Sotherly Hotels Inc. Announces Quarterly Preferred Dividends

Rhea-AI Summary

Sotherly Hotels Inc. (NASDAQ: SOHO) has announced quarterly cash dividends for its Series B, C, and D Preferred Stock. The Board of Directors has authorized the following payments:

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

All dividends will be paid on September 16, 2024, to shareholders of record as of August 30, 2024. This announcement demonstrates Sotherly Hotels' commitment to providing regular returns to its preferred stockholders.

Positive

• Consistent dividend payments for all three series of preferred stock
• Maintenance of high dividend yields ranging from 7.875% to 8.25%
• Timely declaration of dividends, indicating financial stability

Negative

• None.

News Market Reaction – SOHO

-1.49%

1 alert

-1.49% News Effect

On the day this news was published, SOHO declined 1.49%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

WILLIAMSBURG, Va., July 30, 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 September 16, 2024, to shareholders of record as of August 30, 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 September 16, 2024, to shareholders of record as of August 30, 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 September 16, 2024, to shareholders of record as of August 30, 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 are the dividend amounts for Sotherly Hotels' (SOHO) preferred stocks?

Sotherly Hotels (SOHO) declared quarterly dividends of $0.50 per share for Series B, $0.4921875 per share for Series C, and $0.515625 per share for Series D preferred stocks.

When will Sotherly Hotels (SOHO) pay its next preferred stock dividends?

Sotherly Hotels (SOHO) will pay its next preferred stock dividends on September 16, 2024, to shareholders of record as of August 30, 2024.

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

Sotherly Hotels' (SOHO) preferred stocks offer dividend yields of 8.0% for Series B, 7.875% for Series C, and 8.25% for Series D.

How frequently does Sotherly Hotels (SOHO) pay dividends on its preferred stocks?

Sotherly Hotels (SOHO) pays dividends on its preferred stocks quarterly, as evidenced by this announcement of quarterly cash dividends.