Attached files
| file | filename |
|---|---|
| 8-K/A - AMENDMENT NO. 1 TO FORM 8-K - Sotherly Hotels Inc. | d743038d8ka.htm |
| EX-23.1 - EXHIBI 23.1 - Sotherly Hotels Inc. | d743038dex231.htm |
| EX-99.1 - EXHIBIT 99.1 - Sotherly Hotels Inc. | d743038dex991.htm |
Exhibit 99.2
SOTHERLY HOTELS INC.
PROFORMA FINANCIAL INFORMATION
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2013
| Sotherly Hotels Inc. Balance Sheet December 31, 2013 |
Proforma Adjustments of Georgian Terrace |
Proforma Balance Sheet |
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| ASSETS |
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| Investment in hotel properties, net |
$ | 202,645,633 | $ | 58,581,627 | (2)(3) | $ | 261,228,260 | |||||
| Investment in joint venture |
2,446,039 | — | 2,446,039 | |||||||||
| Cash and cash equivalents |
9,376,628 | (3,778,842 | )(1)(2)(5) | 5,597,786 | ||||||||
| Restricted cash |
3,796,141 | 1,754,113 | (2) | 5,550,255 | ||||||||
| Accounts receivable, net |
1,982,091 | 465,287 | (2) | 2,447,378 | ||||||||
| Accounts receivable-affiliate |
101,439 | — | 101,439 | |||||||||
| Prepaid expenses, inventory and other assets |
2,444,975 | 430,997 | (2) | 2,875,973 | ||||||||
| Shell Island sublease, net |
240,196 | — | 240,196 | |||||||||
| Deferred income taxes |
1,186,122 | — | 1,186,122 | |||||||||
| Deferred financing costs, net |
3,820,838 | 606,965 | (1) | 4,427,803 | ||||||||
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| TOTAL ASSETS |
$ | 228,040,102 | $ | 58,061,147 | $ | 280,101,251 | ||||||
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| LIABILITIES |
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| Mortgage loans |
$ | 160,363,549 | $ | 41,500,000 | (1) | $ | 201,863,549 | |||||
| Bridge loan |
— | 19,000,000 | (1) | 19,000,000 | ||||||||
| Unsecured notes |
27,600,000 | — | 27,600,000 | |||||||||
| Accounts payable and accrued liabilities |
7,650,219 | 591,618 | (2) | 8,241,838 | ||||||||
| Advance deposits |
666,758 | — | 666,758 | |||||||||
| Dividends and distributions payable |
588,197 | — | 588,197 | |||||||||
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| TOTAL LIABILITIES |
196,868,723 | 61,091,618 | 257,960,342 | |||||||||
| Commitments and contingencies |
— | — | — | |||||||||
| EQUITY |
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| Sotherly Hotels Inc. stockholders’ equity |
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| Preferred stock, par value $0.01, 972,350 shares authorized, 0 shares issued and outstanding |
— | — | — | |||||||||
| common stock, par value $0.01, 49,000,000 shares authorized, 10,206,927 shares and 9,999,786 shares issued and outstanding at December 31, 2013 and 2012, respectively |
102,069 | — | 102,069 | |||||||||
| Additional paid in capital |
57,534,113 | 65,181,640 | ||||||||||
| Distributions in excess of retained earnings |
(32,210,917 | ) | (2,370,719 | )(3)(4)(5) | (34,581,636 | ) | ||||||
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| Total Sotherly Hotels Inc. stockholders’ equity |
25,425,265 | (2,370,719 | ) | 23,054,546 | ||||||||
| Noncontrolling interest |
5,746,114 | (452,560 | )(3)(4)(5) | 5,086,363 | ||||||||
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| TOTAL EQUITY |
31,171,379 | (3,030,471 | ) | 28,140,909 | ||||||||
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| TOTAL LIABILITIES AND EQUITY |
$ | 228,040,102 | $ | 58,061,147 | $ | 286,101,251 | ||||||
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| (1) | Financing proceeds of first mortgage and bridge loan |
| (2) | Acquisition of Georgian Terrace |
| (3) | Proforma depreciation |
| (4) | Proforma amortization of deferred financing charges |
| (5) | Proforma operating income of the Georgian Terrace |
SOTHERLY HOTELS INC.
