Sotherly Hotels Inc. Announces Quarterly Preferred Dividends

Rhea-AI Summary

Sotherly Hotels Inc. (NASDAQ: SOHO) announced on April 24, 2023, that its Board of Directors has authorized quarterly cash dividends for its preferred stock. The dividends include:

• $0.50 per share for the 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock, payable on June 15, 2023, to shareholders of record by May 31, 2023.
• $0.4921875 per share for the 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock, also payable on June 15, 2023.
• $0.515625 per share for the 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock, with the same payment date.

This dividend declaration reflects the company’s commitment to returning value to its shareholders while managing its portfolio of upscale hotels primarily in the Southern United States.

Positive

• Quarterly cash dividends declared totaling $0.50 (Series B), $0.4921875 (Series C), and $0.515625 (Series D) per share.
• Dividends indicate strong cash flow management and commitment to shareholder returns.

Negative

• None.

WILLIAMSBURG, Va., April 24, 2023 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that its Board of Directors has authorized payment of quarterly cash dividends for the Company’s Series B, Series C, and Series D Preferred Stock.

The Board of Directors authorized, and the Company has declared, a quarterly cash dividend of $0.50 per share of beneficial interest of the Company’s 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock. The Series B preferred dividend will be paid on June 15, 2023 to shareholders of record as of May 31, 2023.

The Board of Directors also authorized, and the Company has declared, a quarterly cash dividend of $0.4921875 per share of beneficial interest of the Company’s 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock. The Series C preferred dividend will be paid on June 15, 2023 to shareholders of record as of May 31, 2023.

The Board of Directors also authorized, and the Company has declared, a quarterly cash dividend of $0.515625 per share of beneficial interest of the Company’s 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock. The Series D preferred dividend will be paid on June 15, 2023 to shareholders of record as of May 31, 2023.

About Sotherly Hotels Inc.

Sotherly Hotels Inc. is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States. Sotherly may also opportunistically acquire hotels throughout the United States. Currently, the Company’s portfolio consists of investments in ten hotel properties, comprising 2,786 rooms, as well as interests in two condominium hotels and their associated rental programs. The Company owns hotels that operate under the Hilton Worldwide and Hyatt Hotels Corporation brands, as well as independent hotels. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com.

FAQ

What is the dividend amount for Sotherly Hotels' Series B preferred stock?

Sotherly Hotels declared a quarterly cash dividend of $0.50 per share for its Series B preferred stock.

When will Sotherly Hotels pay its next dividend?

The next dividend payment for all preferred stocks will be on June 15, 2023.

What is the record date for the upcoming dividends of Sotherly Hotels?

The record date for the upcoming dividends is May 31, 2023.

What types of preferred stock does Sotherly Hotels have?

Sotherly Hotels has Series B, Series C, and Series D Cumulative Redeemable Perpetual Preferred Stocks.

What are the dividend yields for Sotherly Hotels' preferred stocks?

The yields are 8.0% for Series B, 7.875% for Series C, and 8.25% for Series D.