INVESTOR PRESENTATION REITWeek 2016
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1 INVESTOR PRESENTATION REITWeek 2016
2 ABOUT
3 ABOUT SOTHERLY HOTELS At Sotherly Hotels, we believe guests are the heart of every hotel so we make true Southern hospitality the heart of everything we do. Every Sotherly Hotel delivers a uniquely authentic local experience that lets guests see, feel, taste and enjoy our cities to their fullest. Generations of experience have taught us that guests want their hotel to feel like a natural extension of the city to seamlessly blend like a front porch into a Southern night sky. They want to feel like locals, not visitors. And that's exactly what we do. From first hellos to fond farewells, our trademark Southern charm is woven into every experience, making guests feel so connected to and refreshed by our cities cultures that they ll feel right at home. Because they are. Our guests are like family, and our passion for turning moments into memories is the promise we make that keeps them coming back time and time again. And at the end of the day, we believe happy guests make for happy shareholders. 3
4 FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of Although the Company believes that the expectations and assumptions reflected in the forwardlooking statements are reasonable, these statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond the Company s control. Therefore, actual outcomes and results may differ materially from what is expressed, forecasted or implied in such forwardlooking statements. Economic conditions generally and the real estate market specifically, management and performance of the Company s hotels, plans for hotel renovations, financing plans, supply and demand for hotel rooms in the Company s current and proposed market areas, the Company s ability to acquire additional properties and the risk that potential acquisitions may not perform in accordance with expectations, legislative/regulatory changes, including changes to laws governing taxation of real estate investment trust and competitions, and other factors may affect the Company s future results, performance and achievements. These risks and uncertainties are described in greater detail under Risk Factors in the Company s Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. The Company undertakes no obligation and does not intend to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that actual results will not differ materially. SHERATON LOUISVILLE RIVERSIDE CROWNE PLAZA HOLLYWOOD BEACH 4
5 MANAGEMENT TEAM Chairman & CEO Sotherly Hotels Inc. ANDREW SIMS Chairman & CEO Served as Chairman & CEO since IPO in 2004 President of MHI Hotel Services from VP of Finance and Development for MHI Hotel Services from Father, Edgar Sims Jr., founded company as Maryland Hospitality in 1957 Bachelor of Science in Commerce from Washington & Lee University President, COO & Director Sotherly Hotels Inc. Vice President of Paragon Real Estate (2005) DAVE FOLSOM President & COO Investment Banker, BB&T Capital Markets ( ); lead underwriter on REIT s IPO in 2004 Commissioned officer in the U.S. Marine Corps Bachelor of Science from U.S. Naval Academy M.B.A. Georgetown University CFO & Vice President Sotherly Hotels Inc. TONY DOMALSKI Chief Financial Officer CFO of SwissFone, Inc. ( ) Spent several years in public accounting firm 30 years as a Certified Public Accountant Bachelor of Science in Finance and Accounting from the University of Maryland 5
