$SOHO
Sotherly Hotels Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023042355 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $39.18M $49.02M
YoY Change -0.08% 3.92%
Cost Of Revenue $31.61M $34.18M
YoY Change 7.57% 5.48%
Gross Profit $7.567M $14.84M
YoY Change -22.97% 0.48%
Gross Profit Margin 19.31% 30.28%
Selling, General & Admin $19.06M $20.25M
YoY Change 8.54% 7.89%
% of Gross Profit 251.89% 136.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.720M $4.763M
YoY Change 0.32% 3.1%
% of Gross Profit 62.38% 32.09%
Operating Expenses $23.78M $25.01M
YoY Change 6.81% 6.95%
Operating Profit $1.168M $8.290M
YoY Change -64.49% 1.1%
Interest Expense $4.467M $4.288M
YoY Change 5.73% -19.74%
% of Operating Profit 382.47% 51.73%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.420M $5.274M
YoY Change -221.92% -80.9%
Income Tax -$354.4K $16.54K
% Of Pretax Income 0.31%
Net Earnings -$1.909M $5.127M
YoY Change -194.35% -80.34%
Net Earnings / Revenue -4.87% 10.46%
Basic Earnings Per Share -$0.20 $0.16
Diluted Earnings Per Share -$0.20 $0.16
COMMON SHARES
Basic Shares Outstanding 19.31M 19.31M
Diluted Shares Outstanding 18.91M 18.72M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.20M $24.23M
YoY Change -16.56% 1.07%
Cash & Equivalents $19.20M $24.23M
Short-Term Investments
Other Short-Term Assets $9.600M $10.52M
YoY Change 30.93% 28.68%
Inventory
Prepaid Expenses
Receivables $4.800M $5.247M
Other Receivables $0.00 $0.00
Total Short-Term Assets $33.60M $39.99M
YoY Change -1.75% 10.38%
LONG-TERM ASSETS
Property, Plant & Equipment $357.0M $360.1M
YoY Change -2.94% -2.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.20M $7.963M
YoY Change 45.58% 7.84%
Total Long-Term Assets $367.2M $368.0M
YoY Change -2.04% -2.35%
TOTAL ASSETS
Total Short-Term Assets $33.60M $39.99M
Total Long-Term Assets $367.2M $368.0M
Total Assets $400.8M $408.0M
YoY Change -2.02% -1.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.00M $25.52M
YoY Change -1.4% -14.33%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.00M $32.30M
YoY Change -4.71% -9.68%
LONG-TERM LIABILITIES
Long-Term Debt $319.4M $321.2M
YoY Change -3.29% -3.61%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $319.4M $321.2M
YoY Change -3.29% -3.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.00M $32.30M
Total Long-Term Liabilities $319.4M $321.2M
Total Liabilities $350.3M $353.5M
YoY Change -3.46% -4.2%
SHAREHOLDERS EQUITY
Retained Earnings -$122.3M -$118.4M
YoY Change -2.96% -7.36%
Common Stock $176.5M $176.5M
YoY Change -0.71% -1.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.74M $55.55M
YoY Change
Total Liabilities & Shareholders Equity $400.8M $408.0M
YoY Change -2.02% -1.23%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.909M $5.127M
YoY Change -194.35% -80.34%
Depreciation, Depletion And Amortization $4.720M $4.763M
YoY Change 0.32% 3.1%
Cash From Operating Activities $4.660M $3.865M
YoY Change 69.26% -164.43%
INVESTING ACTIVITIES
Capital Expenditures $1.570M $2.970M
YoY Change -171.0% -301.43%
Acquisitions
YoY Change
Other Investing Activities $890.0K $138.6K
YoY Change -19.53% -99.67%
Cash From Investing Activities -$680.0K -$2.831M
YoY Change -38.47% -107.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.760M -830.6K
YoY Change 126.62% -97.51%
NET CHANGE
Cash From Operating Activities 4.660M 3.865M
Cash From Investing Activities -680.0K -2.831M
Cash From Financing Activities -6.760M -830.6K
Net Change In Cash -2.780M 203.2K
YoY Change 108.25% -80.29%
FREE CASH FLOW
Cash From Operating Activities $4.660M $3.865M
Capital Expenditures $1.570M $2.970M
Free Cash Flow $3.090M $895.2K
YoY Change -37.75% -119.79%

Facts In Submission

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soho Gain Loss Due To Involuntary Conversion Of Assets
GainLossDueToInvoluntaryConversionOfAssets
779645
soho Gain Loss Due To Involuntary Conversion Of Assets
GainLossDueToInvoluntaryConversionOfAssets
51547
us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
-155632
us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
1534760
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-5944881
soho Paycheck Protection Programme Debt Forgiveness
PaycheckProtectionProgrammeDebtForgiveness
275494
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
30053977
soho Gain Loss On Disposition Of Assets Operating And Non Operating
GainLossOnDispositionOfAssetsOperatingAndNonOperating
-490613
us-gaap Share Based Compensation
ShareBasedCompensation
314951
us-gaap Share Based Compensation
ShareBasedCompensation
522689
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-950783
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-215397
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2281131
