$SOHO
Sotherly Hotels Inc.

2015 Q4 Form 10-K Financial Statement

#000156459016015264 Filed on March 25, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2015 2014 Q4
Revenue $36.75M $138.5M $29.83M
YoY Change 23.22% 12.68% 32.7%
Cost Of Revenue $13.71M $50.60M $11.64M
YoY Change 17.78% 12.2% 40.75%
Gross Profit $23.04M $88.00M $18.19M
YoY Change 26.66% 13.11% 28.1%
Gross Profit Margin 62.69% 63.52% 60.99%
Selling, General & Admin $16.15M $58.60M $12.56M
YoY Change 28.58% 16.73% 25.35%
% of Gross Profit 70.1% 66.59% 69.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.010M $13.59M $3.070M
YoY Change 30.62% 13.53% 30.64%
% of Gross Profit 17.4% 15.44% 16.88%
Operating Expenses $34.13M $123.2M $30.44M
YoY Change 12.11% 11.56% 43.24%
Operating Profit $2.623M $15.33M -$616.4K
YoY Change -525.63% 22.59% -150.38%
Interest Expense -$4.680M $16.52M -$3.770M
YoY Change 24.14% 12.84% -2792.86%
% of Operating Profit -178.4% 107.73%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.050M $5.062M -$5.050M
YoY Change -59.41% -305.24% 653.73%
Income Tax -$1.340M -$1.336M -$830.0K
% Of Pretax Income -26.4%
Net Earnings -$712.0K $6.398M -$4.213M
YoY Change -83.1% -1194.23% 666.07%
Net Earnings / Revenue -1.94% 4.62% -14.13%
Basic Earnings Per Share
Diluted Earnings Per Share -$35.84K $432.0K -$314.1K
COMMON SHARES
Basic Shares Outstanding 12.54M 10.57M shares
Diluted Shares Outstanding 12.54M

Balance Sheet

Concept 2015 Q4 2015 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.50M $11.50M $16.60M
YoY Change -30.72% -30.72% 76.6%
Cash & Equivalents $11.49M $11.50M $16.63M
Short-Term Investments
Other Short-Term Assets $4.400M $4.400M $3.300M
YoY Change 33.33% 33.33% 43.48%
Inventory
Prepaid Expenses
Receivables $4.300M $4.300M $2.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.20M $20.20M $22.00M
YoY Change -8.18% -8.18% 60.58%
LONG-TERM ASSETS
Property, Plant & Equipment $355.0M $355.0M $260.2M
YoY Change 36.43% 36.43% 28.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.000M
YoY Change -16.67%
Other Assets $11.20M $11.20M $15.60M
YoY Change -28.21% -28.21% 69.57%
Total Long-Term Assets $372.9M $368.8M $277.8M
YoY Change 34.21% 32.76% 29.54%
TOTAL ASSETS
Total Short-Term Assets $20.20M $20.20M $22.00M
Total Long-Term Assets $372.9M $368.8M $277.8M
Total Assets $393.1M $389.0M $299.8M
YoY Change 31.1% 29.75% 31.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.30M $12.30M $12.00M
YoY Change 2.5% 2.5% 48.15%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.30M $15.30M $14.10M
YoY Change 8.51% 8.51% 50.0%
LONG-TERM LIABILITIES
Long-Term Debt $320.8M $320.8M $258.2M
YoY Change 24.24% 24.24% 37.34%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $320.8M $320.8M $258.2M
YoY Change 24.24% 24.24% 37.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.30M $15.30M $14.10M
Total Long-Term Liabilities $320.8M $320.8M $258.2M
Total Liabilities $340.2M $340.0M $272.3M
YoY Change 24.93% 23.01% 38.01%
SHAREHOLDERS EQUITY
Retained Earnings -$33.89M -$35.39M
YoY Change -4.23% 9.05%
Common Stock $82.89M $58.77M
YoY Change 41.06% 57474.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.00M $49.00M $23.38M
YoY Change
Total Liabilities & Shareholders Equity $393.1M $389.0M $299.8M
YoY Change 31.1% 29.75% 31.4%

Cashflow Statement

Concept 2015 Q4 2015 2014 Q4
OPERATING ACTIVITIES
Net Income -$712.0K $6.398M -$4.213M
YoY Change -83.1% -1194.23% 666.07%
Depreciation, Depletion And Amortization $4.010M $13.59M $3.070M
YoY Change 30.62% 13.53% 30.64%
Cash From Operating Activities $2.050M $11.38M -$1.940M
YoY Change -205.67% -23.37% -222.01%
INVESTING ACTIVITIES
Capital Expenditures -$4.440M -$45.66M -$4.540M
YoY Change -2.2% -35.61% -85.53%
Acquisitions
YoY Change
Other Investing Activities -$480.0K $4.530M -$70.00K
YoY Change 585.71% -2484.21% -101.21%
Cash From Investing Activities -$4.920M -$41.13M -$4.610M
YoY Change 6.72% -42.15% -81.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $23.25M
YoY Change 18513.91%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.100M 24.61M 6.260M
YoY Change -117.57% -61.24% -34.52%
NET CHANGE
Cash From Operating Activities 2.050M 11.38M -1.940M
Cash From Investing Activities -4.920M -41.13M -4.610M
Cash From Financing Activities -1.100M 24.61M 6.260M
Net Change In Cash -3.970M -5.140M -290.0K
YoY Change 1268.97% -170.9% -97.99%
FREE CASH FLOW
Cash From Operating Activities $2.050M $11.38M -$1.940M
Capital Expenditures -$4.440M -$45.66M -$4.540M
Free Cash Flow $6.490M $57.04M $2.600M
YoY Change 149.62% -33.49% -92.11%

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EquityMethodInvestmentDividendsOrDistributions
6646627
CY2015 soho Funding Of Restricted Cash Reserves
FundingOfRestrictedCashReserves
4973602
CY2014 soho Funding Of Restricted Cash Reserves
FundingOfRestrictedCashReserves