6 INDEPENDENT BOARD OF DIRECTORS GEN. ANTHONY ZINNI Former Commanding General, First Marine Expeditionary Force with the U.S. Marine Corps from ; 39-year career Commander in Chief, U.S. Central Command from Former Chairman, BAE Systems Consultant in areas of defense, military, national security and foreign policy HERSCHEL J. WALKER Founder & CEO of H. Walker Enterprises, a manufacturer and distributer of meat products Owner of Herschel s Chicken and Ribs Kitchen Competed on 1992 Winter Olympic bobsled team and former NFL player/college standout DAVID J. BEATTY Founder of Guest Quarters Former head of marketing operations for George Kaufman real estate development group Founder of Essex Commercial Mortgage in 1987 Bachelor in Economics from Georgetown University and Master s Degree in Finance and Marketing from the University of Virginia EDWARD S. STEIN Director and Chairman of the Nominating, Corporate Governance and Comp. Committee Founding Partner of Weinberg & Stein Harvard College (A.B. 1968) and the University of Virginia School of Law (J.D. 1974) 6
7 PORTFOLIO
8 PORTFOLIO OVERVIEW 1 The Whitehall 5 DoubleTree by Hilton Laurel (Washington, DC MSA) 9 Hilton Savannah DeSoto 2 The Georgian Terrace 6 Crowne Plaza Hampton Marina (Norfolk, VA MSA) 10 DoubleTree by Hilton Jacksonville Riverfront Sheraton Louisville Riverside 7 DoubleTree by Hilton Raleigh Brownstone 11 Crowne Plaza Tampa Westshore DoubleTree by Hilton Philadelphia Airport 8 Hilton Wilmington Riverside 12 Crowne Plaza Hollywood Beach (Miami, FL MSA)
9 PORTFOLIO OVERVIEW Property Breakdown Key Operating Metrics (TTM March 2016) Properties Number of Rooms Location Date of Acquisition Chain Designation The Georgian Terrace by Sotherly Hotels 326 Atlanta, GA 3/27/2014 Independent (1) The Whitehall by Sotherly Hotels 259 Houston, TX 11/13/2013 Independent (1) Hilton Wilmington Riverside 272 Wilmington, NC 12/21/2004 Upper Upscale Hilton Savannah DeSoto 246 Savannah, GA 12/21/2004 Upper Upscale Sheraton Louisville Riverside 180 Jeffersonville, IN 9/20/2006 Upper Upscale DoubleTree by Hilton Philadelphia Airport 331 Philadelphia, PA 12/21/2004 Upscale DoubleTree by Hilton Laurel West 208 Laurel, MD 12/21/2004 Upscale DoubleTree by Hilton Brownstone-University 190 Raleigh, NC 12/21/2004 Upscale DoubleTree by Hilton Jacksonville Riverfront 293 Jacksonville, FL 7/22/2005 Upscale Crowne Plaza Tampa Westshore 222 Tampa, FL 10/29/2007 Upscale Crowne Plaza Hampton Marina 173 Hampton, VA 4/24/2008 Upscale Crowne Plaza Hollywood Beach Resort 311 Hollywood, FL 7/31/2015 Upscale Total Rooms in Portfolio 3, SOTHERLY believes that the Georgian Terrace and the Whitehall would carry a chain scale designation of upper upscale if they were branded hotels. Properties Occupancy (1) ADR (2) RevPAR (3) Crowne Plaza Hollywood Beach Resort 91.1% $ $ Hilton Savannah DeSoto 77.0% $ $ Sheraton Louisville Riverside 66.7% $ $ The Georgian Terrace by Sotherly Hotels 70.5% $ $ DoubleTree by Hilton Philadelphia Airport 77.6% $ $ The Whitehall by Sotherly Hotels 67.1% $ $ Hilton Wilmington Riverside 71.2% $ $ DoubleTree by Hilton Raleigh Brownstone - University 71.2% $ $ Crowne Plaza Tampa Westshore 72.8% $ $ DoubleTree by Hilton Jacksonville Riverfront 68.9% $ $ Crowne Plaza Hampton Marina 56.6% $ $ DoubleTree by Hilton Laurel 47.3% $ $ Totals / Weighted Average in Portfolio 71.0% $ $ Average Occupancy is calculated by dividing the number of rooms sold by the total number of rooms available. 2. ADR is calculated by dividing the total daily room revenue by total daily rooms sold. 3. RevPAR is calculated by multiplying ADR and average daily occupancy. Breakdown of Portfolio Brands* Breakdown of Portfolio Mix* (1) 19.4% 23.4% 51.1% Independent Hilton Starwood IHG 42.6% 57.4% Upper Upscale Upscale 6.0% *Calculated as % of total rooms 1. The Georgian Terrace and The Whitehall included in Upper Upscale segment based on ADR Source: Filings of Sotherly Hotels Inc. 9
10 STRATEGY
11 SOHO STRATEGY Diversified Investment Strategy Pinpoint Geographic Focus Aggressive Asset Managers Value Creators 11
