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Sotherly Hotels introduces FY'18 earnings outlook

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Sotherly Hotels introduces FY'18 earnings outlook

Sotherly Hotels Inc. expects funds from operations for 2018 in the range of $1.04 to $1.07 per share and unit, and adjusted FFO available to holders of $1.04 to $1.08 per common share and unit.

In February, the lodging real estate investment trust amended the mortgage loan on The Whitehall hotel in Houston to provide for an initial principal balance of $15.0 million and extend the due date to Feb. 26, 2023, among other changes. In the same month, the company drew down the final available amount of $5.0 million on the mortgage loan on its Hilton-Wilmington Riverside hotel in North Carolina.

As of the end of December 2017, the company has bought back 882,820 common shares at a per-share average price of $6.68, generating roughly $5.9 million in proceeds. The share repurchase program runs through Dec. 31, unless extended by the company's board.