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1390225
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1015280
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-9794417
soho Increase Decrease In Advances Deposits
IncreaseDecreaseInAdvancesDeposits
470252
soho Increase Decrease In Advances Deposits
IncreaseDecreaseInAdvancesDeposits
338825
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
13833115
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1454893
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
52403981
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
4503657
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
2598147
soho Proceeds From Involuntary Conversion
ProceedsFromInvoluntaryConversion
426442
soho Proceeds From Involuntary Conversion
ProceedsFromInvoluntaryConversion
570179
us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
137252
us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
34147
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3939963
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
50410160
soho Proceeds From Mortgage Loans
ProceedsFromMortgageLoans
2715833
soho Proceeds From Mortgage Loans
ProceedsFromMortgageLoans
7777475
soho Payments On Mortgage Loans
PaymentsOnMortgageLoans
3010079
soho Payments On Mortgage Loans
PaymentsOnMortgageLoans
33621590
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
20000000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
348593
soho Payments Of Deferred Financing Costs
PaymentsOfDeferredFinancingCosts
413909
soho Payments Of Deferred Financing Costs
PaymentsOfDeferredFinancingCosts
246714
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3988625
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5045373
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-46090829
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4847779
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5774224
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
27341630
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
25578537
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32189409
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
31352761
us-gaap Interest Paid Net
InterestPaidNet
8212620
us-gaap Interest Paid Net
InterestPaidNet
14157708
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
528000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
39908
soho Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
79838
soho Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
144220
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2004-08-20
CY2023Q2 soho Number Of Rooms In Hotel
NumberOfRoomsInHotel
2786
CY2023Q2 soho Number Of Independent Hotels
NumberOfIndependentHotels
3
soho Date Of Commencement Of Business
DateOfCommencementOfBusiness
2004-12-21
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
6
CY2023Q2 soho Interest Reserves
InterestReserves
1600000
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
438535
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
813584
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
1308768
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
722040
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
707495
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
9451505
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
13441927
CY2022Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2023Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24226602
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23969135
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
7962807
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
7383626
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32189409
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31352761
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> – We hold cash accounts at several institutions in excess of the Federal Deposit Insurance Corporation (the “FDIC”) and National Credit Union Administration (the “NCUA”) protection limits of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">250,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. Our exposure to credit loss in the event of the failure of these institutions is represented by the difference between the FDIC or NCUA protection limit and the total amounts on deposit. Management monitors, on a regular basis, the financial condition of the financial institutions along with the balances there on deposit to minimize our potential risk.</span></p>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q2 soho Un Amortized Franchise Fees
UnAmortizedFranchiseFees
218106
CY2022Q4 soho Un Amortized Franchise Fees
UnAmortizedFranchiseFees
241038
CY2023Q2 soho Amortization Expense Franchise License Fees
AmortizationExpenseFranchiseLicenseFees
