News Summary
Sotherly Hotels Inc. has announced a steady performance for the first quarter, reporting $3.8 million in funds from operations and net income of $2.7 million. With total revenue at $48.3 million, the company projects a positive outlook for the fiscal year, aiming for growth amid the recovering hospitality industry. Their results signal operational efficiency and confidence in sustaining profitability going forward.
WILLIAMSBURG, Virginia – Sotherly Hotels Inc. (SOHO) has announced its first quarter earnings, revealing a steady performance for the company specialized in real estate investment trusts (REITs). For the quarter ending recently, the company reported funds from operations totaling $3.8 million, which translates to 19 cents per share. Funds from operations are a critical measure of profitability in the REIT sector.
The company’s reported net income for the same quarter came in at $2.7 million, or 13 cents per share, while total revenue reached $48.3 million. Sotherly Hotels has positive forecasts for its annual performance, projecting full-year funds from operations to fall between 52 cents and 56 cents per share and full-year revenue ranging from $183.4 million to $188.2 million.
Key Financial Highlights
- Funds from Operations: $3.8 million (19 cents per share)
- Net Income: $2.7 million (13 cents per share)
- Revenue: $48.3 million
Future Outlook
Sotherly Hotels has outlined its expectations for the remainder of the fiscal year, aiming for growth in both funds from operations and overall revenue. The projections indicate confidence in maintaining robust financial health and profitability as the year progresses.
Industry Context
As a player in the REIT industry, Sotherly Hotels is part of a complex marketplace where real estate investments operate within fluctuating economic conditions. The company’s focus on hotel and hospitality sectors places it in a unique position, benefiting from domestic travel and accommodation demand. Given the recent recovery trends in travel post-pandemic, Sotherly Hotels’ guidance reflects a positive response to ongoing improvements in the hospitality industry.
Investors typically watch funds from operations closely as it is a broad indicator of a REIT’s cash generating ability, which is vital for sustaining dividends and financing new investments. Sotherly’s achievement of $3.8 million in this quarter signifies operational efficiency and resilience in their business model.
Overall, Sotherly Hotels’ reported financials signal a strong start to the year, as the company not only meets but also anticipates substantial growth moving forward. Stakeholders will be monitoring the developments closely as the hospitality industry evolves in the coming months.
Deeper Dive: News & Info About This Topic
HERE Resources
Sotherly Hotels Reports Strong Q1 Performance in 2023
Additional Resources
- Greenwich Time: Sotherly Hotels Q1 Earnings Snapshot
- Wikipedia: Real Estate Investment Trust
- BDT Online: Sotherly Hotels Q1 Earnings Snapshot
- Google Search: Sotherly Hotels earnings
- Washington Post: Sotherly Hotels Earnings Report
- Encyclopedia Britannica: Hospitality Industry
- Washington Post: Sotherly Hotels Q1 Analysis
- Google News: Sotherly Hotels
Author: STAFF HERE WILLIAMSBURG WRITER
WILLIAMSBURG STAFF WRITER The WILLIAMSBURG STAFF WRITER represents the experienced team at HEREWilliamsburg.com, your go-to source for actionable local news and information in Williamsburg, James City County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Williamsburg Farmers Market, Yorktown Market Days, and Busch Gardens Food & Wine Festival. Our coverage extends to key organizations like the Greater Williamsburg Chamber of Commerce and Colonial Williamsburg Foundation, plus leading businesses in education and hospitality that power the local economy such as College of William & Mary, The Williamsburg Winery, and Sodexo. As part of the broader HERE network, including HEREVirginiaBeach.com, we provide comprehensive, credible insights into Virginia's dynamic landscape.
