SoTHERLY Hotels (SOHO) Tops Q2 EPS by 21c, Revenues Beat; Lowers FY18 EPS View, Boosts FY18 Revenue Outlook

SoTHERLY Hotels (NASDAQ: SOHO) reported Q2 EPS of $0.10, $0.21 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $51.55 million versus the consensus estimate of $43.8 million.

• Revenue and RevPAR. For the three-month period ending June 30, 2018, Total Revenue increased 26.8% over the three-month period ending June 30, 2017. Room revenue per available room (“RevPAR”) for the Company’s composite portfolio, which includes the performance of the rooms participating in our rental program at the Hyde Resort & Residences, during the three-month period ending June 30, 2018, increased 11.3% over the three months ended June 30, 2017, to $123.17 reflecting a 2.0% increase in occupancy and a 9.1% increase in average daily rate (“ADR”). For the six-month period ending June 30, 2018, RevPAR increased 9.2% over the six months ended June 30, 2017, to $117.81 driven by a 1.1% decrease in occupancy and a 10.3% increase in ADR.
• Common Dividends. As previously reported on July 24, 2018, the Company announced a quarterly dividend (distribution) on its common stock (and units) of $0.125 per share (and unit) to stockholders (and unitholders) of record as of September 14, 2018, payable on October 11, 2018.
• Hotel EBITDA. The Company generated hotel EBITDA of approximately $16.4 million during the three-month period ending June 30, 2018, an increase of 42.2%, or approximately $4.9 million, from the three months ended June 30, 2017. For the six-month period ending June 30, 2018, hotel EBITDA increased 22.9%, or approximately $5.3 million, over the six months ended June 30, 2017.
• EBITDA. The Company generated EBITDA of approximately $14.9 million during the three-month period ending June 30, 2018, an increase of 53.9% or approximately $5.2 million compared to the three months ended June 30, 2017. For the six-month period ending June 30, 2018, EBITDA increased 29.9% or approximately $5.8 million from the six months ended June 30, 2017.
• Adjusted FFO. For the three-month period ending June 30, 2018, Adjusted FFO increased 68.4% or approximately $3.4 million from the three months ended June 30, 2017. For the six-month period ending June 30, 2018, adjusted FFO increased 29.5% or approximately $3.0 million over the six months ended June 30, 2017.

Andrew M. Sims, Chairman and Chief Executive Officer of Sotherly Hotels Inc., commented, “The company experienced a strong second quarter as a result of maturing asset repositionings executed over the past 24 months and the recent acquisition of the Hyatt Centric Arlington hotel. In terms of Adjusted FFO, we believe the second quarter was one of the most successful in the history of the company. We are pleased with the results and are focused on continuing the positive momentum for the balance of the year and beyond.”

GUIDANCE:

SoTHERLY Hotels sees FY2018 EPS of ($0.47)-($0.44), versus the consensus of ($0.46). SoTHERLY Hotels sees FY2018 revenue of $172.30 - $175.187 million, versus the consensus of $168.7 million.

For earnings history and earnings-related data on SoTHERLY Hotels (SOHO) click here.

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