3692045
CY2013 soho Funding Of Restricted Cash Reserves
FundingOfRestrictedCashReserves
2195658
CY2015 soho Proceeds Of Restricted Cash Reserves
ProceedsOfRestrictedCashReserves
6376459
CY2014 soho Proceeds Of Restricted Cash Reserves
ProceedsOfRestrictedCashReserves
2583419
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-369685
CY2015 soho Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
601895
CY2014 soho Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
1108182
CY2013 soho Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
195725
CY2013 soho Proceeds Of Restricted Cash Reserves
ProceedsOfRestrictedCashReserves
1653401
CY2015 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
2402113
CY2015 soho Proceeds From Involuntary Conversion Of Asset
ProceedsFromInvoluntaryConversionOfAsset
124609
CY2014 soho Proceeds From Involuntary Conversion Of Asset
ProceedsFromInvoluntaryConversionOfAsset
169151
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-41132602
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-71096578
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-29527589
CY2014 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
25300000
CY2013 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
27600000
CY2015 us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
127000000
CY2014 us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
48600000
CY2013 us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
29367287
CY2014 us-gaap Proceeds From Loans
ProceedsFromLoans
19000000
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
23250818
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
124911
CY2013 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
8703390
CY2015 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1377882
CY2014 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2637637
CY2013 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2684581
CY2015 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
4103529
CY2014 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
2686567
CY2013 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
1823723
CY2013 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
14413943
CY2014 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
25621
CY2013 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
32900
CY2013 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
7175000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
24614643
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
63503194
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
22133750
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5140585
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
7257871
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2200912
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9376628
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7175716
CY2015 us-gaap Interest Paid
InterestPaid
15415695
CY2014 us-gaap Interest Paid
InterestPaid
13766824
CY2013 us-gaap Interest Paid
InterestPaid
10423150
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
570762
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
263621
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
143848
CY2013 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
153636
CY2015 soho Mortgage Debt Proceeds Receivable And Related Loan Costs
MortgageDebtProceedsReceivableAndRelatedLoanCosts
2704415
CY2015 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
57000000
CY2015 us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
246815
CY2015 soho Increase In Fair Value Adjustments On Liabilities Assumed
IncreaseInFairValueAdjustmentsOnLiabilitiesAssumed
624117
CY2014 soho Increase In Fair Value Adjustments On Liabilities Assumed
IncreaseInFairValueAdjustmentsOnLiabilitiesAssumed
375487
CY2013 soho Increase In Fair Value Adjustments On Liabilities Assumed
IncreaseInFairValueAdjustmentsOnLiabilitiesAssumed
248630
CY2015 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-top:12pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Concentration of Credit Risk &#8211;<font style="font-style:normal;"> We hold cash accounts at several institutions in excess of the Federal Deposit Insurance Corporation (the &#8220;FDIC&#8221;) protection limits of $</font><font style="font-style:normal;">250,000. Our exposure to credit loss in the event of the failure of these institutions is represented by the difference between the FDIC protection limit and the total amounts on deposit. Management reviews, on a regular basis, the balances on deposit to minimize our potential risk.</font></p></div>
CY2015Q3 soho Number Of Parts Mortgage Loan Issued
NumberOfPartsMortgageLoanIssued
2
CY2013Q4 soho Repayment Of Loan From Excess Proceed Of Mortgage
RepaymentOfLoanFromExcessProceedOfMortgage