11059
CY2022Q2 soho Amortization Expense Franchise License Fees
AmortizationExpenseFranchiseLicenseFees
12282
CY2023Q2 soho Long Term Debt Excluding Unsecured Debt
LongTermDebtExcludingUnsecuredDebt
319289449
CY2022Q4 soho Long Term Debt Excluding Unsecured Debt
LongTermDebtExcludingUnsecuredDebt
320482103
soho Minimum Percentage Of Likelihood Of Realization Of Deferred Tax Assets
MinimumPercentageOfLikelihoodOfRealizationOfDeferredTaxAssets
0.50
CY2023Q2 soho Deferred Tax Assets Valuation Allowance Percent
DeferredTaxAssetsValuationAllowancePercent
1
CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
689275
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
534734
us-gaap Advertising Expense
AdvertisingExpense
1394979
us-gaap Advertising Expense
AdvertisingExpense
1157417
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Use Of Estimates
UseOfEstimates
<span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> – The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span>
CY2023Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
533329907
CY2022Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
530144730
CY2023Q2 soho Real Estate Investment Property Accumulated Depreciation And Impairment
RealEstateInvestmentPropertyAccumulatedDepreciationAndImpairment
173273711
CY2022Q4 soho Real Estate Investment Property Accumulated Depreciation And Impairment
RealEstateInvestmentPropertyAccumulatedDepreciationAndImpairment
165074005
CY2023Q2 soho Real Estate Investment Property Excluding Held For Sale Net
RealEstateInvestmentPropertyExcludingHeldForSaleNet
360056196
CY2022Q4 soho Real Estate Investment Property Excluding Held For Sale Net
RealEstateInvestmentPropertyExcludingHeldForSaleNet
365070725
CY2023Q2 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
319300000
CY2022Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
320500000
CY2023Q2 us-gaap Secured Debt
SecuredDebt
320810214
CY2022Q4 us-gaap Secured Debt
SecuredDebt
321895316
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1575990
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1480779
CY2023Q2 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
55225
CY2022Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
67566
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
319289449
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
320482103
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
42433166
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
38069572
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
116065168
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
58588969
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1757221
CY2023Q2 soho Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
63896118
CY2023Q2 us-gaap Secured Debt
SecuredDebt
320810214
CY2019Q2 soho Period Of Lease Agreement
PeriodOfLeaseAgreement
P5Y
CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
361894
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
680783
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
688744
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
675264
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
342503
CY2023Q2 soho Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
13530663
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
16279851
soho Number Of Hotels Operate Under Franchise Licenses
NumberOfHotelsOperateUnderFranchiseLicenses
7
soho Debt Service Reserve
DebtServiceReserve
1500000
CY2016Q4 soho Employee Stock Ownership Plan Esop Maximum Borrowing Amount To Purchase Common Stock
EmployeeStockOwnershipPlanESOPMaximumBorrowingAmountToPurchaseCommonStock
5000000.0
soho Balance On The Esop Loan Commitment
BalanceOnTheEsopLoanCommitment
2600000
soho Leaving Capacity For Additional Borrowing On The Esop Loan Commitment
LeavingCapacityForAdditionalBorrowingOnTheEsopLoanCommitment
2400000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
11000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
11000000
CY2023Q2 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25.00
CY2022Q4 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25.00
CY2023Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
2000000
CY2023Q2 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
2000000
CY2023Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
2000000
soho Preferred Stock Amount Of Undeclared And Cumulative Preferred Dividends
PreferredStockAmountOfUndeclaredAndCumulativePreferredDividends
21900000
soho Preferred Units Amount Of Undeclared And Cumulative Preferred Dividends
PreferredUnitsAmountOfUndeclaredAndCumulativePreferredDividends
21900000
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
69000000
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.
