XML 19 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
REVENUE        
Total revenue $ 47,170,259 $ 34,383,309 $ 85,522,861 $ 57,018,840
Hotel operating expenses        
Total hotel operating expenses 32,398,706 24,722,830 60,776,549 43,157,664
Depreciation and amortization 4,619,743 4,969,669 9,184,815 9,951,685
Loss on disposal of assets 520,156 17,221 490,613 17,221
Corporate general and administrative 1,432,366 1,530,438 2,946,393 2,831,396
Total operating expenses 38,970,971 31,240,158 73,398,370 55,957,966
NET OPERATING INCOME 8,199,288 3,143,151 12,124,491 1,060,874
Other income (expense)        
Interest expense (5,342,940) (5,526,595) (11,056,144) (11,446,118)
Interest income 27,486 36,308 51,934 74,907
Loss on early extinguishment of debt (5,944,881)   (5,944,881)  
Unrealized gain on hedging activities 572,497 303,181 1,534,760 693,367
Gain on sale of assets 30,053,977   30,053,977  
Gain on involuntary conversion of assets 51,547 496,957 51,547 496,957
Net income (loss) before income taxes 27,616,974 (1,546,998) 26,815,684 (9,120,013)
Income tax provision (11,615) (6,972) (21,269) (9,581)
Net income (loss) 27,605,359 (1,553,970) 26,794,415 (9,129,594)
Less: Net income (loss) attributable to noncontrolling interest (1,529,940) 179,638 (1,368,319) 879,176
Net income (loss) available to the Company 26,075,419 (1,374,332) 25,426,096 (8,250,418)
Declared and undeclared distributions to preferred stockholders (1,889,470) (1,529,613) (3,826,086) (3,718,524)
Gain on extinguishment of preferred stock 83,500 93,342 161,675 93,342
Net income (loss) available to common stockholders $ 24,269,449 $ (2,810,603) $ 21,761,685 $ (11,875,600)
Net (income) loss per share attributable to common stockholders/general and limited partner unit        
Basic $ 1.36 $ (0.19) $ 1.24 $ (0.82)
Diluted $ 1.32 $ (0.19) $ 1.20 $ (0.82)
Weighted average number of common shares/general and limited partner units outstanding        
Basic 17,762,513 14,635,701 17,436,975 14,530,316
Diluted 18,304,508 14,635,701 18,031,381 14,530,316
Sotherly Hotels LP [Member]        
REVENUE        
Total revenue $ 47,170,259 $ 34,383,309 $ 85,522,861 $ 57,018,840
Hotel operating expenses        
Total hotel operating expenses 32,398,706 24,722,830 60,776,549 43,157,664
Depreciation and amortization 4,619,743 4,969,669 9,184,815 9,951,685
Loss on disposal of assets 520,156 17,221 490,613 17,221
Corporate general and administrative 1,432,366 1,530,438 2,946,393 2,831,396
Total operating expenses 38,970,971 31,240,158 73,398,370 55,957,966
NET OPERATING INCOME 8,199,288 3,143,151 12,124,491 1,060,874
Other income (expense)        
Interest expense (5,342,940) (5,526,595) (11,056,144) (11,446,118)
Interest income 27,486 36,308 51,934 74,907
Loss on early extinguishment of debt (5,944,881)   (5,944,881)  
Unrealized gain on hedging activities 572,497 303,181 1,534,760 693,367
Gain on sale of assets 30,053,977   30,053,977  
Gain on involuntary conversion of assets 51,547 496,957 51,547 496,957
Net income (loss) before income taxes 27,616,974 (1,546,998) 26,815,684 (9,120,013)
Income tax provision (11,615) (6,972) (21,269) (9,581)
Net income (loss) 27,605,359 (1,553,970) 26,794,415 (9,129,594)
Declared and undeclared distributions to preferred unit holders (1,889,470) (1,529,613) (3,826,086) (3,718,524)
Declared and undeclared distributions to preferred stockholders (1,889,470) (1,529,613) (3,826,086) (3,718,524)
Gain on extinguishment of preferred stock 83,500 93,342 161,675 93,342
Net income (loss) available to general and limited partnership unit holders $ 25,799,389 $ (2,990,241) $ 23,130,004 $ (12,754,776)
Net (income) loss per share attributable to common stockholders/general and limited partner unit        
Basic $ 1.33 $ (0.19) $ 1.21 $ (0.80)
Diluted $ 1.32 $ (0.19) $ 1.20 $ (0.80)
Weighted average number of common shares/general and limited partner units outstanding        
Basic 19,291,083 16,056,770 18,981,782 15,955,303
Diluted 19,414,602 16,056,770 19,153,758 15,955,303
Rooms Department [Member]        
REVENUE        
Total revenue $ 32,545,588 $ 24,045,910 $ 57,398,973 $ 39,539,514
Hotel operating expenses        
Total hotel operating expenses 7,205,585 5,917,880 13,155,343 9,914,496
Rooms Department [Member] | Sotherly Hotels LP [Member]        
REVENUE        
Total revenue 32,545,588 24,045,910 57,398,973 39,539,514
Hotel operating expenses        
Total hotel operating expenses 7,205,585 5,917,880 13,155,343 9,914,496
Food and Beverage Department [Member]        
REVENUE        
Total revenue 7,712,310 3,501,875 13,330,046 5,045,114
Hotel operating expenses        
Total hotel operating expenses 5,256,164 2,106,487 9,136,781 3,016,751
Food and Beverage Department [Member] | Sotherly Hotels LP [Member]        
REVENUE        
Total revenue 7,712,310 3,501,875 13,330,046 5,045,114
Hotel operating expenses        
Total hotel operating expenses 5,256,164 2,106,487 9,136,781 3,016,751
Other Operating Departments [Member]        
REVENUE        
Total revenue 6,912,361 6,835,524 14,793,842 12,434,212
Hotel operating expenses        
Total hotel operating expenses 2,599,372 2,648,387 5,083,479 4,587,264
Other Operating Departments [Member] | Sotherly Hotels LP [Member]        
REVENUE        
Total revenue 6,912,361 6,835,524 14,793,842 12,434,212
Hotel operating expenses        
Total hotel operating expenses 2,599,372 2,648,387 5,083,479 4,587,264
Indirect [Member]        
Hotel operating expenses        
Total hotel operating expenses 17,337,585 14,050,076 33,400,946 25,639,153
Indirect [Member] | Sotherly Hotels LP [Member]        
Hotel operating expenses        
Total hotel operating expenses $ 17,337,585 $ 14,050,076 $ 33,400,946 $ 25,639,153