3500000
CY2015 soho Franchise Agreement Term
FranchiseAgreementTerm
P10Y
CY2015 soho Hotel Rebrand Period
HotelRebrandPeriod
2014-11
CY2015Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
700000
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:12pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Use of Estimates &#8211;<font style="font-style:normal;"> The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.</font></p></div>
CY2015Q3 us-gaap Secured Debt
SecuredDebt
18500000
CY2015 soho Mortgage Loan Additional Earn Out Provision
MortgageLoanAdditionalEarnOutProvision
1500000
CY2015 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2004-08-20
CY2015Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
12
CY2015Q4 soho Number Of Rooms In Hotel
NumberOfRoomsInHotel
3011
CY2015 soho Date Of Commencement Of Business
DateOfCommencementOfBusiness
2004-12-21
CY2015 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
6
CY2013Q4 soho Class Of Warrant Or Right Redeemed Under First Tranche
ClassOfWarrantOrRightRedeemedUnderFirstTranche
900000
CY2013Q4 soho Operating Partnership Interest Ownership Percentage Acquired By Entity
OperatingPartnershipInterestOwnershipPercentageAcquiredByEntity
1.00
CY2013Q4 us-gaap Limited Liability Company Llc Preferred Unit Issued
LimitedLiabilityCompanyLLCPreferredUnitIssued
32929
CY2013Q4 soho Class Of Warrant Or Right Redeemed Under Final Tranche
ClassOfWarrantOrRightRedeemedUnderFinalTranche
1000000
CY2013Q4 soho Amount Of Class Of Warrant Or Right Redeemed Under Final Tranche
AmountOfClassOfWarrantOrRightRedeemedUnderFinalTranche
4000000
CY2013Q4 soho Class Of Warrant Or Right Redeemed Under First Tranche
ClassOfWarrantOrRightRedeemedUnderFirstTranche
1000000
CY2013Q4 us-gaap Partners Capital Account Units Redeemed
PartnersCapitalAccountUnitsRedeemed
1000000
CY2013Q4 us-gaap Non Recourse Debt
NonRecourseDebt
57000000
CY2015Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3000000
CY2015Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19800000
CY2015Q3 soho Mortgage Loan Term Period
MortgageLoanTermPeriod
P4Y
CY2015Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
240336
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9364807
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
86711703
CY2015 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
2000000
CY2015Q3 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2019-07-07
CY2015Q3 soho Loan Extension Period
LoanExtensionPeriod
P1Y
CY2015Q3 soho Debt Instrument Bears Interest Floating Rate Period
DebtInstrumentBearsInterestFloatingRatePeriod
P30D
CY2015Q3 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.035
CY2015Q3 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.040
CY2015Q3 us-gaap Debt Instrument Term
DebtInstrumentTerm
P25Y
CY2015Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
435000
CY2015Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2800000
CY2015Q3 us-gaap Business Acquisition Percentage Of Voting Interests Acquired
BusinessAcquisitionPercentageOfVotingInterestsAcquired
0.750
CY2015Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2015Q4 soho Un Amortized Franchise Fees
UnAmortizedFranchiseFees
339542
CY2014Q4 soho Un Amortized Franchise Fees
UnAmortizedFranchiseFees
394139
CY2015 soho Amortization Expense Franchise License Fees
AmortizationExpenseFranchiseLicenseFees
124632
CY2014 soho Amortization Expense Franchise License Fees
AmortizationExpenseFranchiseLicenseFees
50908
CY2013 soho Amortization Expense Franchise License Fees
AmortizationExpenseFranchiseLicenseFees
49658
CY2015 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1776518
CY2014 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1657614
CY2013 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1734944
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
1336016
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
863350
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
352384
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
233286
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
188158
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
539063
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
3512257
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015 us-gaap Advertising Expense
AdvertisingExpense
280625
CY2014 us-gaap Advertising Expense
AdvertisingExpense
198991
CY2013 us-gaap Advertising Expense
AdvertisingExpense
181886
CY2015 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2015 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
151931931
CY2014 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
147451042
CY2015 soho Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
133346497
CY2014 soho Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
129961867
