Sotherly Hotels Inc. Announces Dividend Tax Treatment
February 18 2020 - 10:41AM
Sotherly Hotels Inc.
(NASDAQ: SOHO) (the
“Company”) today announced the estimated income tax classification
of the Company’s 2019 distributions on its common shares (CUSIP
#83600C103), Series B preferred shares (CUSIP #83600C301), Series C
preferred shares (CUSIP #83600C400), and Series D preferred shares
(CUSIP #83600C509). The income tax classification of the 2019
distributions as it is expected to be reported on Form 1099-DIV is
set forth in the following table:
|
|
|
|
|
COMMON
SHARES |
|
|
|
|
|
|
Total |
Taxable |
Nontaxable |
|
Record |
Paid |
Cash Distribution |
Ordinary |
Distribution |
|
Date |
Date |
Per Share |
Income |
(Return of Capital)* |
Sec 199A Dividends |
3/15/2019 |
4/11/2019 |
0.125000 |
|
- |
|
0.125000 |
|
- |
|
6/14/2019 |
7/11/2019 |
0.130000 |
|
- |
|
0.130000 |
|
- |
|
9/13/2019 |
10/11/2019 |
0.130000 |
|
- |
|
0.130000 |
|
- |
|
12/13/2019 |
1/10/2020 |
0.130000 |
|
- |
|
0.130000 |
|
- |
|
TOTAL |
|
0.515000 |
|
- |
|
0.515000 |
|
- |
|
Percent |
|
100.0000 |
% |
0.0000 |
% |
100.0000 |
% |
|
|
|
|
|
|
|
The CUSIP number for
Sotherly Hotels Inc.'s Common Shares is 83600C103. |
|
|
|
|
|
|
|
SERIES B
PREFERRED SHARES |
|
|
|
|
|
Total |
Taxable |
Nontaxable |
|
Record |
Paid |
Cash Distribution |
Ordinary |
Distribution |
|
Date |
Date |
Per Share |
Income |
(Return of Capital)* |
Sec 199A Dividends |
3/31/2019 |
4/15/2019 |
0.500000 |
|
0.035844 |
|
0.464156 |
|
0.035844 |
|
7/1/2019 |
7/15/2019 |
0.500000 |
|
0.035844 |
|
0.464156 |
|
0.035844 |
|
10/1/2019 |
10/15/2019 |
0.500000 |
|
0.035844 |
|
0.464156 |
|
0.035844 |
|
12/31/2019 |
1/15/2020 |
0.500000 |
|
0.035844 |
|
0.464156 |
|
0.035844 |
|
TOTAL |
|
2.000000 |
|
0.143376 |
|
1.856624 |
|
0.143376 |
|
Percent |
|
100.0000 |
% |
7.1689 |
% |
92.8311 |
% |
7.1689 |
% |
|
|
|
|
|
|
The CUSIP number for
Sotherly Hotels Inc.'s Series B Preferred Shares is 83600C301. |
|
|
|
|
|
|
|
SERIES C
PREFERRED SHARES |
|
|
|
|
|
Total |
Taxable |
Nontaxable |
|
Record |
Paid |
Cash Distribution |
Ordinary |
Distribution |
|
Date |
Date |
Per Share |
Income |
(Return of Capital)* |
Sec 199A Dividends |
3/31/2019 |
4/15/2019 |
0.492188 |
|
0.035284 |
|
0.456904 |
|
0.035284 |
|
7/1/2019 |
7/15/2019 |
0.492188 |
|
0.035284 |
|
0.456904 |
|
0.035284 |
|
10/1/2019 |
10/15/2019 |
0.492188 |
|
0.035284 |
|
0.456904 |
|
0.035284 |
|
12/31/2019 |
1/15/2020 |
0.492188 |
|
0.035284 |
|
0.456904 |
|
0.035284 |
|
TOTAL |
|
1.968752 |
|
0.141136 |
|
1.827616 |
|
0.141136 |
|
Percent |
|
100.0000 |
% |
7.1689 |
% |
92.8311 |
% |
7.1689 |
% |
|
|
|
|
|
|
The CUSIP number for
Sotherly Hotels Inc.'s Series C Preferred Shares is 83600C400. |
|
|
|
|
|
|
|
SERIES D
PREFERRED SHARES |
|
|
|
|
|
Total |
Taxable |
Nontaxable |
|
Record |
Paid |
Cash Distribution |
Ordinary |
Distribution |
|
Date |
Date |
Per Share |
Income |
(Return of Capital)* |
Sec 199A Dividends |
3/31/2019 |
4/15/2019 |
- |
|
- |
|
- |
|
- |
|
7/1/2019 |
7/15/2019 |
0.418230 |
|
0.029982 |
|
0.388248 |
|
0.029982 |
|
10/1/2019 |
10/15/2019 |
0.515625 |
|
0.036964 |
|
0.478661 |
|
0.036964 |
|
12/31/2019 |
1/15/2020 |
0.515625 |
|
0.036964 |
|
0.478661 |
|
0.036964 |
|
TOTAL |
|
1.449480 |
|
0.103910 |
|
1.345570 |
|
0.103910 |
|
Percent |
|
100.0000 |
% |
7.1689 |
% |
92.8311 |
% |
7.1689 |
% |
|
|
|
|
|
|
|
|
|
|
The CUSIP number for Sotherly Hotels Inc.'s
Series D Preferred Shares is 83600C509.
* Generally, distributions will reduce a
shareholder's adjusted tax basis in its shares. Any amount of
the distribution that exceeds a shareholder's adjusted tax basis in
its shares should be treated as gain from the sale or exchange of
property.
No portion of the dividends declared in 2019
represented foreign taxes or qualified dividend income. Record
holders of the Company’s common shares who received any of the
dividends specified in the table above will receive
an Internal Revenue Service (IRS) Form 1099-DIV
from American Stock Transfer & Trust Company, the
Company’s dividend paying agent. The Form 1099-DIV will report the
dividends paid with respect to 2019. Shareholders whose shares are
held in “street name” will receive an IRS Form 1099 from
the bank, brokerage firm or other nominee holding their shares.
The information in the table above is based on
the preliminary results of work on the tax filings of the
Company and is subject to correction or adjustment when the filings
are completed. No material change in these classifications is
expected. The tax information above should not be construed as tax
advice and is not a substitute for careful tax planning and
analysis. Shareholders are encouraged to consult with their own tax
advisors regarding the specific federal, state, local, foreign and
other tax consequences of ownership of the common shares of
Sotherly Hotels Inc. and the specific tax treatment of
distributions therefrom.
About Sotherly
Hotels Inc.
Sotherly Hotels Inc. is a self-managed and
self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale to
upper-upscale full-service hotels in the Southern United States.
Currently, the Company’s portfolio consists of investments in
twelve hotel properties, comprising 3,156 rooms, as well as
interests in two condominium hotels and their associated rental
programs. The Company owns hotels that operate under the Hilton
Worldwide, Marriott International, Inc., and Hyatt Hotels
Corporation brands, as well as independent hotels. Sotherly Hotels
Inc. was organized in 2004 and is headquartered in Williamsburg,
Virginia. For more information, please visit
www.sotherlyhotels.com.
Contact at the
Company:
Mack Sims
Sotherly Hotels Inc.306 South Henry Street, Suite 100Williamsburg,
Virginia 23185 (757) 229-5648
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