Wednesday, August 14, 2024 Sotherly Hotels, a self-managed and self-administered lodging real estate investment trust (REIT), has announced its consolidated financial results for the second quarter of 2024, which ended on June 30. The company’s performance during this period reflects a blend of stable revenue growth and slight fluctuations in key financial metrics. For the second quarter ending June 30, 2024, Sotherly Hotels reported total revenue of approximately $50.
7 million, marking an increase from $49.0 million in the same period in 2023. For the first half of 2024, total revenue reached around $97.
2 million, up from $92.5 million during the first half of 2023. Net income attributable to common stockholders for the quarter was approximately $2.
6 million, a decrease from $3.1 million reported in the same quarter last year. Over the first six months of 2024, net income decreased by 23.
1%, amounting to approximately $2.0 million, compared to $2.6 million in the same period in 2023.
Hotel EBITDA also saw growth, increasing to approximately $15.7 million for the quarter, compared to $14.8 million in Q2 2023.
For the six months ending June 30, 2024, Hotel EBITDA increased to approximately $28.1 million, up from $26.9 million in the comparable period of 2023.
Adjusted Funds From Operations (FFO) attributable to common stockholders and unitholders showed positive momentum, rising by 6.7% to approximately $7.5 million for the quarter, compared to $7.
0 million in Q2 2023. For t.