Sotherly Hotels LP Files Q3 2024 10-Q

TL;DR

**Sotherly Hotels LP filed their Q3 2024 10-Q. Check financials.**

AI Summary

Sotherly Hotels LP filed a 10-Q for the period ending September 30, 2024. The company, formerly known as MHI Hospitality Corp, is incorporated in Delaware and operates in the Hotels & Motels sector. Their business address is 306 South Henry Street, Suite 100, Williamsburg, VA 23185.

Why It Matters

This filing provides investors with an update on Sotherly Hotels LP's financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• 20240930 — Reporting Period End Date (The filing covers financial data up to this date.)
• 20241118 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• Sotherly Hotels LP (company) — Filer
• Sotherly Hotels Inc. (company) — Former Company Name
• MHI Hospitality CORP (company) — Former Company Name
• MHI Hospitality LP (company) — Former Company Name
• 306 SOUTH HENRY STREET, SUITE 100, WILLIAMSBURG, VA 23185 (location) — Business Address

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value SOHO The NASDAQ Stock Mar

Filing Documents

• soho-20240930.htm (10-Q) — 4162KB
• soho-ex31_1.htm (EX-31.1) — 18KB
• soho-ex31_2.htm (EX-31.2) — 17KB
• soho-ex31_3.htm (EX-31.3) — 19KB
• soho-ex31_4.htm (EX-31.4) — 19KB
• soho-ex32_1.htm (EX-32.1) — 11KB
• soho-ex32_2.htm (EX-32.2) — 11KB
• soho-ex32_3.htm (EX-32.3) — 12KB
• soho-ex32_4.htm (EX-32.4) — 13KB
• 0000950170-24-128061.txt ( ) — 15800KB
• soho-20240930.xsd (EX-101.SCH) — 2320KB
• soho-20240930_htm.xml (XML) — 2853KB

, Item 4 - Controls and Procedures; and

Part I, Item 4 - Controls and Procedures; and

, Item 6 - Certifications of CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act

Part II, Item 6 - Certifications of CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act. 3 SOTHERLY HOTELS INC. SOTHERLY HOTELS LP INDEX Page PART I Item 1. Consolidated Financial Statements 5 Sotherly Hotels Inc. Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 5 Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Changes in Equity (unaudited) for the Three Months Ended March 31, June 30, and September 30, 2024 and 2023 7 Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2024 and 2023 9 Sotherly Hotels LP Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 10 Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 11 Consolidated Statements of Changes in Partners' Capital (unaudited) for the Three Months Ended March 31, June 30, and September 30, 2024 and 2023 12 Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2024 and 2023 14

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 15 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4

Controls and Procedures

Controls and Procedures 46 PART II Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 48 4 PART I

Consolidated Financi al Statements

Item 1. Consolidated Financi al Statements SOTHERLY H OTELS INC. C ONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (unaudited) ASSETS Investment in hotel properties, net $ 372,952,913 $ 354,919,106 Cash and cash equivalents 14,017,642 17,101,993 Restricted cash 18,488,112 9,134,347 Accounts receivable, net 3,185,999 5,945,724 Prepaid expenses, inventory and other assets 6,309,930 6,342,310 TOTAL ASSETS $ 414,954,596 $ 393,443,480 LIABILITIES Mortgage loans, net $ 318,061,006 $ 315,989,194 Unsecured notes 906,280 1,536,809 Finance lease liabilities 22,742,195 — Accounts payable and accrued liabilities 23,713,552 23,315,677 Advance deposits 2,879,011 2,614,981 Dividends and distributions payable 2,088,160 2,088,160 TOTAL LIABILITIES $ 370,390,204 $ 345,544,821 Commitments and contingencies (See Note 5) — — EQUITY Sotherly Hotels Inc. stockholders' equity Preferred stock, $ 0.01 par value, 11,000,000 shares authorized: 8.0 % Series B cumulative redeemable perpetual preferred stock, 1,464,100 and 1,464,100 shares issued and outstanding; aggregate liquidation preference each $ 44,655,050 , at September 30, 2024 and December 31, 2023, respectively. 14,641 14,641 7.875 % Series C cumulative redeemable perpetual preferred stock, 1,346,110 and 1,346,110 shares issued and outstanding; aggregate liquidation preference each $ 40,940,681 , at September 30, 2024 and December 31, 2023, respectively. 13,461 13,461 8.25 % Series D cumulative redeemable perpetual preferred stock, 1,163,100 and 1,163,100 shares issued and outstanding; aggregate liquidation preference each $ 35,674,458 , at September 30, 2024 and December 31, 2023, respectively. 11,631 11,631 Common stock, par value $ 0.01 , 69,000,000 shares authorized, 19,849,165 shares issued and outstanding at September 30, 2024 and 19,696,805 shares issued and outstand

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