CY2022Q2 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
50000
CY2022Q3 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
40687
CY2022Q4 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
217845
CY2023Q2 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
75000
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
19310803
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
18951525
CY2023Q2 soho Common Stock Exchange Ratio
CommonStockExchangeRatio
1
us-gaap Partners Capital Account Units Redeemed
PartnersCapitalAccountUnitsRedeemed
0
CY2023Q2 soho Operating Partnership Common Units Outstanding
OperatingPartnershipCommonUnitsOutstanding
20060991
CY2022Q4 soho Operating Partnership Common Units Outstanding
OperatingPartnershipCommonUnitsOutstanding
19776713
CY2023Q2 soho Operating Partnership Common Unit Not Owned
OperatingPartnershipCommonUnitNotOwned
750188
CY2022Q4 soho Operating Partnership Common Unit Not Owned
OperatingPartnershipCommonUnitNotOwned
825188
CY2023Q2 soho Unpaid Common Dividends And Distributions Amount To Holders
UnpaidCommonDividendsAndDistributionsAmountToHolders
2100000
soho Percentage Of Matching Contribution For First Specified Percentage Of Employee Contribution
PercentageOfMatchingContributionForFirstSpecifiedPercentageOfEmployeeContribution
1.000
soho Percentage Of First Specified Percentage Of Employee Contribution
PercentageOfFirstSpecifiedPercentageOfEmployeeContribution
0.030
soho Percentage Of Matching Contribution For Next Specified Percentage Of Employee Contribution
PercentageOfMatchingContributionForNextSpecifiedPercentageOfEmployeeContribution
0.500
soho Percentage Of Next Specified Percentage Of Employee Contribution
PercentageOfNextSpecifiedPercentageOfEmployeeContribution
0.020
CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
23538
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
28503
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
57547
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
51642
CY2016Q4 soho Employee Stock Ownership Plan Esop Maximum Borrowing Amount To Purchase Common Stock
EmployeeStockOwnershipPlanESOPMaximumBorrowingAmountToPurchaseCommonStock
5000000.0
soho Employee Stock Ownership Plan Esop Number Of Allocated And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedAndCommittedToBeReleasedShares
314424
soho Employee Stock Ownership Plan Esop Allocated And Committed To Be Released From Suspense Account Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedAndCommittedToBeReleasedFromSuspenseAccountSharesFairValue
594261
soho Employee Stock Ownership Plan Recognized To Compensation Cost
EmployeeStockOwnershipPlanRecognizedToCompensationCost
24913
soho Employee Stock Ownership Plan Recognized To Compensation Cost
EmployeeStockOwnershipPlanRecognizedToCompensationCost
28803
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
351399
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
664144
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
301646
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Number Of Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedShares
12778
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
351399
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
301646
CY2023Q2 soho Employee Stock Ownership Plan Esop Allocated Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesFairValue
570111
CY2022Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
301646
CY2022Q4 soho Employee Stock Ownership Plan Esop Allocated Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesFairValue
545979
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Number Of Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedShares
12778
CY2023Q2 soho Employee Stock Ownership Plan Esop Shares Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPSharesCommittedToBeReleasedFairValue
24150
CY2023Q2 soho Employee Stock Ownership Plan Esop Number Of Allocated Shares And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedSharesAndCommittedToBeReleasedShares
314424
CY2023Q2 soho Employee Stock Ownership Plan Esop Allocated Shares And Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesAndCommittedToBeReleasedFairValue
594261
CY2022Q4 soho Employee Stock Ownership Plan Esop Number Of Allocated Shares And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedSharesAndCommittedToBeReleasedShares
301646
CY2022Q4 soho Employee Stock Ownership Plan Esop Allocated Shares And Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesAndCommittedToBeReleasedFairValue
545979
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
351399
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
664144
CY2022Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
364177
CY2022Q4 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
659160
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
665823
CY2023Q2 soho Employee Stock Ownership Plan Esop Shares Fair Value
EmployeeStockOwnershipPlanESOPSharesFairValue
1258405
CY2022Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
665823
CY2022Q4 soho Employee Stock Ownership Plan Esop Shares Fair Value
EmployeeStockOwnershipPlanESOPSharesFairValue
1205139
CY2023Q2 soho Indirect Hotels Operating Costs
IndirectHotelsOperatingCosts
18462336
CY2022Q2 soho Indirect Hotels Operating Costs
IndirectHotelsOperatingCosts
17337585
soho Indirect Hotels Operating Costs
IndirectHotelsOperatingCosts
35209913
soho Indirect Hotels Operating Costs
IndirectHotelsOperatingCosts
33400946
CY2023Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
16537
CY2022Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
11615
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
31719
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
21269
CY2023Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
16537
CY2022Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
11615
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
31719
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
21269
CY2023Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