CY2015 soho Business Acquisitions Pro Forma Operating Income
BusinessAcquisitionsProFormaOperatingIncome
18585434
CY2014 soho Business Acquisitions Pro Forma Operating Income
BusinessAcquisitionsProFormaOperatingIncome
17489175
CY2015 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1017180
CY2014 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-1671774
CY2015 soho Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.07
CY2014 soho Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.10
CY2015 soho Business Acquisition Pro Forma Earnings Per Units Basic And Diluted
BusinessAcquisitionProFormaEarningsPerUnitsBasicAndDiluted
0.07
CY2014 soho Business Acquisition Pro Forma Earnings Per Units Basic And Diluted
BusinessAcquisitionProFormaEarningsPerUnitsBasicAndDiluted
-0.10
CY2015 soho Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted
12541117
CY2014 soho Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted
13812125
CY2015 soho Business Acquisition Pro Forma Weighted Average Number Of Units Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfUnitsOutstandingBasicAndDiluted
14924410
CY2014 soho Business Acquisition Pro Forma Weighted Average Number Of Units Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfUnitsOutstandingBasicAndDiluted
16542413
CY2015Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
435875967
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
333589913
CY2015Q4 soho Real Estate Investment Property Accumulated Depreciation And Impairment
RealEstateInvestmentPropertyAccumulatedDepreciationAndImpairment
80912725
CY2014Q4 soho Real Estate Investment Property Accumulated Depreciation And Impairment
RealEstateInvestmentPropertyAccumulatedDepreciationAndImpairment
73397760
CY2015Q4 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
MortgageLoansOnRealEstateCarryingAmountOfMortgages
272000000
CY2014Q4 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
MortgageLoansOnRealEstateCarryingAmountOfMortgages
205300000
CY2015Q4 us-gaap Secured Debt
SecuredDebt
271737608
CY2014Q4 us-gaap Secured Debt
SecuredDebt
205291657
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
18184906
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
49559118
CY2014 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
24171892
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
2237443
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
105679631
CY2013Q1 soho Prepayment Fee
PrepaymentFee
200000
CY2013Q1 soho Amortization Of Issuance Costs Related To Redeemed Shares
AmortizationOfIssuanceCostsRelatedToRedeemedShares
100000
CY2015 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
444538
CY2014 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
233940
CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
444538
CY2014Q1 us-gaap Bridge Loan
BridgeLoan
19000000
CY2011Q2 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
25000000
CY2011Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
25000
CY2011Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2012Q2 soho Preference Stock Shares Agreed For Redemption
PreferenceStockSharesAgreedForRedemption
11514
CY2012Q2 us-gaap Preferred Stock Redemption Amount
PreferredStockRedemptionAmount
12300000
CY2012Q2 soho Preference Stock Shares Agreed For Redemption
PreferenceStockSharesAgreedForRedemption
11514
CY2012Q2 soho Prepayment Fee
PrepaymentFee
800000
CY2012Q2 soho Amortization Of Issuance Costs Related To Redeemed Shares
AmortizationOfIssuanceCostsRelatedToRedeemedShares
700000
CY2013Q1 soho Preference Stock Shares Agreed For Redemption
PreferenceStockSharesAgreedForRedemption
1902
CY2013Q1 us-gaap Preferred Stock Redemption Amount
PreferredStockRedemptionAmount
2100000
CY2013Q3 soho Preference Stock Shares Agreed For Redemption
PreferenceStockSharesAgreedForRedemption
2460
CY2013Q3 us-gaap Preferred Stock Redemption Amount
PreferredStockRedemptionAmount
2700000
CY2013Q3 soho Prepayment Fee
PrepaymentFee
200000
CY2013Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
100000
CY2013Q3 us-gaap Preferred Stock Redemption Amount
PreferredStockRedemptionAmount
10700000
CY2013Q3 soho Prepayment Fee
PrepaymentFee
700000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
337386
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
256211
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
188070
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
121196
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
95482
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
541065
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1539410
CY2014Q3 soho Franchise Agreement Termination Fees
FranchiseAgreementTerminationFees
351800
CY2015 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.
CY2014Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
122793
