WILLIAMSBURG, Va., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO) (the "Company") today announced the estimated income tax classification of the Company's 2023 distributions on its 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 2023 distributions as it is expected to be reported on Form 1099-DIV is set forth in the following table:

SERIES B PREFERRED SHARES
		Total	Taxable	Nontaxable
Record	Paid	Cash Distribution	Ordinary	Distribution	Sec 199A
Date	Date	Per Share	Income	(Return of Capital)	Dividends
02/28/2023	03/15/2023	0.500000	0.500000	0.000000	0.500000
05/31/2023	06/15/2023	0.500000	0.500000	0.000000	0.500000
06/30/2023	07/14/2023	0.500000	0.500000	0.000000	0.500000
08/31/2023	09/15/2023	0.500000	0.500000	0.000000	0.500000
11/30/2023	12/15/2023	0.500000	0.500000	0.000000	0.500000
TOTAL		2.500000	2.500000	0.000000	2.500000
Percent		100.0000%	100.0000%	0.0000%	100.0000%

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	Sec 199A
Date	Date	Per Share	Income	(Return of Capital)	Dividends
02/28/2023	03/15/2023	0.492188	0.492188	0.000000	0.492188
05/31/2023	06/15/2023	0.492188	0.492188	0.000000	0.492188
06/30/2023	07/14/2023	0.492188	0.492188	0.000000	0.492188
08/31/2023	09/15/2023	0.492188	0.492188	0.000000	0.492188
11/30/2023	12/15/2023	0.492188	0.492188	0.000000	0.492188
TOTAL		2.460940	2.460940	0.000000	2.460940
Percent		100.0000%	100.0000%	0.0000%	100.0000%

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	Sec 199A
Date	Date	Per Share	Income	(Return of Capital)	Dividends
02/28/2023	03/15/2023	0.515625	0.515625	0.000000	0.515625
05/31/2023	06/15/2023	0.515625	0.515625	0.000000	0.515625
06/30/2023	07/14/2023	0.515625	0.515625	0.000000	0.515625
08/31/2023	09/15/2023	0.515625	0.515625	0.000000	0.515625
11/30/2023	12/15/2023	0.515625	0.515625	0.000000	0.515625
TOTAL		2.578125	2.578125	0.000000	2.578125
Percent		100.0000%	100.0000%	0.0000%	100.0000%

The CUSIP number for Sotherly Hotels Inc.'s Series D Preferred Shares is 83600C509.

No portion of the dividends declared in 2023 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 Equiniti Trust Company, LLC, the Company's dividend paying agent. The Form 1099-DIV will report the dividends paid with respect to 2023. 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. Sotherly may also opportunistically acquire hotels throughout the United States. Currently, the Company's portfolio consists of investments in ten hotel properties, comprising 2,786 rooms, as well as interests in two condominium hotels and their associated rental programs. The Company owns hotels that operate under the Hilton Worldwide 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 100
Williamsburg, Virginia 23185
(757) 229-5648

Sotherly Hotels Inc. Announces Dividend Tax Treatment