XML 19 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUE        
Total revenue $ 41,418,062 $ 36,769,471 $ 134,707,144 $ 116,106,987
Hotel operating expenses        
Total hotel operating expenses 32,243,023 28,780,356 97,270,143 85,120,435
Depreciation and amortization 4,547,043 4,427,738 15,783,174 12,708,548
(Gain) loss on disposal of assets (7,555)   (3,816) 51,569
Corporate general and administrative 1,516,408 1,335,192 4,566,258 4,882,541
Total operating expenses 38,298,919 34,543,286 117,615,759 102,763,093
NET OPERATING INCOME 3,119,143 2,226,185 17,091,385 13,343,894
Other income (expense)        
Interest expense (5,306,641) (4,139,267) (14,571,142) (11,827,061)
Interest income 88,484 53,314 236,693 126,241
Loss on early extinguishment of debt (753,133)   (753,133) (228,087)
Unrealized gain (loss) on hedging activities 123,443 (3,542) 141,970 (30,748)
Gain (loss) on sale of assets   (23,000)   77,807
Gain on involuntary conversion of assets 0 0 898,565 1,041,815
Net (loss) income before income taxes (2,728,704) (1,886,310) 3,044,338 2,503,861
Income tax benefit (provision) 746,924 950,310 (882,045) 581,890
Net (loss) income (1,981,780) (936,000) 2,162,293 3,085,751
Less: Net loss (income) attributable to noncontrolling interest 385,616 190,445 245,298 (73,366)
Net (loss) income attributable to the Company (1,596,164) (745,555) 2,407,591 3,012,385
Distributions to preferred stockholders (1,469,719) (805,000) (4,359,407) (2,415,000)
Net (loss) income available to common stockholders $ (3,065,883) $ (1,550,555) $ (1,951,816) $ 597,385
Net income per share attributable to common stockholders/operating partner unit        
Basic $ (0.23) $ (0.11) $ (0.14) $ 0.04
Diluted $ (0.23) $ (0.11) $ (0.14) $ 0.04
Weighted average number of common shares/operating partner units outstanding        
Basic 13,513,996 13,822,543 13,491,807 13,873,175
Diluted 13,513,996 13,822,543 13,491,807 13,885,290
Sotherly Hotels LP [Member]        
REVENUE        
Total revenue $ 41,418,062 $ 36,769,471 $ 134,707,144 $ 116,106,987
Hotel operating expenses        
Total hotel operating expenses 32,243,023 28,780,356 97,270,143 85,120,435
Depreciation and amortization 4,547,043 4,427,738 15,783,174 12,708,548
(Gain) loss on disposal of assets (7,555)   (3,816) 51,569
Corporate general and administrative 1,516,408 1,335,192 4,566,258 4,882,541
Total operating expenses 38,298,919 34,543,286 117,615,759 102,763,093
NET OPERATING INCOME 3,119,143 2,226,185 17,091,385 13,343,894
Other income (expense)        
Interest expense (5,306,641) (4,139,267) (14,571,142) (11,827,061)
Interest income 88,484 53,314 236,693 126,241
Loss on early extinguishment of debt (753,133)   (753,133) (228,087)
Unrealized gain (loss) on hedging activities 123,443 (3,542) 141,970 (30,748)
Gain (loss) on sale of assets   (23,000)   77,807
Gain on involuntary conversion of assets     898,565 1,041,815
Net (loss) income before income taxes (2,728,704) (1,886,310) 3,044,338 2,503,861
Income tax benefit (provision) 746,924 950,310 (882,045) 581,890
Net (loss) income (1,981,780) (936,000) 2,162,293 3,085,751
Distributions To Preferred Unit Holders (1,469,719) (805,000) (4,359,407) (2,415,000)
Net Income Loss Attributable To Operating Partnership Unit Holders $ (3,451,499) $ (1,741,000) $ (2,197,114) $ 670,751
Net income per share attributable to common stockholders/operating partner unit        
Basic and diluted $ (0.22) $ (0.11) $ (0.14) $ 0.04
Weighted average number of common shares/operating partner units outstanding        
Basic and diluted 15,915,706 16,258,691 15,902,565 16,256,713
Rooms Department [Member]        
REVENUE        
Total revenue $ 28,626,265 $ 25,093,226 $ 92,242,385 $ 81,366,731
Hotel operating expenses        
Total hotel operating expenses 7,873,836 6,826,822 22,750,381 20,252,889
Rooms Department [Member] | Sotherly Hotels LP [Member]        
REVENUE        
Total revenue 28,626,265 25,093,226 92,242,385 81,366,731
Hotel operating expenses        
Total hotel operating expenses 7,873,836 6,826,822 22,750,381 20,252,889
Food and Beverage Department [Member]        
REVENUE        
Total revenue 8,417,293 7,997,818 27,849,844 24,904,934
Hotel operating expenses        
Total hotel operating expenses 6,680,563 6,039,174 20,748,688 17,919,142
Food and Beverage Department [Member] | Sotherly Hotels LP [Member]        
REVENUE        
Total revenue 8,417,293 7,997,818 27,849,844 24,904,934
Hotel operating expenses        
Total hotel operating expenses 6,680,563 6,039,174 20,748,688 17,919,142
Other Operating Departments [Member]        
REVENUE        
Total revenue 4,374,504 3,678,427 14,614,915 9,835,322
Hotel operating expenses        
Total hotel operating expenses 1,661,128 705,111 4,870,037 1,928,662
Other Operating Departments [Member] | Sotherly Hotels LP [Member]        
REVENUE        
Total revenue 4,374,504 3,678,427 14,614,915 9,835,322
Hotel operating expenses        
Total hotel operating expenses 1,661,128 705,111 4,870,037 1,928,662
Indirect [Member]        
Hotel operating expenses        
Total hotel operating expenses 16,027,496 15,209,249 48,901,037 45,019,742
Indirect [Member] | Sotherly Hotels LP [Member]        
Hotel operating expenses        
Total hotel operating expenses $ 16,027,496 $ 15,209,249 $ 48,901,037 $ 45,019,742