• Sotherly Hotels Inc. Announces Dividend Tax Treatment

    Source: Nasdaq GlobeNewswire / 14 Feb 2024 06:00:00   America/New_York

    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   
      TotalTaxableNontaxable 
    RecordPaidCash DistributionOrdinaryDistributionSec 199A
    DateDatePer ShareIncome(Return of Capital)Dividends
    02/28/202303/15/20230.500000 0.500000 0.000000 0.500000 
    05/31/202306/15/20230.500000 0.500000 0.000000 0.500000 
    06/30/202307/14/20230.500000 0.500000 0.000000 0.500000 
    08/31/202309/15/20230.500000 0.500000 0.000000 0.500000 
    11/30/202312/15/20230.500000 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   
      TotalTaxableNontaxable 
    RecordPaidCash DistributionOrdinaryDistributionSec 199A
    DateDatePer ShareIncome(Return of Capital)Dividends
    02/28/202303/15/20230.492188 0.492188 0.000000 0.492188 
    05/31/202306/15/20230.492188 0.492188 0.000000 0.492188 
    06/30/202307/14/20230.492188 0.492188 0.000000 0.492188 
    08/31/202309/15/20230.492188 0.492188 0.000000 0.492188 
    11/30/202312/15/20230.492188 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   
      TotalTaxableNontaxable 
    RecordPaidCash DistributionOrdinaryDistributionSec 199A
    DateDatePer ShareIncome(Return of Capital)Dividends
    02/28/202303/15/20230.515625 0.515625 0.000000 0.515625 
    05/31/202306/15/20230.515625 0.515625 0.000000 0.515625 
    06/30/202307/14/20230.515625 0.515625 0.000000 0.515625 
    08/31/202309/15/20230.515625 0.515625 0.000000 0.515625 
    11/30/202312/15/20230.515625 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.


    Contact at the Company:
    
    Mack Sims
    Sotherly Hotels Inc.
    306 South Henry Street, Suite 100
    Williamsburg, Virginia 23185
    (757) 229-5648

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