Sotherly Hotels Inc. Announces Quarterly Preferred Dividends

Rhea-AI Summary

Sotherly Hotels (NASDAQ: SOHO) has declared quarterly cash dividends for its preferred stock series. The company will pay:

- $0.50 per share (8.0% Series B)
- $0.4921875 per share (7.875% Series C)
- $0.515625 per share (8.25% Series D)

All preferred stock dividends will be paid on December 16, 2024, to shareholders of record as of November 29, 2024.

Positive

• Consistent dividend payments maintained for all preferred stock series
• Company demonstrates ability to meet preferred dividend obligations

Negative

• None.

News Market Reaction

-7.91%

1 alert

-7.91% News Effect

On the day this news was published, SOHO declined 7.91%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

WILLIAMSBURG, Va., Oct. 29, 2024 (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 December 16, 2024, to shareholders of record as of November 29, 2024.

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 December 16, 2024, to shareholders of record as of November 29, 2024.

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 December 16, 2024, to shareholders of record as of November 29, 2024.

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 in Q4 2024?

Sotherly Hotels (SOHO) will pay $0.50 per share for Series B preferred stock on December 16, 2024.

When is the record date for Sotherly Hotels preferred stock dividends in Q4 2024?

The record date for all Sotherly Hotels preferred stock dividends is November 29, 2024.

What are the dividend rates for Sotherly Hotels different preferred stock series?

Sotherly Hotels preferred stock dividend rates are 8.0% for Series B, 7.875% for Series C, and 8.25% for Series D.

When will SOHO pay its Q4 2024 preferred dividends?

Sotherly Hotels will pay all its preferred stock dividends on December 16, 2024.