CY2014Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2118
CY2015Q4 soho Common Stock Exchange Ratio
CommonStockExchangeRatio
1
CY2014Q4 soho Number Of Board Members
NumberOfBoardMembers
2
CY2014Q4 us-gaap Partners Capital Account Redemptions
PartnersCapitalAccountRedemptions
25621
CY2013Q4 us-gaap Limited Partners Capital Account Units Issued
LimitedPartnersCapitalAccountUnitsIssued
32929
CY2013Q2 us-gaap Partners Capital Account Units Redeemed
PartnersCapitalAccountUnitsRedeemed
10000
CY2013Q2 soho Number Of Board Members
NumberOfBoardMembers
2
CY2013Q2 us-gaap Partners Capital Account Redemptions
PartnersCapitalAccountRedemptions
32900
CY2015Q4 soho Operating Partnership Unit Not Owned
OperatingPartnershipUnitNotOwned
2200827
CY2014Q4 soho Operating Partnership Unit Not Owned
OperatingPartnershipUnitNotOwned
2550827
CY2013Q1 soho Related Party Transaction Prepayment Fee
RelatedPartyTransactionPrepaymentFee
200000
CY2013Q3 soho Related Party Transaction Prepayment Fee
RelatedPartyTransactionPrepaymentFee
200000
CY2013Q3 soho Related Party Transaction Prepayment Fee
RelatedPartyTransactionPrepaymentFee
700000
CY2014 soho Reimbursement Expense
ReimbursementExpense
0
CY2015 soho Percentage Of Matching Contribution For First Specified Percentage Of Employee Contribution
PercentageOfMatchingContributionForFirstSpecifiedPercentageOfEmployeeContribution
1.000
CY2015 soho Percentage Of Matching Contribution For Next Specified Percentage Of Employee Contribution
PercentageOfMatchingContributionForNextSpecifiedPercentageOfEmployeeContribution
0.500
CY2015 soho Percentage Of First Specified Percentage Of Employee Contribution
PercentageOfFirstSpecifiedPercentageOfEmployeeContribution
0.030
CY2015 soho Percentage Of Next Specified Percentage Of Employee Contribution
PercentageOfNextSpecifiedPercentageOfEmployeeContribution
0.020
CY2015 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
40768
CY2014 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
40586
CY2013 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
47094
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
68431
CY2013 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
57476
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
233940
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
125907
CY2015 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1510726
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1718351
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1078543
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-269845
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-243312
CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
291646
CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1780571
CY2014 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1961663
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1370189
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1705610
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-838519
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1012349
CY2015 soho Income Tax Reconciliation Tax Exempt Income Expense
IncomeTaxReconciliationTaxExemptIncomeExpense
2866950
CY2014 soho Income Tax Reconciliation Tax Exempt Income Expense
IncomeTaxReconciliationTaxExemptIncomeExpense
898576
CY2013 soho Income Tax Reconciliation Tax Exempt Income Expense
IncomeTaxReconciliationTaxExemptIncomeExpense
-2159323
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-174693
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
9372
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
349122
CY2015Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
4500000
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2700000
CY2015Q4 soho Deferred Tax Assets Start Up Expenses
DeferredTaxAssetsStartUpExpenses
200000
CY2014Q4 soho Deferred Tax Assets Start Up Expenses
DeferredTaxAssetsStartUpExpenses
200000
CY2015 soho Start Up Expenses Amortization Period
StartUpExpensesAmortizationPeriod
P15Y
CY2015 soho Loss Carryforwards Expiration Dates
LossCarryforwardsExpirationDates
2028
CY2015Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5356666
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-584671
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3483969
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12541117
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10377125
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10156955
CY2015Q1 us-gaap Revenues
Revenues
30975630
CY2015Q2 us-gaap Revenues
Revenues
36865108
CY2015Q3 us-gaap Revenues
Revenues
33941875
CY2015Q4 us-gaap Revenues
Revenues
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CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
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CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
