Sotherly Hotels Inc. Announces Dividend Tax Treatment
Sotherly Hotels Inc. (NASDAQ: SOHO) announced the income tax classification of its 2023 distributions on Series B, C, and D preferred shares. The distributions were non-taxable and included ordinary income and dividends. Shareholders will receive IRS Form 1099-DIV. No foreign taxes or qualified dividend income were involved.
02/14/2024 - 06:00 AM
WILLIAMSBURG, Va., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced the estimated income tax classification of the Company’s 2023 distributions on its Series B preferred shares (CUSIP #83600C301), Series C preferred shares (CUSIP #83600C400), and Series D preferred shares (CUSIP #83600C509). The income tax classification of the 2023 distributions as it is expected to be reported on Form 1099-DIV is set forth in the following table:
SERIES B PREFERRED SHARES Total Taxable Nontaxable Record Paid Cash Distribution Ordinary Distribution Sec 199A Date Date Per Share Income (Return of Capital) Dividends 02/28/2023 03/15/2023 0.500000 0.500000 0.000000 0.500000 05/31/2023 06/15/2023 0.500000 0.500000 0.000000 0.500000 06/30/2023 07/14/2023 0.500000 0.500000 0.000000 0.500000 08/31/2023 09/15/2023 0.500000 0.500000 0.000000 0.500000 11/30/2023 12/15/2023 0.500000 0.500000 0.000000 0.500000 TOTAL 2.500000 2.500000 0.000000 2.500000 Percent 100.0000% 100.0000% 0.0000% 100.0000% The CUSIP number for Sotherly Hotels Inc.'s Series B Preferred Shares is 83600C301. SERIES C PREFERRED SHARES Total Taxable Nontaxable Record Paid Cash Distribution Ordinary Distribution Sec 199A Date Date Per Share Income (Return of Capital) Dividends 02/28/2023 03/15/2023 0.492188 0.492188 0.000000 0.492188 05/31/2023 06/15/2023 0.492188 0.492188 0.000000 0.492188 06/30/2023 07/14/2023 0.492188 0.492188 0.000000 0.492188 08/31/2023 09/15/2023 0.492188 0.492188 0.000000 0.492188 11/30/2023 12/15/2023 0.492188 0.492188 0.000000 0.492188 TOTAL 2.460940 2.460940 0.000000 2.460940 Percent 100.0000% 100.0000% 0.0000% 100.0000% The CUSIP number for Sotherly Hotels Inc.'s Series C Preferred Shares is 83600C400. SERIES D PREFERRED SHARES Total Taxable Nontaxable Record Paid Cash Distribution Ordinary Distribution Sec 199A Date Date Per Share Income (Return of Capital) Dividends 02/28/2023 03/15/2023 0.515625 0.515625 0.000000 0.515625 05/31/2023 06/15/2023 0.515625 0.515625 0.000000 0.515625 06/30/2023 07/14/2023 0.515625 0.515625 0.000000 0.515625 08/31/2023 09/15/2023 0.515625 0.515625 0.000000 0.515625 11/30/2023 12/15/2023 0.515625 0.515625 0.000000 0.515625 TOTAL 2.578125 2.578125 0.000000 2.578125 Percent 100.0000% 100.0000% 0.0000% 100.0000%
The CUSIP number for Sotherly Hotels Inc.'s Series D Preferred Shares is 83600C509.
No portion of the dividends declared in 2023 represented foreign taxes or qualified dividend income. Record holders of the Company’s common shares who received any of the dividends specified in the table above will receive an Internal Revenue Service (IRS) Form 1099-DIV from Equiniti Trust Company, LLC, the Company’s dividend paying agent. The Form 1099-DIV will report the dividends paid with respect to 2023. Shareholders whose shares are held in “street name” will receive an IRS Form 1099 from the bank, brokerage firm or other nominee holding their shares.
The information in the table above is based on the preliminary results of work on the tax filings of the Company and is subject to correction or adjustment when the filings are completed. No material change in these classifications is expected. The tax information above should not be construed as tax advice and is not a substitute for careful tax planning and analysis. Shareholders are encouraged to consult with their own tax advisors regarding the specific federal, state, local, foreign and other tax consequences of ownership of the common shares of Sotherly Hotels Inc. and the specific tax treatment of distributions therefrom.
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 .
What is the ticker symbol for Sotherly Hotels Inc.?
The ticker symbol for Sotherly Hotels Inc. is SOHO.
What type of shares were the 2023 distributions classified for?
The 2023 distributions were classified for Series B, C, and D preferred shares.
Will shareholders receive IRS Form 1099-DIV for the distributions?
Yes, shareholders will receive IRS Form 1099-DIV for the distributions.
Were any foreign taxes or qualified dividend income involved in the 2023 distributions?
No, no foreign taxes or qualified dividend income were involved in the 2023 distributions.
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Sector
Finance and Insurance
Tags
Finance, Real Estate Investment Trusts, Finance and Insurance, Other Financial Vehicles
Country
US
City
Williamsburg
About SOHO
about sotherly hotels inc.: headquartered in williamsburg, virginia, sotherly hotels inc. is the owner of a portfolio of high-quality, full-service hotels primarily located in the high-growth markets of the southern united states. sotherly hotels is a self-managed and self-administered real estate investment trust (reit) traded on the nasdaq under the symbol soho. sotherly hotels is the next generation in a long history of companies built on a foundation of service, integrity, and hospitality--characteristics instilled by our founder, edgar sims, in 1958. the sotherly portfolio: the sotherly hotels inc. portfolio consists of investments in twelve wholly-owned hotel properties that comprise 3,009 rooms. the company's properties operate under the preferred hotels and resorts, hilton worldwide, starwood hotels and resorts, and intercontinental hotels group brands.