PROFORMA FINANCIAL INFORMATION
CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2013
| Sotherly Hotels Inc. For the year ended December 31, 2013 |
Proforma Adjustments of Georgian Terrace |
Proforma Statement of Operations |
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| REVENUE |
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| Rooms department |
$ | 62,837,422 | $ | 11,608,351 | (5) | $ | 74,445,773 | |||||
| Food and beverage department |
22,054,209 | 6,536,189 | (5) | 28,590,398 | ||||||||
| Other operating departments |
4,482,896 | 1,722,547 | (5) | 6,205,443 | ||||||||
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| Total revenue |
89,374,527 | 19,867,087 | 109,241,614 | |||||||||
| EXPENSES |
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| Hotel operating expenses |
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| Rooms department |
17,210,445 | 3,555,858 | (5) | 21,766,303 | ||||||||
| Food and beverage department |
14,066,145 | 5,260,642 | (5) | 19,326,787 | ||||||||
| Other operating departments |
508,868 | 414,435 | (5) | 923,303 | ||||||||
| Indirect |
33,683,486 | 6,111,687 | (5) | 39,795,173 | ||||||||
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| Total hotel operating expenses |
65,468,944 | 15,342,622 | 80,811,566 | |||||||||
| Depreciation and amortization |
8,467,228 | 2,292,717 | (6) | 10,759,945 | ||||||||
| Corporate general and administrative |
4,360,583 | 321,959 | (5) | 4,682,542 | ||||||||
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| Total operating expenses |
78,296,755 | 17,957,298 | 96,254,073 | |||||||||
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| NET OPERATING INCOME |
11,077,772 | 1,909,789 | 14,181,984 | |||||||||
| Other income (expense) |
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| Interest expense |
(11,647,141 | ) | (4,940,260 | )(7) | (16,587,401 | ) | ||||||
| Interest income |
17,914 | — | 17,914 | |||||||||
| Equity income in joint venture |
453,700 | — | 453,700 | |||||||||
| Realized and unrealized loss on warrant derivative |
(2,205,248 | ) | — | (2,205,248 | ) | |||||||
| Impairment of investment in hotel properties, net |
(611,000 | ) | — | (611,000 | ) | |||||||
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| Net( loss) income before income taxes |
(2,914,003 | ) | (3,030,471 | ) | (5,944,474 | ) | ||||||
| Income tax provision |
(1,521,182 | ) | — | (1,521,182 | ) | |||||||
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| Net (loss) income |
(4,435,185 | ) | (3,030,471 | ) | (7,465,656 | ) | ||||||
| Add: Net loss(income) attributable to the noncontrolling interest |
981,126 | (659,751 | ) | 1,640,877 | ||||||||
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| Net (loss)income attributable to the Company |
$ | (3,454,059 | ) | $ | (2,370,719 | ) | $ | (5,824,778 | ) | |||
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| Net loss per share attributable to the Company |
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| Basic and diluted |
$ | (0.34 | ) | $ | (0.23 | ) | $ | (0.57 | ) | |||
| Weighted average number of shares outstanding |
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| Basic and diluted |
10,156,955 | 10,156,955 | 10,156,955 | |||||||||
| (1) | Financing proceeds of first mortgage and bridge loan |
| (2) | Acquisition of Georgian Terrace |
| (3) | Proforma depreciation |
| (4) | Proforma amortization of deferred financing charges |
| (5) | Proforma operating income of Georgian Terrace |
| (6) | Proforma depreciation |
| (7) | Proforma interest expense |