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CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
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CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3565168
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
7175653
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1965839
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2015Q1 us-gaap Profit Loss
ProfitLoss
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CY2015Q2 us-gaap Profit Loss
ProfitLoss
1759109
CY2015Q3 us-gaap Profit Loss
ProfitLoss
4636644
CY2015Q4 us-gaap Profit Loss
ProfitLoss
-711959
CY2015Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
575336
CY2015Q2 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
1431110
CY2015Q3 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
3872394
CY2015Q4 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
-522174
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.05
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.13
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.27
CY2015Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2014Q1 us-gaap Revenues
Revenues
25010389
CY2014Q2 us-gaap Revenues
Revenues
36339701
CY2014Q3 us-gaap Revenues
Revenues
31764453
CY2014Q4 us-gaap Revenues
Revenues
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CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
22249394
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
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CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
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CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
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CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
7219081
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-616353
CY2014Q1 us-gaap Profit Loss
ProfitLoss
1002314
CY2014Q2 us-gaap Profit Loss
ProfitLoss
2752555
CY2014Q3 us-gaap Profit Loss
ProfitLoss
-280014
CY2014Q4 us-gaap Profit Loss
ProfitLoss
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CY2014Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
783002
CY2014Q2 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
2166689
CY2014Q3 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
-214902
CY2014Q4 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
-3319460
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.08
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.21
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.31
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
271738000
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
59796000
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
242410000
CY2015Q4 soho Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Land
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionLand
114000
CY2015Q4 soho Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingAndImprovements
91310000
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
59910000
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
333720000
CY2015Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
393630000
CY2015 soho Real Estate Accumulated Depreciation Impairment
RealEstateAccumulatedDepreciationImpairment
62041000
CY2015Q4 us-gaap Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
391100000
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
233060000
CY2014 soho Real Estate Acquisitions
RealEstateAcquisitions
55514000
CY2014 us-gaap Real Estate Improvements
RealEstateImprovements
6430000
CY2014 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
177000
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
294827000
CY2015 soho Real Estate Acquisitions
RealEstateAcquisitions
91669000
CY2015 us-gaap Real Estate Improvements
RealEstateImprovements
11105000
CY2015 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
3971000
CY2013Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
42557000
CY2014 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
7602000
CY2014 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
101000
CY2014Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
53233000
CY2015 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8790000
CY2015 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
482000
CY2015Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
62041000
CY2015 us-gaap Dividends Common Stock
DividendsCommonStock
4585937
CY2014Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3543295
CY2015Q4 us-gaap Assets
Assets
393058353
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
271977944
CY2015Q4 us-gaap Unsecured Debt
UnsecuredDebt
52900000
CY2015Q4 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
12334878

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