357776
CY2022Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
478698
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
97824
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-27658
CY2023Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
14239
CY2022Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-97195
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
145469
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-19833
CY2023Q2 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
372015
CY2022Q2 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
381503
us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
243293
us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-47491
CY2023Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
372015
CY2022Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
381503
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
243293
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-47491
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16537
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11615
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
31719
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21269
CY2023Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1107584
CY2022Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
5799565
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1402150
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
5631294
CY2023Q2 soho Income Tax Reconciliation Federal Tax Impact Of Reit Election
IncomeTaxReconciliationFederalTaxImpactOfReitElection
-539100
CY2022Q2 soho Income Tax Reconciliation Federal Tax Impact Of Reit Election
IncomeTaxReconciliationFederalTaxImpactOfReitElection
-5236788
soho Income Tax Reconciliation Federal Tax Impact Of Reit Election
IncomeTaxReconciliationFederalTaxImpactOfReitElection
-842886
soho Income Tax Reconciliation Federal Tax Impact Of Reit Election
IncomeTaxReconciliationFederalTaxImpactOfReitElection
-5489574
soho Income Tax Reconciliation Federal Impact On Paycheck Protection Program Loan Forgiveness
IncomeTaxReconciliationFederalImpactOnPaycheckProtectionProgramLoanForgiveness
-56470
CY2023Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-179932
CY2022Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-169659
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-227782
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-167942
CY2023Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-372015
CY2022Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-381503
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-243293
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
47491
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16537
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11615
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
31719
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21269
CY2023Q2 us-gaap Profit Loss
ProfitLoss
5257670
CY2022Q2 us-gaap Profit Loss
ProfitLoss
27605359
us-gaap Profit Loss
ProfitLoss
6645185
us-gaap Profit Loss
ProfitLoss
26794415
CY2023Q2 soho Net Income Allocated To Non Vested Share Awards
NetIncomeAllocatedToNonVestedShareAwards
-71282
CY2022Q2 soho Net Income Allocated To Non Vested Share Awards
NetIncomeAllocatedToNonVestedShareAwards
-93329
soho Net Income Allocated To Non Vested Share Awards
NetIncomeAllocatedToNonVestedShareAwards
-81225
soho Net Income Allocated To Non Vested Share Awards
NetIncomeAllocatedToNonVestedShareAwards
-89713
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
130798
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1529940
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
105838
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1368319
CY2023Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1994313
CY2022Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1889470
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
3988625
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
3826086
CY2022Q2 soho Gain On Extinguishment Of Preferred Stock
GainOnExtinguishmentOfPreferredStock
83500
soho Gain On Extinguishment Of Preferred Stock
GainOnExtinguishmentOfPreferredStock
161675
CY2023Q2 soho Net Income Loss Attributable To Common Stockholders Basic
NetIncomeLossAttributableToCommonStockholdersBasic
3061277
CY2022Q2 soho Net Income Loss Attributable To Common Stockholders Basic
NetIncomeLossAttributableToCommonStockholdersBasic
24176120
soho Net Income Loss Attributable To Common Stockholders Basic
NetIncomeLossAttributableToCommonStockholdersBasic
2469497
soho Net Income Loss Attributable To Common Stockholders Basic
NetIncomeLossAttributableToCommonStockholdersBasic
21671972
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18712452
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17762513
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18658538
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17436975
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18715098
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18304508
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18658538
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18031381
CY2023Q2 soho Undistributed Income Loss Basic
UndistributedIncomeLossBasic
0.16
CY2022Q2 soho Undistributed Income Loss Basic
UndistributedIncomeLossBasic
1.36
soho Undistributed Income Loss Basic
UndistributedIncomeLossBasic
0.13
soho Undistributed Income Loss Basic
UndistributedIncomeLossBasic
1.24
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.24
CY2023Q2 soho Undistributed Income Loss Diluted
UndistributedIncomeLossDiluted
0.16
CY2022Q2 soho Undistributed Income Loss Diluted
UndistributedIncomeLossDiluted
1.32
soho Undistributed Income Loss Diluted
UndistributedIncomeLossDiluted
0.13
soho Undistributed Income Loss Diluted
UndistributedIncomeLossDiluted
1.2
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.2

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