XML 18 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
ASSETS    
Investment in hotel properties, net $ 438,649,721 $ 357,799,512
Cash and cash equivalents 30,673,556 29,777,845
Restricted cash 4,901,392 3,651,197
Accounts receivable, net 9,424,697 5,587,077
Accounts receivable - affiliate 307,351 394,026
Prepaid expenses, inventory and other assets 6,207,626 7,292,565
Deferred income taxes 5,190,855 5,451,118
TOTAL ASSETS 495,355,198 409,953,340
LIABILITIES    
Mortgage loans, net 357,170,859 297,318,816
Unsecured notes, net 23,530,323  
Accounts payable and accrued liabilities 16,534,533 13,813,623
Advance deposits 2,570,635 1,572,388
Dividends and distributions payable 3,229,002 3,073,483
TOTAL LIABILITIES 403,035,352 315,778,310
Commitments and contingencies (See Note 6)
Sotherly Hotels Inc. stockholders’ equity    
Common stock, par value $0.01, 49,000,000 shares authorized, 14,121,081 shares and 14,078,831 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 141,211 140,788
Additional paid-in capital 146,360,268 146,249,339
Unearned ESOP shares (4,572,942) (4,633,112)
Distributions in excess of retained earnings (50,558,067) (48,765,860)
Total Sotherly Hotels Inc. stockholders’ equity 91,399,570 93,020,255
Noncontrolling interest 920,276 1,154,775
TOTAL EQUITY 92,319,846 94,175,030
TOTAL LIABILITIES AND EQUITY 495,355,198 409,953,340
Sotherly Hotels LP [Member]    
ASSETS    
Investment in hotel properties, net 438,649,721 357,799,512
Cash and cash equivalents 30,673,556 29,777,845
Restricted cash 4,901,392 3,651,197
Accounts receivable, net 9,424,697 5,587,077
Accounts receivable - affiliate 307,351 394,026
Loan receivable - affiliate 4,606,717 4,650,969
Prepaid expenses, inventory and other assets 6,207,626 7,292,565
Deferred income taxes 5,190,855 5,451,118
TOTAL ASSETS 499,961,915 414,604,309
LIABILITIES    
Mortgage loans, net 357,170,859 297,318,816
Unsecured notes, net 23,530,323  
Accounts payable and accrued liabilities 16,534,535 13,813,623
Advance deposits 2,570,635 1,572,388
Dividends and distributions payable 3,273,254 3,119,027
TOTAL LIABILITIES 403,079,606 315,823,854
Commitments and contingencies (See Note 6)
Sotherly Hotels Inc. stockholders’ equity    
TOTAL LIABILITIES AND EQUITY 499,961,915 414,604,309
PARTNERS’ CAPITAL    
General Partner: 158,993 units and 158,570 units issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 581,239 586,725
Limited Partners: 15,740,228 units and 15,698,401 units issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 28,045,879 29,938,539
TOTAL PARTNERS’ CAPITAL 96,882,309 98,780,455
Sotherly Hotels LP [Member] | 8% Series B Cumulative Redeemable Perpetual Preferred Units [Member]    
PARTNERS’ CAPITAL    
Preferred units, $0.01 par value, 11,000,000 units authorized; 37,766,531 37,766,531
Sotherly Hotels LP [Member] | 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]    
PARTNERS’ CAPITAL    
Preferred units, $0.01 par value, 11,000,000 units authorized; 30,488,660 30,488,660
8.0% Series B Cumulative Redeemable Perpetual Preferred Stock [Member]    
Sotherly Hotels Inc. stockholders’ equity    
Preferred stock, $0.01 par value, 11,000,000 shares authorized; 16,100 16,100
7.875% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]    
Sotherly Hotels Inc. stockholders’ equity    
Preferred stock, $0.01 par value, 11,000,000 shares authorized; $ 13,000 $ 13,000