12 SOHO STRATEGY Focused Investment Criteria Sotherly s business model includes strategic growth through acquisitions of full-service, upscale and upper-upscale hotel properties located in the primary markets in the Southern United States, specifically focused on the following: Geographic Growth Markets Focus on the top 25 markets of the Southern United States Management believes its target markets have been characterized by population growth, economic expansion, growth in new businesses and growth in the resort, recreation and leisure segments Full-Service Hotels Focus on full-service hotels in the upscale to upper-upscale category Management believes that full-service hotels in the upscale and upper-upscale segments will outperform the broader U.S. hotel industry Significant Barriers to Entry Acquire properties in prime locations with significant barriers to entry Geographic exclusivity enhances and preserves hotel value Proximity to Demand Generators Seek to acquire properties located in central business district markets near multiple demand generators for both leisure and business travelers the A location in each market These generators include large universities, convention centers, corporate headquarters, sports and entertainment venues and office space 12
13 SOHO STRATEGY Southern U.S. Demographic Domestic migration indicates the Southern U.S. is experiencing the largest increase in demographic trends over the last ten years, as well as the most recent year-over-year comparison Our target markets are the beneficiary of those trends Plan for continued growth within these markets Positive net migration brings many benefits to the local economy: Larger skilled workforce Diversification of skill sets Institutional and government spending Focus on markets with strong employment drivers that demonstrate the following characteristics: Recent corporate relocation Newly built production plants/facilities Established Fortune 500 companies Non-service-dependent markets Growing demand for lodging Current Markets Target Markets 13
14 STRATEGIC INITIATIVES Focused Asset Management Recent upbrandings of Jacksonville, Laurel, Atlanta and Houston; planned upbrandings of Savannah and Hollywood ADR growth and margin expansion Enhanced guest experience Prudent capital allocation for improvements Capital Recycling Dispose of non-core assets if and when market conditions permit; Hampton hotel currently under contract Proceeds provide liquidity for additional acquisitions via taxfree exchange Balance Sheet Management Access the capital markets in prudent fashion when conditions permit Lock in favorable interest rates 2015 financing activity: Atlanta, Jacksonville, Hollywood and Laurel 2016 planned activity: Savannah, Tampa, Houston DOUBLETREE BY HILTON RALEIGH BROWNSTONE Grow Por tfolio Through Acquisitions Target markets include: Charleston (S.C.), New Orleans, Nashville, Charlotte, Washington, D.C., among others Attempt to source off-market deals when possible Dividend Growth Steady growth consistent with portfolio performance and balance sheet improvement HILTON SAVANNAH DESOTO 14
15 PERFORMANCE
16 ACQUISITION CASE STUDY Hollywood DATE ACQUIRED: July 31, 2014 PURCHASE PRICE: $88 MILLION blended basis (1) KEYS: 311 PRICE PER KEY: $282,958 STRATEGIC RATIONALE AND CURRENT RESULTS Uniquely positioned to effectively underwrite and acquire the asset at favorable pricing 7.4% cap rate on 2015 results Hotel s T-12 RevPAR represents a nearly 60% premium to total portfolio RevPAR High-quality asset in strong market: 2007 complete rebuild Prime conversion candidate in 2017 upon Crowne Plaza franchise expiration to unlock additional upside Strong stable in-place cash flow: RevPAR and total revenue increases of 8.9% and 8.7% from (compounded annual growth rate) Favorable outlook on Fort Lauderdale/Hollywood, FL, hotel market with 10.7% RevPAR growth last year. Five-year ADR and RevPAR forecast shows outperformance compared to long-run averages (2) 1. Blended Basis includes SOHO s 25% equity interest in the hotel at $74.0 million from the 2007 JV purchase and remaining 75% interest from the Carlyle Group at an imputed hotel value of $92.5 million. 2. Source: PKF Hotel Horizons March-May 2015 Edition. 16
