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Sotherly Hotels Inc. (SOHO) CEO Dave Folsom On Q4 2020 Results - Quick Version Earnings Call Transcript

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Sotherly Hotels Inc. (NASDAQ:SOHO) Q4 2020 Earnings Conference Call March 4, 2021 9:50 AM ET

Company Participants

Mack Sims - Vice President of Operations & Investor Relations

Scott Kucinski - Executive Vice President & Chief Operating Officer

Tony Domalski - Chief Financial Officer & Secretary

Dave Folsom - President & Chief Executive Officer

Conference Call Participants

Tyler Batory - Janney Montgomery

Alexander Goldfarb - Piper Sandler

Disclaimer: *NEW* We are providing this transcript version in a raw, machine-assisted format and it is unaudited. Please reference the audio for any questions on the content. A standard transcript will be available later on the site per our normal procedure. Please enjoy this timely version in the interim.


Good day and welcome to the Sotherly Hotels’ fourth quarter 2020 earnings call and webcast, all participants will be in listen only mode. [Operator Instructions] Please note this event is being recorded. I would like to turn the conference over to Mack Sims. Please go ahead.

Mack Sims

Thank you and good morning, everyone. You did not receive a copy of the earnings release, you may ask on our website sotherlyhotels.com in the release. The company is reconciled all non-GAAP financial measures, the most directly comparable gap measure in accordance with REG-G requirements. If any statements made in a conference call, which are not historical, they constitute forward looking statements. Although we believe the expectations reflected, any clear looking statements are based on reasonable assumptions. We can give no assurance that these expectations will be attained. Factors and risk that can cause actual results to differ materially from those expressed or implied by forward looking statements are detailed in today’s press release and from time to time in the company’s filings with the S.E.C., the company does not undertake a duty to update or revise any forward-looking statements. With that, I’ll turn the call over to Scott.

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Comments (5)

I'm not short, but I have unloaded some of my C preferred based on the last two reports, and this annual. The level of debt is way too high, especially considering how much they're having to negotiate with their debtors.
@tooncat The $20M refinancing deal was ridiculous and amounted to over 15%, they could have got better rates going to the Mafia.

Yes, if they are indeed cash positive in Q1 and things get better in Q2 and beyond then it was a great decision as they didn't need to sell any hotels unlike other hREITs.
Key insight was hotels were going to be cash positive (!) in Q1. That's amazing.
Ian Fellows profile picture
@GuyRien1 So... we meet again in the SOHO comment section. As a shareholder, it is pretty amazing considering 3,500 people were dying a day in January. As a public health professional, it feels somewhat less than fantastic.

My YOLO'esque investment philosophy around the preferreds (seekingalpha.com/...) is playing out quite nicely... so far. At ~$20, we are getting into the territory where one could reasonably start looking for the exit.
@Ian Fellows I am looking for an exit as well. I called up their investor relations and they iterated that "You are correct, Section 10.4 of the Notes prohibits, among other things, paying dividends or distributions while the notes are outstanding."

The note is for 3 years right?
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