13,813,168 14,949,651 13,898,910 14,871,281
Diluted 13,815,035 14,949,651 13,908,359 14,871,281
Sotherly Hotels LP [Member]        
REVENUE        
Rooms department $ 28,906,872 $ 29,909,287 $ 56,273,506 $ 57,231,700
Food and beverage department 8,583,358 9,578,410 16,907,117 17,828,089
Other operating departments 3,152,402 2,337,257 6,156,895 4,575,309
Total revenue 40,642,632 41,824,954 79,337,518 79,635,098
Hotel operating expenses        
Rooms department 6,743,788 7,354,387 13,426,067 14,204,240
Food and beverage department 6,151,495 6,490,681 11,879,968 12,430,542
Other operating departments 623,530 644,430 1,223,550 1,238,399
Indirect 15,605,262 14,857,886 29,810,493 29,224,260
Total hotel operating expenses 29,124,075 29,347,384 56,340,078 57,097,441
Depreciation and amortization 4,219,712 3,801,478 8,280,809 7,470,115
Corporate general and administrative 1,834,930 1,356,754 3,547,012 2,964,048
Total operating expenses 35,178,717 34,505,616 68,167,899 67,531,604
NET OPERATING INCOME 5,463,915 7,319,338 11,169,619 12,103,494
Other income (expense)        
Interest expense (3,874,076) (4,613,165) (7,687,793) (9,245,797)
Interest income 13,294 10,207 72,925 19,038
Loss on early debt extinguishment (228,087) (70,293) (228,087) (70,293)
Unrealized loss on hedging activities (11,261) (15,517) (27,206) (66,074)
Gain (loss) on disposal of assets (51,507) (140,193) 48,900 (140,193)
Gain on involuntary conversion of assets     1,041,815  
Net income before income taxes 1,312,278 2,490,377 4,390,173 2,600,175
Income tax provision (196,483) (512,827) (368,420) (76,747)
Net income 1,115,795 1,977,550 4,021,753 2,523,428
Distributions to preferred unit holders (805,000)   (1,610,000)  
Net income available to operating partnership unit holders 310,795 1,977,550 2,411,753 2,523,428
Net income available to common stockholders $ 310,795 $ 1,977,550 $ 2,411,753 $ 2,523,428
Net income per share available to common stockholders        
Basic and diluted $ 0.02 $ 0.12 $ 0.15 $ 0.15
Weighted average number of common shares outstanding        
Basic and diluted 16,258,691 16,727,791 16,255,708 16,721,417