17 ORGANIC VALUE CREATION Continued repositioning plans in Houston and Atlanta Strategic initiative to enhance each hotel brand to capture significant RevPAR premiums THE CROWNE PLAZA HOUSTON DOWNTOWN DOUBLETREE BY HILTON JACKSONVILLE RIVERFRONT THE GEORGIAN TERRACE HOLIDAY INN LAUREL WEST 17
18 GUIDANCE GUIDANCE YEARLY OPERATING PERFORMANCE Total Revenue Hotel EBITDA $160,000,000 $140,000,000 $120,000, ,939, ,533, ,958,000 ($ in thousands) $50,000 $45,000 $40,000 36, , $100,000,000 $80,000,000 87,343,220 89,374,527 81,172,504 $35,000 $30,000 $25,000 22, , , $60,000,000 $20,000 18, $40,000,000 $15,000 $10,000 $20,000,000 $5,
19 GUIDANCE GUIDANCE YEARLY OPERATING PERFORMANCE Hotel EBITDA Margin AFFO 30.0% 28.0% 26.0% 25.7% 26.0% 26.1% 26.3% 29.6% $1.20 $1.00 $0.80 $0.73 $0.84 $1.09 $1.00 $1.25 $ % 23.0% $0.40 $ % $ % $
20 SOHO PERFORMANCE Steady Dividend Growth Increased 9 out of 13 quarters; 38.5% increase in past 15 months Sustainable payout with bias towards growth Strong yield ranked among top of all Lodging REITs Quarterly Dividend Payments Per Share ($0.00) Dividend Yield (%) as of 6/1/ Source: Filings of Sotherly Hotels Inc. & SNL Financial 20
21 SOHO PERFORMANCE Deep Relative Discount Compared to Lodging REIT Peers Price/EBITDA (SNL Financial) 9.5x 9.6x 9.9x 10.4x 10.5x 10.5x 11.3x Price/AFFO Estimate (FactSet) 11.0x 11.2x 12.0x 12.3x x 7.9x 8.4x x 9.2x 9.3x 9.8x 10.0x x x 6.8x 6.9x 7.1x x 3.3x 3.5x x 4.0x x *Source: SNL Financial June 1,
22 INVESTMENT HIGHLIGHTS Longtime Relationships With Industry Leaders Strategic Focus on Select Southern Markets Stable Portfolio of High-Quality, Unique Properties Experienced Management Team Diversified Investment Thesis and Proven Track Record Prudent and Flexible Capital Structure 22
23 NON-GAAP FINANCIAL MEASURES This presentation included disclosure of non-gaap measures, including funds from operations ( FFO ), adjusted FFO ( AFFO ), earnings before interest, taxes, depreciation and amortization ( EBITDA ), adjusted EBITDA and hotel EDITDA. The Company considers FFO, AFFO, EBITDA, adjusted EBITDA and hotel EBITDA to be key supplemental measures of the Company s performance, and they should be considered along with, but not as alternatives to, net income as a measure of the Company s operating performance. None of FFO, AFFO, EBITDA, adjusted EBITDA and hotel EBITDA represent cash generated from operating activities determined by GAAP and should not be considered as alternatives to net income, cash flow from operations or any other operating performance measure prescribed by GAAP. None of FFO, AFFO, EBITDA, adjusted EBITDA and hotel EBITDA are measures of the Company s liquidity, nor are FFO, AFFO, EBITDA, adjusted EBITDA and hotel EBITDA indicative of funds available to fund the Company s cash needs, including its ability to make cash distributions. Please refer to the Company s filings with the SEC and its earnings releases, which are available at for disclosure of the Company s net income, for reconciliations of FFO, AFFO, EBITDA, adjusted EBITDA and hotel EBITDA to net income and for additional detail on the Company s use of non-gaap measures. HILTON WILMINGTON RIVERSIDE THE WHITEHALL HOUSTON 23
24 SOTHERLY HOTELS 410 West Francis Street Williamsburg, Virginia (757) SOTHERLYHOTELS.COM
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