Sotherly Hotels Inc | 8.00% Series B Cumulative Redeemable Perpetual Preferred Stock (SOHOB)
Prospectus excerpt: We are offering 1,610,000 shares of our newly designated 8.0% Series B cumulative redeemable perpetual preferred stock, par value $0.01 per share, or the Series B Preferred Stock. We will pay cumulative distributions on our Series B Preferred Stock at a distribution rate of 8.0% per annum of the $25.00 liquidation preference per share, which is equivalent to $2.00 per share of Series B Preferred Stock. Distributions on our Series B Preferred Stock sold in this offering will be payable quarterly in arrears on the 15th day of January, April, July and October of each year. The first distribution on the Series B Preferred Stock sold in this offering will be paid on the first business day following October 15, 2016, and will be in the pro rated amount of $0.2111 per share. Our Series B Preferred Stock is not subject to any sinking fund. Upon liquidation, dissolution or winding up, our Series B Preferred Stock will rank senior to our common stock, par value $0.01 per share, or the common stock, with respect to the payment of distributions.
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Sotherly Hotels is a lodging real estate investment trust that owns, acquires, renovates and repositions upscale and upper-upscale hotel properties located in primary markets in the mid-Atlantic and southern U.S. Co. conducts its business through its subsidiary, Sotherly Hotels LP, its operating partnership (the Operating Partnership), of which it is the general partner. Co.'s portfolio consists of upscale and upper-upscale hotels located in various states and interests in several condominium hotels and their associated rental programs. All of Co.'s hotels are wholly-owned by subsidiaries of the Operating Partnership and are managed on a day-to-day basis by Our Town Hospitality, LLC. Preferreds: SOHOB, SOHOO, SOHON Open the SOHO Information Page » |
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